EVgo Inc (EVGO) 2022 Q3 法說會逐字稿

Good day, and welcome to EVgo's Third Quarter Earnings Results Call. (Operator Instructions) I would now like to turn the call over to Heather Davis, Vice President of Investor Relations.

美好的一天，歡迎來到 EVgo 的第三季度收益結果電話會議。 （操作員說明）我現在想將電話轉給投資者關係副總裁 Heather Davis。

Hello, everyone, and welcome to EVgo's Third Quarter 2022 Earnings Call. My name is Heather Davis, and I am the new Head of Investor Relations at EVgo. Joining me on today's call are Cathy Zoi, EVgo's CEO; and Olga Shevorenkova, the company's Chief Financial Officer. Today, we will be discussing EVgo's financial results for the third quarter of 2022, followed by a Q&A session. Today's call is being webcast and can be accessed from the Investors section of our website at investors.evgo.com.

大家好，歡迎來到 EVgo 的 2022 年第三季度財報電話會議。我叫 Heather Davis，是 EVgo 的新任投資者關係主管。與我一起參加今天電話會議的還有 EVgo 的首席執行官 Cathy Zoi；和公司首席財務官 Olga Shevorenkova。今天，我們將討論 EVgo 2022 年第三季度的財務業績，隨後是問答環節。今天的電話會議正在進行網絡直播，可以從我們網站的投資者部分訪問，網址為investors.evgo.com。

The call will be archived and available there, along with the company's earnings release and investor presentation after the conclusion of this call. During the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including the Risk Factors section of our most recent Annual Report on Form 10-K and in the quarterly report on Form 10-Q that we will be filing soon and which will be available on the Investors section of our website.

此次電話會議結束後，該電話會議以及公司的收益發布和投資者介紹將在那裡存檔並可用。在電話會議期間，管理層將做出受風險和不確定性影響的前瞻性陳述，包括對未來業績的預期。可能導致實際結果與我們的預期產生重大差異的因素在我們提交給美國證券交易委員會的文件中有詳細說明，包括我們最近的 10-K 表格年度報告的風險因素部分以及我們將提交的 10-Q 表格季度報告很快，將在我們網站的“投資者”部分提供。

These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP financial measures, including a reconciliation to the corresponding GAAP measures can be found in the earnings materials available on the Investors section of our website.

這些前瞻性陳述自今天起適用，我們不承擔在電話會議後更新這些陳述的義務。另外，請注意，我們將在本次電話會議上提及某些非公認會計原則的財務指標。有關這些非公認會計原則財務措施的信息，包括與相應公認會計原則措施的對賬，可以在我們網站投資者部分的收益材料中找到。

With that, I'll turn the call over to Cathy Zoi, EVgo's CEO. Cathy?

有了這個，我將把電話轉給 EVgo 的首席執行官 Cathy Zoi。凱茜？

Good afternoon, everyone, and thank you for joining today. Before I begin with an update on the quarter, I'd like to take a moment to recognize a few new additions to our team at EVgo. First, I'm pleased to welcome Heather Davis, our new Head of IR, who kicked off our call today. Heather brings more than 20 years of Investor Relations and corporate finance experience. I know you all will enjoy getting to work with her. Second, we recently hired a new Chief Revenue Officer, Tanvi Chaturvedi, who joins us from Google. Tanvi will focus on turbocharging our retail revenue growth by transforming the fast-charging user experience.

大家下午好，感謝您今天的加入。在開始本季度的更新之前，我想花點時間來認識一下我們 EVgo 團隊的一些新成員。首先，我很高興歡迎我們的新投資者關係主管 Heather Davis，他今天開始了我們的電話會議。 Heather 擁有超過 20 年的投資者關係和企業融資經驗。我知道你們都會喜歡和她一起工作。其次，我們最近聘請了一位新的首席營收官 Tanvi Chaturvedi，他從 Google 加入我們。 Tanvi 將專注於通過改變快速充電的用戶體驗來加速我們的零售收入增長。

As CRO, Tanvi will lead our go-to-market functions, including all consumer revenue growth initiatives, marketing, advertising and expansion and use of the PlugShare app. Prior to joining EVgo, Tanvi held numerous leadership positions at Google, most recently responsible for delivering growth and monetization of the Google Nest Smart Home Product Portfolio and Services business. Previously, she also held leadership positions at Procter & Gamble's Consumer businesses and served as a technology investment banker at J.P. Morgan.

作為 CRO，Tanvi 將領導我們的上市職能，包括所有消費者收入增長計劃、營銷、廣告和擴展以及 PlugShare 應用程序的使用。在加入 EVgo 之前，Tanvi 在 Google 擔任過多個領導職務，最近負責實現 Google Nest 智能家居產品組合和服務業務的增長和貨幣化。此前，她還在寶潔公司的消費者業務部門擔任領導職務，並在摩根大通擔任技術投資銀行家。

Now, turning to the quarter; EVgo experienced a solid quarter as we continued to harness our technology-driven approach to lead the ultrafast EV charging marketplace. On today's call, I'll focus on a few themes from the quarter that we see as key drivers of growth. One, the strength of our operational foundation; two, our strong commercial progress as we make headway with existing and new partners; three, our commitment to technology as a source of advancement and innovation; and lastly, some important update across the regulatory front, which we expect will drive substantial investment in the EV charging space in 2023 and beyond. Today, nearly 140 million Americans live within 10 miles of an EVgo charger, which is a testament to the foundation of operational excellence we established in order to now accelerate our growth.

現在，轉向本季度； EVgo 經歷了一個穩健的季度，因為我們繼續利用我們的技術驅動方法來引領超快 EV 充電市場。在今天的電話會議上，我將重點關注本季度我們認為是增長的關鍵驅動力的幾個主題。一、我們運營基礎的實力；第二，隨著我們與現有和新合作夥伴取得進展，我們取得了強勁的商業進展；三、我們對技術作為進步和創新源泉的承諾；最後，監管方面的一些重要更新，我們預計這將在 2023 年及以後推動對電動汽車充電領域的大量投資。今天，近 1.4 億美國人居住在 EVgo 充電器 10 英里範圍內，這證明了我們為加速增長而建立的卓越運營基礎。

Our footprint continues to grow across the country, and we're excited to see accelerating momentum as more and more Americans adopt EVs. In fact, we recently announced that we have surpassed 500,000 customer accounts on our platform. The third quarter of 2022 saw a record number of EVs sold in the U.S. with more than 210,000 new fully electric vehicles purchased during the three months, according to EV-Volumes. The market share for EVs continues to increase every quarter, and we expect these trends to only accelerate as we head into 2023.

我們的足跡在全國范圍內繼續增長，我們很高興看到隨著越來越多的美國人採用電動汽車而加速發展。事實上，我們最近宣布我們平台上的客戶賬戶已超過 500,000 個。根據 EV-Volumes 的數據，2022 年第三季度，美國銷售的電動汽車數量創下歷史新高，三個月內購買了超過 210,000 輛新的全電動汽車。電動汽車的市場份額每個季度都在繼續增加，我們預計這些趨勢只會在我們進入 2023 年時加速。

Reuters recently calculated that the world's top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce EVs. This is a 2x increase over the estimates that they had projected just a year earlier. The market is coming and EVgo is at the forefront. A major component of this effort is the work we are doing on the commercial side of the business as we continue to build out our partnerships across all aspects of the ecosystem. On the fleet side, we signed a new behind-the-fence deal with MHX Solutions, which is a full-service logistics operation based in California and our first EVgo Optima deployment for a Class 8 truck fleet.

路透社最近計算出，世界頂級汽車製造商計劃到 2030 年花費近 1.2 萬億美元來開發和生產電動汽車。這比他們一年前的預測增加了 2 倍。市場來了，EVgo走在了前列。這項工作的一個主要組成部分是我們在業務的商業方面所做的工作，因為我們將繼續在生態系統的各個方面建立我們的合作夥伴關係。在車隊方面，我們與 MHX Solutions 簽署了一項新的幕後交易，MHX Solutions 是一家總部位於加利福尼亞的全方位服務物流公司，也是我們為 8 級卡車車隊首次部署 EVgo Optima。

This comes on the heels of the agreement we signed with a major investor-owned utility last quarter. Additionally, EVgo signed a new agreement for a dedicated fast charging hub with an existing autonomous vehicle fleet partner as well as an agreement with a different AV fleet partner to repurpose a former dedicated site to meet its own growing needs. We're really excited about the progress in our fleet business, which we believe is driven in large part by our technology advantage and more on that in a few moments. Building on the momentum created in July, with the announcement of the EVgo eXtend deal with the pilot company we are pleased to report that pre-engineering work has already begun at certain Pilot Flying J sites.

這是在我們上個季度與一家主要投資者擁有的公用事業公司簽署的協議之後發生的。此外，EVgo 與現有的自動駕駛車隊合作夥伴簽署了一項關於專用快速充電中心的新協議，並與不同的 AV 車隊合作夥伴簽署了一項協議，以重新利用以前的專用站點以滿足其自身不斷增長的需求。我們對我們車隊業務的進展感到非常興奮，我們相信這在很大程度上是由我們的技術優勢推動的，稍後還會更多。在 7 月份形成的勢頭的基礎上，隨著與試點公司宣布 EVgo eXtend 交易，我們很高興地報告，某些 Pilot Flying J 站點的前期工程工作已經開始。

We also received our first eXtend Workplace purchase orders to deploy and manage L2 and some DC fast charging stalls for General Motors employees at four different company facilities. This highlights EVgo's ability to partner with large commercial organizations for Workplace solutions. As we've shared previously, we are open to both owning sites or managing them on behalf of others. And in many cases, it's better for us and our partners for them to own the chargers. In this case, GM is able to provide a unique benefit for its employees, relying on EVgo to install and operate the chargers.

我們還收到了第一個 eXtend Workplace 採購訂單，為通用汽車公司四個不同設施的員工部署和管理 L2 和一些直流快速充電站。這凸顯了 EVgo 與大型商業組織合作開發 Workplace 解決方案的能力。正如我們之前所分享的，我們對擁有網站或代表他人管理網站持開放態度。在許多情況下，我們和我們的合作夥伴最好讓他們擁有充電器。在這種情況下，通用汽車能夠為其員工提供獨特的福利，依靠 EVgo 安裝和操作充電器。

The key to winning the land grab for charging infrastructure is site control, where we secured multiple new agreements with national brand names, which will provide EVgo with access to high-quality properties in prime locations across the U.S. among these is our agreement with Home Improvement powerhouse Lowe's. Additionally, we expanded our existing site footprint at several large grocery chains, including Kroger, Safeway and WinCo. We also energized the first of many sites in development at Target, which are now available on the EVgo app and PlugShare.

贏得充電基礎設施土地爭奪的關鍵是場地控制，我們與國家品牌簽訂了多項新協議，這將為 EVgo 提供在美國黃金地段的優質物業，其中包括我們與 Home Improvement 的協議強大的Lowe's。此外，我們在包括 Kroger、Safeway 和 WinCo 在內的幾家大型雜貨連鎖店擴展了我們現有的站點足跡。我們還為 Target 正在開發的眾多站點中的第一個注入了活力，這些站點現在可在 EVgo 應用程序和 PlugShare 上使用。

The addition of new national retail site host partners in the home improvement, grocery and restaurant sectors, complemented by deepening engagements with a number of our existing portfolio partners has significantly increased EVgo's pipeline for station locations at every corner of the U.S. In fact, when we overlay specific store locations of these well-known brands with EVgo's own proprietary network planning tool that accounts for the numerous vectors that make charging infrastructure [pencil], we've added nearly 10,000 potential charging stalls that pass our internal investment hurdles today and could be added to EVgo's development pipeline.

在家居裝修、雜貨店和餐廳領域增加了新的全國零售網站主機合作夥伴，再加上與我們現有的一些投資組合合作夥伴的深化合作，顯著增加了 EVgo 在美國各個角落的車站位置管道。事實上，當我們使用 EVgo 自己的專有網絡規劃工具覆蓋這些知名品牌的特定商店位置，該工具解釋了構成充電基礎設施 [鉛筆] 的眾多矢量，我們已經增加了近 10,000 個潛在的充電站，這些充電站今天通過了我們的內部投資障礙，並且可能添加到 EVgo 的開發管道中。

This rapidly expanding pipeline of premium station locations with strong unit economics combined with the cost-sharing potential arising from forthcoming federal funding provides EVgo with the opportunity to widely invest capital to expand our footprint to new places. With this in mind, after we file our third quarter 10-Q, EVgo is planning to file a prospective supplement to our recently filed S-3 in order to facilitate at-the-market sales of up to $200 million of our common stock. We plan to use the proceeds of this ATM program to opportunistically raise additional capital in order to take advantage of this robust and accelerating EV infrastructure sector.

這種快速擴張的優質車站位置管道具有強大的單位經濟性，再加上即將到來的聯邦資金所產生的成本分攤潛力，為 EVgo 提供了廣泛投資資本以將我們的足跡擴展到新地方的機會。考慮到這一點，在我們提交第三季度 10-Q 後，EVgo 計劃提交對我們最近提交的 S-3 的預期補充，以促進高達 2 億美元普通股的市場銷售。我們計劃利用該 ATM 計劃的收益來機會性地籌集額外資金，以利用這一強大且加速發展的電動汽車基礎設施領域。

Turning to our performance; once again, the theme is about growth and execution. During the quarter, stalls in operation or under construction increased to 2,625. We added a record 188 stalls during this quarter. And year-to-date, we have energized 487 new stalls on our network, 2.4x more than the same period last year. Additionally, our active engineering and construction development pipeline reached its largest point ever at 4,534 stalls. As a reminder, while we want to invest in growing our network, we also remain laser-focused on overall profitability in the business and building sites that clear our internal rate of return or margin hurdle.

談到我們的表現；再一次，主題是關於成長和執行。本季度，營運或在建攤位增至 2,625 個。我們在本季度增加了創紀錄的 188 個攤位。年初至今，我們已經在我們的網絡上激活了 487 個新攤位，比去年同期增加了 2.4 倍。此外，我們活躍的工程和建築開發管道達到了有史以來的最高點，達到了 4,534 個攤位。提醒一下，雖然我們希望投資發展我們的網絡，但我們也仍然專注於業務的整體盈利能力，並建立能夠清除我們內部回報率或利潤率障礙的網站。

The biggest issue we're facing on the installation front right now is timing on the utility side. At the end of the quarter, EVgo had installed over 130 stalls that were still awaiting utility power with more than 100 of those being delayed more than six weeks. Unfortunately, persistent utility labor shortages and transformer supply chain constraints exacerbate utility work backlogs at the front and back end of the charger development process. We expect utility-related delays will continue to be an issue as power companies gear up for transportation electrification and work to make power systems resilient to the effects of climate change.

我們現在在安裝方面面臨的最大問題是公用事業方面的時間安排。在本季度末，EVgo 已經安裝了 130 多個仍在等待公用事業供電的攤位，其中 100 多個攤位被推遲了六週以上。不幸的是，持續的公用事業勞動力短缺和變壓器供應鏈限制加劇了充電器開發過程前端和後端的公用事業工作積壓。我們預計與公用事業相關的延誤將繼續成為一個問題，因為電力公司正在為交通電氣化做準備，並努力使電力系統能夠抵御氣候變化的影響。

EVgo will continue to work cooperatively with our utility partners and local governments to address these issues. We believe these challenges can be addressed working side-by-side. Throughput this quarter was 12.1 gigawatt hours, an increase of 51% over the third quarter of 2021, driven by ongoing EV adoption across the U.S. and increasing rideshare electrification. While the rebound in rideshare electrification was a bit slower than anticipated during the first part of 2022 due to the dearth of EVs available to rideshare drivers, both Uber and Lyft have indicated that their electrification plans will be accelerating going forward.

EVgo 將繼續與我們的公用事業合作夥伴和當地政府合作解決這些問題。我們相信這些挑戰可以並肩解決。本季度的吞吐量為 12.1 吉瓦時，比 2021 年第三季度增長了 51%，這得益於美國持續採用電動汽車以及不斷增加的拼車電氣化。儘管由於拼車司機可用的電動汽車缺乏，拼車電氣化的反彈比 2022 年上半年的預期要慢一些，但優步和 Lyft 都表示他們的電氣化計劃將在未來加速推進。

Uber recently stated that the company is focused on doubling the number of EVs on the road over the next year from 25,000 to 50,000 as it strives to be fully electric by 2030. Remember, EVgo sees an outsized impact as rideshare drivers convert to EVs given that they drive about 3x more than average. On the retail side, we are encouraged by recent developments on the OEM front. Despite the challenges some of our OEM partners have had supplying cars to the market earlier this year, the future is bright. Cadillac has begun shipping its new LYRIQ model. Chevy Bolt and Bolt EUV sales have recovered following resolution of their battery recall.

優步最近表示，該公司致力於在明年將道路上的電動汽車數量從 25,000 輛增加到 50,000 輛，因為它力爭到 2030 年實現完全電動化。請記住，EVgo 看到了巨大的影響，因為拼車司機轉換為電動汽車，因為他們開車比平均水平高出約 3 倍。在零售方面，我們對 OEM 方面的最新發展感到鼓舞。儘管我們的一些 OEM 合作夥伴在今年早些時候向市場供應汽車時遇到了挑戰，但未來是光明的。凱迪拉克已開始發售其新的 LYRIQ 車型。在解決電池召回問題後，雪佛蘭 Bolt 和 Bolt EUV 的銷量已經恢復。

And Toyota, Subaru reopened sales with the bZ4X following their recall. We expect to see greater contributions from our preferred partners moving forward, and we continue to see growth in Tesla drivers charging on the EVgo network, which brings me to the topic of technology. Simply put, EVgo is a technology powerhouse. This is our key differentiator and sets us apart. Our investments to create a seamless integration between EVgo's hardware and software aimed to create a differentiated experience for our customers as well as high-value margins for our investors and other stakeholders. We often hear from our B2B partners that EVgo has pioneered functionality that no one else has cracked.

豐田和斯巴魯在召回後重新開始銷售 bZ4X。我們希望看到我們的首選合作夥伴做出更大的貢獻，我們繼續看到特斯拉司機在 EVgo 網絡上充電的增長，這讓我想到了技術話題。簡而言之，EVgo 是一個技術強國。這是我們的關鍵差異化因素，使我們與眾不同。我們在 EVgo 的硬件和軟件之間創建無縫集成的投資旨在為我們的客戶創造差異化的體驗，並為我們的投資者和其他利益相關者創造高價值利潤。我們經常從 B2B 合作夥伴那裡聽到，EVgo 開創了其他人沒有破解過的功能。

One example of this is Autocharge+. Launched in September across the country, Autocharge+ sets a new bar for a streamlined EV charging experience by simplifying the process between a charge and a payment session. Once EV drivers self-register through the EVgo app, they can start a charging session at an EVgo station without a credit card, RFID or even swiping the app on their phone. In the few weeks since we've launched, we've seen enrollment skyrocket and positive feedback from both new and existing drivers taking advantage of this faster and more convenient program.

其中一個例子是 Autocharge+。 Autocharge+ 於 9 月在全國推出，通過簡化充電和支付會話之間的流程，為簡化的電動汽車充電體驗樹立了新標杆。一旦電動汽車司機通過 EVgo 應用程序自行註冊，他們就可以在 EVgo 充電站開始充電，無需信用卡、RFID，甚至無需在手機上刷應用程序。自我們推出以來的幾週內，我們看到註冊人數猛增，並且新老司機都在利用這個更快、更方便的計劃獲得積極反饋。

Notably, as Autocharge+ is also available for Teslas, EVgo was looking forward to welcoming even more Tesla drivers to our network. On the fleet side, as I mentioned earlier, our technology here is truly a game changer. EVgo Optima is our homegrown proprietary cloud-based software platform that helps ensure fleet EVs are charged in a manner that optimizes the logistics needs and operating costs. The user-friendly interface provides fleet managers with easy access to the most important data, while integrated customer service provides seamless communication, helping to ensure fleet uptime and service level agreements are met.

值得注意的是，由於特斯拉也可以使用 Autocharge+，EVgo 期待著歡迎更多特斯拉司機加入我們的網絡。在艦隊方面，正如我之前提到的，我們這裡的技術確實改變了遊戲規則。 EVgo Optima 是我們自主研發的基於雲的專有軟件平台，有助於確保以優化物流需求和運營成本的方式為車隊電動汽車充電。用戶友好的界面使車隊經理可以輕鬆訪問最重要的數據，而集成的客戶服務提供無縫通信，有助於確保滿足車隊正常運行時間和服務水平協議。

The early feedback from fleet managers has been extremely positive as EVgo Optima has been built from the ground up as a sleek-centric application, rather than a repurposed adaptation of software met for retail drivers like that being offered by some of our competitors. On the OEM front, we continue to work with our partners to leverage EVgo Inside APIs, which are designed to seamlessly integrate into an automaker's branded asset. This provides an automaker with the ability to offer its customers a fully integrated EVgo charging experience without switching between apps. We believe we're truly ahead of the market here.

車隊經理的早期反饋非常積極，因為 EVgo Optima 是從頭開始構建為一個以時尚為中心的應用程序，而不是像我們的一些競爭對手提供的那樣，對零售司機的軟件進行了重新調整。在 OEM 方面，我們繼續與合作夥伴合作，利用 EVgo Inside API，這些 API 旨在無縫集成到汽車製造商的品牌資產中。這使汽車製造商能夠為其客戶提供完全集成的 EVgo 充電體驗，而無需在應用程序之間切換。我們相信我們在這裡真正領先於市場。

And finally, we're really proud of our efforts to lead the EV charging industry forward in terms of global standards and interoperability testing. EVgo is on the Board of CharIN, the leading global association promoting global charging standards with CCS, MCS and 15118, emerging as a de facto fast charging standards. And our EVgo Innovation Lab is a go-to for OEMs developing new EVs and for manufacturers developing new equipment to charge those EVs. In fact, in addition to a principal EVgo lab location in El Segundo, California, we also have three remote testing locations set up at OEM facilities.

最後，我們為在全球標準和互操作性測試方面引領電動汽車充電行業前進而付出的努力感到非常自豪。 EVgo 是 CharIN 的董事會成員，CharIN 是全球領先的協會，通過 CCS、MCS 和 15118 促進全球充電標準，成為事實上的快速充電標準。我們的 EVgo 創新實驗室是 OEM 開發新 EV 和製造商開發新設備為這些 EV 充電的首選之地。事實上，除了位於加利福尼亞州埃爾塞貢多的主要 EVgo 實驗室地點外，我們還在 OEM 設施中設立了三個遠程測試地點。

This distributed approach enables automakers to test vehicles much earlier in the process, sometimes even before a prototype has been officially released. EVgo retains access to the testing software and remotely manages the process and support of the OEM's design and commercialization process. Turning to slide 8, you'll find a brief update on the National Electric Vehicle Infrastructure Program, or NEVI. In late September, the U.S. government approved all 50 state plans plus Washington D.C. and Puerto Rico, meaning that states are now eligible to start the process to reward their fiscal year 2022 and fiscal year 2023 allocated funds.

這種分佈式方法使汽車製造商能夠更早地測試車輛，有時甚至在原型正式發布之前。 EVgo 保留對測試軟件的訪問權限，並遠程管理 OEM 設計和商業化過程的流程和支持。轉到幻燈片 8，您會看到有關國家電動汽車基礎設施計劃 (NEVI) 的簡短更新。 9 月下旬，美國政府批准了所有 50 個州計劃以及華盛頓特區和波多黎各，這意味著各州現在有資格開始獎勵其 2022 財年和 2023 財年分配資金的程序。

The first round of investment in fiscal year 2022, which totaled $650 million, will help to build EV chargers covering approximately 75,000 miles of highway. We anticipate the first solicitation from the states this quarter or in Q1 2023 with initial funds deployed during the course of the year in 2023, which will be based on state procurement, RFP processes and finalization of federal minimum standards. Additionally, the tax credit in the Inflation Reduction Act or IRA, and in particular, the changes to U.S. Code 30C represent tailwinds for our industry and our business.

2022 財年的第一輪投資總額為 6.5 億美元，將幫助建造覆蓋約 75,000 英里高速公路的電動汽車充電器。我們預計本季度或 2023 年第一季度將在各州進行首次招標，初始資金將在 2023 年期間部署，這將基於州採購、RFP 流程和聯邦最低標準的最終確定。此外，《降低通貨膨脹法案》或 IRA 中的稅收抵免，特別是美國代碼 30C 的變化，代表了我們行業和業務的順風。

We are pleased with these developments and believe they will serve to reduce carbon emissions as the world continues to embrace electric vehicles. That said we expect it to take some time for the benefits to be recognized in our financial performance as the Treasury Department is conducting requests for information prior to issuing guidance on the specifics of how the 30C tax credit will be applied. Other key provisions in the IRA, including the revisions to the Consumer EV Tax Credit, 30D, first ever Used EV Tax Credit, 25E and Commercial Vehicle Tax Credit 45W should also support acceleration of EV adoption with some key implementation questions also pending IRS guidance.

我們對這些發展感到高興，並相信隨著世界繼續接受電動汽車，它們將有助於減少碳排放。也就是說，我們預計需要一些時間才能在我們的財務業績中確認這些好處，因為財政部在發布有關如何應用 30C 稅收抵免的具體指導之前正在徵求信息。 IRA 中的其他關鍵條款，包括對消費者電動汽車稅收抵免、30D、首次使用的電動汽車稅收抵免、25E 和商用車輛稅收抵免 45W 的修訂，也應該支持加速電動汽車的採用，一些關鍵的實施問題也有待 IRS 指導。

We believe 30C and the other tax credits in the IRA will benefit EVgo, but we're not expecting to realize those benefits financially in the very near term. As one of the longest running, largest and most reliable public fast-charging operators in the U.S., EVgo's mission is to expedite mass adoption of electric vehicles for everyone.

我們相信 IRA 中的 30C 和其他稅收抵免將使 EVgo 受益，但我們預計不會在短期內從財務上實現這些好處。作為美國運營時間最長、規模最大、最可靠的公共快速充電運營商之一，EVgo 的使命是加快電動汽車的大規模普及。

This quarter in service to that mission EVgo launched the Connect the Watts National EV Charging Recognition Program. This program will celebrate leaders in the EV charging ecosystem for their achievements in driving the electrification of transportation. By recognizing these leaders, EVgo hopes to bring awareness and inspiration to the community working to electrify our transportation system.

本季度，為了完成這項任務，EVgo 啟動了 Connect the Watts 國家電動汽車充電識別計劃。該計劃將表彰電動汽車充電生態系統的領導者在推動交通電氣化方面取得的成就。通過表彰這些領導者，EVgo 希望為致力於使我們的交通系統電氣化的社區帶來意識和靈感。

And with that, I will turn the call over to Olga to talk more about our financial results.

有了這個，我將把電話轉給奧爾加，更多地談論我們的財務業績。

Thank you. As Cathy mentioned, we experienced a solid quarter with strong momentum on the execution side as we rapidly build out our network. EVgo increased our active engineering and construction store development pipeline by 82% year-over-year, reaching a record 4,534 stores at quarter end. The noticeable increase includes the addition of the stores from the Pilot Flying J deal we announced last quarter. We added 188 new stores to our network during the quarter, and stalls in operation or under construction totaled 2,625 at quarter end.

謝謝你。正如 Cathy 所提到的，隨著我們快速建立我們的網絡，我們經歷了一個穩健的季度，在執行方面具有強勁的勢頭。 EVgo 將我們活躍的工程和建築商店開發渠道同比增加了 82%，在季度末達到了創紀錄的 4,534 家商店。顯著的增長包括我們上季度宣布的 Pilot Flying J 交易中增加的商店。我們在本季度的網絡中增加了 188 家新店，截至季度末，營業或在建的攤位總數為 2,625 個。

Customer accounts increased by 60% year-over-year and year-over-year throughput growth of 51% continued to exceed year-over-year operational stall growth of 33%. We delivered $10.5 million of revenue in the third quarter, representing an increase of 70% year-over-year. Growth was driven by increases in retail charging revenue, up 62% year-over-year and increased ancillary revenues, started pre-engineering work on PFJ contract and growth in PlugShare and regulatory credit sales. As expected, we experienced a sequential decline in regulatory credit sales following the accelerated monetization efforts in the first half of the year.

客戶賬戶同比增長 60%，吞吐量同比增長 51%，繼續超過運營攤位同比增長 33%。我們在第三季度實現了 1050 萬美元的收入，同比增長 70%。增長是由零售充電收入的增長推動的，同比增長 62%，輔助收入的增加，PFJ 合同的前期工程工作以及 PlugShare 和監管信貸銷售的增長。正如預期的那樣，在上半年加速貨幣化之後，我們的監管信貸銷售連續下降。

Regulatory credit sales totaled $1.2 million, a year-over-year increase of 72%, but a substantial sequential quarter-over-quarter decline. This, combined with the seasonal impact of summer rate electricity tariffs and lower LCFS credit prices contributed to an anticipated decline in adjusted gross margin. Decline of adjusted gross margin from 22.2% in Q3 2021 to 19% in Q3 2022 is caused primarily by lower LCFS prices this year. While EVgo experienced high energy costs in 2022, this was largely offset by improved leverage of network fixed operating costs. As a reminder, our business model has significant built-in leverage that is realized with increased charging volumes.

監管信貸銷售額總計 120 萬美元，同比增長 72%，但環比環比大幅下降。再加上夏季電價的季節性影響和較低的 LCFS 信用價格，導致調整後的毛利率預期下降。調整後的毛利率從 2021 年第三季度的 22.2% 下降到 2022 年第三季度的 19%，主要是由於今年 LCFS 價格下降。雖然 EVgo 在 2022 年經歷了高昂的能源成本，但這在很大程度上被網絡固定運營成本槓桿率的提高所抵消。提醒一下，我們的商業模式具有顯著的內置槓桿作用，這是通過增加充電量來實現的。

We reported adjusted EBITDA of negative $22.2 million versus negative $14.3 million in Q3 2021, which reflects our investment in the people and infrastructure required to capture the growth in front of us and expand our moat. CapEx was $61.6 million this quarter as we accelerated charger deployments and execute against our long-term strategic plan. As a reminder, all of our charging infrastructure deployment goes through rigorous underwriting process and [pencil] to low double-digit pretax unlevered IRRs at the project level. EVgo has been putting public charging stations in operation since 2010.

我們報告調整後的 EBITDA 為負 2220 萬美元，而 2021 年第三季度為負 1430 萬美元，這反映了我們對捕捉眼前增長和擴大護城河所需的人員和基礎設施的投資。本季度資本支出為 6160 萬美元，因為我們加快了充電器的部署並執行了我們的長期戰略計劃。提醒一下，我們所有的充電基礎設施部署都經過了嚴格的承保流程，並且在項目層面達到了低兩位數的無槓桿 IRR。自 2010 年以來，EVgo 一直在運營公共充電站。

And while that created an unparalleled expertise and track record, it also places ongoing demands on EVgo to ensure we're meeting and exceeding our customer expectations through appropriate level of investments in maintenance and network upgrades. EVgo is actively expanding its current network maintenance and reliability program, which we call EVgo ReNew. The goal of this program is to both improve charger uptime and to enhance the customer experience in our continued pursuit of EV fast charging leadership. We have upgraded 125 stalls year-to-date and are working with site hosts to evaluate additional stalls in 2023.

雖然這創造了無與倫比的專業知識和業績記錄，但它也對 EVgo 提出了持續的要求，以確保我們通過適當水平的維護和網絡升級投資來滿足並超越客戶的期望。 EVgo 正在積極擴展其當前的網絡維護和可靠性計劃，我們稱之為 EVgo ReNew。該計劃的目標是提高充電器的正常運行時間，並在我們繼續追求電動汽車快速充電領先地位的過程中提升客戶體驗。今年迄今為止，我們已經升級了 125 個攤位，並正在與場地主辦方合作評估 2023 年的更多攤位。

We are largely focused on our legacy 50 kilowatt chargers, some of which are reaching the expected end of life. We apply a rigorous analytical approach to this program with a focus on upgrading and/or expanding sites in high demand and future growth locations. In some cases, we will seek to upgrade the chargers with high-power models or even expand the site. We may also opt to retire a particular charger, removing that underperforming site from our network. Before we open up the call for Q&A, I would like to share our updated full year 2022 operational and financial guidance.

我們主要專注於我們的傳統 50 千瓦充電器，其中一些已達到預期的使用壽命。我們對該計劃採用嚴格的分析方法，重點是升級和/或擴展高需求和未來增長地點的站點。在某些情況下，我們會尋求用大功率型號升級充電器，甚至擴大站點。我們也可能選擇停用特定充電器，從我們的網絡中刪除表現不佳的網站。在我們打開問答電話之前，我想分享我們更新的 2022 年全年運營和財務指導。

First, we are reconfirming full year 2022 revenue guidance of $48 million to $55 million. This range is driven by the timing of Pilot Flying J equipment deliveries. We're narrowing full year 2022 adjusted EBITDA guidance to negative $85 million to negative $80 million as we've been actualizing the hiring pace throughout the year. We are revising our network throughput guidance for the full year of 2022 to 42 gigawatt to 45 gigawatt hours. This revision is associated with permitting delays on a couple of dedicated stations in the San Francisco Bay Area, EV delivery delays by our OEM partners and the recovery of rideshare starting later than expected in the year.

首先，我們再次確認 2022 年全年收入指引為 4800 萬美元至 5500 萬美元。這個範圍是由 Pilot Flying J 設備交付的時間決定的。我們正在將 2022 年全年調整後的 EBITDA 指引縮小至負 8500 萬美元至負 8000 萬美元，因為我們一直在實現全年的招聘步伐。我們正在將 2022 年全年的網絡吞吐量指南修改為 42 吉瓦至 45 吉瓦時。此次修訂與允許舊金山灣區的幾個專用站點延遲、我們的 OEM 合作夥伴的電動汽車交付延遲以及拼車的恢復在今年晚於預期有關。

With respect to stalls, we expect to have a total of 2,800 to 3,100 DC fast charging stalls operational or under construction as of year-end. As Cathy mentioned, the resource challenges at municipalities and utilities across the U.S. have given rise to delays in approving and energizing fast charging stations. Hence, we are adjusting stall guidance to reflect this persistent sector realities. It is important to remember that such delays don't have any material near-term financial impact on EVgo's business. Our existing network has the capacity to accommodate the growing traffic.

在充電樁方面，我們預計截至年底將有 2,800 至 3,100 個直流快速充電樁投入使用或在建。正如 Cathy 所提到的，美國各地市政當局和公用事業公司面臨的資源挑戰導致快速充電站的批准和通電出現延誤。因此，我們正在調整攤位指導以反映這種持續存在的行業現實。重要的是要記住，此類延誤不會對 EVgo 的業務產生任何重大的短期財務影響。我們現有的網絡有能力容納不斷增長的流量。

With this, I will turn the call over to the operator for questions.

有了這個，我將把電話轉給接線員提問。

(Operator Instructions) We'll take our first question from Gabriel Daoud with Cowen.

（操作員說明）我們將回答 Gabriel Daoud 和 Cowen 的第一個問題。

Olga was maybe hoping to just dig into just the guide a bit more, I understand that there's maybe a decent contribution from Flying J, and that's kind of what helps you get to full year. But is there any way to maybe just quantify what the Flying J impact would be this year at all?

Olga 可能希望僅深入研究指南，我知道 Flying J 可能做出了不錯的貢獻，這有助於您度過全年。但是有什麼方法可以量化今年 Flying J 的影響嗎？

Sure. Sure, Gabe. So we -- the reason why we give -- still give the same guidance in the range of $7 million is that the exact contribution from Pilot Flying J will depend on the timing of hardware units delivered to our warehouse. And we right now scheduled to take that delivery over the month of December, which has holidays in it. And we -- the short answer is that, that's going to depend, and that's going to drive the difference between the 48 and $55 million. On an exact Pilot Flying J contribution this year, I would restrain from giving the exact number because that's not the number we report [chapters in]. But what I would say, what I think would help you is that vast majority of PFJ revenues will come in Q4. And in Q3, it was still -- we recognize some of it. It was still small. And I think that by doing a simple math, that would probably lead you to the answer, but we will not disclose that exact number.

當然。當然，加布。所以我們——我們給出的原因——仍然在 700 萬美元的範圍內給出相同的指導，因為 Pilot Flying J 的確切貢獻將取決於硬件單元交付到我們倉庫的時間。我們現在計劃在 12 月份接收該貨物，其中有假期。我們 - 簡短的回答是，這將取決於，這將推動 48 美元和 5500 萬美元之間的差異。關於今年確切的 Pilot Flying J 貢獻，我不會給出確切的數字，因為這不是我們報告的數字 [章節]。但我想說的是，我認為對你有幫助的是，PFJ 的絕大部分收入將來自第四季度。在第三季度，它仍然——我們認識到其中的一些。它仍然很小。而且我認為通過簡單的數學計算，您可能會得到答案，但我們不會透露確切的數字。

Okay. Okay. That's helpful. And then just overall, curious to hear trends on the fleet side, Cathy, you obviously hit on this in your prepared remarks quite a bit. But can you just talk about maybe the partnership with MHX? And like what revenue model did they go with? Was it the charging or the service or customer owned? And since it's Class 8, I'm assuming they went with 350. Is there even an interest in a megawatt charger? So just kind of curious how that partnership -- I guess if you could share details there. And then generally what you're seeing on the fleet side.

好的。好的。這很有幫助。然後總的來說，很想知道艦隊方面的趨勢，凱西，你顯然在你準備好的評論中提到了這一點。但是你能談談與MHX的合作嗎？他們採用了什麼樣的收入模式？是收費還是服務或客戶擁有？而且由於它是 8 級，我假設他們使用 350。甚至對兆瓦充電器感興趣嗎？所以有點好奇這種夥伴關係如何——我想你是否可以在那里分享細節。然後通常是您在艦隊方面看到的。

What we're generally seeing is, first of all, it's still really early innings and the fleet being able to access the vehicles, right? So there's lots and lots of interest in every fleet we know. The last mile delivery, the middle mile and now the [prostate], they're all thinking about how they're going to do this. So this is like the sort of the first truck off the rank rather than the first cab off the rank for MHX. Again, the business models vary. And as we've said to you many times, we are happy to own the assets or we're happy to have the customer, in this case, own the assets. So we will -- we're signing generally speaking, that the fleets are at this point, wanting to own the chargers and it is charging the service model that we provide, where we actually build and operate the chargers for them and guarantee upfront.

我們普遍看到的是，首先，它仍然是早期的一局，車隊能夠使用車輛，對嗎？所以我們知道的每一個艦隊都有很多很多的興趣。最後一英里的交付，中間一英里和現在的[前列腺]，他們都在考慮如何做到這一點。所以這就像是第一輛下線的卡車，而不是 MHX 下線的第一輛出租車。同樣，商業模式各不相同。正如我們多次對您說過的那樣，我們很高興擁有這些資產，或者我們很高興讓客戶（在這種情況下）擁有這些資產。所以我們會 - 一般來說，我們正在簽署，車隊在這一點上，想要擁有充電器，它正在為我們提供的服務模式充電，我們實際為他們建造和運營充電器並提前保證。

We'll take our next question from Bill Peterson with J.P. Morgan.

我們將向摩根大通的比爾·彼得森提出下一個問題。

This is Mahima Kakani on for Bill Peterson. To start, can you elaborate on EVgo's current timeline for the replacement or upgrade of older chargers? Approximately like how many chargers would that be and at what pace will they be replaced at? And then maybe a follow-up, will that impact the rate of new charging installations overall?

這是比爾·彼得森的 Mahima Kakani。首先，您能否詳細說明 EVgo 目前更換或升級舊充電器的時間表？大約有多少個充電器，它們將以什麼速度更換？然後可能是後續行動，這會影響整體新充電裝置的安裝率嗎？

Thanks so much for this question. So we are currently evaluating how many stalls we will be upgrading or replacing or maybe even retiring next year. We are not ready to give the exact number, but it's going to be in hundreds. And we will update the market as that program is coming along. That program will be focused on our older chargers, our older 50 kilowatt chargers. We want to just also make a remark that not all of our old 50 kilowatt chargers are underperforming, a lot of them are functioning greatly and have no issues, but there is a cohort of really old ones, which are near to their -- they're nearing their end of their life.

非常感謝這個問題。因此，我們目前正在評估我們將升級或更換多少攤位，甚至明年可能會退役。我們還沒有準備好給出確切的數字，但它將是數百個。隨著該計劃的推出，我們將更新市場。該計劃將專注於我們的舊充電器，即我們舊的 50 千瓦充電器。我們還想指出，並非我們所有的舊 50 千瓦充電器都表現不佳，其中很多都運行良好並且沒有問題，但是有一群非常舊的充電器，它們靠近它們 - 他們'正在接近他們生命的盡頭。

And those are the ones which have given us problems. And those are the ones which we are mostly focusing on. But what we also want to say is that our ReNew program and our kind of customer experience or customer enhancement improvement program doesn't just focus on replacement, the retiring of chargers or upgrading the chargers, which it is, but it also is being focused on improving overall end-to-end customer experience, including a convenience of an app, convenience of notifications and a variety of different things our cross-functional teams are focusing on.

這些是給我們帶來問題的。這些是我們主要關注的。但我們還想說的是，我們的 ReNew 計劃和我們的客戶體驗或客戶增強改進計劃不僅僅關注更換、淘汰充電器或升級充電器，它確實如此，但它也被關注改善整體端到端客戶體驗，包括應用程序的便利性、通知的便利性以及我們跨職能團隊關注的各種不同的事情。

And we would also like to remind a challenge we're experiencing as an industry on its own that we have various equipment on our network, which is charging various car models. So the match and sometimes the problem is not the hardware sometimes the problem is not the software, but sometimes the problem is a compatibility between innovative first-time new cars on the market, the innovate first time new chargers on our network and our competitors' network and what really sets EVgo apart is that we have our lab where we're able to test various equipment in combination with various EVs.

我們還想提醒我們作為一個行業本身正在經歷的挑戰，我們的網絡上有各種設備，這些設備正在為各種車型充電。所以比賽有時問題不是硬件有時問題不是軟件，但有時問題是市場上創新的首次新車、我們網絡上創新的首次新充電器與我們的競爭對手之間的兼容性網絡，真正讓 EVgo 與眾不同的是，我們有自己的實驗室，可以結合各種 EV 測試各種設備。

And that already has given us quite a leadway and we'll continue to do it and even reinforce next year the importance of overall customer experience, which is being helped again by a variety of things, new hardware, upgraded hardware, it's operational maintenance practices, it's software, convenience and overall customer experience convenience and its lab test and allowing for the compatibility to be high class.

這已經為我們提供了相當大的領先優勢，我們將繼續這樣做，甚至在明年加強整體客戶體驗的重要性，這再次受到各種事物的幫助，新硬件、升級硬件、運營維護實踐，它的軟件、便利性和整體客戶體驗便利性及其實驗室測試和允許的兼容性是一流的。

Thank so much for that color. Maybe if I can sneak in another one. Are you still experiencing inflation on the supply and labor side?

非常感謝那個顏色。也許如果我可以偷偷溜進去另一個。你還在經歷供應和勞動力方面的通貨膨脹嗎？

We are still experiencing some of it. We would like to probably say that it has abated in H2 versus H1. We're still seeing some of the labor costs experiencing inflationary pressure, but it's not to the level we observed in the first half of this year. So we're remaining hopeful for next year.

我們仍在經歷其中的一些。我們可能想說它在 H2 與 H1 相比有所減弱。我們仍然看到一些勞動力成本面臨通脹壓力，但還沒有達到我們在今年上半年觀察到的水平。所以我們對明年充滿希望。

We'll take our next question from David Kelley with Jefferies.

我們將回答大衛凱利和傑富瑞的下一個問題。

This is Gavin Kennedy on for David Kelly. Can you just provide more info on the installation issue that you mentioned in the prepared remarks, how many stalls were affected this quarter? And can you quantify at all the expected increase going forward of stalls affected? And how should we think about labor and transformer constraints generally into 2023?

這是大衛凱利的加文肯尼迪。您能否提供更多關於您在準備好的評論中提到的安裝問題的信息，本季度有多少攤位受到影響？你能量化所有受影響的攤位未來的預期增長嗎？我們應該如何考慮到 2023 年的勞動力和變壓器限制？

Yes. Hey Gavin, Cathy here. I think the -- when we went -- when we reached the end of the quarter, we had 130 -- just to go back, it takes us -- EVgo about 4 to 8 weeks to actually do the construction of a charging station. And as I've said to you guys many times before, at the moment, it's kind of an 18-month all-in end-to-end cycle time from an idea of building a charging station to getting it energized by the utility. We started to see that decline a bit, getting it closer to down to 12 months, but now the long hold (inaudible) is utilities.

是的。嘿，加文，這裡是凱茜。我認為 - 當我們去 - 當我們到達季度末時，我們有 130 - 只是為了回去，我們需要 - EVgo 大約 4 到 8 週才能實際建造充電站。正如我之前多次對你們說過的那樣，目前，從建立充電站的想法到讓公用事業公司為其供電，這是一個 18 個月的端到端週期時間。我們開始看到這種下降，接近 12 個月，但現在長期持有（聽不清）是公用事業。

So the utility work backlog associated with transformer shortages, like when we're building the configurations that we're building now, which is ultrafast 50 kilowatt chargers more stalls that always requires a transformer upgrade. So we are at the behest of the utilities having those and we have a couple of utility folks on our Board and in our Board meeting last week, there's [a gush]. It is just -- it's taking very long lead times to get those transformers these days. So in a nutshell, I mean, in summary, I guess, I would say we're thinking that, that may continue to be an issue.

因此，與變壓器短缺相關的公用事業工作積壓，例如當我們正在構建我們現在正在構建的配置時，即超快 50 千瓦充電器更多的檔位總是需要變壓器升級。因此，我們應公用事業公司的要求擁有這些，我們的董事會中有幾個公用事業人員，在上週的董事會會議上，有 [a gush]。只是——這些天來獲得這些變壓器需要很長時間。簡而言之，我的意思是，總而言之，我想，我會說我們正在考慮，這可能仍然是一個問題。

What we are doing to help out with that is we are proactively providing our utility partners where we want to build with our own 18-month, 24-month forward-looking plans overlaid with their grid. So we can say, okay, which ones are going to be easy, which ones are going to be harder? Can you guys go ahead and place orders for the transformer now because this is the configuration? And that's been very, very well received, where we've been doing that. So we're hopeful that by working side by side, as I said in my remarks, we'll be able to get all of this stuff moving and helping utilities do what they need to do to make sure that they can accommodate all of the growth on the grids.

我們正在做的是幫助我們積極地為我們的公用事業合作夥伴提供我們想要在他們的電網上覆蓋的 18 個月、24 個月的前瞻性計劃進行建設的地方。所以我們可以說，好吧，哪些會容易，哪些會更難？你們現在可以繼續訂購變壓器，因為這是配置嗎？我們一直在這樣做，這非常非常受歡迎。因此，我們希望通過並肩工作，正如我在講話中所說，我們將能夠讓所有這些東西移動並幫助公用事業公司做他們需要做的事情，以確保他們能夠適應所有網格上的增長。

Got it. And then as a follow-up, since announcing your first major partnership with Pilot GM, can you talk about any additional traction your company is seeing with your EVgo eXtend offering specifically? Are you or your customers showing more interest in pivoting towards this asset-light model?

知道了。然後作為後續行動，自從宣布與 Pilot GM 建立第一個主要合作夥伴關係後，您能否談談貴公司在您的 EVgo eXtend 產品中看到的任何額外牽引力？您或您的客戶是否對轉向這種輕資產模式表現出更大的興趣？

You bet. Look, so we're excited to be able to accelerate EV electrification transportation how we can and where we can deliver double-digit returns. And hence, the provision -- or the creation of the EVgo eXtend business and the launching of our big pilot project was -- we're very pleased about that last quarter. We have a number of very active live interested significant conversations happening to do more of that across the board. And as soon as we get those deals inked, we will be so excited to share them with you.

你打賭。看，所以我們很高興能夠加速電動汽車電氣化運輸，我們可以如何以及在哪裡可以提供兩位數的回報。因此，提供——或創建 EVgo eXtend 業務和啟動我們的大型試點項目——我們對上個季度非常高興。我們有一些非常活躍的現場感興趣的重要對話正在發生，以便全面開展更多工作。一旦我們簽署了這些交易，我們將很高興與您分享它們。

We'll take our next question from Alex Vrabel with Bank of America.

我們將向美國銀行的 Alex Vrabel 提出下一個問題。

Thanks for having me on the call. Just curious, I mean when you guys think about some of these software issues or initiatives that you're putting through here, I'm thinking specifically on Autocharge+. Can you quantify -- I mean, I guess, any sort of financial uplift you see on a customer basis where that customers are coming more often on a more recurring basis? I mean, how do you quantify some of these initiatives into profitability, if that makes sense?

謝謝你讓我接電話。只是好奇，我的意思是，當你們想到這裡提出的一些軟件問題或計劃時，我特別考慮的是 Autocharge+。你能量化 - 我的意思是，我猜，你在客戶基礎上看到的任何形式的財務提升，而這些客戶更頻繁地出現在更頻繁的基礎上？我的意思是，如果有意義的話，您如何將其中一些舉措量化為盈利能力？

Well, Alex, what I would say about Autocharge+ is that this is primarily about creating a seamless customer experience in charging. Let's make it easy. Let's grow the market more quickly by making it just the life experience of charge. And our -- we've been out there for a few weeks with this and the response we've had so far has been pretty fantastic that people that are both new EV drivers and then existing EV drivers are getting to take advantage of it or saying, oh my gosh, this is fantastic.

好吧，亞歷克斯，關於 Autocharge+，我想說的是，這主要是為了創造無縫的客戶充電體驗。讓我們輕鬆一點。讓我們把市場變成充電的生活體驗，從而更快地發展市場。而且我們的 - 我們已經在那裡待了幾個星期，到目前為止我們的反應非常棒，那些既是新的電動汽車司機又是現有的電動汽車司機的人正在利用它，或者說，天哪，這太棒了。

I just drive up and I plug in because like EVgo has my [vin] of my car, and it's just simple. Like -- so for us, it's about making sure that the drivers have a great experience, and that will, in turn, create more interest in drivers to use the EVgo network. So we haven't quantified it specifically, but we feel like we've got a responsibility to provide a great customer experience and that will deliver great financial results for us, for our company.

我只是開車然後插上電源，因為就像 EVgo 有我的車的 [vin] 一樣，這很簡單。就像 - 所以對我們來說，這是為了確保駕駛員擁有良好的體驗，而這反過來又會激發駕駛員對使用 EVgo 網絡的更多興趣。所以我們沒有具體量化它，但我們覺得我們有責任提供出色的客戶體驗，這將為我們和我們的公司帶來巨大的財務成果。

Got it. No, that makes sense. And then I guess just kind of looking forward, I guess, a little bit higher level here. When you think about some of the policy tailwinds that you'll see here, whether 4Q or 1Q when we see some of the solicitations as well as IRA, I mean how do you think about repositioning your footprint, whether that's your counterparties or customers you're aligned with or geographically to best capture those possible credits or funding that are in the pipeline here?

知道了。不，這是有道理的。然後我想只是有點期待，我想，這裡有點高水平。當您考慮您將在這裡看到的一些政策順風時，無論是第四季度還是第一季度，當我們看到一些招標以及 IRA 時，我的意思是您如何考慮重新定位您的足跡，無論是您的交易對手還是您的客戶'是否符合或在地理上最好地捕捉到這些可能的信貸或資金？

Yeah, yeah. So we have -- like we have a really cool network planning tool that is ours. And what drives it is where can we deliver -- where can we pass our own internal (inaudible) for making investments? And what the big giant cost of money coming to the federal government, whether it's grant money through NEVI or whether it's 30C tax credits are going to enable us to have more locations [penciled] profitably for us and for our shareholders. And so we are literally like taking a look at the different grant programs that have been now approved, all 50 of them by the federal government, where do we want to be, where are good EV market, where -- what are the structures of those programs, and we put that into our own planning tools, and then we send say to our site host team, okay, let's still find some great sites there. So it actually reduces the economics and it allows us to extend our footprint profitably more quickly.

是啊。所以我們有 - 就像我們有一個非常酷的網絡規劃工具一樣。驅動它的是我們在哪裡可以交付——我們可以在哪里通過我們自己的內部（聽不清）進行投資？聯邦政府的巨額資金成本是多少，無論是通過 NEVI 撥款還是 30C 稅收抵免，都將使我們能夠為我們和我們的股東擁有更多有利可圖的地點。所以我們真的想看看現在已經批准的不同撥款計劃，所有 50 個都由聯邦政府批准，我們想成為什麼樣的人，好的電動汽車市場在哪裡，在哪裡——結構是什麼這些程序，我們將其放入我們自己的規劃工具中，然後我們向我們的網站託管團隊發送消息，好吧，讓我們仍然在那裡找到一些很棒的網站。所以它實際上降低了經濟性，它使我們能夠更快地擴大我們的足跡並盈利。

We'll take our next question from Andres Sheppard with Cantor Fitzgerald.

我們將回答 Andres Sheppard 和 Cantor Fitzgerald 的下一個問題。

Congrats on the quarter. I'm trying to maybe just understand. So revenue guidance is unchanged for the year. And so in order to, let's say, meet the bottom end of guidance, you'd have to have over $20 million revenue in Q4. So just help me understand like what the thinking around there is? I know usually Q4 is a little bit heavier weighted, but do you still remain confident in achieving that guidance just given where things are currently?

祝賀本季度。我試圖也許只是理解。因此，今年的收入指引保持不變。因此，比如說，為了達到指導的底線，你必須在第四季度擁有超過 2000 萬美元的收入。所以只是幫助我理解周圍的想法是什麼？我知道通常第四季度的權重會稍重一些，但是您是否仍然有信心在目前情況下實現該指導？

So just to clarify, the big difference between Q4 and Q3 will be the full -- the execution on PFJ contract full speed. And that will add the revenue. So our core business, we do not expect to double quarter-over-quarter. We do expect a healthy growth, but it will be in line with what you've seen in prior quarters. But the key contributor to the expected Q4 over Q3 growth will be the execution of Pilot Flying J contract and namely, we're going to be taking the delivery of equipment pieces coming out of our supplier, and that's the moment where they get transferred to our customer. So we do as of now, we remain confident that we will get those pieces here in the United States. They are on the way. The deliveries are scheduled over the month of December, as I mentioned in my response to Gabe's question. And as of now, we don't have any information, which will tell us that, that won't happen. So that would give us confidence that we will be able to meet the guidance.

因此，為了澄清，第四季度和第三季度之間的最大區別將是全速執行——PFJ 合同全速執行。這將增加收入。因此，我們的核心業務預計不會環比翻一番。我們確實預計會有健康的增長，但這將與您在前幾個季度看到的情況一致。但預計第四季度增長超過第三季度的關鍵因素將是執行 Pilot Flying J 合同，即我們將接收來自供應商的設備部件，這就是它們被轉移到的時刻我們的顧客。所以到目前為止，我們仍然相信我們會在美國獲得這些作品。他們正在路上。正如我在回答 Gabe 的問題時提到的那樣，交付時間安排在 12 月份。到目前為止，我們沒有任何信息可以告訴我們，這不會發生。因此，這將使我們相信我們將能夠滿足指導要求。

Got it. Thanks Olga. I really appreciate that. And maybe just as a follow-up, I just want to clarify, in regards to NEVI. So it looks like you're targeting initial funds being deployed in 2023. I'm wondering, can you give us -- are you able to quantify how many programs or projects you have applied for grant funding so far or just any sort of color there would be helpful?

知道了。謝謝奧爾加。我非常感謝。也許只是作為後續行動，我只想澄清一下關於 NEVI 的問題。所以看起來你的目標是在 2023 年部署初始資金。我想知道，你能不能給我們 - 你能量化到目前為止你申請了多少項目或項目的贈款，或者只是任何一種顏色會有幫助嗎？

Yeah. Andres, it's just starting. And I guess we have learned by doing the appendix D over the past four years to try to pinpoint timing of state programs and procurement processes is a fool's errand. So we will be applying for NEVI wherever it makes sense with our network planning model and where we can make money. I just -- we cannot predict exactly when those funds -- when those checks will get cut. And in some cases, the money won't necessarily even be delivered until the stations are energized, right? It depends on the structure of each of the programs. So we will plan on it. But again, in terms of like the cash flows -- it's going to be very unclear for a while.

是的。安德烈斯，這才剛剛開始。而且我想我們在過去四年中通過附錄 D 了解到，試圖確定州計劃和採購流程的時間安排是愚蠢的差事。因此，我們將在任何對我們的網絡規劃模型有意義且可以賺錢的地方申請 NEVI。我只是 - 我們無法準確預測這些資金什麼時候 - 這些支票什麼時候會被削減。在某些情況下，在車站通電之前，錢甚至不一定會交付，對吧？這取決於每個程序的結構。所以我們會計劃的。但同樣，就現金流而言——這將在一段時間內非常不清楚。

We'll take our next question from Maheep Mandloi with Credit Suisse.

我們將向瑞士信貸的 Maheep Mandloi 提出下一個問題。

This is David Benjamin on for Maheep. I was wondering if you could talk about uptime and how that's tracking in light of recent criticisms on the industry lately, especially considering the high uptime requirements for incentives like NEVI?

這是馬希普的大衛本傑明。我想知道您是否可以談談正常運行時間以及根據最近對該行業的批評，特別是考慮到像 NEVI 這樣的激勵措施對正常運行時間的高要求，它是如何跟踪的？

Yes. So the uptime, we actually are still tracking to our high 90%s of time that we made commitments to. One of the reasons that we are actually really excited about our EVgo ReNew program, though, is that we can actually -- like we rigorously are watching what's happening with our chargers. And when we start to have troubles we get out there, and we will be replacing chargers that are being particularly problematic on that. So we're quite, quite conscious of making sure that uptime is maximized and not simply because it's a reporting requirement, but we make money when we -- our chargers are operating. So we have a built-in incentive to ensure that we have the highest uptime possible.

是的。因此，正常運行時間，我們實際上仍在跟踪我們承諾的 90% 的時間。不過，我們實際上對我們的 EVgo ReNew 計劃感到非常興奮的原因之一是我們實際上可以 - 就像我們嚴格地觀察我們的充電器正在發生的事情一樣。當我們開始遇到麻煩時，我們就會走出去，我們將更換在這方面特別成問題的充電器。所以我們非常非常有意識地確保正常運行時間最大化，這不僅僅是因為它是一個報告要求，而是我們在我們的充電器運行時賺錢。因此，我們有內在的激勵措施來確保我們擁有盡可能長的正常運行時間。

We'll take our next question from Noel Parks with Tuohy Brothers.

我們將與 Tuohy Brothers 一起回答 Noel Parks 的下一個問題。

Thanks for all the detail, some really fascinating points. Just as an example for one, you were talking about your planning with utilities and giving them sort of like kind of 18 to 24 month forecast for installations. You can envision overlaying it with the grid and helping to identify easy and difficult points of installation. It sounds like it's sort of a classic help them, help you situation.

感謝所有的細節，一些非常有趣的觀點。舉個例子，您正在談論您對公用事業的規劃，並為他們提供了 18 到 24 個月的安裝預測。您可以設想將其與網格重疊並幫助識別安裝的簡單和困難點。這聽起來像是一種經典的幫助他們，幫助你的情況。

I just wonder how do you look at it as you get experience of different utilities as far as the ones that are pretty responsive doing pretty well and the markets where the utility and charge is pretty sluggish. I just wonder do you weigh that into the balance of whether you're going to sort of try to avoid certain areas or try to get a foot in the door earlier maybe in [full] areas, just the sooner the better. Just curious how you analyze that.

我只是想知道，當您獲得不同公用事業的經驗時，您如何看待它，以及那些響應迅速的公用事業做得很好以及公用事業和收費相當低迷的市場。我只是想知道您是否會權衡一下您是要嘗試避開某些區域還是嘗試早點踏入大門，也許是在[完整]區域，越早越好。只是好奇你是怎麼分析的。

Yes. Well, it's funny; I had a meeting earlier today on the very topic. I mean, so early is always better because utilities are large organizations, and they have a lot of things that they have to worry about, so you want to give them as much information as early as possible, so we do that everywhere. There are places, however, where you might have two utilities side by side. And if we have discovered that one of the utilities is actually pretty switched on and quite responsive and is a great partner and a mile away, there's a different utility that's much less responsive. You bet that we will look to be building and working with the one that's more collaborative.

是的。好吧，這很有趣；我今天早些時候就這個話題開了個會。我的意思是，儘早總是更好，因為公用事業是大型組織，他們有很多事情需要擔心，所以你想儘早給他們盡可能多的信息，所以我們到處都這樣做。但是，在某些地方，您可能並排有兩個實用程序。而且，如果我們發現其中一個實用程序實際上已經打開並且響應速度非常快，並且是一個很好的合作夥伴並且在一英里之外，那麼還有一個不同的實用程序響應速度要慢得多。您敢打賭，我們將尋求建立並與更具協作性的合作夥伴一起工作。

It's a practical reality because like, frankly, EV drivers are not going to care. What they want is reliability, convenience, right? And the one-mile difference, getting more out there more quickly is absolutely what we want to do. I mean, there is a case example of this where Los Angeles Department of Water and Power is basically the City of L.A. and the Southern California Edison, the big investor-owned utilities is all around it. And SCE is probably best in class in America in terms of EV charging infrastructure collaborations. And I think our competitors would say the same thing. I mean, they're very, very good and very switched-on and their response to their lead times are much quicker on their planning pre-sophisticated than their fellow municipal colleague at LAWP, just a reality.

這是一個現實的現實，因為坦率地說，電動汽車司機不會在意。他們想要的是可靠性、便利性，對吧？一英里的差異，更快地到達那裡，這絕對是我們想要做的。我的意思是，有一個例子，洛杉磯水電部基本上是洛杉磯市和南加州愛迪生公司，大型投資者擁有的公用事業公司就在它周圍。就電動汽車充電基礎設施合作而言，SCE 可能是美國同類產品中最好的。我認為我們的競爭對手也會說同樣的話。我的意思是，與他們在 LAWP 的市政同事相比，他們非常、非常好並且非常熱情，而且他們對提前期的反應比他們在 LAWP 的市政同事要快得多。

Right. That makes a lot of sense. And I want to turn towards -- you brought up your testing, your testing lab. And I'm real interested in the whole topic of reputational issues, reputation of a charger brand, reputation of individual vehicles. So I guess if you could maybe just talk a little bit more extensively about what's involved in the charging effort.

正確的。這很有意義。我想轉向 - 你提出了你的測試，你的測試實驗室。我對聲譽問題、充電器品牌的聲譽、個別車輛的聲譽等整個話題非常感興趣。因此，我想您是否可以更廣泛地談論充電工作所涉及的內容。

It sounds like already at its early stage, it's probably a really big task. And also if you're getting any sense of whether EV buyers sophistication is getting to the point that they're looking critically well, what I'm hearing about this vehicle, (inaudible) its own EMS software, it's making me lean towards one vehicle or another? Or are we still just so early just getting your hands on a vehicle is still name of the game?

聽起來已經處於早期階段，這可能是一項非常艱鉅的任務。而且，如果您對電動汽車購買者的成熟度是否達到他們看起來非常好的程度有所了解，我所聽到的關於這輛車的消息，（聽不清）它自己的 EMS 軟件，這讓我傾向於一個車輛還是其他？還是我們還這麼早，只是讓你的手上車仍然是遊戲的名稱？

For your last question, I think it's your hands on the vehicle. I mean every -- what we hear from the OEMs, notwithstanding their own chip shortages and some of the recalls or whatever, every EV that gets made get sold, right? Like so -- and that's kind of good news. So we're delighted about that. With respect to the EVs and the charging infrastructure so right now, there are 47 different EV models on American roads. EVgo chargers all of them. There's also a bunch of different charger types, which EVgo is used and deployed and tests in our lab.

對於你的最後一個問題，我認為是你的手在車輛上。我的意思是我們從原始設備製造商那裡聽到的每一個消息，儘管他們自己的芯片短缺和一些召回或其他什麼，但每一輛製造出來的電動汽車都會被出售，對吧？就像這樣 - 這是一個好消息。所以我們對此感到高興。關於電動汽車和充電基礎設施，目前美國道路上有 47 種不同的電動汽車型號。 EVgo 為所有這些充電器充電。還有一堆不同的充電器類型，EVgo 在我們的實驗室中使用、部署和測試。

Every single one of those EVs has a different bit of battery signature, a different baseline firmware and software underneath it. And our chargers that we deploy have to be able to talk successfully every single one of them. So we invite the OEMs and all of the vendors like bring their kit to our lab and our labs and as I mentioned, lab locations, so that we can actually test it and it's not just about UL certification.

這些電動汽車中的每一輛都有不同的電池簽名，不同的基線固件和軟件。我們部署的充電器必須能夠成功地與每一個充電器通話。因此，我們邀請 OEM 和所有供應商將他們的套件帶到我們的實驗室和我們的實驗室，正如我提到的，實驗室位置，以便我們可以實際測試它，而不僅僅是 UL 認證。

It's about continuing to improve user experience to be able to identify if there's a problem, what sort of problem, where is that problem coming from? And look, it's a young sector, but we are all working on our view, EVgo's view is to work collaboratively with the vendor -- with the charger manufacturers and with the OEMs, we are going to create that driver experience over the next couple of years that the drivers deserve, progress and we're completely and utterly committed to it.

它是關於繼續改善用戶體驗，以便能夠識別是否存在問題，什麼樣的問題，問題來自哪裡？看，這是一個年輕的行業，但我們都在努力實現我們的觀點，EVgo 的觀點是與供應商合作——與充電器製造商和原始設備製造商合作，我們將在接下來的幾年中創造這種駕駛員體驗車手應得的歲月，進步，我們完全和完全致力於它。

We'll take our next question from Oliver Huang with TPH.

我們將向 TPH 提出 Oliver Huang 的下一個問題。

Just had one on the cost side of the equation. I think you all highlighted some higher energy costs that may have impacted adjusted gross margins for the quarter. Wondering if you all might be able to expand on the magnitude of impact in Q3, what sort of increases year-over-year, if any, you all are budgeting on this front when thinking about 2023? And if any of this is being passed off to customers and how you all are positioning yourself to mitigate such impact as we move into 2023 and throughput kind of scales from there?

只是在等式的成本方面有一個。我認為你們都強調了一些可能影響本季度調整後毛利率的較高能源成本。想知道你們是否能夠擴大第三季度的影響程度，如果有的話，在考慮 2023 年時，你們都在這方面進行預算嗎？如果其中任何一項被傳遞給客戶，那麼隨著我們進入 2023 年以及從那時起的吞吐量規模，你們如何定位自己以減輕這種影響？

Yes. Thank you for the question. So when we're comparing Q3 2022 to Q3 2021, there are two reasons why we're seeing slightly higher energy cost per kilowatt hours, and we're seeing like a few cents higher. One is that some of the California utilities did increase the energy portion of their tariffs earlier this year. And the second one, because we continue to open new stations in the rest of the U.S. and very often in new geographies where we haven't yet worked -- have been successful in working with local utilities to create EV rates and they still have demand chargers. As I remind the California, the major utilities in California have demand chargers.

是的。感謝你的提問。因此，當我們將 2022 年第三季度與 2021 年第三季度進行比較時，我們看到每千瓦時的能源成本略高有兩個原因，而且我們看到的能源成本高出幾美分。一是加州的一些公用事業公司今年早些時候確實增加了關稅中的能源部分。第二個，因為我們繼續在美國其他地區開設新站點，並且經常在我們尚未工作的新地區開設新站點 - 已成功與當地公用事業公司合作創造電動汽車費率，他們仍然有需求充電器。正如我提醒加州的那樣，加州的主要公用事業公司都有需求充電器。

And partially, they don't because we were part of the group, which advocated for that not to be the case as it doesn't make sense for EV charging use case. But in the rest of the U.S., you still have geographies where they exist and they're quite high. And so as we are expanding into those geographies, that does affect our energy costs. On 2023, we're actually working right now with my team on a very detailed forecast and trying to understand and break in on the conservative side on how that's going to look next year. We will not share that with the market just yet. All the guidance will be issued during the next call, but that's something we're working on and paying attention to.

部分原因不是因為我們是該小組的一員，該小組主張不要這樣做，因為這對 EV 充電用例沒有意義。但在美國其他地區，你仍然有它們存在的地理區域，而且它們非常高。因此，當我們向這些地區擴張時，這確實會影響我們的能源成本。到 2023 年，我們實際上正在與我的團隊合作進行非常詳細的預測，並試圖從保守的角度了解和突破明年的情況。我們暫時不會與市場分享這一點。所有指導將在下一次電話會議期間發布，但這是我們正在努力和關注的事情。

And we haven't passed that on the consumer just yet this year, but conceptually, this is how we're thinking about it. But when we're thinking about passing it on to the consumer, we're not just thinking about the margin. We're thinking about it holistically, are we still generating the target return or not. And simultaneously, if we have high utilization in certain places, and we expect that we -- in the future, we'll be able to cut equipment costs and so on and so forth. That might by itself solve the issue of rising energy cost, and we don't have to pass it on the consumer.

今年我們還沒有將這一點傳遞給消費者，但從概念上講，這就是我們正在考慮的方式。但是，當我們考慮將其傳遞給消費者時，我們不僅僅考慮利潤。我們正在全面考慮它，我們是否仍在產生目標回報。同時，如果我們在某些地方有很高的利用率，並且我們期望我們 - 在未來，我們將能夠削減設備成本等等。這本身就可以解決能源成本上升的問題，我們不必將其轉嫁給消費者。

But it might not and that will be the time when we'll pass it on the consumer. And just a reminder about our pricing, we were not marking up -- we were not a gas tank, right, where you have like a one price per gallon, and that changes daily, and it generally follows the overall fossil fuel prices. This is not how we're approaching it. We're approaching it a little bit from a consumer side and supply/demand side and there are various consumers with various price sensitivities, and there are various consumers with various appetite for subscription or pay-as-you-go tax of tariffs, which we're addressing and continue to innovate around it.

但它可能不會，這將是我們將其傳遞給消費者的時候。只是提醒一下我們的定價，我們沒有加價——我們不是油箱，對，每加侖只有一個價格，而且每天都在變化，它通常跟隨整體化石燃料價格。這不是我們接近它的方式。我們從消費者端和供需端稍微接近了一點，有各種各樣的消費者對價格敏感，有各種各樣的消費者對訂購或關稅的現收現付稅有不同的興趣，這我們正在解決並繼續圍繞它進行創新。

So again, even if we say we're passing on the consumer, it doesn't necessarily mean as a market up $0.02 at every single pump, our pricing scheme is more sophisticated than that, and it's only going to get more sophisticated over time, including per location and time of use pricing so we do have certain levers to pull, let's say, we could make more expensive 6 AM charging and cheaper 8 AM charging. So that's how we're approaching it, just to really give some context about how the pricing is set and what actually it means to pass on the consumer, it's a little more sophisticated than what it might sounded.

再說一次，即使我們說我們是在傳遞消費者，這並不一定意味著市場每加油 0.02 美元，我們的定價方案比這更複雜，而且隨著時間的推移它只會變得更加複雜，包括按位置和使用時間定價，因此我們確實有一定的槓桿作用，比如說，我們可以製作更昂貴的 6 AM 充電和更便宜的 8 AM 充電。這就是我們處理它的方式，只是為了真正提供一些關於定價如何設定以及傳遞給消費者的實際含義的背景信息，它比聽起來要復雜一些。

And that does conclude the question-and-answer session. I would like to turn the call back over to Cathy Zoi for any additional or closing remarks.

這確實結束了問答環節。我想將電話轉回給 Cathy Zoi，以獲取任何補充或結束語。

Thanks. Look, our commitment to technology-enabled innovation powers our customer relationship and whether it's Autocharge+ for drivers on our public networks, whether it's our APIs for automakers or fleet software for commercial customers, EVgo's positioned to deliver an exceptional and reliable fast charging experience and expand our leadership across the market. We're excited about the growing momentum across the EV landscape. I think you could hear it over my voice, and we believe that EVgo is exceptionally well positioned to benefit from the electrification of travel. So thanks to all of you for joining us. Great question. Love that you love our sector like we do.

謝謝。看，我們對技術創新的承諾為我們的客戶關係提供了動力，無論是為我們公共網絡上的駕駛員提供 Autocharge+，無論是我們為汽車製造商提供的 API 還是為商業客戶提供車隊軟件，EVgo 都定位於提供卓越且可靠的快速充電體驗並擴展我們在整個市場的領導地位。我們對電動汽車領域不斷增長的勢頭感到興奮。我想你可以通過我的聲音聽到它，我們相信 EVgo 非常適合從旅行電氣化中受益。所以感謝大家加入我們。好問題。喜歡你像我們一樣熱愛我們的行業。

And that concludes today's presentation. Thank you for your participation and you may now disconnect.

今天的演講到此結束。感謝您的參與，您現在可以斷開連接。