EVgo Inc (EVGO) 2022 Q4 法說會逐字稿

Good day, and welcome to the EVgo Fourth Quarter and Full Year 2022 Earnings Call. Today's call is being recorded.

美好的一天，歡迎來到 EVgo 第四季度和 2022 年全年收益電話會議。今天的通話正在錄音中。

I would now like to turn the call over to Heather Davis, Vice President of Investor Relations. Please go ahead.

我現在想把電話轉給投資者關係副總裁希瑟戴維斯。請繼續。

Hi, everyone, and welcome to EVgo's Fourth Quarter and Full Year 2022 Earnings Call. My name is Heather Davis, and I am the Head of Investor Relations at EVgo. Joining me on today's call are Cathy Zoi, EVgo's Chief Executive Officer; and Olga Shevorenkova, the company's Chief Financial Officer; Jonathan Levy, EVgo's Chief Commercial Officer, will join us for the Q&A portion of the call.

大家好，歡迎來到 EVgo 的第四季度和 2022 年全年收益電話會議。我叫 Heather Davis，是 EVgo 的投資者關係主管。和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； EVgo 的首席商務官 Jonathan Levy 將加入我們的電話問答環節。

Today, we will be discussing EVgo's financial results for the fourth quarter and full year 2022 and an initial outlook for 2023, followed by a Q&A session. Today's call is being webcast and can be accessed on the Investors section of our website at 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.

今天，我們將討論 EVgo 第四季度和 2022 年全年的財務業績以及 2023 年的初步展望，然後是問答環節。今天的電話會議正在進行網絡直播，可在我們網站 investors.evgo.com 的“投資者”部分收聽。該電話會議將在本次電話會議結束後與公司的收益發布和投資者介紹一起存檔並在那裡提供。

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 in the Risk Factors section of our most recent annual report on Form 10-K. The company's SEC filings are available on the Investors section of our website.

在電話會議期間，管理層將做出受風險和不確定因素影響的前瞻性陳述，包括對未來業績的預期。我們向美國證券交易委員會提交的文件中詳細說明了可能導致實際結果與我們的預期存在重大差異的因素，包括我們最近的 10-K 表格年度報告的風險因素部分。公司向美國證券交易委員會提交的文件可在我們網站的投資者部分獲取。

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 measures, including a reconciliation to the corresponding GAAP measures, can be found in the earnings materials available on the Investors section of our website.

這些前瞻性陳述從今天起適用，我們不承擔在電話會議後更新這些陳述的義務。另外，請注意，我們將在本次電話會議上提及某些非 GAAP 財務指標。有關這些非 GAAP 措施的信息，包括與相應 GAAP 措施的調節，可以在我們網站投資者部分提供的收益材料中找到。

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

有了這個，我將把電話轉給 EVgo 的首席執行官 Cathy Zoi。

Hello, everyone, and thank you for joining today. EVgo achieved record revenue in 2022, reflecting the continued growth of our ultrafast DC charging network, our Blue Ribbon partnerships and our industry-leading technology offerings. in our first full year as a public company, revenue and adjusted EBITDA were at the high end of our guidance range. This accomplishment is something I'd like to thank the entire EVfo team for. We look forward to continuing to grow and deliver in 2023.

大家好，感謝你們今天的加入。 EVgo 在 2022 年實現了創紀錄的收入，反映了我們超快直流充電網絡、我們的藍帶合作夥伴關係和我們行業領先的技術產品的持續增長。在我們作為上市公司的第一個完整年度，收入和調整後的 EBITDA 處於我們指導範圍的高端。對於這一成就，我要感謝整個 EVfo 團隊。我們期待在 2023 年繼續發展和交付。

On today's call, I'll focus on a few themes from the year that we see as the building blocks to EVgo's long-term opportunities: one, growth; two, execution; and three, innovation. Starting with growth, a foundational element to the EVgo investment story. When we look back, we may view 2022 as a pivotal turning point in the electrification of America's transportation sector.

在今天的電話會議上，我將重點關註今年我們認為是 EVgo 長期機遇基石的幾個主題：一，增長；二、執行；三、創新。從增長開始，這是 EVgo 投資故事的基本要素。回顧過去，我們可能會將 2022 年視為美國交通運輸行業電氣化的關鍵轉折點。

Everywhere you look, whether it's sales trends, OEM investments, government initiatives or even Super Bowl ads on TV, we're seeing a fundamental shift in our country's attitude towards eletric vehicles. If you've listened to one of our calls before, you know how passionate I am about the electrification of transportation in the U.S. We see data point after data point that confirms the market is rapidly accelerating.

隨處可見，無論是銷售趨勢、OEM 投資、政府舉措，還是電視上的超級碗廣告，我們都看到了我國對電動汽車態度的根本轉變。如果你以前聽過我們的一個電話，你就會知道我對美國交通電氣化有多熱情。我們看到一個又一個數據點證實市場正在迅速加速。

In 2022, there were more than 800,000 fully electric vehicles sold in the U.S., an increase of over 70% from 2021 according to Cox Automotive. Battery electric vehicle sales accounted for nearly 6% of all vehicles sold, up from the 3% in 2021. And this growth occurred despite an overall declining market with U.S. auto sales overall falling by 8% in 2022. This growth is beginning to accelerate, too. BEV sales increased by 72% year-over-year in the fourth quarter, and most forecasts expect the U.S. to easily eclipse the 1 million battery electric vehicles sold figure in 2023, an exciting milestone.

根據 Cox Automotive 的數據，到 2022 年，美國售出超過 800,000 輛純電動汽車，比 2021 年增長超過 70%。電池電動汽車銷量佔所有汽車銷量的近 6%，高於 2021 年的 3%。儘管市場整體下滑，2022 年美國汽車銷量總體下降 8%，但這種增長還是發生了。這種增長開始加速，也。第四季度 BEV 銷量同比增長 72%，大多數預測預計美國將在 2023 年輕鬆超過 100 萬輛純電動汽車的銷量，這是一個令人興奮的里程碑。

And EV sales should only continue to grow as automakers are introduced dozens of new models by the end of 2024, including a number of more affordable options as well as models with longer ranges and faster charging rates. Our Reuters estimate last quarter noted the world's top automakers are planning to spend approximately $1.2 trillion through 2030 to develop and produce millions of EVs, EV batteries and the raw materials used in their production. This estimate is 2x what Reuters had previously calculated just a year earlier.

到 2024 年底，隨著汽車製造商推出數十款新車型，電動汽車銷量應該只會繼續增長，其中包括一些價格更實惠的車型，以及續航里程更長、充電速度更快的車型。我們的路透社估計上個季度指出，世界頂級汽車製造商計劃在 2030 年之前花費約 1.2 萬億美元來開發和生產數百萬輛電動汽車、電動汽車電池及其生產中使用的原材料。這一估計是路透社一年前計算的 2 倍。

This is an astonishing once-in-a-lifetime type of investment. And we believe EVgo will be positioned to capture outsized throughput growth on our network as more and more cars hit the roads. Notably, California, our top market, continues to lead the way. The state announced that 19% of all new cars sold in California were EVs compared to the 6% for the entire country. California's leading position is reflected in our own growth, with kilowatt hour throughput continuing to rise rapidly across our charging network here. We're also seeing strong growth in many other markets, including Florida, Texas, Washington and New York.

這是一種驚人的千載難逢的投資類型。我們相信，隨著越來越多的汽車上路，EVgo 將能夠在我們的網絡上實現吞吐量的巨大增長。值得注意的是，我們的主要市場加利福尼亞繼續領先。該州宣布，加州銷售的所有新車中有 19% 是電動汽車，而整個國家的這一比例為 6%。加州的領先地位體現在我們自身的增長上，這裡的充電網絡千瓦時吞吐量繼續快速增長。我們還看到許多其他市場的強勁增長，包括佛羅里達、得克薩斯、華盛頓和紐約。

Another exciting aspect of all this growth is how EVs are drawing younger consumers into the fold who are both environmentally conscious and also tech savvy, ideal EVgo customers. An IHS market survey indicated that through the first 9 months of 2022, 44% of all EV buyers were under 45, a substantial increase from the 35% of buyers from these age group for all new vehicles purchased over the same period. Given these trends, it's no wonder that virtually every automaker is investing in new EV models, which will help them attract loyal consumers for their brands for decades to come.

所有這些增長的另一個令人興奮的方面是電動汽車如何吸引年輕的消費者，他們既有環保意識又精通技術，是 EVgo 的理想客戶。 IHS 的一項市場調查表明，到 2022 年前 9 個月，44% 的電動汽車購買者年齡在 45 歲以下，與同期購買的所有新車中該年齡段的購買者的 35% 相比大幅增加。鑑於這些趨勢，難怪幾乎每家汽車製造商都在投資新的電動汽車車型，這將有助於他們在未來幾十年為他們的品牌吸引忠實的消費者。

And it's also why we've invested so heavily in building out the best and most reliable fast-charging network. We believe this growth, fueled by technology-enabled innovation, will continue to be our focus in 2023 and beyond. And to build and operate the best network in the U.S. and ensure both environmental and financial sustainability, we invest only in charging solutions that we expect to deliver our targeted financial returns. We believe this approach will deliver substantial growth and value for our investors as EV adoption continues to accelerate across the U.S.

這也是我們投入巨資打造最好、最可靠的快速充電網絡的原因。我們相信，這種由技術支持的創新推動的增長將繼續成為我們 2023 年及以後的重點。為了在美國建立和運營最好的網絡並確保環境和財務的可持續性，我們只投資於我們期望提供目標財務回報的充電解決方案。我們相信，隨著電動汽車在美國的普及持續加速，這種方法將為我們的投資者帶來可觀的增長和價值。

The theme of growth and execution were consistent across our results in 2022. EVgo increased stalls in operation or under construction to over 2,800 at the end of the year, growing 47%. For the full year 2022, we energized nearly 670 new stalls on our network, a 131% increase from 2021. We delivered nearly $55 million in revenue for the year at the high end of our guidance, representing year-over-year revenue growth of 146%.

增長和執行的主題在我們 2022 年的業績中是一致的。EVgo 在運營或在建的攤位在年底增加到 2,800 多個，增長了 47%。在 2022 年全年，我們為網絡上的近 670 個新攤位注入了活力，比 2021 年增長了 131%。在我們的指導高端，我們在這一年實現了近 5500 萬美元的收入，這意味著收入同比增長了146%。

Full year network throughput was 44.6 gigawatt hours, an increase of 69% from 2021. We're seeing rapid growth well beyond California, with utilization topping 10% in markets such as Austin, Las Vegas and West Palm Beach. In 2022, we continued to expand EVgo suite of innovative business partnerships where we work with automakers, retailers and fleet operators to develop new solutions and products to meet evolving needs in this young sector.

全年網絡吞吐量為 44.6 吉瓦時，比 2021 年增長了 69%。我們看到加州以外的地區也在快速增長，奧斯汀、拉斯維加斯和西棕櫚灘等市場的利用率超過 10%。 2022 年，我們繼續擴大 EVgo 系列創新業務合作夥伴關係，我們與汽車製造商、零售商和車隊運營商合作開發新的解決方案和產品，以滿足這個年輕行業不斷變化的需求。

General Motors remains one of our most important partners with GM and EVgo now working together on urban public charging, charging on highway corridors, workplace charging, fleet solutions and in tech-enabled services. EVgo has made tremendous progress on the EVgo-owned urban charging program set to build 3,250 hot-powered DC fast charging cells over the next few years. That partnership has now deployed ultrafast 350-kilowatt charging stations on EVgo's network in 35 metropolitan markets across 22 states.

通用汽車仍然是我們最重要的合作夥伴之一，GM 和 EVgo 現在在城市公共充電、高速公路走廊充電、工作場所充電、車隊解決方案和技術支持服務方面展開合作。 EVgo 在 EVgo 擁有的城市充電計劃方面取得了巨大進展，該計劃將在未來幾年內建造 3,250 個熱動力直流快速充電電池。該合作夥伴關係現已在 22 個州的 35 個大都市市場的 EVgo 網絡上部署了超快 350 千瓦充電站。

Building on this success, EVgo will continue to deepen our relationship with GM by launching a collaboration with GM and pilot company, agreeing to deploy up to 2,000 charging cells at around 500 Pilot and Flying J locations across the U.S. With 78% of the Continental U.S. interstate system within 10 miles of a Pilot or Flying J, we will extend business. These future stations are also well aligned with the priorities of the federal government's National Electric Vehicle Initiative, or NEVI program, deploying $5 billion to build out a nationwide charging network, starting with interstate corridor sites. I'll share more on NEVI later.

在此成功的基礎上，EVgo 將通過與通用汽車和試點公司開展合作，繼續深化我們與通用汽車的關係，同意在全美約 500 個 Pilot 和 Flying J 地點部署多達 2,000 個充電電池，其中 78% 的美國大陸Pilot 或 Flying J 10 英里範圍內的州際公路系統，我們將擴展業務。這些未來的充電站也與聯邦政府的國家電動汽車計劃或 NEVI 計劃的優先事項保持一致，即部署 50 億美元建設一個全國性的充電網絡，從州際走廊站點開始。稍後我會分享更多關於 NEVI 的內容。

Blue-chip OEM partnerships are a key pillar of our retail growth strategy and 2022 was a banner year for EVgo as we secured multiple new agreements with leading automakers for EVgo inside integration, charging credit programs and more. In addition to our foundational partnerships with GM and Nissan, EVgo entered into a commercial agreement with Subaru to provide drivers of the 2023 Solterra EV SUV with the option to receive a $400 charging credit on the EVgo public fast charging network.

藍籌 OEM 合作夥伴關係是我們零售增長戰略的關鍵支柱，2022 年對 EVgo 來說是標誌性的一年，因為我們與領先的汽車製造商就 EVgo 內部集成、充電信貸計劃等達成了多項新協議。除了我們與通用汽車和日產的基礎合作夥伴關係外，EVgo 還與斯巴魯簽訂了商業協議，為 2023 Solterra EV SUV 的駕駛員提供在 EVgo 公共快速充電網絡上獲得 400 美元充電積分的選擇權。

EVgo also announced a commercial agreement with Toyota to provide drivers of the new Toyota bz4x battery electric SUV with 1 year of complementary charging on EVgo's nationwide network. Continuing our partnership with GM, EVgo commenced the commercial agreement to offer drivers of the 2023 Cadillac Lyriq, the option of 2 years of unlimited public fast charging on our network.

EVgo 還宣布與豐田達成商業協議，在 EVgo 的全國網絡上為新款豐田 bz4x 純電動 SUV 的駕駛員提供為期 1 年的補充充電服務。繼續我們與通用汽車的合作夥伴關係，EVgo 開始了商業協議，為 2023 年凱迪拉克 Lyriq 的司機提供在我們的網絡上 2 年無限制公共快速充電的選擇。

In December, we announced the launch of a new B2C charging discount program for rideshare drivers on the Lyft platform. This expansion of EVgo and Lyft collaboration demonstrates our shared commitment to achieving mass EV adoption and increases access to convenient, fast charging infrastructure for rideshare drivers. This also applies to our Uber partnership, which continued to grow in 2022 with new in-app technical and marketing collaborations helping drive increased throughput on EVgo's network.

12 月，我們宣佈在 Lyft 平台上為拼車司機推出新的 B2C 充電折扣計劃。 EVgo 和 Lyft 合作的這種擴展表明我們共同致力於實現電動汽車的大規模採用，並為拼車司機增加方便、快速的充電基礎設施。這也適用於我們的優步合作夥伴關係，該合作夥伴關係在 2022 年繼續發展，新的應用內技術和營銷合作有助於提高 EVgo 網絡的吞吐量。

On the fleet side, EVgo continues to work with large operators and delivery fleets as they undertake their first product to get to know the EV space. We signed a new behind-the-fence agreement with a large national food and beverage company in the fourth quarter, through which EVgo will install and manage private charging stalls for the company's fleet. Earlier in 2022, we signed an agreement with NHX Solutions, representing our first EVgo Optima deployment for a Class 8 truck fleet.

在車隊方面，EVgo 繼續與大型運營商和交付車隊合作，因為他們推出了他們的第一個產品以了解 EV 空間。我們在第四季度與一家大型國家食品和飲料公司簽署了一項新的幕後協議，EVgo 將通過該協議為該公司的車隊安裝和管理私人充電站。 2022 年初，我們與 NHX Solutions 簽署了一項協議，這是我們首次為 8 級卡車車隊部署 EVgo Optima。

EVgo has continued to expand our fleet business with the January 2023 signing of a significant new agreement with an existing autonomous vehicle partner. The Hub business at EVgo is a core part of our fleet strategy, with sustained interest from our existing AV partners and other fleets needing access to dedicated charging away from their own depots. While it's still early days, we are excited to have EVgo's fleet business grow alongside the EV investment fleet operators are making as more vehicles become available to them.

2023 年 1 月，EVgo 與現有的自動駕駛汽車合作夥伴簽署了一項重要的新協議，繼續擴大我們的車隊業務。 EVgo 的 Hub 業務是我們車隊戰略的核心部分，我們現有的 AV 合作夥伴和其他需要在他們自己的站點之外使用專用充電設施的車隊一直很感興趣。雖然現在還處於早期階段，但我們很高興 EVgo 的車隊業務隨著 EV 投資車隊運營商的增長而增長，因為他們可以使用更多的車輛。

This growth is a testament to the team at EVgo. We've been delivering on EVgo's growth plans and our partners' growth plans as we attract and retain employees who want to work for a mission-driven company. Similarly, our relationships with suppliers have enabled us to have charging equipment available even with disruptions other companies have seen in their supply game.

這種增長證明了 EVgo 團隊的實力。我們一直在實現 EVgo 的增長計劃和我們合作夥伴的增長計劃，因為我們吸引並留住了想要為使命驅動型公司工作的員工。同樣，我們與供應商的關係使我們能夠提供充電設備，即使其他公司在他們的供應遊戲中看到了中斷。

EVgo's slate of Blue Ribbon partnership is closely related to our commitment to creation of a first-class driver experience. That starts with reliability and continuous improvement of the EVgo network. As a leader in public charging since 2010, we continually assess our network and determine where investments can help meet and exceed our customers' expectations for ultrafast charging today and in the coming years.

EVgo 的藍絲帶合作夥伴關係與我們創造一流駕駛體驗的承諾密切相關。這始於 EVgo 網絡的可靠性和持續改進。自 2010 年以來，作為公共充電領域的領導者，我們不斷評估我們的網絡，並確定哪些投資可以幫助滿足並超越客戶當前和未來幾年對超快充電的期望。

Under our comprehensive maintenance and reliability program, which we formally launched as EVgo ReNew, we upgraded over 100 stalls and retired approximately 160 stalls in 2022. Last year, we largely focused on our legacy 50-kilowatt chargers. The EVgo ReNew is not a one-and-done effort. We continue to evaluate sites for upgrading based on charger performance, available power at the site, driver demand and EV growth projections for that geography.

根據我們作為 EVgo ReNew 正式推出的全面維護和可靠性計劃，我們在 2022 年升級了 100 多個檔位並淘汰了大約 160 個檔位。去年，我們主要關注我們的傳統 50 千瓦充電器。 EVgo ReNew 並非一蹴而就。我們繼續根據充電器性能、站點可用功率、驅動程序需求和該地區的 EV 增長預測來評估要升級的站點。

Turning to innovation. Innovation is baked into everything EVgo does, as you can tell from the technology undergirding the agreements I've already mentioned. As another example, we recently announced an agreement with Amazon to support an Alexa enabled EV charging experience. EVgo was Amazon's first charging network partner in the U.S. for this collaboration, which will allow drivers to ask Alexa to help them find and navigate to nearby EV charging stations and seamlessly initiating and pay for charging sessions at EVgo stations. This charging experience will leverage both PlugShare and EVgo Inside.

轉向創新。 EVgo 所做的一切都融入了創新，正如您從支持我已經提到的協議的技術中可以看出的那樣。再舉一個例子，我們最近宣布與亞馬遜達成協議，支持支持 Alexa 的電動汽車充電體驗。 EVgo 是亞馬遜在美國的第一個充電網絡合作夥伴，這將允許司機要求 Alexa 幫助他們找到並導航到附近的 EV 充電站，並在 EVgo 站無縫啟動和支付充電費用。這種充電體驗將同時利用 PlugShare 和 EVgo Inside。

Our partnership with Amazon is an example of how we leverage EVgo Inside API technology to integrate into commercially branded apps. This approach provides third parties with the ability to offer customers the EVgo charging experience without needing to switch between apps. In addition to Amazon, we have leveraged the EVgo Inside APIs with Toyota, Lyft and Uber, among others.

我們與亞馬遜的合作是我們如何利用 EVgo Inside API 技術集成到商業品牌應用程序中的一個例子。這種方法使第三方能夠為客戶提供 EVgo 充電體驗，而無需在應用程序之間切換。除了亞馬遜，我們還與豐田、Lyft 和 Uber 等公司一起使用了 EVgo Inside API。

Another EVgo innovation, Autocharge+ initially launched with GM this year and is now available on the EVgo network for more than 20 EV models, a number that includes Tesla's using the CCS adapter. Autocharge+ offers a seamless plug, charge and go experience for EV drivers with more and more sessions being initiated with Autocharge+ on the network every month.

另一項 EVgo 創新 Autocharge+ 最初於今年與通用汽車一起推出，現在可在 EVgo 網絡上用於 20 多種 EV 車型，其中包括使用 CCS 適配器的特斯拉。 Autocharge+ 為 EV 駕駛員提供了無縫的即插即用體驗，每個月都有越來越多的 Autocharge+ 在網絡上啟動。

With PlugShare, which is the Yelp app for EV charging that EVgo purchased in 2021, we now have more than 3 million registered users worldwide, and we continue to adapt and innovative technology to better serve EV drivers. Last year, we enhanced the PlugShare platform with Pay with PlugShare and PlugShare Premium. To leverage the platform's unique user base and monetize its broad reach, we also launched direct and indirect advertising on PlugShare. Further, PlugShare is a great resource for companies who want to understand driver behavior in the emerging EV market. The analytics PlugShare can provide on a fee-for-service basis are important to a variety of players in the EV ecosystem as well as to our own operations.

借助 PlugShare，這是 EVgo 在 2021 年購買的用於電動汽車充電的 Yelp 應用程序，我們現在在全球擁有超過 300 萬註冊用戶，我們將繼續調整和創新技術，以更好地為電動汽車司機提供服務。去年，我們通過 Pay with PlugShare 和 PlugShare Premium 增強了 PlugShare 平台。為了利用該平台獨特的用戶群並利用其廣泛的影響力獲利，我們還在 PlugShare 上推出了直接和間接廣告。此外，PlugShare 對於想要了解新興電動汽車市場中駕駛員行為的公司來說是一個很好的資源。 PlugShare 可以在按服務收費的基礎上提供的分析對電動汽車生態系統中的各種參與者以及我們自己的運營都很重要。

Our EVgo Innovation Lab is a go-to for developing new EVs and manufacture developing new equipment to charge those EVs. In fact, in addition to a principal EVgo Lab in Elton-Window, California, we also have 3 testing locations set up at OEM facilities. This distributed approach enables automakers to test vehicles much earlier in the development cycle, sometimes even before a prototype has been officially released. EVgo retains access to the testing software and remotely manages the testing in support of OEMs design and commercialization process.

我們的 EVgo 創新實驗室是開發新電動汽車和製造新設備為這些電動汽車充電的首選。事實上，除了位於加利福尼亞州埃爾頓窗口的主要 EVgo 實驗室外，我們還在 OEM 設施中設立了 3 個測試地點。這種分佈式方法使汽車製造商能夠在開發週期的更早階段測試車輛，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測試，以支持 OEM 設計和商業化過程。

And with a relentless focus on customer experience, we enhanced the EVgo mobile app to enable more sophisticated charging session diagnostics to help us better serve our customers into the future. And the ascertaining traction with EV drivers, in 2022, we more than doubled the monthly average app users and app-initiated charging sessions.

我們堅持不懈地關注客戶體驗，增強了 EVgo 移動應用程序，以實現更複雜的充電會話診斷，以幫助我們在未來更好地為客戶服務。以及確定對電動汽車司機的吸引力，到 2022 年，我們將每月平均應用用戶和應用啟動的充電會話增加了一倍多。

And now on policy. We also want to provide a quick update on the National Electric Vehicle Infrastructure Program, or NEVI, and other government initiatives. Policy continues to provide an important tailwind not just for EVgo, but the whole sector. A couple of highlights for 2022 and looking forward. Last year was a very active year in terms of utility proceedings with outcomes in states such as California, Colorado and Georgia, yielding material electricity savings for EVgo's owned and operated business.

現在在政策上。我們還想提供有關國家電動汽車基礎設施計劃 (NEVI) 和其他政府舉措的快速更新。政策繼續為 EVgo 乃至整個行業提供重要的推動力。 2022 年和展望未來的幾個亮點。就公用事業訴訟而言，去年是非常活躍的一年，在加利福尼亞州、科羅拉多州和佐治亞州等州取得了成果，為 EVgo 自有和經營的企業節省了大量電力。

Similarly, prior legislative interventions in Illinois, New York and Massachusetts, led to state regulatory proceedings that are expected to yield a multimillion dollar benefits to EVgo's business, both in incentives and in electricity savings. As we work to accelerate that 12- to 18-month charger deployment time frame for the whole industry, utilities and local permitting authorities continue to be important partners. In January 2023, EVgo announced the first Connect the Watts Charging Heroes. In all world Charging Heroes include utilities National Grid and PSE&G, site hosts like CBL and Shop Core and contractors like Owl and WB Engineering. These companies are all in on the roles they are key to playing in transport electrification.

同樣，伊利諾伊州、紐約州和馬薩諸塞州之前的立法干預導致了州監管程序，預計這將為 EVgo 的業務帶來數百萬美元的收益，包括激勵和節電。在我們努力加快整個行業 12 到 18 個月的充電器部署時間框架時，公用事業和地方許可機構仍然是重要的合作夥伴。 2023 年 1 月，EVgo 發布了首款 Connect the Watts Charging Heroes。在世界範圍內，充電英雄包括公用事業國家電網和 PSE&G、CBL 和 Shop Core 等站點託管方以及 Owl 和 WB Engineering 等承包商。這些公司都在交通電氣化中發揮著關鍵作用。

Time frames are unfortunately not accelerating across the board, though. With respect to utility processes, I would note that we and our peers are seeing some utility time lines get longer rather than shorter, arising from delays on transformer procurement as well as from competing utility priorities of grid management and system upgrades. EVgo will continue to work with collaboratively with utilities and be helpful where we can in reducing bottlenecks in their processes.

不過，不幸的是，時間框架並沒有全面加速。關於公用事業流程，我要指出的是，我們和我們的同行看到一些公用事業的時間線變得更長而不是更短，這是由於變壓器採購的延遲以及電網管理和系統升級的公用事業優先事項的競爭。 EVgo 將繼續與公用事業公司合作，並儘可能幫助減少他們流程中的瓶頸。

With implementation of the Bipartisan Infrastructure Law and Inflation Reduction Acts underway, billions of dollars of incentive funding are poised to accelerate EV charging deployment and EV adoption overall. The IRA contained an expansion and extension of 30C, the alternative refueling property tax credit, with a new transferability provision, that should make it easier for companies like EVgo without federal tax liability to monetize the value of the credit.

隨著兩黨基礎設施法和通貨膨脹減少法案的實施，數十億美元的激勵資金有望加速電動汽車充電部署和電動汽車的整體採用。 IRA 包含 30C 的擴展和延伸，替代加油財產稅收抵免，以及新的可轉讓性條款，這應該使像 EVgo 這樣沒有聯邦納稅義務的公司更容易將抵免的價值貨幣化。

The IRA also revised the consumer EV tax credit under 30D as well as first-time tax credits for use and commercial EV sales under 25E and 45W, respectively. On the Bipartisan Infrastructure Law, the Federal Highway Administration finally issued a final minimum technical standards early in 2023 than the $5 billion in NEVI formula funds flowing through state DOT to build out charging infrastructure across priority quarters and. I would caution, however, that there are some critical details that will influence how quickly those funds actually impact outcomes for every charging company pursuing federal incentives.

IRA 還修改了 30D 下的消費電動汽車稅收抵免以及分別在 25E 和 45W 下使用和商業電動汽車銷售的首次稅收抵免。在兩黨基礎設施法方面，聯邦公路管理局最終於 2023 年初發布了最終的最低技術標準，而不是流經州 DOT 的 50 億美元 NEVI 公式資金，用於在優先區建設充電基礎設施。然而，我要提醒的是，有一些關鍵細節會影響這些資金實際影響每家尋求聯邦激勵措施的收費公司的結果的速度。

For 30C, the tax credit has geographic restrictions tied to certain census tracts and particular labor requirements related to the availability of apprenticeship programs or other factors. For 30D, there are critical materials and domestic content requirements that have limited the applicability of the full tax credit for many EVs. As for the NEVI funding, there are actually 50 plus different programs with each state having an approved plan and wind discussion on processes, time lines and program specifics.

對於 30C，稅收抵免具有與某些人口普查區相關的地理限制以及與學徒計劃或其他因素的可用性相關的特定勞動力要求。對於 30D，關鍵材料和國內含量要求限制了對許多電動汽車的全額稅收抵免的適用性。至於 NEVI 資助，實際上有 50 多個不同的項目，每個州都有一個批准的計劃和關於流程、時間表和項目細節的風討論。

At this point, most states are already behind the originally anticipated schedule for funding awards given the delay in final technical standards being promulgated.

在這一點上，由於最終技術標準的頒布延遲，大多數州已經落後於最初預期的撥款時間表。

EVgo continues to engage directly with state DOTs to reduce friction and avoid further delays on the (inaudible) before charging, but note that the funds have still not begun to flow from the states to charging project partners.

EVgo 繼續與各州 DOT 直接接觸，以減少摩擦並避免在充電前進一步延遲（聽不清），但請注意，資金仍未開始從各州流向充電項目合作夥伴。

And the recently finalized federal buy America waiver for NEVI-funded projects will likely present significant near-term supply chain challenges as the whole EV charging industry works to onshore the production of EV chargers, especially 350-kilowatt fast chargers. While EVgo wholeheartedly supports the goals of buy America and have been working with our suppliers on their onshoring strategies for many months, the reality is that a meaningful domestic supply chain comprised of numerous manufacturing and assembly facilities will take time to be able to produce at scale.

隨著整個電動汽車充電行業致力於在岸生產電動汽車充電器，尤其是 350 千瓦快速充電器，最近完成的針對 NEVI 資助項目的聯邦購買美國豁免可能會帶來重大的近期供應鏈挑戰。儘管 EVgo 全力支持“購買美國貨”的目標，並與我們的供應商就其在岸戰略進行了數月的合作，但現實情況是，由眾多製造和組裝設施組成的有意義的國內供應鏈需要時間才能實現規模化生產.

Across the sector, we anticipate the layers from contracting to installation for most applicants as the supply chain ramps. The upshot is that due to equipment supply certainty, recipients of NEVI funds under the current retracted by America rules may potential 2023 projects shift to 2024. But notwithstanding the potential near-term delays arising from new government requirements, the trend line is up into the right. The opportunity ahead of EVgo to build state-of-the-art charging infrastructure that meets our rigorous financial criteria remains vast. As Olga will describe, in 2023, we expect to continue our site development and revenue growth to deliver financial results that capitalize on the accelerating electrification needs of the transportation sector.

在整個行業中，我們預計隨著供應鏈的增加，大多數申請人會經歷從承包到安裝的各個階段。結果是，由於設備供應的確定性，根據當前被美國收回的規則，NEVI 資金的接受者可能會將 2023 年的項目轉移到 2024 年。但儘管新的政府要求可能會導致近期延遲，但趨勢線向上進入正確的。在 EVgo 之前建立符合我們嚴格財務標準的最先進充電基礎設施的機會仍然很大。正如 Olga 將描述的那樣，到 2023 年，我們預計將繼續我們的網站開發和收入增長，以實現利用交通部門加速電氣化需求的財務業績。

With that, I'll turn the call over to EVgo's CFO to talk about our 2022 results and our guidance for 2023.

有了這個，我將把電話轉給 EVgo 的首席財務官來談談我們 2022 年的結果和我們對 2023 年的指導。

Thank you. EVgo ended the year with strong growth momentum as we continued to rapidly build out our network and execute on our contracts. I will first cover results for the fourth quarter and then for the full year of 2022.

謝謝。隨著我們繼續快速建立我們的網絡並執行我們的合同，EVgo 以強勁的增長勢頭結束了這一年。我將首先介紹第四季度的結果，然後是 2022 年全年的結果。

EVgo's active engineering and construction stall development pipeline grew by 29% in 2022 versus 2021, ending the year at approximately 4,000 stalls. EVgo added over 180 new stalls to our network during the quarter, installed in operation and under construction were over 2,800 at quarter end.

EVgo 的活躍工程和建築攤位開發管道在 2022 年比 2021 年增長了 29%，到年底大約有 4,000 個攤位。 EVgo 在本季度為我們的網絡增加了 180 多個新攤位，季度末已安裝和在建的運營和在建攤位超過 2,800 個。

Fourth quarter revenue of $27.3 million grew 283% year-over-year. This substantial increase was driven by increased retail charging revenue and continuous execution of our EVgo eXtend contract with Pilot, Flying J in partnership with General Motors.

第四季度收入為 2730 萬美元，同比增長 283%。這一大幅增長是由零售充電收入的增加以及我們與通用汽車合作夥伴 Flying J 與 Pilot、Flying J 的 EVgo eXtend 合同的持續執行所推動的。

Under this multi-hundred million dollar multiyear contract, we recognized revenue in 4 phases for every site. The first one: pre-engineering work in Durham site. The second one: charging equipment delivery. Revenue is recognized when charging equipment changes title upon arrival at our facility and subsequent payment by PFJ. The third one: construction. Revenue recognized proportionally to work being done on the site. And then finally, the fourth one, operational months we see once the site goes operational.

根據這份價值數億美元的多年合同，我們分 4 個階段為每個網站確認收入。第一個：達勒姆站點的前期工程工作。第二個：充電設備發貨。當充電設備在到達我們的設施後改變所有權並隨後由 PFJ 付款時，收入被確認。第三個：建築。收入與現場完成的工作成比例確認。最後，第四個，我們在網站開始運營後看到的運營月份。

In the fourth quarter, we accomplished 33 million worth and to the delivery of the first charging equipment shipment. Adjusted gross margin declined from 28.2% in Q4 2021 to 18.3% in Q4 2022 due to a decrease in the percentage contribution of regulatory credit sales to the revenue mix and the year-over-year reduction in LCFS prices.

第四季度，我們完成了價值3300萬的第一批充電設備出貨。調整後的毛利率從 2021 年第四季度的 28.2% 下降到 2022 年第四季度的 18.3%，原因是監管信貸銷售對收入組合的貢獻百分比下降以及 LCFS 價格同比下降。

We reported adjusted EBITDA of negative $20.1 million in Q4 2022 versus negative $16.3 million in Q4 2021. Adjusted G&A as a percent of revenue declined from 257% in Q4 2021 to 92% in Q4 2022, illustrating the leverage EVgo started realizing from its investments in G&A., both administrative and growth-driven payroll and nonpayroll investments.

我們報告稱，2022 年第四季度調整後的 EBITDA 為負 2010 萬美元，而 2021 年第四季度為負 1630 萬美元。調整後的 G&A 佔收入的百分比從 2021 年第四季度的 257% 下降到 2022 年第四季度的 92%，這說明 EVgo 開始從其對G&A.，包括行政和增長驅動的工資和非工資投資。

CapEx was $66.4 million during the fourth quarter as EVgo accelerated charger deployments and continued to execute against our long-term strategic plans. As a reminder, all our charging infrastructure deployments goes through a rigorous underwriting process and (inaudible) our targeted financial returns. EVgo raised $10.4 million in net proceeds by issuing 1.6 million shares of Class A common stock through an at-the-market equity offering in the fourth quarter. We anticipate using the ATM opportunistically going forward.

由於 EVgo 加速了充電器部署並繼續執行我們的長期戰略計劃，第四季度的資本支出為 6640 萬美元。提醒一下，我們所有的充電基礎設施部署都經過嚴格的承保流程和（聽不清）我們的目標財務回報。 EVgo 在第四季度通過公開發行股票發行了 160 萬股 A 類普通股，籌集了 1040 萬美元的淨收益。我們預計未來會機會主義地使用 ATM。

Now turning to our full year 2022 results. EVgo added nearly 670 new stalls to our network during the year versus approximately 290 added in 2021, an increase of 131%. Again, stalls in operation under construction with over 2,800 at year-end, with approximately 2,200 of those being operational.

現在轉向我們 2022 年的全年業績。 EVgo 在這一年中為我們的網絡增加了近 670 個新攤位，而 2021 年增加了約 290 個，增長了 131%。同樣，截至年底，在建運營攤位超過 2,800 個，其中約 2,200 個正在運營。

Customer accounts increased by 63% year-over-year and year-over-year throughput growth of 69% exceeded year-over-year operational stall growth of 29%. 2022 revenue of $54.6 million grew an impressive 146% year-over-year, driven by an increase in retail charging revenue, eXtend revenue, primarily through execution of the PFJ contract and the full year contribution of PlugShare revenue versus partial in 2021.

客戶賬戶同比增長 63%，吞吐量同比增長 69%，超過運營攤位同比增長 29%。 2022 年的收入為 5460 萬美元，同比增長 146%，令人印象深刻，這主要得益於零售充電收入、eXtend 收入的增長，主要是通過執行 PFJ 合同以及 PlugShare 全年貢獻的收入與 2021 年的部分收入相比。

Adjusted gross margin of 24.3% improved by 90 basis points over 2021, driven by accelerated LCFS credits in the first half of 2022 and the full year of contribution from the PlugShare acquisitions.

調整後的毛利率為 24.3%，比 2021 年提高了 90 個基點，這得益於 2022 年上半年加速的 LCFS 信貸和 PlugShare 收購的全年貢獻。

Full year adjusted EBITDA was negative $80.2 million compared to negative $51.4 million in 2021. Adjusted G&A as a percent of revenue declined from 255% in 2021 to 171% in 2022, illustrating the leverage EVgo started realizing from its investments in G&A. We relentlessly look to optimize and leverage our investments in the company and remain agile in our cost structure as the industry growth projections evolve. In 2023, we are optimizing our G&A spend around charger pipeline growth and execution and delivering of contractual commitments.

全年調整後的 EBITDA 為負 8020 萬美元，而 2021 年為負 5140 萬美元。調整後的 G&A 佔收入的百分比從 2021 年的 255% 下降到 2022 年的 171%，這說明 EVgo 開始從其對 G&A 的投資中實現槓桿作用。隨著行業增長預測的發展，我們不懈地尋求優化和利用我們在公司的投資，並在我們的成本結構中保持靈活。到 2023 年，我們將圍繞充電器管道的增長和執行以及合同承諾的交付來優化 G&A 支出。

CapEx was $200.3 million in 2022, led by the new stall deployments and including $4.6 million of new CapEx, $15.9 million of land purchases and $14.3 million of capitalized payroll and nonpayroll expenses.

2022 年的資本支出為 2.003 億美元，主要是新攤位部署，包括 460 萬美元的新資本支出、1590 萬美元的土地購買以及 1430 萬美元的資本化工資和非工資支出。

Turning to network trends in the year. As you may know, EVgo revenue is leveraged to increasing EV adoption as greater number of EVs reviews on the road help drive throughput and increase utilization at EVgo's fast chargers. For the year 2022, EVgo's throughput grow significantly exceeded stall growth. Again, 69% growth for throughput versus 29% growth for operational stalls. EV sales continue to climb throughout the year with over 2.2 million EVs in operations compared to $1.5 million in 2021 and we have observed increased utilization across our network. This was driven by an increase in retail throughput of 74% year-over-year and fleet of 65% year-over-year.

談到今年的網絡趨勢。如您所知，EVgo 收入用於提高 EV 的採用率，因為更多的電動汽車在路上進行審查有助於提高吞吐量並提高 EVgo 快速充電器的利用率。對於 2022 年，EVgo 的吞吐量增長顯著超過了停滯增長。同樣，吞吐量增長 69%，而運營停頓增長 29%。全年電動汽車銷量繼續攀升，運營中的電動汽車超過 220 萬輛，而 2021 年為 150 萬美元，我們觀察到整個網絡的利用率有所提高。這是由零售吞吐量同比增長 74% 和機隊同比增長 65% 推動的。

For fleet, rideshare partners continues to add EVs, leading to addition of high-frequency customers to EVgo's public network. EVgo's partnerships with autonomous vehicle companies are also positioning us to benefit from the emerging adoption of self-driving robotaxis and delivery services.

在車隊方面，拼車合作夥伴不斷增加電動汽車，導致 EVgo 的公共網絡增加了高頻客戶。 EVgo 與自動駕駛汽車公司的合作夥伴關係也使我們能夠受益於新興的自動駕駛機器人出租車和送貨服務。

We are also off to a great start in 2023 with average daily throughput volumes quarter-to-date in Q1 2023 approximately 20% higher than in the previous quarter, Q4 2022. As Cathy mentioned, as of the end of 2022, EVgo has several markets that have double-digit utilization. Looking at these markets more deeply, we've seen that each of them is fairly developed with high re-penetration rate and the strong EV station footprints.

我們在 2023 年也有一個良好的開端，2023 年第一季度至今的平均每日吞吐量比上一季度 2022 年第四季度高出約 20%。正如 Cathy 提到的，截至 2022 年底，EVgo 有幾個具有兩位數利用率的市場。更深入地觀察這些市場，我們發現每個市場都相當發達，具有高再滲透率和強大的電動汽車站足跡。

This re-enforces our strategy to deploy stations and markets with strong accelerating EV penetration and offering charging in the best locations, an excellent customer experience, flexible pricing plan and additional data-driven services. In an environment where competition intensifies, it is even more important to focus on delivering the best customer experience, which includes enhanced reliability and convenience interfaces and services, sets us out a charge.

這再次強化了我們部署站點和市場的戰略，這些站點和市場具有強勁加速的 EV 滲透率並在最佳位置提供充電、卓越的客戶體驗、靈活的定價計劃和額外的數據驅動服務。在競爭加劇的環境中，更重要的是專注於提供最佳的客戶體驗，其中包括增強的可靠性和便利的界面和服務，這讓我們提出了要求。

Sales of EVs outside of California continues to increase. In 2022, 63% of all EV sales were in markets outside of California. These markets are important to EVgo as we continue to build out our fast charging network. In 2022, 41% of our kilowatt hours were dispensed outside of California, up from 32% in 2021, demonstrating that the market for EV electrification and consequently EV charging is becoming truly national. EVgo is well prepared as 2/3 of our 2022 new stall additions were outside of California. And in 2023, we expect to continue to build across the country.

加州以外的電動汽車銷量繼續增長。 2022 年，所有電動汽車銷量的 63% 發生在加利福尼亞以外的市場。隨著我們繼續建設快速充電網絡，這些市場對 EVgo 很重要。到 2022 年，我們 41% 的千瓦時是在加利福尼亞州以外分配的，高於 2021 年的 32%，這表明電動汽車電氣化市場以及隨之而來的電動汽車充電市場正在真正走向全國。 EVgo 已做好充分準備，因為我們 2022 年新增的攤位中有 2/3 在加利福尼亞州以外。到 2023 年，我們預計將繼續在全國建設。

Now let me give an overview of EVgo's charging network pricing strategy. Philosophically, our strategy is centered around flexible pricing tariffs for our customers versus one-type-fits-all approach. We are working towards introducing fully dynamic pricing over time, then over to recent other approaches and are already offering certain elements of such dilemma today. We have time of use pricing with early burden offpeak hours, allowing drivers to unlock lower prices at certain times of the day. There's also location-based pricings to incorporate attributes like availability of other businesses in the area, utility specific tariffs, traffic intensity, overall attractiveness and other market attributes.

下面我就給大家簡單介紹一下EVgo的充電網絡定價策略。從哲學上講，我們的戰略圍繞為客戶提供靈活的定價關稅而不是一種放之四海而皆準的方法。隨著時間的推移，我們正在努力引入完全動態的定價，然後轉向最近的其他方法，並且今天已經提供了這種困境的某些要素。我們在非高峰時段提供早期負擔的使用時間定價，允許司機在一天中的特定時間解鎖較低的價格。還有基於位置的定價，以結合該地區其他企業的可用性、公用事業特定關稅、交通強度、整體吸引力和其他市場屬性等屬性。

EVgo's subscription plans offer value for drivers based on the frequency of expected charging. Our subscription plans have been gaining traction among our customer base, and we continue to experiment with such plan designs.

EVgo 的訂閱計劃根據預期充電頻率為駕駛員提供價值。我們的訂閱計劃在我們的客戶群中越來越受歡迎，我們將繼續試驗此類計劃設計。

Turning to 2023 guidance. EVgo is introducing 2023 full year revenue guidance of $105 million to $150 million. This guidance range is informed by the buy America requirements for NEVI-funded projects issued at the end of February, which are more extrinsic than previously expected given the nascent state of domestic fast charge and manufacturing capacity. As a result, inputs on specific project time lines remain uncertain and are dependent on domestic capacity coming online.

轉向 2023 年指導。 EVgo 將 2023 年全年收入指引定為 1.05 億美元至 1.5 億美元。該指導範圍是根據 2 月底發布的 NEVI 資助項目的“購買美國”要求提供的信息，考慮到國內快速充電和製造能力的新生狀態，這些要求比之前預期的更具外在性。因此，對具體項目時間表的投入仍然不確定，並且取決於國內產能的上線。

EVgo's current main suppliers, including the Pilot Flying J project has factored under construction with U.S. charger production planned for late 2023. These developments have affected our 2023 PFG execution plans and shifted some anticipated revenue from 2023 into 2024.

EVgo 目前的主要供應商，包括 Pilot Flying J 項目，已經考慮到正在建設中，美國充電器生產計劃於 2023 年底進行。這些發展影響了我們 2023 年的 PFG 執行計劃，並將部分預期收入從 2023 年轉移到 2024 年。

Other factors informing the guidance range are the implications a potential economic recession may have on EV sales, the LCFS price environments and the speed of rideshare electrification. We expect to provide quarterly updates to our annual guidance and anticipate updating the market accordingly in our earnings calls.

影響指導範圍的其他因素包括潛在的經濟衰退可能對電動汽車銷售、LCFS 價格環境和拼車電氣化速度的影響。我們希望每季度更新我們的年度指南，並預計在我們的財報電話會議上相應地更新市場。

We expect full year 2023 adjusted EBITDA of negative $78 million to negative $60 million. We expect to have a total of 3,400 DC to 4,000 DC fast charging installed in operation or under construction at the end of 2023. This metric includes PFJ stalls.

我們預計 2023 年全年調整後的 EBITDA 為負 7800 萬美元至負 6000 萬美元。我們預計到 2023 年底，將有 3,400 個直流至 4,000 個直流快速充電裝置投入運營或在建。該指標包括 PFJ 充電樁。

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

有了這個，我會把電話轉給接線員提問。

(Operator Instructions) We'll take our first question from James West with Evercore ISI.

（操作員說明）我們將從 James West 和 Evercore ISI 提出我們的第一個問題。

So a quick first one for me, and I think you've gone through most of this, but I want to make sure I'm getting this correct. The guide for the number of stalls that will be installed -- in stalls in operation or under construction of 3,400 to 4,000. I think the low end is kind of similar growth to this year, the high end, obviously, is accelerated growth.

所以對我來說是第一個快速的，我想你已經完成了大部分，但我想確保我得到的是正確的。將安裝的攤位數量指南——在運營或建設中的攤位為 3,400 至 4,000 個。我認為低端增長與今年類似，高端顯然是加速增長。

Is it -- are there any other factors more than kind of the NEVI definitions and the NEVI scaling up process that influence that? And does that also include kind of, Cathy, what you said about utility -- some utilities delivering slower than they had been?

是否 - 除了 NEVI 定義和 NEVI 擴展過程之外還有其他因素影響它嗎？凱茜，這是否也包括你所說的關於公用事業的東西——一些公用事業的交付速度比以前慢了？

Yes, James, thanks for the question. Yes. So first of all, this number does include PFJ stores, not just EVgo own stores, just to confirm that. And the range is informed by both -- all of the above by both the potential uncertainties within the NEVI rules as we just described to the market, but also our normal volatility as with utilities and the timing of construction and whatnot, which was true last year and it's true today. So both of them are included and informed in this rate.

是的，詹姆斯，謝謝你的提問。是的。所以首先，這個數字確實包括 PFJ 商店，而不僅僅是 EVgo 自有商店，只是為了確認這一點。該範圍由兩者決定——上述所有因素均由我們剛剛向市場描述的 NEVI 規則中的潛在不確定性，以及我們在公用事業和建設時間等方面的正常波動性決定，這在最後是正確的年，今天也是如此。所以他們都包含在這個費率中並被告知。

Okay. Okay. Fair enough. And then the follow-up for me. We've seen some recent pricing changes from your competition. In fact, they're raising pricing to really to come to your level of pricing or where you guys have been mostly pricing as I understand it. Are you seeing any other -- I mean are you seeing any other competitive moves on pricing that either kind of make you think you can raise pricing further or that price is going to be stable at this level, and given what the other competition is doing? Because it seems like we're in a little bit of an elastic market at least now.

好的。好的。很公平。然後是我的後續行動。我們從您的競爭對手那裡看到了一些最近的價格變化。事實上，他們正在將定價提高到真正達到你們的定價水平，或者據我所知，你們主要定價的水平。你是否看到任何其他 - 我的意思是你是否看到任何其他競爭性定價舉措，要么讓你認為你可以進一步提高價格，要么價格將穩定在這個水平，並且考慮到其他競爭對手正在做的事情？因為至少現在我們似乎處於一個有彈性的市場。

Yes. So James, I think as olga mentioned in the prepared remarks, I mean we have a pretty sophisticated approach to pricing. First of all, pricing, we have to make money on every kilowatt hour dispensed, that's sort of a given, right? So that's -- we've always priced to make money. We'll stop.

是的。所以詹姆斯，我認為正如奧爾加在準備好的發言中提到的那樣，我的意思是我們有一種非常複雜的定價方法。首先，定價，我們必須在分配的每一千瓦時上賺錢，這是給定的，對吧？這就是——我們一直在定價來賺錢。我們會停下來。

But interestingly, as the market evolves, we're leaning into the dynamic pricing capabilities and our early forays into that where we're offering early bird pricing in certain markets and location-based pricing and the customers seem to like it. So we're going to continue to develop the sophistication of that, and we think that's going to actually please customers and give us more upside headroom as we go forward.

但有趣的是，隨著市場的發展，我們正傾向於動態定價能力和我們早期涉足的領域，我們在某些市場提供早鳥定價和基於位置的定價，客戶似乎很喜歡它。因此，我們將繼續開發它的複雜性，我們認為這將真正取悅客戶，並在我們前進的過程中為我們提供更多的上升空間。

We'll take our next question from Gabe Daoud with TD Cowen.

我們將與 TD Cowen 一起接受 Gabe Daoud 的下一個問題。

I was maybe hoping to get a little more color on the '23 guide, maybe just on the revenue side. Could you indicate how much is stemming from eXtend versus just the legacy charging business?

我可能希望在 23 年指南中獲得更多色彩，也許只是在收入方面。您能否指出有多少來自 eXtend 而不是傳統的收費業務？

So we will probably be sort we're charging business. Our core business rather than legacy, but we don't disclose -- we don't disclose this fleet for the guide. What we could say and to reiterate that the range, which is -- which you see $105 million to $150 million is mostly informed by time line uncertainties within the execution of PFJ contracts. So nearly all of it is informed by potential volatility and expand. So again, we won't be disclosing how much of the total guide is PFJ revenue, but we will be reporting it as we go through the year.

所以我們可能會對我們收取業務費用。我們的核心業務而不是傳統業務，但我們不會披露——我們不會為指南披露這支艦隊。我們可以說並重申的是，您看到的 1.05 億美元至 1.5 億美元的範圍主要是由 PFJ 合同執行中的時間線不確定性決定的。因此，幾乎所有這些都受到潛在波動性和擴張的影響。因此，我們不會再次披露 PFJ 收入在總指南中的佔比，但我們會在全年進行報告。

But let me just underscore, Gabe, just build on what Olga said is, let's just be really, really clear that the PFJ, it's a multi-hundred million dollar multiyear contract. What we're talking about with that variability means that things that might make things that could happen in 2023 would just get simply shifted to 2024. So there's -- it's a forecasting thing for you and for us, I suppose, but it doesn't materially affect the overall health of the business in any way.

但是讓我強調一下，Gabe，以 Olga 所說的為基礎，讓我們非常、非常清楚地知道 PFJ，這是一份價值數億美元的多年期合同。我們所談論的這種可變性意味著可能會在 2023 年發生的事情只會轉移到 2024 年。因此，我想這對你和我們來說都是一個預測，但事實並非如此。不會以任何方式對企業的整體健康狀況產生重大影響。

Correct.

正確的。

Okay. Okay. Okay. Understood. And then maybe just a follow-up. If I look at capital spend in '22, call it, $200 million or so, if you, I guess, kind of spend that again in '23, another $200 million relative to what's on the balance sheet. Just how do we think about capital needs and funding that program this year? And are there any other forms of capital, whether it's like a DOE loan program? Just so are there any other levers that you can pull to fund the deployment this year?

好的。好的。好的。明白了。然後也許只是一個後續行動。如果我看一下 22 年的資本支出，稱之為 2 億美元左右，如果你，我猜，在 23 年再次支出，相對於資產負債表上的資產，再花 2 億美元。我們如何看待今年的資金需求和該計劃的資金？是否有任何其他形式的資本，是否類似於 DOE 貸款計劃？那麼，您是否可以利用任何其他槓桿來為今年的部署提供資金？

Yes. So as of now, where we stand with our cash balance today, we have signed for the duration of this year and most of next year. So we do not -- our growth plans are sized to be able to go through again the most of next year and, of course, this year. We remain opportunistic for capital raising opportunity if it presents itself, and we feel it's the right thing to do. And we like how the markets look like, we will take that opportunity. So that's what I would say about the capital stretch.

是的。因此，截至目前，就我們今天的現金餘額而言，我們已經簽署了今年和明年大部分時間的協議。所以我們沒有——我們的增長計劃的規模能夠在明年的大部分時間再次通過，當然，今年也是如此。如果融資機會出現，我們仍然會投機取巧，我們認為這是正確的做法。我們喜歡市場的樣子，我們會抓住這個機會。這就是我要說的關於資本擴張的內容。

And regarding other sources of funds, as part of our G&A, and we have the whole team focusing on looking at securing grant funds. So that is part of our strategy. And then some of it is baked into our forecast as well. And I don't know, Cathy, if you have anything to add on that?

關於其他資金來源，作為我們 G&A 的一部分，我們讓整個團隊專注於尋找撥款資金。所以這是我們戰略的一部分。然後其中一些也被納入我們的預測中。我不知道，Cathy，你有什麼要補充的嗎？

Yes. I mean I think, Gabe, you mentioned the DOE loan program, and that is certainly an exciting possibility. The timetables on that are, as you can probably imagine, very, very long. So that's an interesting possibility, but that it's probably not a 2023 possibility for us or anybody for that matter, right? I mean it's just -- it's a long lead time.

是的。我的意思是，我認為，Gabe，你提到了 DOE 貸款計劃，這當然是一個令人興奮的可能性。正如您可能想像的那樣，關於它的時間表非常非常長。所以這是一個有趣的可能性，但對於我們或任何人來說，這可能不是 2023 年的可能性，對吧？我的意思是這只是 - 這是一個很長的準備時間。

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

我們將接受瑞士信貸 Maheep Mandloi 的下一個問題。

just following the previous question on maybe tackling the margins from a different angle here. In terms of OpEx, how should we think about that in the year here, like a similar run rate to Q4? I know in February, you talked about some structural changes of the company, but just curious how to think about that going forward.

只是按照上一個問題從不同的角度解決利潤問題。就運營支出而言，我們應該如何看待這一年，比如與第四季度類似的運行率？我知道在 2 月份，你談到了公司的一些結構性變化，但只是好奇如何考慮未來的發展。

Yes. Thanks, Maheep. So we did go through some payroll efficiencies earlier this year. However, we still will be fulfilling certain positions, mostly in operations teams needed to help us close on execution of our pipeline and existing commitments. So I would -- Q4 is a fine proxy, but you'll see some movements throughout the year as the effect of efficiencies we introduced earlier this year come into play. And as we continue to ramp up probably not as significant as last year, but yes, there will be a ramp up on operations headcount, which you would also see throughout this year as well.

是的。謝謝，馬希普。所以我們今年早些時候確實經歷了一些工資效率。然而，我們仍將履行某些職位，主要是在運營團隊中，以幫助我們完成我們的管道和現有承諾的執行。所以我會 - 第 4 季度是一個很好的代理，但隨著我們今年早些時候推出的效率的影響開始發揮作用，你會在全年看到一些變化。隨著我們繼續增加，可能不像去年那麼顯著，但是，是的，運營人員數量將會增加，你也會在今年全年看到這一點。

Got it. And on the domestic content question earlier. How early do you think the suppliers can move into the U.S.? Have they given you a time line yet and is predominantly Delta for the PFJ?

知道了。以及較早前關於國內內容的問題。您認為供應商多早可以進入美國？他們有沒有給你一個時間表，主要是 PFJ 的達美航空？

Well, yes. So we have 2 major suppliers for our fast chargers is both Delta and Signet. And they both have domestic production facilities under construction right now and are aiming for the latter part of this year to have those go online. And once they go on, we need to obviously test the equipment that comes out because for us, safety and reliability is most important. So we're like we're hopeful end of this year that we'll be able to sort of get access to those U.S. manufactured charges fast 350 chargers, 350-kilowatt chargers and get them moving. But that's why you see the variability in our revenue range there.

嗯，是。因此，我們的快速充電器有 2 家主要供應商，分別是 Delta 和 Signet。他們現在都有在建的國內生產設施，併計劃在今年下半年讓這些設施上線。一旦他們繼續，我們顯然需要測試出來的設備，因為對我們來說，安全性和可靠性是最重要的。因此，我們希望在今年年底能夠獲得美國製造的快速 350 充電器、350 千瓦充電器並讓它們運行起來。但這就是為什麼你看到我們的收入範圍存在差異的原因。

Got it. And then just one last housekeeping. I'm sorry if I missed this. Did you talk about CapEx needs for this year?

知道了。然後只是最後一次清潔。如果我錯過了這個，我很抱歉。您是否談到了今年的資本支出需求？

We don't explicitly guide to the CapEx, but we do guide to total sales and operation on the construction as of year-end, and you can infer from there.

我們沒有明確指導資本支出，但我們確實指導了截至年底的建築總銷售額和運營，您可以從中推斷。

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

我們將接受 Andres Sheppard 和 Cantor Fitzgerald 的下一個問題。

Congrats on the quarter. It looks like the stock is reacting very well. So congrats again on the news. Most of our questions have been asked, maybe touching on revenue guidance once more. It's a pretty decent range on the guidance. So maybe if you could just help us better understand kind of what are the main assumptions driving this variance? And also, what kind of seasonality might we expect? I think historically, Q1 has been a little bit on the lower end, but it sounds like it's progressing well with the network throughput. So just wondering on seasonality there as well.

祝賀這個季度。看起來股票反應很好。所以再次祝賀這個消息。我們的大部分問題都已被問及，可能再次涉及收入指導。這是一個相當不錯的指導範圍。那麼也許你可以幫助我們更好地理解驅動這種差異的主要假設是什麼？而且，我們可以期待什麼樣的季節性？我認為從歷史上看，Q1 一直處於較低端，但聽起來它在網絡吞吐量方面進展順利。所以也想知道那裡的季節性。

Sure. So the first -- on the first question on the range, it is mostly informed by the timing of eXtend revenue and namely PFJ contract execution and to be more precise, the timing of the charge of delivery on our facilities. This is when they change title, as I mentioned in my prepared remarks, and we effectively record revenue.

當然。所以第一個 - 關於範圍的第一個問題，主要是根據延長收入的時間，即 PFJ 合同執行，更準確地說，是我們設施的交付費用時間。這是他們改變標題的時候，正如我在準備好的評論中提到的那樣，我們有效地記錄了收入。

We do expect to start seeing EV qualified charges being delivered end of the year. But depending on specifically how many charges will hit us this side of the year versus next side of the year just to give a little more detail, we will see a different revenue number. That is the main factor fact in the range. And then you have other factors which are also important, but maybe less in magnitude, which is actual construction time lines for PFJ contract.

我們確實希望在今年年底開始看到符合 EV 標準的收費。但是，具體取決於今年這一年與下一年將對我們造成多少收費，只是為了提供更多細節，我們將看到不同的收入數字。這是范圍內的主要因素。然後還有其他因素也很重要，但可能幅度較小，這是 PFJ 合同的實際施工時間表。

And then on the core business, it's EV sales. So our retail business is quite correlated to a number of electric vehicles on the U.S. roads and depending on how many will be sold to the market this year, it will create some volatility. And then on top of it, we don't know what's going to happen with LCFS pricing, and we would have baked in there as well. So all of those factors do affect the size of the range. And then do you want to repeat the second question? Sorry, I hear...

然後是核心業務，即電動汽車銷售。因此，我們的零售業務與美國道路上的許多電動汽車密切相關，並且取決於今年將向市場銷售多少，這將造成一些波動。然後最重要的是，我們不知道 LCFS 定價會發生什麼，我們也會在那裡烤。所以所有這些因素都會影響範圍的大小。然後你想重複第二個問題嗎？對不起，我聽到...

Yes, no problem. The second is just part of a seasonality, what kind of seasonality?

是沒有問題。第二個只是季節性的一部分，什麼樣的季節性？

Yes. So you know what, it is interesting because every year, we -- there is a seasonality pattern, which is a normal seasonality partner on how EVs are driving. So they are not EVs, It's all cars are driving, and that's a stable pattern and you could see how Q1 is a little weaker, picked up by the summer, then you again see a pick up around like holidays later in the year.

是的。所以你知道嗎，這很有趣，因為每年我們 - 都有一個季節性模式，這是電動汽車如何駕駛的正常季節性夥伴。所以它們不是電動汽車，所有汽車都在行駛，這是一個穩定的模式，你可以看到 Q1 稍微弱一些，到夏天回升，然後你會再次看到像今年晚些時候的假期一樣回升。

However, every single year, there are some factors which are overriding the seasonality or come on top of seasonality. Last year, for example, the Q1 was even worse than seasonality would suggest because there were some COVID spikes and people were like restraining themselves from going out. This year, we see a lot of growth because we see actually pretty strong sales in Q1 and previous don't sign ups some of the EV network and a kind of marked seasonality.

然而，每一年，都有一些因素壓倒了季節性或超越了季節性。例如，去年第一季度甚至比季節性所暗示的還要糟糕，因為有一些 COVID 峰值，人們喜歡克制自己不要外出。今年，我們看到了很大的增長，因為我們看到第一季度的銷售實際上相當強勁，而之前沒有簽署一些電動汽車網絡和一種明顯的季節性。

My perspective, and I'm looking at this number pretty much daily that for such an early-stage high-growth industry, we won't be seeing stable seasonality patterns for a while because you would always kind of have some other factors overriding the seasonality or coming on top of the seasonality which masks it a little bit, but we will continue to monitor and report back to the market and explain why and what is happening. But you are totally right, the last Q1 didn't see as much of growth versus previous quarters, we probably would see this one.

我的觀點是，我幾乎每天都在看這個數字，對於這樣一個處於早期階段的高增長行業，我們暫時不會看到穩定的季節性模式，因為你總會有一些其他因素壓倒一切季節性或在季節性之上掩蓋了一點，但我們將繼續監測並向市場報告，並解釋原因和正在發生的事情。但你是完全正確的，與前幾個季度相比，上一季度的增長沒有那麼多，我們可能會看到這一季度。

Got it. That's very helpful. I appreciate all that context. Maybe as a quick follow-up question for Cathy here. I'm curious, there's been some consolidation in the sector. I'm curious to maybe get your views on M&A or if you might expect any further consolidation in the sector either this year or next year?

知道了。這很有幫助。我很欣賞所有這些背景。也許在這裡作為 Cathy 的快速跟進問題。我很好奇，該行業已經進行了一些整合。我很想知道您對併購的看法，或者您是否預計今年或明年該行業會進一步整合？

Yes. Look, Andres, I'm not exactly sure. Look, what we know is with $1 -- $2 trillion going into making of the cars and that whole thing that there's a whole lot of interest in entering the charging space as well. So and that comes from new entrants and that comes from the big guys, like you've seen some oil companies taking some action there.

是的。聽著，安德烈斯，我不太確定。看，我們所知道的是，有 1-2 萬億美元用於製造汽車，整個事情也對進入充電領域產生了很大的興趣。因此，這來自新進入者和大公司，就像你看到一些石油公司在那裡採取一些行動一樣。

I suppose that will -- I'm guessing that will continue to be of interest. I think probably in the near term, M&A activity may be impacted by recessionary fears that are looming, so that might chime in a little bit. So in any case, look, we at EVgo, we're just going to go and execute our business and continue to do what we do well. And we'll just watch that space just like you will.

我想那會——我猜這將繼續引起人們的興趣。我認為可能在短期內，併購活動可能會受到迫在眉睫的衰退擔憂的影響，因此這可能會有所影響。所以無論如何，看，我們在 EVgo，我們只是去執行我們的業務並繼續做我們擅長的事情。我們會像您一樣關注那個空間。

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

我們將與 Jefferies 一起接受 David Kelley 的下一個問題。

Maybe just a couple of follow-ups from my end, and I wanted to start with earlier CapEx discussion. As we think about mix contributors to that implied stall growth in 2023, should we expect any meaningful change in per stalls pending relative to 2022?

也許只是我這邊的一些後續行動，我想從早期的資本支出討論開始。當我們考慮到 2023 年隱含的攤位增長的混合因素時，我們是否應該期望每個攤位相對於 2022 年有任何有意義的變化？

Yes. So not meaningful yet. We do see a trend coming down a little bit. We are now looking at numbers in vicinity of $140,000 per stall versus last year with $140,000 to $145,000, mostly coming from our efforts on negotiating equipment prices. And also because we are now focusing on a bit of a larger size, meaning more stalls for sites, which creates efficiencies. And we'll continue to update the market as that substantially changes.

是的。所以還沒有意義。我們確實看到了一點點下降的趨勢。我們現在看到每個攤位的價格接近 140,000 美元，而去年為 140,000 美元至 145,000 美元，主要來自我們在談判設備價格方面的努力。也因為我們現在專注於更大的規模，這意味著站點有更多的攤位，從而提高效率。隨著市場發生重大變化，我們將繼續更新市場。

Okay. Got it. That's helpful. And then 1 quick follow-up on fleet. We are seeing a bit slower rollout of EVs in the U.S., mainly due to supply chain shortages, but they're out there. And then we have the growing macro uncertainties. So curious if you're seeing any impact on or hearing of any kind of increased near-term hesitation from some of your fleet customers, understanding the longer-term plans of rollout are fully intact. But have they pulled back at all on kind of expectations for the next 6, 12 months here?

好的。知道了。這很有幫助。然後對艦隊進行 1 次快速跟進。我們看到電動汽車在美國的推出速度有所放緩，這主要是由於供應鏈短缺，但它們確實存在。然後我們面臨越來越多的宏觀不確定性。很好奇，如果您看到任何影響或聽到您的一些車隊客戶近期猶豫不決的情況增加，請理解推出的長期計劃是完整無缺的。但他們是否完全放棄了對未來 6、12 個月的期望？

Yes. So I mean, we think a fleet in kind of 3 buckets. We have rideshare fleet, which is on our public network, and that's going great. I mean, that's back post-COVID. There are passenger vehicles that are light duty. So they're finally over at lyft, for example, their drivers are able to get access to EVs. So that's really, really going very, very well.

是的。所以我的意思是，我們認為一個艦隊有 3 個桶。我們有公共網絡上的拼車車隊，而且進展順利。我的意思是，那是在 COVID 之後。有輕型乘用車。所以他們終於在 lyft 結束了，例如，他們的司機能夠使用電動汽車。所以這真的非常非常好。

Our second bucket of like sort of fleet partnerships is the autonomous vehicle companies. And again, good progress there. We have a really lovely business model on hubs with them that is growing well. The one that I think you're referring to is the delivery folks and they have been unable to get very many vehicles, and that's happening a little bit more slowly. We don't see a pullback. We just see that the -- that the -- their first forays, their first investments in pilots are just moving along more slowly than we might have guessed a couple of years ago. And that really is, I think, as you're alluding to, a function of accessing the vehicles themselves.

我們的第二類車隊合作夥伴是自動駕駛汽車公司。再一次，那裡取得了良好的進展。我們在樞紐上有一個非常可愛的商業模式，並且發展良好。我認為你指的是送貨人員，他們一直無法獲得很多車輛，而且這種情況發生得有點慢。我們沒有看到回調。我們只是看到 - 他們的第一次嘗試，他們對飛行員的第一次投資只是比我們幾年前猜測的要慢得多。我認為，正如您所暗示的那樣，這確實是一種訪問車輛本身的功能。

I mean I'm guessing that, that's going to shake loose sometime probably in the next 24 months. This year, I think we'll just continue to see progress on fleet, large and small, buying their first batches of EVs and working with charging partners like EVgo to gain some experience on electrification of transportation.

我的意思是我猜，這可能會在未來 24 個月內的某個時候鬆動。今年，我認為我們將繼續看到大大小小的車隊取得進展，購買他們的第一批電動汽車，並與 EVgo 等充電合作夥伴合作，以獲得交通電氣化方面的一些經驗。

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

我們將從美國銀行的 Alex Vrabel 那裡回答你的下一個問題。

I hate to sort of go back to something we've talked about already. But just on sort of the capital markets future here. Olga, can you perhaps just help a little more as far as you mentioned the line of sight on the next 2 years. If I take just the $140,000 million number you mentioned per stall and just assume half of the stalls you're going to do this year are within, I guess, your core business model that would take sort of half your cash position away with the EBITDA burn as well.

我討厭回到我們已經討論過的話題。但這裡只是關於資本市場的未來。奧爾加，就你提到的未來 2 年的視線而言，你能否提供更多幫助？如果我只採用你提到的每個攤位 1400 億美元的數字，並假設你今年要進行的攤位中有一半在，我猜，你的核心商業模式會用 EBITDA 帶走你一半的現金頭寸也燃燒。

What, I guess -- is there any further color you can offer? And also to understand, is there any use of the ATM, I guess, embedded in that statement that you made earlier?

什麼，我想——你能提供更多的顏色嗎？還要了解，我猜，您之前發表的聲明中是否包含 ATM 的任何用途？

Yes, sure. So -- we spent roughly $200 million last year on CapEx and the majority of it was gross CapEx. So a lot of stalls we plan to put in operations this year were already pre-spent money last year, including prepaid equipment and some of the construction as well. So -- and that's normal for our business. You have to spend money kind of sometimes up to 3, 4 quarters earlier than the stalls go operational. So that might affect your math. So we've already done quite a bit of work last year was a big push year for us on that front.

是的，當然。所以——我們去年在資本支出上花費了大約 2 億美元，其中大部分是資本支出總額。所以我們計劃今年投入運營的很多攤位去年已經預付了錢，包括預付設備和一些建築。所以 - 這對我們的業務來說是正常的。在攤位開始營業之前，您有時需要花錢，有時長達 3、4 個季度。所以這可能會影響你的數學。所以去年我們已經做了很多工作，對我們來說是在這方面取得重大進展的一年。

The second point, when we think about our capital needs, let us not forget that a lot of times when we deploy our assets, we do take advantage of incentives, which exist and now with (inaudible) in place and other incentives available that does offset us quite a bit. So it's not overall capacity, it is offset by certain incentives.

第二點，當我們考慮我們的資本需求時，讓我們不要忘記很多時候當我們部署我們的資產時，我們確實利用了現有的激勵措施，現在（聽不清）和其他可用的激勵措施確實存在抵消了我們很多。所以這不是整體能力，它被某些激勵措施所抵消。

On ATM, we did raise $10.4 million end of last year. And we continue to be opportunistic. We -- ATM will not probably be the main source of our capital. However, when the situation permits and there is an open trading window, we will take advantage of it.

在 ATM 上，我們去年年底確實籌集了 1040 萬美元。我們繼續投機取巧。我們 - ATM 可能不會成為我們資金的主要來源。但是，當情況允許並且有開放的交易窗口時，我們將利用它。

Got it. That's actually super helpful. And then maybe one for you, Cathy. I know you mentioned there's obviously a litany of things going on in Washington as far as the moving policy pieces. I think the key piece of drama this week is really the EV tax credit and certainly some gyrations we can see there.

知道了。這實際上非常有幫助。然後也許給你一個，凱茜。我知道你提到過，就不斷變化的政策而言，華盛頓顯然正在發生一連串的事情。我認為本週的關鍵事件實際上是電動汽車稅收抵免，當然還有我們在那裡可以看到的一些波動。

I mean how, I guess, important is that or not to what you see as far as future demand trends? I know there's a lot of debate about what may or may not qualify. Just curious kind of on your perspective, given how close you are to the issue over many years.

我的意思是，我想，就未來的需求趨勢而言，這對您的看法是否重要？我知道有很多關於什麼可能或不合格的爭論。考慮到您多年來與這個問題的距離有多近，您對您的觀點有點好奇。

Yes. Well, actually, I'm going to take the opportunity to introduce my marvelous colleague, Jonathan Levy, to answer this one, Jonathan. Jonathan and I got to know each other in that Washington world, and he's our Chief Commercial Officer, and he's going to be joining us for these calls going forward. So I want you guys to get to know them. This is totally in his zone. So Jonathan, over to you.

是的。好吧，實際上，我要藉此機會介紹我出色的同事 Jonathan Levy 來回答這個問題，Jonathan。喬納森和我在華盛頓的那個世界里相識，他是我們的首席商務官，他將加入我們的行列，繼續推進這些電話會議。所以我想讓你們認識他們。這完全在他的範圍內。喬納森，交給你了。

Yes. Thanks, Cathy. And I get, you may be referring in part to some of the comments that (inaudible) made yesterday at a conference that I was speaking at, but we are expecting the clarifications from treasury on the 30D vehicle tax credit for some of the minerals content requirements.

是的。謝謝，凱茜。我明白了，你可能部分指的是昨天（聽不清）在我發言的會議上發表的一些評論，但我們期待財政部就某些礦物含量的 30D 車輛稅收抵免做出澄清要求。

I think there's a couple of things here, right? A lot of that has to do with where the automakers are planning some of the components and what happens with their supply chain. What we're seeing near term, though, is demand from consumers as such that you still have reservation, availability. And I think that demand continues to outstrip the supply. Obviously, the tax credit can continue to be a really big tailwind, but we're also as excited about the commercial and used tax credit and the commercial credit doesn't have the same restrictions that they used and the 30D credits have.

我認為這裡有幾件事，對吧？這在很大程度上與汽車製造商計劃某些組件的位置以及他們的供應鏈發生了什麼有關。不過，我們近期看到的是消費者的需求，因此您仍然有預訂和可用性。我認為需求繼續超過供應。顯然，稅收抵免可以繼續成為一個非常大的順風，但我們也對商業和使用過的稅收抵免感到興奮，商業信貸沒有他們使用的相同限制，而 30D 信貸也有。

Yes. No, that's super helpful. And welcome to the team, Jonathan. I look forward to connecting for.

是的。不，那超級有用。歡迎加入我們的團隊，喬納森。我期待著連接。

We'll take our last question from Bill Peterson with JPMorgan.

我們將接受摩根大通比爾彼得森的最後一個問題。

Wanted to kind of come back to seasonality and first clarification. On the network throughput, 20% higher, does that mean we should assume the network throughput in the first quarter is around, let's say, 17% or so?

想要回到季節性和第一次澄清。關於網絡吞吐量，高出 20%，這是否意味著我們應該假設第一季度的網絡吞吐量大約在 17% 左右？

And then I guess related to that, revenues have somewhat lagged that work throughput. I wonder if you could kind of unpack how to think about that, I guess, related to pricing, you might probably be either subscriptions, pay-as-you-go, different type of, I guess, charging needs that people are employing. So try to unpack those for us would be very helpful.

然後我想與此相關的是，收入在某種程度上落後於工作吞吐量。我想知道你是否可以解開如何思考這個問題，我想，與定價有關，你可能是訂閱、現收現付、不同類型的，我想，人們正在使用的收費需求。因此，嘗試為我們打開包裝會非常有幫助。

Yes. So we won't comment on Q1 results just yet, they stay with us. That comes relatively soon. But the 20% number on average daily volume is a good proxy for quarter-over-quarter sequential change.

是的。所以我們暫時不會評論第一季度的結果，他們會留在我們身邊。這相對較快。但日均交易量 20% 的數字很好地代表了季度環比變化。

On pricing -- or sorry, on revenue lag and throughout, I'm not sure, maybe you clarify what you exactly mean. But our retail business is there is no live, it's exactly we recorded revenue and gaining cash pretty much to the moment the person charges. So there is no lag there at all.

關於定價——或者抱歉，關於收入滯後和整個過程，我不確定，也許你會澄清你的確切意思。但是我們的零售業務是沒有活的，正是我們記錄的收入和獲得的現金幾乎是在人們收費的那一刻。所以那裡根本沒有滯後。

I think the network throughput was somewhere north of 70% growth and the revenue was around 60% -- I don't know, 60% to 69%. So I'm not saying lagging. I'm talking about the revenue growth, it doesn't exactly match the network throughput growth. That's what I meant by that. I'm trying to understand how to model that moving forward.

我認為網絡吞吐量增長了 70% 以上，收入增長了 60% 左右——我不知道，60% 到 69%。所以我不是說落後。我說的是收入增長，它與網絡吞吐量增長並不完全匹配。這就是我的意思。我正在嘗試了解如何為前進建模。

Okay. Okay. So thanks for clarifying. It depends on kind of what kind of revenue you're taking into account because we have retail revenue, we have commercial revenue, we have OEM revenue. Commercial revenue, the definition for kilowatt hour our pricing would be lower because the guys get boomer discount. So the moment that revenue line in proportion growth to the total revenue, you will see that effect, which you are mentioning. And the same, if you include in LCFS pricing into this, that same concept of went down quite a bit year-over-year. So I don't know which particular revenue line you run your numbers on, but that contributes to that effect as well.

好的。好的。所以謝謝你的澄清。這取決於你考慮什麼樣的收入，因為我們有零售收入，我們有商業收入，我們有 OEM 收入。商業收入，千瓦時的定義，我們的定價會更低，因為這些人得到了嬰兒潮一代的折扣。所以當收入與總收入成比例增長時，你會看到你提到的那種效果。同樣，如果你將 LCFS 定價包括在內，那麼同樣的概念同比下降了很多。所以我不知道你在哪條特定的收入線上運行你的數字，但這也有助於產生這種效果。

Okay. And then obviously, it's a wide range for the year, largely on eXtend. But I guess, can you help us understand, how we should have it run through in terms of, let's say, the gross margin? How does it flow through the P&L? For example, if you come in the low end of the range, I presume your actual gross margin would actually be higher. But if you can help us understand the how that flows to the P&L, that would be helpful as a reminder?

好的。然後很明顯，今年的範圍很廣，主要是在 eXtend 上。但我想，你能幫助我們理解，我們應該如何在毛利率方面貫穿始終嗎？它如何流經損益表？例如，如果您處於該範圍的低端，我認為您的實際毛利率實際上會更高。但是，如果你能幫助我們理解它是如何流向損益表的，那作為一個提醒會有幫助嗎？

Yes. That's a good question. We do not guide on adjusted gross margin. However, even within eXtend, kind of different pieces have slightly different margin and depending if you have more charging revenue versus construction versus pre-engineering, the margin mix might change.

是的。這是個好問題。我們不對調整後的毛利率提供指導。然而，即使在 eXtend 中，不同種類的產品的利潤率也略有不同，這取決於你的收費收入與建築還是前期工程相比，利潤率組合可能會發生變化。

So I obviously do have certain forecasts which I look at, and it's not necessarily that if you end up with a lower revenue number, your adjusted gross margin would be lower. There could be some other factors into play. Or so it could be higher to be some other factors into play. But again, we just don't guide to adjusted gross margin, and we'll be informing the market throughout the year, we go and explain which forces exactly play into specific number for the quarter end results.

所以我顯然確實有一些我所關注的預測，如果你最終的收入數字較低，你調整後的毛利率不一定會更低。可能還有其他一些因素在起作用。或者，其他一些因素發揮作用可能會更好。但同樣，我們只是不指導調整後的毛利率，我們將在全年通知市場，我們會解釋哪些力量在季度末結果中發揮了具體作用。

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

這確實結束了問答環節。我想將電話轉回給 Cathy Zoi 以徵求任何其他意見或結束意見。

Thank you. Well, thank you, everyone. In closing, let me just say that 2022 was about growth and execution at EVgo, culminating in the company achieving the high end of our revenue and adjusted EBITDA guidance and continuing to lead in the EV charging sector in the U.S. As we continue to expand as one of the largest fast charging public networks in America, we look to leverage our operational expertise from our decade-long track record and continue driving operational efficiency deploying capital that needs our robut return requirements. I look forward to sharing our Q1 2023 results very soon, thanks everyone for joining us.

謝謝。嗯，謝謝大家。最後，我只想說 2022 年是關於 EVgo 的增長和執行，最終公司實現了我們收入的高端和調整後的 EBITDA 指導，並繼續在美國的 EV 充電領域處於領先地位。隨著我們繼續擴張作為美國最大的快速充電公共網絡之一，我們希望利用我們長達十年的業績記錄中的運營專業知識，並繼續提高運營效率，部署需要我們強勁回報要求的資本。我期待很快分享我們 2023 年第一季度的結果，感謝大家加入我們。

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。