EVgo Inc (EVGO) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the EVgo Second Quarter 2024 earnings conference call. (Operator Instructions) Thank you. I'd now like to turn the call over to Heather Davis, Vice President of Investor Relations. You may begin.

感謝您的耐心等待，歡迎參加 EVgo 2024 年第二季財報電話會議。（操作員說明）謝謝。我現在想將電話轉給投資者關係副總裁希瑟戴維斯​​ (Heather Davis)。你可以開始了。

Good morning, and welcome to EVgo's Second Quarter 2024 earnings call. My name is Heather Davis, and I am the Vice President of Investor Relations at EVgo. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer; and Stephanie Lee, EVgo's Interim Chief Financial Officer. Today, we will be discussing EVgo's second quarter financial results and our outlook for 2024, followed by a Q&A session.

早安，歡迎參加 EVgo 的 2024 年第二季財報電話會議。我叫希瑟戴維斯​​ (Heather Davis)，是 EVgo 投資人關係副總裁。參加今天電話會議的還有 EVgo 執行長 Badar Khan；以及 EVgo 臨時財務長 Stephanie Lee。今天，我們將討論 EVgo 第二季度財務表現和 2024 年展望，然後進行問答環節。

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, during the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance.

今天的電話會議正在進行網路直播，您可以在我們網站的投資者部分觀看：investors.evgo.com。電話會議將在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電話會議期間提供，在電話會議期間，管理層將做出前瞻性聲明，這些聲明受到風險和不確定性的影響，包括對未來業績的預期。

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 10K and quarterly report on Form 10Q. The company's SEC filings are available on the Investors section of our website. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call.

我們向 SEC 提交的文件中詳細介紹了可能導致實際結果與我們的預期存在重大差異的因素，包括我們最新的 10K 表年度報告和 10Q 表季度報告的風險因素部分。該公司向 SEC 提交的文件可在我們網站的投資者部分查看。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。

Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including reconciliations to the corresponding GAAP measures, can be found in the earnings materials available on the Investors section of our website.

另請注意，我們將在本次電話會議上提及某些非公認會計準則財務指標。有關這些非 GAAP 衡量標準的信息，包括與相應 GAAP 衡量標準的調節，可以在我們網站的投資者部分提供的收益資料中找到。

With that, I'll turn the call over to Badar Khan, EVgo's CEO.

接下來，我會將電話轉給 EVgo 執行長巴達爾汗 (Badar Khan)。

Good morning, everyone, and thank you for joining us today. EVgo delivered yet another excellent quarter we achieved record revenues over $66 million from charging network revenues grew 2.4 times compared to last year, becoming the seventh sequential quarter of double-digit growth in charging revenue and the sixth consecutive quarter of triple-digit year-over-year growth in network throughput.

大家早安，感謝您今天加入我們。EVgo 又是一個出色的季度，我們實現了超過6600 萬美元的創紀錄收入，充電網絡收入比去年增長了2.4 倍，成為充電收入連續第七個季度實現兩位數增長，也是連續第六個季度實現三位數年成長網路吞吐量逐年成長。

The level of utilization and throughput we have in the network today, the annualized per store unit economics have improved over 300% in just a short six months, providing yet more confidence, we will complete our path to profitability and deliver adjusted EBITDA breakeven in 2025 with the operating leverage we have in the business once fixed costs are covered in 2025 for per-store cash flows fall straight to the bottom line conservatively, resulting in over $200 million in adjusted EBITDA in three to five years' time.

我們今天網路的利用率和吞吐量水平，每家商店單位經濟效益在短短六個月內提高了300% 以上，這讓我們更有信心，我們將完成盈利之路，並在2025 年實現調整後EBITDA 損益平衡保守地說，一旦到 2025 年涵蓋每家商店現金流的固定成本，我們在業務中的營運槓桿就會直接下降到底線，從而在三到五年內調整後 EBITDA 超過 2 億美元。

If we're only growing at the rate we are this year, a higher rate of store growth would result in even stronger EBITDA. Let's look at some key highlights from this past quarter. Our second quarter was yet another great quarter. Charging Network revenue more than doubled, driving an increase in total revenue we grew our operational stores by 37% compared to last year and are on track to add 800 to 900 new owned and operated stores this year.

如果我們僅以今年的速度成長，更高的商店成長率將帶來更強勁的 EBITDA。讓我們來看看上個季度的一些主要亮點。我們的第二季又是一個偉大的季度。充電網路收入成長了一倍多，推動總收入成長，與去年相比，我們的營運門市成長了 37%，今年預計新增 800 至 900 家新擁有和經營的門市。

Customer accounts continued to grow faster than VIO growth in the second quarter, and EVgo recently surpassed 1 million customer accounts, an exciting milestone as we continue to see clear evidence of the operating leverage that we've talked about on our last few calls with built expanding adjusted gross margins, especially in our owned and operated business and adjusted G&A improvement translating into strong bottom line improvement year over year.

第二季客戶帳戶的成長速度繼續快於VIO 的成長，EVgo 最近超過了100 萬個客戶帳戶，這是一個令人興奮的里程碑，因為我們繼續看到我們在最近幾次電話會議中討論過的營運槓桿的明確證據擴大調整後的毛利率，特別是在我們擁有和經營的業務中，調整後的一般管理費用改善轉化為逐年強勁的利潤改善。

Given our strong results and the consistent operational improvements in the business year to date, we have raised the midpoint of revenue and narrowed our adjusted EBITDA guidance for the full year, which Stephanie will provide more color on later in Q2, EV sales in the US weaks over 300,000, including a record quarter for non Tesla EV sales in the US non-passenger sales in the second quarter grew 35% compared to last year and accounted for more than 50% of EV sales for the first time.

鑑於我們今年迄今為止的強勁業績和持續的營運改善，我們提高了收入中點，並縮小了全年調整後EBITDA 指導範圍，史蒂芬妮將在第二季晚些時候提供更多關於美國電動車銷售的資訊疲軟超過30萬輛，其中非特斯拉電動車銷量創歷史新季度美國非乘用車銷量第二季比去年增長35%，首次佔電動車銷量的50%以上。

Non-cash that EVs make up the majority of throughput on the EVgo network. Today, we expect this trend to continue, which supports the future growth opportunity at EVgo, EV market in the United States is at a tipping point, moving from early adopters of EVs to mass adoption. Today, 8% of new vehicles sold are electrodes up from just 2% a few years ago. The key driver of mass adoption is more affordable vehicles. There are over 70 EV models available in the US today and many more coming JD Power's future vehicle calendar counts, 38 new affordable models are those with an expected MSRP of $35,000 right coming to market in the next 18 months?

非現金電動車佔據了 EVgo 網路的大部分吞吐量。今天，我們預計這一趨勢將持續下去，這支持了 EVgo 的未來成長機會，美國電動車市場正處於一個轉折點，從電動車的早期採用者轉向大規模採用。如今，所售新車中 8% 是電極，幾年前這一比例僅為 2%。大規模採用的關鍵驅動因素是更便宜的車輛。目前美國有超過70 款電動車車型可供選擇，根據JD Power 的未來車輛日曆統計，還有更多即將推出的車型，其中38 款新的經濟實惠車型是那些預計建議零售價為35,000 美元的車型將在未來18 個月內上市？

That's incredible EV buyers will have more choice, including exciting models such as the Chevy Equinox, next-generation Chevy Bolt, Hyundai IONIQ 3 and KIA EV3, just to name a few, and this is expected to accelerate adoption.

令人難以置信的是，電動車買家將有更多選擇，包括雪佛蘭 Equinox、下一代雪佛蘭 Bolt、現代 IONIQ 3 和起亞 EV3 等令人興奮的車型，這預計將加速採用。

Looking at the total market, Bloomberg New Energy Finance forecast that EVs are expected to sell at a lower price point than ICE vehicles in 2026. Significantly it's important to note that B&F estimates that the total cost of ownership for EVs is already lower than ICE vehicles today. On top of the VIO growth, EVgo benefits from multiple additional short and long-term tailwinds that are drivers of why throughput and charging revenue are growing and are expected to continue to grow faster than VIO growth rideshare because increasingly electrifying and they will tend to charge at DCFC, not L2 locations.

從整個市場來看，彭博新能源財經預測，到 2026 年，電動車的售價預計將低於內燃機汽車。值得注意的是，B&F 估計電動車的總擁有成本已經低於當今的內燃機汽車。除了VIO 的成長之外，EVgo 還受益於多個額外的短期和長期推動因素，這些因素是吞吐量和充電收入成長的驅動因素，並且預計將繼續比VIO 共享出行的成長速度更快，因為電動化程度越來越高，而且它們將傾向於充電在 DCFC，而不是 L2 位置。

Faster charge rates also not only lead to higher overall EV adoption, but being able to charge faster will decrease customers' reliance on home charging, thus increasing the share of public charges. More affordable vehicles are not only key to overall EV adoption, but we tend to attract more customers without access to home charging will be reliant on public charging. Autonomous vehicles are a major long-term driver as these cars will be electric and will charge it either public or dedicated DCFC locations.

更快的充電速度不僅會提高電動車的整體採用率，而且能夠更快地充電將減少客戶對家庭充電的依賴，從而增加公共充電的份額。更實惠的車輛不僅是電動車整體採用的關鍵，而且我們傾向於吸引更多無法使用家庭充電的客戶，而將依賴公共充電。自動駕駛汽車是主要的長期驅動因素，因為這些汽車將是電動的，並將在公共或專用 DCFC 地點充電。

Finally, as the MAX cable is introduced, we expect EVgo to benefit more than other DCFC owner operators because we expect to be able to attract more Tesla drivers who represent roughly 60% of current VIO, as our stations are located closer to where our drivers live and work versus highway-focused charging companies.

最後，隨著MAX 電纜的推出，我們預計EVgo 將比其他DCFC 業主營運商受益更多，因為我們預計能夠吸引更多特斯拉司機，他們約佔目前VIO 的60%，因為我們的車站距離司機所在地更近生活和工作與專注於高速公路的充電公司相比。

DCFC hardware companies and those that operate but do not own DCFC networks and instead sell equipment to site hosts the customers we'll benefit to a lesser extent from many of these drivers because they generate one-time equipment sales versus recurring charging revenue that owner operators receive only some of these drivers benefit [our two] companies. And again, those benefits are limited to one-time equipment sales versus recurring charging revenue and is consistent with expectations of public DCFC. gaining share of total energy delivered over time due to all the drivers listed here.

DCFC 硬體公司以及那些經營但不擁有DCFC 網路而是向託管客戶出售設備的公司，我們將從這些驅動因素中受益較小，因為它們產生一次性設備銷售，而不是所有者運營商的經常性收費收入僅接收其中一些驅動因素將使[我們兩家]公司受益。再次強調，這些收益僅限於一次性設備銷售與經常性充電收入的比較，並且與大眾 DCFC 的預期一致。由於此處列出的所有驅動因素，隨著時間的推移，獲得了總能量的份額。

In the US, there is only one company that is exclusively focused on the owned and operated DCFC space. Public equity investors can invest in, and that is EVgo. As we've discussed in our prior calls this year, we have very compelling unit economics. This is due to our proprietary network planning, resulting in carefully selected site locations and conservative underwriting, and they have grown considerably in the last six months.

在美國，只有一家公司專門專注於擁有和營運 DCFC 領域。公募投資者可以投資的，那就是EVgo。正如我們在今年之前的電話會議中所討論的，我們擁有非常引人注目的單位經濟效益。這是由於我們專有的網路規劃，導致了精心選擇的站點位置和保守的承保，並且它們在過去六個月中大幅增長。

We reached a level of scale in kilowatt hours per store, but enable us to generate positive annual cash flow on a per store basis by the end of last year. And at that time, the top 15% of our stores were generating over $30,000 per store on an annual basis in Q2 this year, our entire network is now generating over $7,000 annualized per store from the top 15% is now over $40,000. This is driven by roughly minor increases in utilization and charge rate.

我們達到了每家商店千瓦時的規模水平，但到去年年底，我們能夠在每家商店的基礎上產生正的年度現金流。當時，今年第二季度，我們前 15% 的商店每家商店的年收入超過 30,000 美元，我們整個網絡現在每家商店的年收入超過 7,000 美元，而前 15% 的商店現在已超過 40,000 美元。這是由利用率和收費率的小幅增長所推動的。

As a reminder, steady throughput per store is the product of charge rate and utilization multiplied by 24 hours if we continue to see the absolute increase in annual cash flow per store over the next three, six month periods, and we continue to grow store count at the rate we are this year than the simple math results in total network cash flow exceeding fixed costs and thus adjusted EBITDA breakeven in 2025.

提醒一下，如果我們在接下來的三到六個月內繼續看到每家商店的年度現金流量絕對增加，並且我們繼續增加商店數量，那麼每家商店的穩定吞吐量是收費率和利用率乘以24 小時的乘積按照今年的速度，簡單的數學計算結果顯示網路總現金流超過固定成本，從而在 2025 年實現調整後的 EBITDA 損益平衡。

In three to five years' time we expect to have around 7,000 stores. If we're only adding stores at the rate we are today, at that point, we would expect cash flow per store across the whole network to be just under $40,000 per store annually, driven mostly by increased charge rates since one of the many tailwinds due to the increasing mix of higher charge rate vehicles and a very conservative utilization assumption, far lower than the top 15% of our stores today, resulting in a level of throughput also lower in the top 15% of our stores today.

三到五年後，我們預計將擁有約 7,000 家商店。如果我們只按照現在的速度增加門市，那麼到那時，我們預計整個網路中每家門市的現金流每年將略低於 40,000 美元，這主要是由於眾多推動因素之一導致收費率上漲所致由於充電率較高的車輛數量不斷增加，以及非常保守的利用率假設（遠低於我們今天排名前15% 的商店），導致我們今天排名前15% 的商店的吞吐量水準也較低。

If we had the same utilization of three to five years' time, as the top 15% of our stores today with 80 kilowatt charge rates, we would double the cash flow per store to over $85,000 annually. These unit economics not only provide very compelling adjusted EBITDA growth, but they also deliver very compelling project ROI with the decline in gross CapEx per store we are targeting from our next generation chargers and even with much lower capital offset than we are seeing today, we would expect to see net CapEx per store in the $80,000 range.

如果我們在三到五年內保持同樣的利用率，就像我們今天排名前 15% 的商店採用 80 千瓦的充電率一樣，我們將使每家商店的現金流量增加一倍，達到每年 85,000 美元以上。這些單位經濟效益不僅提供了非常引人注目的調整後EBITDA 成長，而且還提供了非常引人注目的專案投資回報率，我們的目標是下一代充電器的每家商店總資本支出下降，即使資本抵銷比我們今天看到的要低得多，我們預計每家商店的淨資本支出將在 80,000 美元範圍內。

In other words, a onetime investment of $80,000 conservatively returning almost $40,000 annually. That is an excellent return on investment once fixed costs recovered next year. Given the very strong operating leverage, all store base cash flows fall straight to the bottom line, resulting in very strong EBITDA growth potential as I've said, we're assuming here that we continue store growth at only 800 to 900 new stores per year, which is our current growth rate.

換句話說，一次性投資 8 萬美元，保守地說，每年的回報接近 4 萬美元。一旦固定成本明年收回，這就是極佳的投資回報。鑑於非常強大的營運槓桿，所有商店的基礎現金流都直接降至底線，從而產生非常強勁的EBITDA 成長潛力，正如我所說，我們在此假設我們將繼續以每年僅800 至900 家新店的速度成長商店。

Of course, if we are successful in securing new financing, we would expect to materially increase that rate of growth. Therefore, our annual adjusted EBITDA in three to five years is simply 7,000 stores times cash flow per store from the prior slide, minus fixed costs with very significant continued growth beyond that. In fact, every 1,000 new stores adds almost $40 million in adjusted EBITDA annually because we've already covered fixed costs based on our expected unit economics in three to five years' time.

當然，如果我們成功獲得新融資，我們預計成長率將大幅提高。因此，我們三到五年內的年度調整後 EBITDA 只是 7,000 家商店乘以之前幻燈片中每家商店的現金流量，減去固定成本，並且除此之外還有非常顯著的持續增長。事實上，每 1,000 家新店每年都會增加近 4000 萬美元的調整後 EBITDA，因為我們已經根據三到五年內的預期單位經濟效益支付了固定成本。

That is very compelling. Adjusted EBITDA growth potential sometimes get asked whether all the best sites have been developed and the answer is most definitely not. First, we have over 10,000 stores that currently pencil and meet our return expectations. And as EV adoption grows, more sites pencil. And secondly, our site selection algorithms and quality of stores are just getting better and better. This chart shows daily throughput per store for stores in our network in Q2, depending on when they went online with 2023 stores, some of which would have been just over three months old faring better than all prior year.

這是非常引人注目的。調整後的 EBITDA 成長潛力有時會被問到是否所有最好的場地都已開發出來，答案肯定是否定的。首先，我們目前有超過 10,000 家商店符合我們的退貨預期。隨著電動車採用率的成長，越來越多的網站開始使用。其次，我們的選址演算法和店鋪品質正在變得越來越好。此圖表顯示了我們網路中商店在第二季度的每日吞吐量，具體取決於 2023 家商店上線的時間，其中一些商店剛開業三個月多，表現比去年全年都要好。

Let's now turn to progress on our four key priorities that I described in our last call, improving the customer experience, operating and CapEx efficiencies, capturing and retaining high-value customers and securing financing to get the free cash flow breakeven.

現在讓我們來談談我在上次電話會議中描述的四個關鍵優先事項的進展情況，即改善客戶體驗、營運和資本支出效率、吸引和留住高價值客戶以及確保融資以獲得自由現金流損益平衡。

Improving the customer experience remains our first priority, and we continue to make progress on all the key metrics we have discussed on prior calls, increasing the number of sites per store. So customers don't have to wait for a charge, installing higher power chargers or they can fill up quickly having a reliable solution that works right on the first try, and growing the number of sessions that have a hassle-free payment process for customers just plug the connector in and the payment is processed automatically. This last feature gets particularly great reviews.

改善客戶體驗仍然是我們的首要任務，我們將繼續在先前電話中討論的所有關鍵指標上取得進展，增加每家商店的站點數量。因此，客戶不必等待充電，安裝更高功率的充電器，或者他們可以快速充滿電，擁有一次就能正常工作的可靠解決方案，並增加為客戶提供無憂支付流程的會話數量只需插入連接器，付款就會自動處理。最後一項功能得到了特別好評。

In Q2, we released some auto-enrolment capability for some EV models and expect to expand that to many more EV models in the second half of the year, driving up the penetration of Autocharge plus we believe we are able to execute these improvements because of the scale advantage we have over the 40 much smaller DCSC operators in the US and will ultimately result in customers gaining further confidence in public charging, driving up utilization and throughput on our network.

在第二季度，我們為一些電動車型發布了一些自動註冊功能，並預計在下半年將其擴展到更多電動車型，從而提高自動充電的滲透率，我們相信我們能夠執行這些改進，因為與美國40 家規模小得多的DCSC 營運商相比，我們擁有規模優勢，最終將使客戶對公共充電更有信心，從而提高我們網路的利用率和吞吐量。

We've made excellent progress this quarter on driving efficiencies across both OpEx and CapEx. We completed off-shoring of most of our core volumes, which, as I said on our prior call, are a sizable portion of our sustaining G&A costs. You may have noticed from unit economics slide earlier, we have already made substantial progress on lowering sustaining G&A costs per store and continue to expect a reduction of around 15% from those costs in Q4 this year versus last year, which is well on the way to the 40% or so reduction we're targeting in three to five years' time.

本季我們在提高營運支出和資本支出效率方面取得了巨大進展。我們完成了大部分核心業務的離岸外包，正如我在先前的電話會議中所說，這占我們維持一般管理費用的很大一部分。您可能已經從早些時候的單位經濟效益下滑中註意到，我們已經在降低每家商店的維持G&A 成本方面取得了實質性進展，並繼續預計今年第四季度這些成本將比去年減少約15% ，這一切都在順利進行我們的目標是在三到五年內減少 40% 左右。

On the CapEx side, we have already delivered a 5% improvement in gross CapEx per store for FY '24 vintage CapEx than we previously guided for this year. As a result of the work on the prefab skids, various incremental improvements to component sourcing and EPC improvements. Given the strategic imperative of this effort, I'm excited to tell you we hired a new EVP of Engineering, Martin Sukup, who over the past 14 years held leadership roles in the development of multiple generations of Tesla superchargers.

在資本支出方面，我們已經實現了 24 財年老式資本支出每家商店總資本支出比我們之前指導的今年提高了 5%。由於預製滑軌方面的工作，對組件採購和 EPC 改進進行了各種漸進式改進。鑑於這項工作的戰略必要性，我很高興地告訴您，我們聘請了一位新的工程執行副總裁Martin Sukup，他在過去14 年中在多代Tesla 增​​壓器的開發中擔任領導職務。

In fact, over a third of our new hires in the second quarter came from Tesla. We've also passed key internal milestones on the joint development of next generation architecture with an industry leading partner that aims to lower gross CapEx per store by 30% and would represent a step change in customer experience to a customer focus design with improved firmware.

事實上，第二季超過三分之一的新員工來自特斯拉。我們也與業界領先的合作夥伴共同開發下一代架構，實現了關鍵的內部里程碑，旨在將每家商店的總資本支出降低30%，這將代表客戶體驗向以客戶為中心的設計和改進的韌體的逐步轉變。

We do expect to incur additional costs in the second half of this year to drive this strategically important effort, but we are not adjusting the midpoint of our adjusted EBITDA guidance due to expected improvements elsewhere, this level of production and CapEx per store is what drives the even stronger returns I showed on the unit economics slide. It will be a key source of competitive advantage over the dozens of other smaller, fast charging operators in the United States.

我們確實預計今年下半年會產生額外成本來推動這項具有重要戰略意義的努力，但由於其他地方的預期改進，我們不會調整調整後的EBITDA 指導的中點，這種生產水平和每家商店的資本支出是推動這一目標的因素。與美國其他數十家小型快速充電業者相比，它將成為競爭優勢的關鍵來源。

We also continue to make great progress on our growth priority. The share of what I consider baseload demand and our network continues to be strong with 56% of throughput in the quarter coming from higher usage, relatively predictable customer segments that represent stickier kilowatt hours. And we've added to that demand with the extension of our charging credit program with Subaru. We also continue to attract new customers at higher rates than the growth in VIO, up almost 60% year over year.

我們在成長重點方面也持續取得巨大進展。我認為基本負載需求和我們的網路所佔的份額仍然強勁，本季 56% 的吞吐量來自較高的使用率、相對可預測的客戶群，這些客戶群代表了黏性千瓦時。我們透過延長與斯巴魯的充電信用計劃來增加這一需求。我們也持續以高於 VIO 成長的速度吸引新客戶，年增近 60%。

Our goal is to attract customers across all hours and potential utilization as well as ensure we are attracting the right customers at the right times to maximize margin capture. We went live with a new customer data and engagement platform that allows us to do just that and are deploying segment-specific and low cost campaigns to identify, attract and retain customers to get the usage profile we are targeting. We also expect to continue rolling out dynamic demand-based pricing across more of our network that I mentioned on the prior call.

我們的目標是在所有時間和潛在利用率下吸引客戶，並確保我們在正確的時間吸引正確的客戶，以最大限度地獲取利潤。我們上線了一個新的客戶數據和參與平台，使我們能夠做到這一點，並正在部署特定於細分市場的低成本活動來識別、吸引和留住客戶，以獲得我們目標的使用情況。我們還希望繼續在我之前的電話會議中提到的更多網路中推出基於需求的動態定價。

Unlike most of the more than 40 charging operators in the US today, EVgo has reached a level of scale that allows us to even contemplate these kinds of objectives and deliver on them resulting in a key source of competitive advantage over most of the rest of the industry.

與當今美國40 多家充電運營商中的大多數不同，EVgo 已經達到了一定的規模水平，使我們甚至可以考慮這些目標並實現這些目標，從而成為相對於其他大多數充電運營商的競爭優勢的關鍵來源。

On financing, we've also made solid progress this quarter. Capital assets for our 2024 vintage stores are now expected to be around 50% this year versus the 40% we previously indicated. This is driven by a higher share of GM and grant funded sites than we originally planned and our continued focus on maximizing the amount of grant funding from all available funding sources. We continue to await finalize 30C guidance from treasury and expect to execute our first 30C transaction in the second half of this year for the 2023 vintage stalls.

在融資方面，我們本季也取得了紮實的進展。目前，我們 2024 年復古店的資本資產預計今年將達到 50% 左右，而我們之前表示為 40%。這是由於通用汽車和贈款資助網站的比例高於我們最初的計劃，以及我們繼續致力於最大限度地提高所有可用資金來源的贈款資金數額。我們繼續等待財政部最終確定 30C 指導，並預計在今年下半年針對 2023 年年份攤位執行我們的第一筆 30C 交易。

Our application to the DOE loan program office for a loan under the Title 17 clean energy financing program is continuing. We made significant progress this quarter, increasing our confidence of the conditional commitment in 2024. We believe we have a high-quality loan application that addresses the need for charging infrastructure to be built out at scale across the US, it supports a core part of President Biden's agenda in terms of vehicle electrification, one of the many strengths and differentiating factors with our LPO application is that we do not expect to need to issue new equity to reach financial close.

我們正在繼續向美國能源部貸款計劃辦公室申請 Title 17 清潔能源融資計劃下的貸款。本季我們取得了重大進展，增強了我們對 2024 年有條件承諾的信心。我們相信，我們擁有高品質的貸款申請，可以滿足在美國大規模建設充電基礎設施的需求，它支持拜登總統在車輛電氣化方面議程的核心部分，這是眾多優勢和差異化因素之一與我們的LPO 申請相比，我們預計不需要發行新股即可實現財務交割。

This benefits, both our shareholders and expedites our ability to reach financial close. As I've said before, if we're successful, we believe it will be sufficient to not only expedite our journey to self financing, but also increase the annual rate of store growth by up to double or more on top of our DOE loan application EVgo is experiencing continued interest from the commercial bank market in relation to non dilutive financing structures for owner operated DCFC charges stores.

這對我們的股東都有好處，並加快我們實現財務結算的能力。正如我之前所說，如果我們成功了，我們相信這不僅足以加快我們的自籌資金之旅，而且還能在我們能源部貸款的基礎上將商店的年增長率提高一倍或更多應用程序EVgo 受到商業銀行市場對所有者經營的DCFC 收費商店的非稀釋性融資結構的持續關注。

EVgo is a proven developer and operator of DCSC and DCSC as an asset class is showing strong correlation between revenue generation and VIO growth, as demonstrated by growth in EVgo's throughput. positive outlook for long term VIO growth creates the kind of cash flow certainty required to support debt financing. We also expect to incur additional costs in the second half of this year to prepare our financial systems to accommodate project financing.

EVgo 是經過驗證的 DCSC 開發人員和營運商，DCSC 作為一種資產類別，在創收和 VIO 成長之間顯示出強烈的相關性，EVgo 吞吐量的成長證明了這一點。 VIO 長期成長的正面前景創造了支持債務融資所需的現金流確定性。我們也預計今年下半年將產生額外成本，以準備我們的金融系統以適應專案融資。

But again, we are not changing the midpoint of our adjusted EBITDA guidance because of upsides we are expecting elsewhere. We continue to have sufficient capital to continue our CapEx plans well into 2025 without the benefit of any of these project financing efforts.

但同樣，我們不會改變調整後 EBITDA 指導的中點，因為我們預計其他地方也會出現上漲。我們仍然有足夠的資本來繼續我們的資本支出計劃到 2025 年，而無需任何這些專案融資工作的幫助。

I'll now hand over the call to Stephanie, who will run through our strong financial performance for the second quarter of this year.

我現在將電話交給史蒂芬妮，她將介紹我們今年第二季強勁的財務業績。

Thank you, Badar. EVgo delivered another strong quarter performance in Q2, exhibiting the seventh sequential quarter of double digit charging revenue growth and the sixth consecutive quarter of triple-digit year-over-year throughput growth.

謝謝你，巴達爾。EVgo 在第二季再次表現強勁，充電收入連續第七個季度實現兩位數成長，吞吐量連續第六個季度實現三位數年增長。

Revenue in the second quarter was $66.6 million, which represents a 32% year-over-year increase. This growth was primarily driven by increased charging network revenues. Retail charging revenues of $22.3 million grew from $9.1 million in the second quarter of 2023, exhibiting a 146% year-over-year increase. Commercial charging revenue, which primarily includes revenue from our rideshare partnership of $7.1 million, increase from $2.4 million in the second quarter of 2023, exhibiting a 193% year over year increase.

第二季營收為 6,660 萬美元，年增 32%。這一增長主要是由充電網路收入的增加所推動的。零售收費收入從 2023 年第二季的 910 萬美元增至 2,230 萬美元，年增 146%。商業充電收入（主要包括來自我們的共乘合作夥伴關係的收入）從 2023 年第二季的 240 萬美元增加到 710 萬美元，年成長 193%。

Extend revenue of $27.7 million declined as expected compared to the second quarter of 2023 as we had significantly higher onetime equipment sales to pilot companies last year, we added over 220 new operational styles in Q2, including extend total sales and operation were approximately 3,440 at the end of June 2024, including 198 EVgo Extend sales increasing 37% from the end of June 2023.

與2023 年第二季相比，擴展收入按預期下降了2,770 萬美元，因為去年我們對試點公司的一次性設備銷售顯著增加，我們在第二季度增加了220 多種新的營運方式，其中擴展總銷售量和營運數量約為3,440 種截至 2024 年 6 月底，其中 198 輛 EVgo Extend 銷量較 2023 年 6 月底增長 37%。

During the second quarter of 2024 EVgo added over 131,000. New customer accounts is 60% increase versus Q2 of 2023. EVgo ended the quarter with more than 1 million customer accounts, an exciting milestone on our growth trajectory during the second quarter of 2024 network throughput increased 2.6 times from last year, 66 gigawatt hours.

2024 年第二季度，EVgo 新增數量超過 131,000 人。與 2023 年第二季相比，新客戶帳戶增加了 60%。EVgo 在本季結束時擁有超過100 萬個客戶帳戶，這是我們在2024 年第二季度的成長軌跡上的一個令人興奮的里程碑，網路吞吐量比去年增長了2.6 倍，達到66 吉瓦時。

We continue to benefit from many factors that are driving this accelerated growth such as EV buyers moving from early adopters to mass adopters with a higher portion of multiunit dwellers who may not have access to home charging. The rapid growth in rideshare, increased EV vehicle miles traveled increasing EV Charge rate and heavier, less-efficient EV models.

我們繼續受益於推動這種加速成長的許多因素，例如電動車購買者從早期採用者轉向大規模採用者，其中更多的多單元居民可能無法獲得家庭充電。共乘服務的快速成長、電動車行駛里程的增加、電動車充電率的提高以及電動車車型的笨重、效率較低。

One of the metrics driving our network throughput growth is utilization. EVgo network throughput continues to grow nearly four times faster than the growth in VIO, our utilization averaged over 20% across the network in the second quarter of 2024, nearly doubling from a year ago over 58% of our stores had utilization greater than 15%. Over 44% of our stores had utilization greater than 20%, and over 23% of our stores had utilization greater than 30%.

推動網路吞吐量成長的指標之一是利用率。EVgo 網路吞吐量的成長速度持續比 VIO 的成長速度快四倍，2024 年第二季我們整個網路的利用率平均超過 20%，比一年前幾乎翻倍超過 58% 的商店利用率超過 15% 。超過44%的門市利用率超過20%，超過23%的門市利用率超過30%。

We therefore believe that we are in a strong trajectory to hit the utilization level of 23%, either to achieve the unit economics. But our previously discussed our increased network throughput growth is driven by our increasing network size through solid deployments and how much energy each solid dispensing on a daily basis. Average daily throughput per store more than doubled versus last year, reaching 227 kilowatt hours with average daily throughput per store for the month of June 2024, averaging 242 kilowatt hours.

因此，我們相信，無論是為了實現單位經濟效益，我們都有望達到 23% 的利用率水準。但我們之前討論過網路吞吐量的成長是由我們透過可靠的部署以及每個固體每天分配多少能量來增加網路規模所驅動的。每家商店的平均日吞吐量比去年增加了一倍多，達到 227 千瓦時，截至 2024 年 6 月，每家商店的平均日吞吐量為 242 千瓦時。

Utilization on the network also nearly doubled year over year with utilization in the month of June 2024, averaging 21% charge rate, which measure the amount of electricity delivered over the same period of time, increased 12% from prior year to 47 kilowatt hours. We expect charter rates to continue to grow over time as EV VIO mix shift towards EV model with faster batteries. And our network mix becomes increasingly faster as we add primarily 350 kilowatt chargers profitability that our core owned and operated network delivers is improving, which is demonstrated through the growth in our charging network margin. In Q2, our charging network margin was 34.2%, improving from 19.1% in Q2 2023.

網路利用率也較去年同期成長近一倍，截至 2024 年 6 月，平均充電率為 21%（衡量同期發電量），較上年增加 12% 至 47 千瓦時。我們預計，隨著 EV VIO 組合轉向電池更快的 EV 車型，包租率將繼續增長。隨著我們主要增加350 千瓦充電器，我們的網路組合變得越來越快，我們的核心擁有和運營的網路帶來的盈利能力正在提高，這透過我們的充電網路利潤率的增長得到了證明。第二季度，我們的充電網路利潤率為 34.2%，較 2023 年第二季的 19.1% 有所改善。

As average daily throughput per store increases, we expect to see continued improvement in our operating leverage, which is a significant driver for achieving adjusted EBITDA breakeven in 2025. Our charging network revenues already cover our sole dependent cost of sales, which include fixed costs such as site rent, property tax and some maintenance and variable costs such as energy costs. As a reminder, there is seasonality in our charging network margin as summer electricity tariffs are higher than winter tariffs.

隨著每家商店平均每日吞吐量的增加，我們預計我們的營運槓桿將持續改善，這是 2025 年實現調整後 EBITDA 盈虧平衡的重要驅動力。我們的充電網路收入已經涵蓋了我們唯一依賴的銷售成本，其中包括場地租金、財產稅等固定成本以及一些維護和能源成本等可變成本。提醒一下，我們的充電網路利潤率存在季節性，因為夏季電價高於冬季電價。

As I mentioned earlier, revenue grew 32% in the second quarter of 2024, $66.6 million. Adjusted gross profit was $17.7 million in the second quarter of 2024, up from $12.9 million in the second quarter of 2023. Adjusted gross margin was 26.5% in the second quarter of 2024. An increase of 110 basis points compared to the second quarter last year.

正如我之前提到的，2024 年第二季營收成長 32%，達到 6,660 萬美元。2024 年第二季調整後毛利為 1,770 萬美元，高於 2023 年第二季的 1,290 萬美元。2024 年第二季調整後毛利率為 26.5%。與去年第二季相比成長110個基點。

Adjusted G&A as a percentage of revenue also improved from 46.3% in the second quarter of 2023 to 38.5% in Q2 of this year, demonstrating the operating leverage effect, adjusted EBITDA was negative $8 million in the second quarter of 2024 a $2.6 million improvement versus negative $10.6 million in the second quarter of 2023, cash equivalents and restricted cash was $162.7 million as of June 30, 2024. We generated cash from operations of $7.6 million in the second quarter of 2024 due primarily to timing of working capital changes.

調整後的一般管理費用佔營收的百分比也從2023 年第二季的46.3% 提高到今年第二季的38.5%，這證明了營運槓桿效應，調整後的EBITDA 在2024 年第二季為負800萬美元，比去年同期提高了260 萬美元。2024 年第二季度，我們從營運中產生了 760 萬美元的現金，這主要是由於營運資金變化的時間表。

Capital expenditures were $24.2 million in the second quarter of 2024. Capital expenditures, net of capital offset was $13.8 million in Q2 of 2024. Our capital expenditures, net of capital offsets for the first half of 2024 reflects lower 2024 vintage CapEx for the operational stalls, which benefited from a combination of cost reductions, mix shift to solve that were relatively cheaper and faster to build, as well as mix shifts to solve that qualify for GM funding and higher amounts of grant funding.

2024 年第二季的資本支出為 2,420 萬美元。2024 年第二季資本支出（扣除資本抵銷）為 1,380 萬美元。我們的資本支出（扣除 2024 年上半年的資本抵銷）反映了 2024 年營運攤位的老式資本支出較低，這得益於成本降低、混合轉型以解決相對更便宜和更快的建造以及混合的組合轉變以解決有資格獲得通用汽車資金和更高數額贈款資金的問題。

Now turning to our 2024 guidance. EVgo is increasing the midpoint of our 2024 revenue guidance by $10 million, and we expect full year 2024 revenue to be in the range of $240 million to $270 million. We expect to see quarterly sequential growth in charging network revenue. Extend revenue will remain relatively consistent in the second half of 2024. It will be primarily comprised of construction revenue, which has lower margins than equipment sales.

現在轉向我們的 2024 年指導。EVgo 將我們 2024 年收入指引的中點提高了 1000 萬美元，我們預計 2024 年全年收入將在 2.4 億美元至 2.7 億美元之間。我們預計充電網路收入將出現季度環比增長。2024年下半年Extend營收將維持相對穩定。它將主要由建築收入組成，其利潤率低於設備銷售。

We are retaining the midpoint of our 2024 adjusted EBITDA guidance, but are narrowing the range to negative $44 million to $34 million. As Badar mentioned, we expect to make increased investments in the joint development of our next-generation architecture as well as our financial system to support project financing in the second half of 2024, which we expect will be sufficiently covered by the revenue upside.

我們保留 2024 年調整後 EBITDA 指引的中點，但將範圍縮小至負 4,400 萬美元至 3,400 萬美元。正如 Badar 所提到的，我們預計將增加對下一代架構的聯合開發以及我們的金融系統的投資，以支持 2024 年下半年的專案融資，我們預計收入成長將足以涵蓋這些專案融資。

Capital expenditures, net of capital offset can be in the $90 million to $105 million range with the main use of CapEx at 800 to 900 new EVgo own stores this year. As a reminder, we incur CapEx in advance of the vintage or operational year. As a result of our efforts over the past few years to build our growth engine, we have successfully decreased lead time between mobilization and construction completion to enable us to incur less CapEx in advance of the vintage year than we had historically done to maintain the same rate of store growth. We remain fiscally prudent and only build stores that meet our return hurdles.

扣除資本抵銷後的資本支出可能在 9,000 萬美元至 1.05 億美元之間，今年資本支出主要用於 800 至 900 家新的 EVgo 自有商店。提醒一下，我們會在年份或營運年度之前產生資本支出。由於我們過去幾年努力打造成長引擎，我們成功縮短了動員和施工完成之間的準備時間，使我們能夠在年份到來之前承擔比以往保持相同水平的資本支出更少的資本支出。我們在財務上保持審慎，只開設符合退貨門檻的商店。

As part of our Renew program. We also expect to remove or replace 150 to 200 EVgo own stores in 2024, improve reliability of our chargers and our customer experience as confident as ever, that EVgo is on a clear path to an important inflection point in our business, namely getting adjusted EBITDA breakeven for the full year of 2025. This is based on the expectation that EV VIO will continue to grow and EVgo will continue to expand its network and realize operational efficiencies. We look forward to continuing to share our progress in 2024 with you throughout the rest of the year.

作為我們更新計劃的一部分。我們也預計在2024 年拆除或更換150 至200 家EVgo 自有商店，提高充電器的可靠性，並一如既往地提高我們的客戶體驗，EVgo 正走在通往我們業務重要拐點的明確道路上，即獲得調整後的EBITDA 2025 年全年達到收支平衡。這是基於對 EV VIO 將繼續成長以及 EVgo 將繼續擴大其網路並實現營運效率的預期。我們期待在 2024 年剩餘時間繼續與您分享我們的進展。

Operator, we can turn the call over to questions.

接線員，我們可以將電話轉入提問。

Thank you. (Operator Instructions) Chris Dendrinos, RBC Capital Markets.

謝謝。（操作員說明）Chris Dendrinos，RBC 資本市場。

Yeah. Good morning and congratulations on the good quarter. I guess maybe to start things off, you mentioned the max cables that are coming in and the opportunity to service more Tesla vehicles as a result. Can you maybe share where, I guess maybe what portion of the revenue today is a result of charging Tesla vehicles and then how you all are kind of internally thinking about what the uptake might be from the access to being able to charge more and more Tesla vehicles with that cable. Thanks.

是的。早上好，恭喜季度業績良好。我想也許首先，您提到了即將引入的最大電纜以及因此為更多特斯拉車輛提供服務的機會。您能否分享一下，我猜今天的收入中有多少部分是來自為特斯拉汽車充電的結果，然後你們所有人在內部如何思考為越來越多的特斯拉充電可能帶來的收益帶有該電纜的車輛。謝謝。

Yeah. Thanks, Chris. We're very excited about the max cable. For the reason you decided we expect to be able to start deploying next cables towards the end of this year and we'll start to roll them out across the rest of our network over time. We're excited about them because, as I said before, in prior calls, our locations are urban suburban locations. They tend to be closer to where people live and work a for instance, we have 1.6 times the amenities within walking distance of our locations versus a Tesla and the average test the site.

是的。謝謝，克里斯。我們對最大電纜感到非常興奮。由於您決定，我們預計能夠在今年年底開始部署下一條電纜，並且隨著時間的推移，我們將開始在網路的其餘部分部署它們。我們對它們感到興奮，因為正如我之前所說，在之前的電話中，我們的位置是城市郊區位置。它們往往更靠近人們生活和工作的地方，例如，與特斯拉相比，我們在步行距離內擁有的便利設施是特斯拉的 1.6 倍，並且測試場地的平均水平是我們的 1.6 倍。

And so we're expecting to be able to through our more sophisticated marketing and growth programs, be able to target those customers that live closer to our locations and therefore get the growing portion of Tesla drivers today, Tesla drivers represent a very small, minimal share on our network. And so this represents a fairly significant upside for the company if we're able to attract of roughly that 60% of the VIO that are Tesla vehicles today.

因此，我們希望能夠透過我們更複雜的行銷和成長計劃，能夠瞄準那些居住在離我們較近的地點的客戶，從而獲得今天越來越多的特斯拉司機，特斯拉司機代表著一個非常小的、最小的群體。因此，如果我們能夠吸引當今大約 60% 的 VIO（即特斯拉汽車），這對公司來說是一個相當大的優勢。

Got it. Okay. And then I guess as a follow-up here on you mentioned that next gen charging infrastructure that you are working on and some of the incremental investment going into that later this year. I guess, can you provide maybe a preview a little bit of what is what changes there is that more just operational changes around the charging side there, structural changes to what it looks like and then I think you also mentioned that, that hopefully improve some of the customer experience. So maybe just a bit more details on what this is going to look like.

知道了。好的。然後我想，作為您的後續行動，您提到了您正在開發的下一代充電基礎設施以及今年稍後將進行的一些增量投資。我想，您能否提供一點預覽，了解一下發生了什麼變化，更多只是充電方面的操作變化，外觀的結構變化，然後我想您也提到了這一點，希望能改進一些的客戶體驗。所以也許只是關於這將會是什麼樣子的更多細節。

Yeah, quick question. I mean, just to begin with, we've reached a level of scale in the company where we can actually become a strong partner to our suppliers because of the enormous number of customer interactions that we bring to the table. A lot of these suppliers don't actually interface with customers directly. Of course, we've got a 1 million customers. And so we have a very good sense of customers' frustrations and pain points. We bring that to the design process.

是的，快速提問。我的意思是，首先，我們公司已經達到了一定的規模水平，我們實際上可以成為供應商的強大合作夥伴，因為我們帶來了大量的客戶互動。許多供應商實際上並不會直接與客戶接觸。當然，我們有100萬客戶。因此，我們非常了解客戶的挫折感和痛點。我們將其帶入設計過程。

And I think that's an advantage that we have over the very large number of smaller operators in the United States for DCFC today. And with that experience, we expect to be able to deliver a different site configuration, a distributed bus architecture a different design for the equipment for the dispenser. So it's focused primarily on the equipment as opposed to the construction, but of course, site configuration should result in some improvements in the construction time lines and costs and time lines as well. And that's really what we are working on and we've been working on it for that part of the year.

我認為，與當今美國 DCFC 的大量小型營運商相比，這是我們的優勢。憑藉這些經驗，我們期望能夠為分配器設備提供不同的網站配置、分散式匯流排架構和不同的設計。因此，它主要關注設備而不是施工，但當然，場地配置應該會導致施工時間線以及成本和時間線的一些改進。這確實是我們正在努力的事情，我們在今年的那段時間一直在努力。

I think the addition of the additional talent that we've just had over the past quarter, particularly some very strong leadership from folks who've been very closely involved with the leadership of Tesla supercharger thing adds adds to that all of that experience. And we expect to be able to have something in the market by the second half of 2026 with prototypes much earlier than that, and we're targeted to sell them a call 30% improvement in the gross CapEx per store.

我認為，我們在上個季度剛剛擁有的額外人才的增加，特別是那些與特斯拉增壓器領導層密切相關的人員的一些非常強大的領導，增加了所有這些經驗。我們預計到 2026 年下半年，產品的原型將能夠更早推出市場，我們的目標是向他們推銷每家商店總資本支出提高 30% 的產品。

Got it. Thank you.

知道了。謝謝。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Hi, good morning. Thanks for taking the questions. Nice job on the quarterly execution. On the three to five year model you presented an updated here in this quarterly presentation. You'll as you illustrate, nearly 50% and adjusted profit margin, gross profit margin, which is up from I believe, is around 40% at the midpoint in your presentation from the first quarter, I'd like to revisit this in light of what appears to be increasing power prices, broadly competition from other networks, which from what I can tell generally charged at a lower price point, a maybe lower gas prices going forward, which obviously impacts PCO.

嗨，早安。感謝您提出問題。季度執行情況良好。您在本季度演示中對三到五年模型進行了更新。正如你所說明的，調整後的利潤率、毛利率接近 50%，我認為，第一季度演示中的毛利率約為 40%，我想重新審視這一點電價似乎不斷上漲，來自其他網絡的廣泛競爭，據我所知，這些網路通常以較低的價格收費，未來的天然氣價格可能會較低，這顯然會影響PCO。

So I guess what I'm getting at is can you unpack your expectations around pricing, price increases, power prices, inflation and other factors that are driving to this adjusted gross margin target? And more importantly or equally importantly, what's changed in your view to raise this this gross margin target by 10 percentage points at the midpoint?

所以我想我的意思是，你能解釋一下你對定價、價格上漲、電價、通貨膨脹和其他推動調整後毛利率目標的因素的期望嗎？更重要或同樣重要的是，您認為將毛利率目標中位數提高 10 個百分點有何變化？

So I don't think that, the gross margin target has changed actually, bill for the three to five year outlook, we are assuming that prices, unit prices and unit costs that we're seeing today are intact in three to five years' time. And the reason we believe that is because there's tremendous demand for charging infrastructure that exceeds supply and with Tesla slowdown or withdrawal or whatever it is, I think just further reinforces demand exceeding supply for charging infrastructure in the long term.

因此，我認為毛利率目標實際上並沒有改變，針對三到五年的前景，我們假設我們今天看到的價格、單價和單位成本在三到五年內保持不變。我們之所以相信這一點，是因為充電基礎設施的巨大需求超過了供應，而隨著特斯拉的放緩或退出或其他原因，我認為從長遠來看，這只會進一步加劇充電基礎設施的需求超過供應。

We I think as I said before, we are really in our in the early stages around the level of sophistication of pricing. I've talked a little bit about pricing in prior calls in terms of time-of-use pricing, clearly obviously location-based pricing, but we are introducing and we have begun introducing automated dynamic demand-based pricing, relatively small portion of the network and expect that to continue.

我認為正如我之前所說，我們確實處於定價複雜程度的早期階段。我在之前的電話會議中就使用時間定價談過一些定價，顯然是基於位置的定價，但我們正在引入並且我們已經開始引入基於需求的自動動態定價，相對較小的一部分網絡並期望這種情況能夠繼續下去。

And so for all those reasons, we felt that there's really and only upside actually in the margins as I look forward over time, the real drivers here of course, is the tremendous tailwind of charge rates. Charge rates are rising because vehicle mix, batteries and the vehicles that Americans are buying are getting faster and we're deploying faster chargers on the road in our fleet, together with a relatively modest utilization assumption, generate some very compelling cash flows per store.

因此，基於所有這些原因，我們認為，隨著時間的推移，我認為利潤率實際上只有上升空間，真正的驅動因素當然是收費率的巨大推動力。充電率正在上升，因為美國人購買的車輛組合、電池和車輛速度越來越快，我們正在車隊的道路上部署更快的充電器，再加上相對適度的利用率假設，每家商店都會產生一些非常引人注目的現金流。

Just to be clear, in the first quarter, you had a range of adjusted gross profit of $220 million to $300 million and a revenue of $600 million to $700 million at midpoint is 40%. In this presentation, you have $314 million adjusted gross profit at a revenue of $640 million, so that's closer to 50%. We can take that offline, but it is a difference.

需要明確的是，在第一季度，調整後的毛利範圍為 2.2 億美元至 3 億美元，營收為 6 億美元至 7 億美元，中點率為 40%。在本簡報中，您的調整後毛利為 3.14 億美元，收入為 6.4 億美元，因此接近 50%。我們可以將其離線，但這是有區別的。

My next question is, in the just a settlement on election risks. So you talked about the duty loans program, but now you're engaged in a process, but how much timing risks should we think about this in advance of the election? Do you have a sense of urgency to get this funding done before the election? I guess more broadly, what is your current thinking on policy support or any potential changes that we could see in a change of government?

我的下一個問題是，在剛解決選舉風險方面。所以你談到了關稅貸款計劃，但現在你正在進行一個過程，但我們應該在選舉之前考慮多少時間風險？您是否有在選舉前完成這筆資金的迫切感？我想更廣泛地說，您目前對政策支持或我們在政府更迭中可能看到的任何潛在變化有何看法？

Yeah. I think a couple of things here. I mean, I think as we've said in prior calls, people are buying electric vehicles across the United States. Some of the states that we're seeing, the strongest demand for charging are actually at states like Texas and Florida, a handful of other red or purple states. So we're seeing what we're seeing on the ground are people buying electric vehicles across the United States and are charging demand is occurring across the United States, red states and blue states.

是的。我想這裡有幾件事。我的意思是，我認為正如我們在之前的電話會議中所說的那樣，美國各地的人們正在購買電動車。我們看到的一些州，充電需求最強勁的州實際上是德克薩斯州和佛羅裡達州，以及其他一些紅色或紫色州。因此，我們實際看到的是，人們在美國各地購買電動車，並且美國各地、紅州和藍州都出現了充電需求。

And I think that just speaks very well to the underlying demand. We think our business is successful and thrive under any administration. I think the IRA particularly has is delivering hundreds of billions of dollars of investment in a number of key states across United States. So I think that's a very solid ground. The states have gone after the Navy program, although it's not a core part of our business today, as I said before, are tend to be read Republican states, and that's what we've seen over the course of the last year and a half.

我認為這很好地說明了潛在的​​需求。我們認為，在任何政府管理下，我們的業務都會成功並蓬勃發展。我認為愛爾蘭共和軍尤其在美國的一些關鍵州提供了數千億美元的投資。所以我認為這是一個非常堅實的基礎。各州都在追求海軍計劃，儘管這不是我們今天業務的核心部分，正如我之前所說，它們往往被解讀為共和黨州，這就是我們在過去一年半中所看到的情況。

So we feel actually very good ground, with regardless of what happens in the election. In terms of DOE LPO, you will have seen and the DOE LPO team are very -- are working very hard to get more applications through their pipeline. And together with the work that we've had over the course of this last quarter, we feel pretty confident in being able to get conditional commitment this year.

因此，無論選舉發生什麼，我們實際上都感覺非常有基礎。就 DOE LPO 而言，您將會看到 DOE LPO 團隊正在非常努力地透過他們的管道獲得更多申請。加上我們在上個季度所做的工作，我們對今年能夠獲得有條件的承諾非常有信心。

Craig Irwin, ROTH Capital Partners.

克雷格歐文，羅仕資本合夥人。

Good morning. Thanks for taking my questions. Definitely appreciate the update on the financing in your prepared remarks. You talked about the eligibility of certain 2023 stalls, 2023 vintage styles in the presentation you said, and '24 vintage is now supposed to have 50% capital assets. It was $160 million spend or just under on CapEx in '23. Can you maybe help us sort of frame out what this incremental funding would be proportionate to the the CapEx that was spent last year?

早安.感謝您回答我的問題。非常感謝您在準備好的發言中提供有關融資的最新資訊。您在演講中談到了某些2023年攤位的資格，2023年復古風格，以及'24復古現在應該擁有50％的資本資產。23 年的資本支出支出為 1.6 億美元或略低於 1.6 億美元。您能否幫助我們確定增量資金與去年支出的資本支出的比例是多少？

Sure. Stephanie. Do you want to take that first?

當然。史蒂芬妮。你想先拿那個嗎？

Yeah. Thanks for the question, Craig. I think it's a little bit interesting because when we talk about fiscal CapEx versus vintage CapEx it gets a little bit interesting because from a fiscal CapEx perspective, right, we spend in advance of the year of the vintage. So as I mentioned in my in our prepared remarks, we in terms of the amount that we have to spend now incrementally in advance and because we have shorter lead time between mobilization and construction starts, fiscal CapEx, it's a little bit interesting. So I'd rather speak to more of the vintage kind of concept.

是的。謝謝你的提問，克雷格。我認為這有點有趣，因為當我們談論財政資本支出與老式資本支出時，它會變得有點有趣，因為從財政資本支出的角度來看，我們在老式年份之前就支出了。正如我在準備好的發言中提到的，就我們現在必須提前增量支出的金額而言，因為我們在動員和建設開始之間的準備時間較短，所以財政資本支出有點有趣。所以我寧願談論更多復古的概念。

And so from a vintage perspective, when we look at the 2024 vintage, what's driving the higher percentages of capital offsets is really the mix. One being that it's a higher mix of the GM stalls that we've got. So we've got higher reimbursements from from the GM side of the partnership as well as just we've just been much more successful. We've been very, very focused and in the past year with trying to maximize grant funding in our site selection.

因此，從年份的角度來看，當我們審視 2024 年年份時，推動資本抵銷比例上升的真正原因是混合因素。其中之一是，它是我們擁有的通用汽車檔位的更高組合。因此，我們從合作夥伴的通用汽車方面獲得了更高的報銷，並且我們剛剛取得了更大的成功。在過去的一年裡，我們一直非常非常專注，試圖在選址過程中最大限度地利用補助金。

So what you're seeing in the vintage side is really the result of a lot of the work, the hard work that's gone on with really focusing on maximizing the grant funding as well as the 30C coming into play as well. And so that's really what's driving the 50%. And so, the 2023 vintage stalls didn't have some of those elements in there or the extent that we have now. And so the mix was also very different in 2023 vintage. So it's a little bit more challenging sort of to compare some of that. But hopefully that provides color with the success that we're seeing with the 22024 vintage.

因此，您在復古方面看到的實際上是大量工作的結果，是真正專注於最大限度地提高撥款資金以及發揮作用的 30C 所進行的艱苦工作。所以這才是推動這 50% 的人的真正原因。因此，2023 年的復古攤位並沒有其中的一些元素，也沒有我們現在所擁有的程度。因此，2023 年年份的組合也非常不同。因此，比較其中的一些更具挑戰性。但希望這能為我們在 22024 年年份酒中看到的成功增添色彩。

We don't expect that same level of 50% to continue. And as Badar mentioned, when he spoke to the unit economics, when we're talking about the sort of 80% CapEx expectation in the three to five years, even if we had a lower percentage of capital offset with the architecture that we're targeting, that's really we're going to see a lot more of the improvements in our cost structure.

我們預計 50% 的水平不會持續下去。正如巴達爾所提到的，當他談到單位經濟學時，當我們談論三到五年內 80% 的資本支出預期時，即使我們的架構的資本抵消比例較低瞄準目標，我們確實會看到我們的成本結構有更多的改進。

Thanks.

謝謝。

Can I just add? I think the team has done a fantastic job of building stores this year that have higher offsets much of choosing stalls that are cheaper sites, building cheaper on the sites that we were expecting to build. And I think all of that actually shows the flexibility that we have in our development pipeline where we can, in fact, move to sites that have these higher and more attractive cash flow profiles as we've done this past quarter.

我可以直接添加嗎？我認為今年團隊在建造商店方面做得非常出色，這些商店的抵消額較高，大部分選擇了更便宜的地點的攤位，在我們期望建造的地點上建造更便宜的攤位。我認為所有這些實際上都表明了我們在開發管道中所具有的靈活性，事實上，我們可以轉移到現金流量更高、更具吸引力的地點，就像我們上個季度所做的那樣。

Understood. Understood. So my next question, I guess is something Bill was touching on, but I'll ask it a different way, right. If you look at the big picture, right, electricity rates are up about 30% in the last year year and a bit here in North America, your charging gross margins have gone from 19% to 34%. So the utilization and efficiencies that you just mentioned are clearly going to benefit you now and going forward.

明白了。明白了。所以我的下一個問題，我想是比爾談到的，但我會用不同的方式問，對吧。如果你看一下大局，對吧，去年電費上漲了約 30%，在北美，你的充電毛利率從 19% 上升到了 34%。因此，您剛才提到的利用率和效率顯然將使您現在和未來受益。

But can you maybe unpack for us what you're doing that's allowing you to pass through this price increases what sort of protection do you have or what sort of competitive dynamic is there that's allowing you to pass through efficiently these higher electricity costs, given that it's having a material impact in other areas of the economy?

但是，您能否為我們解釋一下您正在做的事情可以讓您度過這次價格上漲，您有什麼樣的保護或有什麼樣的競爭動態可以讓您有效地度過這些更高的電費，考慮到它對經濟的其他領域產生了重大影響嗎？

It's a good question, Craig. And just to be a reminder, we have not increased prices. We are seeing expanding charging margin because of the operating leverage that sits within cost of sales. At the end of last year, roughly 40% of our cost of sales was fixed. And so as utilization expands, as we're getting more usage on a per store basis, which is exactly what we've been seeing for the better part of a year and a half now. And we would expect to continue to see we will see expanding charging margin without any impact on prices.

這是個好問題，克雷格。提醒一下，我們沒有提高價格。由於銷售成本中的營運槓桿，我們看到收費利潤率不斷擴大。去年年底，我們大約 40% 的銷售成本是固定的。因此，隨著利用率的擴大，隨著我們在每家商店的基礎上獲得更多的使用量，這正是我們在一年半的大部分時間所看到的。我們預計充電利潤率將繼續擴大，而不會對價格產生任何影響。

And I think that is I think that's the beauty of the economic model that we have here. Tremendous operating leverage in both cost of sales and tremendous operating leverage in G&A, where roughly 70% of our G&A is fixed. So once the store-based cash flow, the cash flow from stores from store base times. The number of stores exceeds the fixed costs. All of those cash flow streams fall straight to the bottom line.

我認為這就是我們這裡經濟模式的美妙之處。銷售成本和一般管理費用方面都具有巨大的營運槓桿，其中約 70% 的一般管理費用是固定的。所以店基現金流一次，店基現金流一次。商店數量超過固定成本。所有這些現金流都直接落入利潤。

With respect to margins and prices beyond the operating leverage that expansion that we have driven expansion that we've been seeing. As I said before, there is very strong underlying demand for charging and for fast charging infrastructure of the reasons I laid out both underlying growth in battery electric vehicles, but also the several tailwinds that is shifting and growing the share of public charging.

就利潤率和價格而言，超出營運槓桿的擴張是我們推動的擴張，我們已經看到了這一點。正如我之前所說，充電和快速充電基礎設施存在非常強勁的潛在需求，這不僅是電池電動車潛在增長的原因，也是公共充電份額不斷變化和增長的幾個推動因素的原因。

And I'm not even covering the charging that we may expect to get from Tesla VIO that's not currently showing up in our network. I think all of those reasons are support margin that unit margins, prices minus costs on a per cents per kilowatt hour basis remaining robust for the foreseeable future.

我甚至沒有涵蓋我們可能期望從 Tesla VIO 獲得的充電，這些充電目前尚未出現在我們的網路中。我認為所有這些原因都支持單位利潤率、價格減去每千瓦時百分比成本在可預見的未來保持強勁。

Thank you so much. My next question, I should probably start with I we all appreciate the significant improvement in our disclosures over the last couple of quarters on the charging network. Gross margin is one of the items that all of us looking closely are kind of backfilling in our models as we get the incremental quarters as you print them. So on you mentioned the seasonality, right? We did have a dip of 560 basis points sequentially in these charging network gross margins, which was more than the year-ago quarter.

太感謝了。我的下一個問題，我可能應該從「我們都讚賞過去幾季充電網路披露方面的重大改進」開始。毛利率是我們所有人密切關注的項目之一，它是在我們的模型中回填的項目，因為我們在列印它們時會得到增量季度。那麼您提到了季節性，對吧？我們的這些充電網路毛利率確實連續下降了 560 個基點，比去年同期下降了更多。

Can you maybe talk us through how things played out last year, did we trough in the second or third quarter? And based, I guess the math says we obviously troughed probably in the third quarter, but how how do we expect things to play this year as far as charging network gross margins, given the network charges and the other items that impact the short term margins here? And then, are there any of the items that you know, there's an apparent acceleration of store build-outs maybe at the company? And are any of those those expenses going to be there in the charging that record gross margins as you disclose them at this point?

您能否向我們介紹去年的情況，我們是在第二季還是第三季陷入低谷？基於這一點，我想數學表明我們可能在第三季度明顯陷入低谷，但考慮到網路費用和其他影響短期利潤的項目，就收費網路毛利率而言，我們預計今年的情況如何在這裡？然後，您是否知道，公司的商店擴建速度明顯加快？當您此時揭露這些費用時，這些費用是否會包含在記錄毛利率的費用中？

Quite a few things in there, Craig, but, let me also ask Stephanie to step in. We did have some one-offs in Q1, which we talked about on the last call that push to charging margin of that 5 percentage points in terms of going forward, Q3 is typically the low point, that's where we have the highest tariffs for electricity that we buy. Stephanie, do you want to expand on either of those two points?

克雷格，裡面有很多東西，但是，讓我也請史蒂芬妮介入。我們在第一季確實有一些一次性的事情，我們在上次電話會議上談到了這一點，這些事情推動了未來5 個百分點的充電利潤率，第三季度通常是最低點，那是我們電費最高的地方我們買的。史蒂芬妮，你想進一步闡述這兩點嗎？

Sure. That's exactly it, Badar. Q1, as a reminder, we did have some breakage revenue, the onetime breakage revenue that impacted and drove favorability because that was all 100% charging margin there. So that amount was was roughly $2.5 million that we saw as that one-time sort of adjustment. And then in Q2, you do start seeing some of the summer tariffs hit, especially in the month of June is when you start seeing the cost rise.

當然。正是如此，巴達爾。第一季度，提醒一下，我們確實有一些破損收入，一次性破損收入影響並提高了好感度，因為那裡都是 100% 的收費利潤。所以這個金額大約是 250 萬美元，我們認為這是一次性的調整。然後在第二季度，您確實開始看到一些夏季關稅受到影響，特別是在六月，您開始看到成本上升。

So Q2 actually does already you start to see the seasonal shift on the charging network margin and then where you see it full-bore clearly is in Q3. So even last year, I think there are every period sort of have some some one-time adjustments and we did also have some one-time adjustments in the Q2 2024 on charging network margins as well.

因此，第二季實際上你已經開始看到充電網路利潤率的季節性變化，然後你可以在第三季清楚地看到它的全面變化。因此，即使是去年，我認為每個時期都會進行一些一次性調整，我們在 2024 年第二季度也確實對充電網路利潤率進行了一些一次性調整。

And so sometimes it does create some unexpected variances that you would see And so but going forward, you know, really the what we need to sort of focus in on is what the expected margin is with the seasonality. And so even as you're looking out to your forecasting for Q3 and Q4, again, you would expect to see that margin hit in Q3 and then bump back up in improve in Q4.

所以有時它確實會產生一些意想不到的差異，你會看到所以但是展望未來，你知道，我們真正需要關注的是季節性的預期利潤率。因此，即使您再次關注對第三季和第四季的預測，您也會期望看到第三季的利潤率上升，然後在第四季度有所改善。

And you mentioned the $2.5 million in the first quarter. What was the delta in the second quarter either positive or negative? Can you possibly share that number with us?

您提到第一季的 250 萬美元。第二季的增量是多少，是正數還是負數？您能與我們分享這個號碼嗎？

The big -- normally with some of our partnership contracts, we have breakage that happens our largest contract that had breakage in there was on the phone contract in Q1 and so that is not recurring. There's also -- in Q2, we didn't have any sort of material, large one-time adjustments. There were a series of smaller ones. So there wasn't anything of that magnitude kind of all in there. And so nothing to call out from that perspective, Craig, that we would adjust of a similar magnitude, just a series of smaller one-time adjustments in various areas.

最大的問題是，通常我們的一些合作夥伴合約都會出現破損，我們最大的合約出現破損是在第一季的電話合約上，所以這種情況不會再發生。還有 - 在第二季度，我們沒有進行任何重大的一次性調整。還有一系列較小的。所以裡面並沒有那麼大的東西。因此，克雷格，從這個角度來看，我們不會進行類似幅度的調整，只是在各個領域進行一系列較小的一次性調整。

I think, Craig, if you if you take out the breakage that Stephanie talked about in Q1, it gets you to about the same more or less the same charge in margin this quarter. We've clearly seen a slight improvement in utilization. And you can see from your economic slide and the improvements in utilization and charge rate improves charging margin, but we also have lower LCFS price this quarter than we had in the first quarter. So that's impacted the charging margin a little bit.

我認為，克雷格，如果你剔除史蒂芬妮在第一季談到的破損問題，那麼本季的利潤率將大致相同。我們明顯看到利用率略有提高。您可以從經濟下滑中看到，利用率和收費率的提高提高了收費利潤率，但我們本季的 LCFS 價格也低於第一季。所以這對充電利潤產生了一些影響。

Yes. LCFS, as a percentage of total revenue, it is shrinking. That's less than 5% and the LCFS is also 100% margin for that, to Badar's point, it will drive off of volatility in your charging network margin. In terms of LCFS pricing right now are consistent with the rest of the market. I think we're expecting that it will hold to the current levels through the rest of this year. But you know that clearly also will have a can have an impact on the charging network margin.

是的。LCFS佔總收入的百分比正在萎縮。這不到 5%，而 LCFS 的利潤率也是 100%，根據 Badar 的觀點，它將消除充電網路利潤率的波動。就 LCFS 定價而言，目前與市場其他定價一致。我認為我們預計今年剩餘時間它將保持在當前水平。但你知道，這顯然也會對充電網路利潤產生影響。

Great. Thanks for the detail and congrats on the strong progress.

偉大的。感謝您提供的詳細資訊並祝賀取得的巨大進展。

Thank you.

謝謝。

William Griffin, UBS.

威廉‧格里芬，瑞銀集團。

Hi, Badar. (inaudible) everybody. Good to speak with you all. My first question here was just going back to the charging margin again here. Do you see implementation of dynamic pricing as potentially helping to drive more stable charging margin going forward around the volatility or variability you see in wholesale rates? Or do you see this more as a just increasing your ability to capture a higher margin during times of higher customer demand.

嗨，巴達爾。 （聽不清楚）大家。很高興與大家交談。我的第一個問題是再次回到充電裕度。您認為動態定價的實施是否有可能有助於在批發費率波動或變化的情況下推動更穩定的收費利潤率？或者您認為這只是提高您在客戶需求較高時獲取更高利潤的能力。

Really, what we're doing is I spoke about this on the call just now on the main part of the call, we are I think we have reached a level of scale and sophistication where we are able to not just build chargers and hope people show up at whatever time of the day they want, but actually build chargers and increasingly some impact when customers are charging. So charging throughout the day where we've got utilization across all 24 hours without and so therefore growing utilization without having challenges with queuing.

真的，我們正在做的是我剛才在電話會議的主要部分談到了這一點，我認為我們已經達到了一定的規模和復雜程度，我們不僅能夠製造充電器並希望人們他們可以在一天中的任何時間出現，但實際上是在製造充電器，並且在客戶充電時產生越來越大的影響。因此，全天充電，我們可以在 24 小時內獲得利用率，因此可以在不存在排隊挑戰的情況下提高利用率。

And secondly, shifting demand, where we're trying to get the right customers that buy, if you will, charging at the right times of the day where we’re at maximizing margin capture. That's what our that's what we're after. That's what we're doing. And that's that requires us to have sophisticated pricing, not just time of use and location based pricing, but demand-based pricing. It also requires different subscription programs, and it also requires sophisticated outreach to customers going live with the new customer database, a customer data and engagement platform as we did in the second quarter, allows us to achieve all of that.

其次，改變需求，我們試圖吸引合適的客戶購買，如果你願意的話，在一天中合適的時間充電，這樣我們就能最大限度地獲取利潤。這就是我們的，這就是我們所追求的。這就是我們正在做的事情。這就要求我們進行複雜的定價，不僅是基於使用時間和位置的定價，而是基於需求的定價。它還需要不同的訂閱計劃，還需要對使用新客戶資料庫、客戶資料和參與平台上線的客戶進行複雜的推廣，就像我們在第二季度所做的那樣，這使我們能夠實現所有這些目標。

Got it. And just on the OEM partnerships, you to the extent you can speak to it would be curious to hear, sort of how conversations with GM have been going as you continue to partner and partner with them. And then, on to the extent you've had some conversations with other other OEMs about potentially establishing similar partnerships here in the future?

知道了。就 OEM 合作夥伴關係而言，您可能會很想知道，當您繼續與通用汽車合作時，與他們的對話是如何進行的。然後，您是否與其他原始設備製造商就未來可能建立類似的合作夥伴關係進行了一些對話？

GM partnership is great. We've had a very strong and very long-standing relationship with them. As Stephanie and I both said over the call, one of the reasons we have I've done a nice job on cash this quarter is that we've had more stores that are GM funded to operational than maybe we expect the beginning of the year, and that's a result of strong partnership with them. So that's going very well in terms of other OEM discussions.

通用汽車的合作關係很棒。我們與他們有著非常牢固且長期的關係。正如斯蒂芬妮和我在電話中所說，本季度我們在現金方面做得很好的原因之一是，我們有更多的商店由通用汽車資助運營，比我們年初的預期要多，這是與他們強而有力的合作關係的結果。因此，就其他 OEM 討論而言，進展非常順利。

And we did do we did announce a very, very small kind of pilot infrastructure deal with Toyota earlier this year where they funded the construction of a couple of locations for us. And so we are in for it. We're engaged in dialogue with that almost a dozen OEMs, ranging from either infrastructure dialogue to charging credits to data integration to help their drivers locate the charging stations that we have. So we're pleased that dialogue and we intend to continue with it.

我們確實做到了，今年早些時候，我們確實宣布了與豐田的一項非常非常小的試點基礎設施協議，他們為我們資助了幾個地點的建設。所以我們就這麼做了。我們正在與近十幾家原始設備製造商進行對話，範圍從基礎設施對話到充電積分，再到數據集成，以幫助他們的司機找到我們擁有的充電站。因此，我們對此次對話感到高興，並打算繼續進行。

Very good That's all for me. Thanks.

非常好 這就是我的全部。謝謝。

Thank you.

謝謝。

Chris Pierce, Needham & Company.

克里斯皮爾斯，李約瑟公司。

Hey, good morning, everyone. I'm looking at Slide 19. And if you think about charge rate as the tip of the spear, what can you control here? Like what's the governor like? Should we see a step function improvement in charge rate based on new cars are being released, the new styles out there because that drives throughput per style that shows utilization. That's where it seems to be the tip of the spear. I just want to think about the right way to think about charge rate over the next couple of years.

嘿，大家早安。我正在看投影片 19。如果你把充電速度想像成矛尖，你能在這裡控制什麼？州長是什麼樣的人？如果我們看到基於正在發布的新車的充電率的階躍函數改進，那麼新款式就會出現，因為這會提高每種款式的吞吐量，從而顯示利用率。那似乎就是矛尖的地方。我只想考慮未來幾年收費率的正確方法。

Yes. I mean, as well, I mean, if you go back to your economic slide, Chris, we are expecting charge rates to get up to about 80% in three to five years. And that's that is simply a function of assuming that Americans are buying electric vehicles with the same mix they were last year. And so the same mix of higher charge versus lower charge rate vehicles and our EVgo continues to install mostly 350 kilowatt charger.

是的。我的意思是，克里斯，如果你回到經濟下滑的情況，我們預計收費率將在三到五年內升至 80% 左右。這只是假設美國人購買的電動車與去年相同的組合的函數。因此，高充電率與低充電率車輛的相同組合，我們的 EVgo 繼續安裝大部分 350 千瓦的充電器。

So our the mix of 350 kilowatt charging across our network expands, it's gone from 20% at the beginning of 2023 to just over 40% today, hopefully get up to about 50% by the end of this year. That will continue as it's mostly what we're deploying those two factors just by themselves will result in charge rates getting up to that 80 level in three to five years.

因此，我們整個網路的 350 千瓦充電組合不斷擴大，從 2023 年初的 20% 增加到今天的 40% 多一點，希望到今年年底能達到 50% 左右。這種情況將持續下去，因為我們主要是單獨部署這兩個因素，將導致收費率在三到五年內達到 80 的水平。

That assumes no improvement in technology, that assumes OEMs don't bring out faster charge rate cars, which of course they are. In other words, it assumes the vehicles that were on the market last year. So I would expect to see charge rates continue and over the next several years. And as you have pointed out, charge rates and utilization of the two inputs into through daily throughput per store, which is all about the operating leverage that stick that's growing charging margin quite nicely for us. I will say that, (multiple speakers)

這是假設技術沒有進步，假設原始設備製造商沒有推出更快充電速度的汽車，當然他們確實是如此。換句話說，它假設的是去年上市的車輛。因此，我預計收費率將在未來幾年內繼續下去。正如您所指出的，收費率和每家商店每日吞吐量的兩個投入的利用率，這都與營運槓桿有關，這對我們來說非常好地增加了收費利潤。我會說，（多個發言者）

There is conservatism.

有保守主義。

I would say that charge rates, there is some seasonality in charge rates. So charge rates tend to be lower in the winter months and higher in the summer months.

我想說的是收費率，收費率有些季節性。因此，冬季的收費率往往較低，夏季的收費率往往較高。

Okay. And then with the 10,000 stalls that you pencil, according to your prepared remarks, how do you -- so I'm assuming competition to the stalls has lessened or I guess I don't really know if Tesla was using the same algorithm to sign find the same stalls, et cetera. But have you thought about trying to increase the pace of stall growth? Or I'm just kind of curious what the competition is like for these sites versus industry changes in the past six months?

好的。然後，根據您準備好的評論，您用鉛筆畫出 10,000 個攤位，您會如何 - 所以我假設對攤位的競爭已經減少，或者我想我真的不知道特斯拉是否使用相同的演算法來簽名找到相同的攤位等等。但你有沒有想過嘗試加快攤位成長的速度？或者我只是好奇這些網站的競爭與過去六個月的產業變化有何不同？

Yeah. So look, we are we've got excellent relationships across the board that you were talking about the relationships with OEMs just a minute ago, but we've got fantastic relationships with site hosts as well as other partners in the ecosystem. I think that's what differentiates EVgo from the dozens of smaller operators in the US. I think what also differentiates the company is our -- very sophisticated site selection and proprietary algorithms that go into where we locate our stores.

是的。所以看，我們在各方面都建立了良好的關係，就像您剛才談論的與 OEM 的關係一樣，但我們與網站託管商以及生態系統中的其他合作夥伴也建立了極好的關係。我認為這就是 EVgo 與美國數十家小型業者的不同之處。我認為該公司的與眾不同之處還在於我們非常複雜的選址和專有演算法，這些演算法用於我們商店的選址。

I put up a chart on the prepared remarks of the sites are just getting better. The stuff that with the charging stations that we installed in 2023 are better than everything we installed every year prior. And so we feel very good that there's a great set of sites that are out there for us in terms of competition. It's I think it's still relatively early days in terms of Tesla's slowdown or withdrawal or whatever it is. But we expect to be able to continue the journey that we're at in terms of accelerating our growth of stores.

我在網站上準備好的評論上貼了一張圖表，這些網站正在變得更好。我們在 2023 年安裝的充電站比我們之前每年安裝的所有東西都要好。因此，我們感到非常高興，因為在競爭方面有很多很棒的網站可供我們選擇。我認為就特斯拉的放緩或退出或其他什麼而言，現在還相對較早。但我們希望能夠繼續我們在加速商店成長方面的旅程。

I mean the financing that I've been talking about for the last couple of quarters, the goal is to be able to accelerate the pace of stalls. And so I've talked about potentially accelerating that may up to two times or more. And that depends upon the quantum of the financing that we're able to achieve.

我指的是過去幾季我一直在談論的融資，目標是能夠加快攤位的速度。所以我談到了潛在的加速可能高達兩倍或更多。這取決於我們能夠實現的融資金額。

Clearly, if we installed no more stores next year and reaching EBITDA breakeven, we would actually be cash flow positive at that point or cash flow breakeven. But with the economics and the returns that I think these stores present, I think shareholders would expect us to continue to deploy at faster rates as long as we're generating these returns.

顯然，如果我們明年不再開設更多商店並達到 EBITDA 盈虧平衡，那麼我們實際上會在那時實現正現金流或現金流盈虧平衡。但考慮到這些商店所帶來的經濟效益和回報，我認為只要我們能夠產生這些回報，股東就會期望我們繼續以更快的速度部署。

Thanks for the detail.

謝謝你的詳細資料。

Yeah.

是的。

Andrew Shepard, Cantor Fitzgerald.

安德魯·謝潑德，康托·菲茨杰拉德。

Hi. Good morning, everyone. Thanks for taking our questions and congratulations on the quarter. A lot of our questions have been asked by now, but maybe to take a step back, I'm wondering if you could elaborate on the 20% average utilization rate that you've experienced in your view, how does this compare with the industry average? And what do you attribute to this 20% average usage? Thank you.

你好。大家早安。感謝您提出問題並對本季表示祝賀。現在我們已經問了很多問題，但也許退一步，我想知道您是否可以詳細說明您所經歷的 20% 的平均利用率，您認為這與行業相比如何平均的？您將這 20% 的平均使用率歸因於什麼？謝謝。

Well, like we've seen tremendously strong underlying demand. That is both in terms of growth in the sales of battery electric vehicles. And again, to point out, the majority of our network today are non Tesla vehicles, which we see new sales of non Tesla vehicles grew 35% year over year, Q2 versus Q2 last year. We're also seeing multiple tailwinds that we expect to continue to see for the foreseeable future that's growing the share of public charging.

嗯，就像我們看到了非常強勁的潛在需求。這不僅體現在純電動車銷量的成長方面。再次需要指出的是，我們今天的大部分網路都是非特斯拉汽車，我們看到非特斯拉汽車的新銷量與去年第二季度相比同比增長了 35%。我們也看到了多種有利因素，預計在可預見的未來，公共充電份額將繼續增加。

So that's electrifying rideshare, that's electrifying affordable vehicles, attracting people without charging at home over time, autonomous vehicles faster charge rates. The earlier question actually encourages people to charge it on public locations because they're able to charge much faster.

這就是令人興奮的乘車共享，這就是讓經濟實惠的車輛電氣化，隨著時間的推移吸引人們無需在家充電，自動駕駛汽車的充電速度更快。前面的問題實際上鼓勵人們在公共場所充電，因為他們能夠更快地充電。

So all those things are driving underlying demand. That's why throughput, our network has grown four times faster than the growth. The growth in throughput has grown four times faster than the growth in VIO. That's what's driving utilization from 11% to 20%. And I think as Stephanie said, that's 21% for the month of June. And so we're very pleased with that.

因此，所有這些因素都在推動潛在需求。這就是為什麼我們的網路吞吐量成長速度比成長速度快四倍。吞吐量的成長速度是 VIO 成長速度的四倍。這就是利用率從 11% 提高到 20% 的原因。我認為正如 Stephanie 所說，6 月的成長率為 21%。我們對此非常滿意。

In addition, as I said, on the call. We are now deploying reasonably sophisticated campaigns to encourage customers to charge at all hours of the day where we don't experience queuing issues that may be less sophisticated charge point operators and we are experiencing today.

此外，正如我所說，在電話會議上。我們現在正在部署相當複雜的活動，以鼓勵客戶在一天中的任何時間充電，這樣我們就不會遇到排隊問題，而這些問題可能是不太複雜的充電點運營商所遇到的，而我們今天卻遇到了這種情況。

Got it. That's helpful. But I guess specifically to EVgo, you know, how does that 20% average utilization rate for DC fast-charging in public locations compare to maybe the industry average in your view? Thank you.

知道了。這很有幫助。但我想具體到 EVgo，你知道，在你看來，公共場所直流快速充電 20% 的平均利用率與行業平均水平相比如何？謝謝。

Well, I don't know if anybody has the data to be able to answer that question definitively. My expectation is that we have a better, stronger utilization rates for a number of reasons, A., we are deploying these sophisticated programs to be able to get customers to charge throughout the day through subscription programs, marketing efforts, the pricing programs. And B, our locations tend to be in urban suburban locations versus highway locations.

嗯，我不知道是否有人有數據能夠明確回答這個問題。我的期望是，我們有更好、更強的利用率，原因有很多，A.我們正在部署這些複雜的計劃，以便能夠透過訂閱計劃、行銷工作和定價計劃讓客戶全天收費。B，我們的地點往往是在城市郊區而不是高速公路地點。

And we've been deploying some very sophisticated algorithms to choose sites that have the best performance which keeps getting better over time through part of the chart I showed in terms of new vintage stores having higher throughput daily throughput than prior years so I think for all those reasons, I expect that we're performing better than the market average.

我們一直在部署一些非常複雜的演算法來選擇具有最佳性能的站點，這些站點隨著時間的推移不斷變得更好，透過我在圖表中顯示的部分圖表，新古董店的日吞吐量比前幾年更高，所以我認為對於所有人來說由於這些原因，我預計我們的表現優於市場平均水平。

And that concludes our question and answer session. I will now turn the call back over to CEO, Badar Khan, for some closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給執行長巴達爾汗 (Badar Khan)，讓其發表一些結束語。

Great. Thank you. Thank you, everyone. We've had, I think yet another great and record quarter that continues to be strong underlying demand and multiple tailwinds that public fast charging operators continued to benefit for years to come. EVgo has reached a level of scale where we now have multiple sources of competitive advantage over the dozens of smaller operators in the states and the trajectory of our unit economics.

偉大的。謝謝。謝謝大家。我認為我們已經經歷了另一個偉大且創紀錄的季度，該季度仍然強勁的潛在需求和公共快速充電運營商在未來幾年繼續受益的多重推動力。EVgo 已經達到了一定的規模水平，與各州的數十家小型營運商相比，我們現在擁有多種競爭優勢來源，並且我們的單位經濟軌跡也如此。

I think you can clearly see that we are on a path to EBITDA breakeven in 2025. And more importantly, with the operating leverage that we have in the business, there's very strong EBITDA growth and returns potential. And I look forward to providing more updates to you on future calls. Thanks very much, everyone.

我認為您可以清楚地看到，我們正在 2025 年實現 EBITDA 盈虧平衡。更重要的是，憑藉我們在業務中擁有的營運槓桿，EBITDA 成長和回報潛力非常強勁。我期待在未來的通話中向您提供更多最新資訊。非常感謝大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。