EVgo Inc (EVGO) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Janine, and I will be your lead operator for today's call. At this time, I would like to welcome everyone to the EVgo Q3 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫珍妮，我將擔任今天通話的首席接線生。此時此刻，我謹歡迎大家參加 EVgo 2024 年第三季財報電話會議。（操作員說明）

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

我現在想將電話轉給投資者關係副總裁希瑟戴維斯​​ (Heather Davis)。請繼續。

Good morning, and welcome to EVgo's third-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 Paul Dobson, EVgo's Chief Financial Officer. Our EVP of Finance and Accounting, Stephanie Lee, will join us for the question-and-answer portion of the call.

早安，歡迎參加 EVgo 的 2024 年第三季財報電話會議。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；和 EVgo 財務長 Paul Dobson。我們的財務和會計執行副總裁 Stephanie Lee 將參加我們電話會議的問答部分。

Today, we will be discussing EVgo's third-quarter financial results and our updated outlook for 2024, 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 第三季財務表現和我們對 2024 年的最新展望，然後進行問答環節。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。電話會議將存檔並在電話會議結束後發布，同時還有公司的財報發布和投資者介紹。

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 and quarterly report on Form 10-Q.

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。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 10-K 表年度報告和 10-Q 表季度報告的風險因素部分。

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

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。另請注意，我們將在電話會議中提及某些非公認會計準則財務指標。有關這些非公認會計原則措施的信息，包括與相應公認會計原則措施的調節，可以在我們網站投資者部分的收益材料中找到。

With that, I'll turn the call over to 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. I want to take a moment to welcome Paul Dobson. Paul joined as our CFO at the beginning of October after a fulsome search. I've enjoyed partnering with him over the last six weeks at EVgo, and I know investors and analysts alike will appreciate his knowledge, strategic perspective, and stewardship of capital.

大家早安，感謝您今天加入我們。我想花一點時間歡迎保羅·多布森。經過一番充分的搜尋後，Paul 於 10 月初加入我們，擔任我們的財務長。過去六週我很高興與他在 EVgo 合作，我知道投資者和分析師都會欣賞他的知識、策略視角和資本管理。

I also want to address the outcome of the elections last week. In summary, we see little to no impact on our business relative to the illustrative targets that we previously communicated of $200 million in adjusted EBITDA in three to five years' time. Our largest states outside California in terms of throughput and some of the fastest-growing states of material size remain Texas, Florida, and Arizona.

我還想談談上週的選舉結果。總之，相對於我們先前傳達的三到五年內調整後 EBITDA 達到 2 億美元的說明性目標，我們認為對我們的業務幾乎沒有影響。就吞吐量而言，我們除加州以外最大的州以及材料尺寸增長最快的一些州仍然是德克薩斯州、佛羅裡達州和亞利桑那州。

We now have operational stalls in 40 states, all of which are seeing strong growth in throughput, which suggests to us that EV adoption is occurring throughout the United States. The current administration has had two primary programs to provide funding for charging infrastructure: the $5 billion NEVI program focused on highways, funded by the Bipartisan IIJA, and the 30C tax credit from the IRA. Of the NEVI funds deployed to-date, the majority of these funds have been deployed in states that supported President-elect Trump.

我們現在在 40 個州設有營運站，所有這些州的吞吐量都在強勁增長，這表明電動車正在美國各地普及。本屆政府有兩個主要計劃為充電基礎設施提供資金：由兩黨 IIJA 資助的 50 億美元的 NEVI 計劃，重點關注高速公路，以及來自 IRA 的 30C 稅收抵免。迄今為止部署的 NEVI 資金中，大部分資金已部署在支持當選總統川普的州。

On the IRA, as has been widely reported, red states have been major beneficiaries of the investments coming out of the IRA more broadly. 30C is a technology-neutral tax credit supporting a range of alternative fuel vehicle refueling properties, including electric vehicles, hydrogen, natural gas, and biofuels and has historically enjoyed bipartisan support in Congress. The cost of the 30C tax credit is quite small and is estimated to represent between 0.1% and 0.2% of the total cost of the IRA energy provisions. Therefore, we believe it is unlikely 30C will be a priority issue for the incoming administration.

在愛爾蘭共和軍方面，正如廣泛報導的那樣，紅州一直是愛爾蘭共和軍更廣泛投資的主要受益者。30C 是一項技術中立的稅收抵免，支持一系列替代燃料汽車加油特性，包括電動車、氫氣、天然氣和生物燃料，歷來在國會獲得兩黨支持。30C 稅收抵免的成本相當小，估計佔 IRA 能源供應總成本的 0.1% 至 0.2%。因此，我們認為 30 攝氏度不太可能成為新政府的優先考慮問題。

Either way, we are focused on building a business that is not reliant on federal incentives. Federal incentives include the 30C and NEVI represent approximately 10% of our full year 2024 gross CapEx. The next generation charging architecture that we're co-developing with Delta Electronics that we announced in October and we've discussed in prior earnings calls is targeting at least a 30% reduction in gross CapEx per stall.

無論哪種方式，我們都致力於建立一個不依賴聯邦激勵措施的企業。聯邦激勵措施包括 30C 和 NEVI，約占我們 2024 年全年資本支出總額的 10%。我們與 Delta Electronics 共同開發的下一代充電架構已於 10 月宣布，並在先前的財報電話會議中討論過，其目標是將每個攤位的總資本支出減少至少 30%。

Finally, the EV market in the US is at a tipping point, moving from early adopters to the mass market, driven by the introduction of more affordable vehicles. Therefore, any reduction in the size or availability of EV incentives for new or used buyers are likely mitigated by the fact that the EVs themselves are becoming more affordable.

最後，在更實惠的汽車推出的推動下，美國電動車市場正處於一個轉折點，從早期採用者轉向大眾市場。因此，電動車本身變得更加便宜，這一事實可能會減輕對新買家或二手買家的電動車激勵措施規模或可用性的任何減少。

As you all know, after more than a year of joint effort, we were thrilled to have announced last month a conditional commitment for a loan guarantee of up to $1.05 billion from the US Department of Energy Loan Programs Office under their Title 17 Clean Energy Financing Program. If finalized, this low-cost financing will enable EVgo to accelerate our fast-charging stall deployment across the United States, bringing critical public charging infrastructure to more EV drivers.

As you all know, after more than a year of joint effort, we were thrilled to have announced last month a conditional commitment for a loan guarantee of up to $1.05 billion from the US Department of Energy Loan Programs Office under their Title 17 Clean Energy Financing程式.如果最終完成，這筆低成本融資將使 EVgo 能夠加速我們在美國各地的快速充電站部署，為更多電動車駕駛帶來關鍵的公共充電基礎設施。

Specifically, drivers living in multifamily housing and others who rely on public charging stand to benefit the most from this build out, which in turn should accelerate the adoption of electric vehicles and reduce emissions from transportation. We expect to build approximately 7,500 high-power charging stalls across 30 states over the next five years, which translates to an average of 1,500 stalls per year, although it will take a little time to get to that run rate. So by the end of the five-year period, we will be more than double our current rate of stall growth with the DOE loan.

具體來說，居住在多戶住宅的駕駛者和其他依賴公共充電的人將從這項建設中受益最多，這反過來又會加速電動車的採用並減少交通排放。我們預計未來五年將在 30 個州建造約 7,500 個高功率充電站，這意味著每年平均建造 1,500 個充電站，儘管要達到這一運行率還需要一些時間。因此，到五年期結束時，透過能源部貸款，我們的攤位成長率將是目前的兩倍以上。

Over 40% of these new stalls are expected to be in marginalized areas that have been overburdened by environmental impacts, aligned with the administration's Justice40 Initiative. Given that over 50% of the stalls we're deploying in 2024 are in rural or low-income communities eligible for 30C funding, I expect no change in the unit economics and growth in daily throughput per stall we previously shared, other than benefiting from even larger scale.

根據政府的“Justice40 倡議”，預計超過 40% 的新攤位將位於環境影響負擔過重的邊緣地區。鑑於我們在2024 年部署的攤位中有超過50% 位於有資格獲得30C 資金的農村或低收入社區，我預計我們之前共享的每個攤位的單位經濟效益和日吞吐量增長不會發生變化，除了受益於甚至更大的規模。

Following receiving this conditional commitment, we're now focused on fulfilling the conditions necessary to close the loan. We do not expect a lengthy process to close the loan. As we've said before, the company will not need to raise public equity. Additionally, this loan is not financing a single large mega site that may have lengthy environmental or permitting issues.

收到此有條件承諾後，我們現在專注於滿足結束貸款所需的條件。我們預計結束貸款的過程不會很漫長。正如我們之前所說，該公司不需要籌集公共股權。此外，這筆貸款並不是為可能存在長期環境或許可問題的單一大型場地提供資金。

A potential accelerated buildout bolstered by DOE financing would allow us to increase our current $200 million adjusted EBITDA target in three to five years, because of a much higher growth rate and increased leverage of fixed costs over a higher number of stalls. We anticipate hosting a webinar update, if we're successful in closing the loan, where I envision EVgo sharing further details about the loan, an updated build schedule, unit economics, and a long-term profitability target.

美國能源部融資支持的潛在加速建設將使我們能夠在三到五年內提高目前2 億美元的調整後EBITDA 目標，因為增長率要高得多，並且固定成本的槓桿作用對更多攤位的影響更大。如果我們成功完成貸款，我們預計將舉辦一次網路研討會更新，我預計 EVgo 將分享有關貸款的更多詳細資訊、更新的建設時間表、單位經濟效益和長期盈利目標。

This is a major strategic milestone towards our goal of providing the company with ongoing financing that eventually will more than double our annual rate of stall growth, does not dilute existing shareholders, and lowers our cost of capital. Let's look at some key operating highlights from this past quarter. The business model of owning and operating a DC fast-charging network is proving to be the leader in the charging industry.

這是實現我們為公司提供持續融資的目標的一個重要策略里程碑，最終將使我們的年增長率增加一倍以上，不會稀釋現有股東，並降低我們的資本成本。讓我們來看看上個季度的一些主要營運亮點。擁有並經營直流快充網路的商業模式被證明是充電產業的領導者。

Our results speak for themselves. We achieved another record quarter of revenues of $68 million, and throughput for the energy dispensed in our network more than doubled year over year for the seventh consecutive quarter. There is a clear path to profitability and achieving our goal of adjusted EBITDA breakeven in 2025.

我們的結果不言而喻。我們的季度收入再次創紀錄，達到 6800 萬美元，我們網路中分配的能源吞吐量連續第七個季度同比增長了一倍多。實現盈利並實現我們在 2025 年調整後 EBITDA 盈虧平衡的目標有一條清晰的道路。

Charging network revenue nearly doubled. We grew operational stalls by 34%, and they're on track to add over 800 new owned and operated stalls this year. And we opened an EVgo station in our 40th state. Customer accounts increased nearly 60%, and we now have over 1.2 million EVgo customer accounts. Adjusted EBITDA loss improved, demonstrating the operating leverage in gross margin and adjusted G&A.

充電網路收入幾乎翻倍。我們的經營攤位增加了 34%，今年他們預計將增加 800 多個新擁有和經營的攤位。我們在第 40 個州開設了 EVgo 站。客戶帳戶成長了近 60%，我們現在擁有超過 120 萬個 EVgo 客戶帳戶。調整後 EBITDA 虧損有所改善，反映了毛利率和調整後一般及行政費用的營運槓桿作用。

Given our strong financial and operational performance and continued strength in our charging network revenues, we are raising the midpoint of guidance for both revenue and adjusted EBITDA for 2024. There are many exciting new EV models for drivers to choose from in the US, including the Chevy Blazer EV and the Chevy Silverado EV. And sales of non-Tesla EVs continue to outpace Tesla sales in the quarter, while both segments grew compared to the prior year.

鑑於我們強勁的財務和營運業績以及充電網路收入的持續強勁，我們正在提高 2024 年收入和調整後 EBITDA 的指導中點。在美國，有許多令人興奮的新型電動車車型可供駕駛員選擇，包括雪佛蘭 Blazer EV 和雪佛蘭 Silverado EV。本季非特斯拉電動車的銷量持續超過特斯拉的銷量，而這兩個細分市場均較上年同期成長。

Non-Tesla sales were up 18% year over year and make up the majority of throughput on EVgo's network today. Uber recently shared that drivers on its network in the US, Canada, and Europe are adopting EVs five times faster than the average driver. And Uber Green, their electric and hybrid ride option, is available in over 200 cities globally. Our partnerships with rideshare companies are really important because when rideshare drivers switch to electric, they're going to be charging at DCFC stations to get back on the road as quickly as possible.

非特斯拉銷量年增 18%，佔當今 EVgo 網路吞吐量的大部分。優步最近透露，其美國、加拿大和歐洲網路上的駕駛者採用電動車的速度是普通司機的五倍。Uber Green 是他們的電動和混合動力乘車選擇，已在全球 200 多個城市提供服務。我們與乘車共享公司的合作關係非常重要，因為當乘車共享司機改用電動車時，他們將在 DCFC 充電站充電，以便盡快返回道路。

The growth in new vehicle sales drives ever-higher electric vehicles on the road with a growth rate that has and will continue to exceed the growth in supply of DC fast charging, benefiting owner operators of DC fast charging networks like EVgo. In 2020, there was one public fast charging stall for roughly every 60 EVs in operation. As the growth in EV VIO has exceeded the growth in the public fast charging network, this ratio was just under 90 at the end of last year and expected to grow to nearly 180 EVs to DC fast-charging stalls by 2030.

新車銷售的成長推動了電動車的上路速度越來越快，其成長率已經並將繼續超過直流快速充電供應的成長，使 EVgo 等直流快速充電網路的業主營運商受益。2020年，大約每60輛營運中的電動車就有1個公共快速充電站。由於EV VIO的成長超過了公共快速充電網路的成長，去年底這一比例略低於90，預計到2030年將成長到近180個電動車直流快速充電站。

This assumes the buildout of over 135,000 stalls over the next six years, which itself seems aggressive given the current pace of deployments from all charging providers would have to triple to reach the 2030 estimates. Compared to other countries where EV adoption is further in the maturity curve, you see much lower ratios. Globally, the average is 30 and China was 17 at the end of 2023.

假設未來六年內將增建超過 135,000 個充電站，鑑於目前所有充電供應商的部署速度必須增加兩倍才能達到 2030 年的預期，這本身就顯得過於激進。與電動車採用成熟度曲線較遠的其他國家相比，您會看到比率要低得多。截至 2023 年底，全球平均為 30，中國為 17。

Even if you did believe the charging sector was able to triple the number of deployments over the rest of the decade, you'd need to see the forecast for EV VIO to be around 40% lower than the 32 million number before the ratio falls below where we are today. That the charging industry were unable to grow the pace of deployments at all, VIO in 2030 would need to be around only 9 million vehicles before the ratio is less than today, which implies about a 40% reduction in the absolute annual growth of EVs than we are currently experiencing.

即使您確實相信充電行業能夠在未來十年內將部署數量增加兩倍，您也需要看到 EV VIO 的預測比 3200 萬數量減少 40% 左右，然後該比率才會低於我們今天的處境。由於充電產業根本無法加快部署速度，到 2030 年，VIO 只需要大約 900 萬輛汽車，這一比例就會低於現在，這意味著電動車的絕對年增長率將比現在減少約 40%我們目前正在經歷。

In other words, if the charging industry continues to build at the pace it is today, the annual growth in EV VIO would have to be less than 40% of what it currently is before we face any pressure on utilization levels we're seeing today. We are clearly already seeing the benefit of this supply demand dynamic through rising utilization rates on our owned and operated network and that trend is set to continue for the foreseeable future in practically any conceivable scenario.

換句話說，如果充電產業繼續以現在的速度發展，那麼在我們面臨今天所看到的利用率水準的壓力之前，EV VIO 的年增長率將必須低於目前的 40% 。透過我們擁有和營運的網路利用率的不斷提高，我們顯然已經看到了這種供應需求動態的好處，並且在可預見的未來，在幾乎任何可以想像的情況下，這種趨勢都將持續下去。

Rideshare electrification, more affordable vehicles attracting more customers without at-home charging and thus reliant on public charging, autonomous vehicles, and cable standardization that we've discussed at length in the past are trends that benefit owner-operator networks on top of this core supply-demand imbalance.

共享出行電氣化、更實惠的車輛吸引更多客戶而無需在家充電，從而依賴於公共充電、自動駕駛車輛以及我們過去詳細討論過的電纜標準化，這些趨勢使業主運營商網絡受益於這一核心供需不平衡。

Let's now turn to progress on our four key priorities in 2024: improving the customer experience, operating in CapEx efficiencies, capturing and retaining high-value customers, and securing financing to get to free cash flow breakeven. As always, improving the customer experience remains our number-one priority, and we have great news to report this quarter.

現在讓我們來談談 2024 年四個關鍵優先事項的進展：改善客戶體驗、提高資本支出效率、吸引和留住高價值客戶以及確保融資以實現自由現金流盈虧平衡。一如既往，改善客戶體驗仍然是我們的首要任務，本季我們有好消息要報告。

Customers want a charger to be available when they pull up to an EVgo station, and we are deploying larger sites, where our standard configuration is now six to eight stalls per site. At the end of Q3, 18% of our sites have six stalls or more. With our deployments during the third quarter, 45% of EVgo stalls are our high-power 350-kilowatt chargers, compared to 29% a year ago.

客戶希望在到達 EVgo 充電站時能夠使用充電器，而我們正在部署更大的站點，我們的標準配置現在是每個站點六到八個充電位。截至第三季末，我們 18% 的站點擁有 6 個或更多攤位。根據我們在第三季的部署，45% 的 EVgo 充電站是我們的高功率 350 千瓦充電器，而去年同期為 29%。

Autocharge+ continues to gain traction. 21% of our sessions are initiated by the seamless plug-and-charge experience. In September, we began auto enrollment with all OEMs that have Autocharge+ enabled. And by further simplifying the sign-up process, we are seeing great momentum with our customers. Our customer success metric, or One & Done increased 5 percentage points this quarter versus last year with 95% of sessions resulting in a successful charge on the first try.

Autocharge+ 持續受到關注。我們 21% 的會話是由無縫即插即充體驗發起的。9 月，我們開始向所有啟用 Autocharge+ 的 OEM 進行自動註冊。透過進一步簡化註冊流程，我們看到了客戶的巨大動力。本季我們的客戶成功指標（即 One & Done）比去年提高了 5 個百分點，95% 的會話一次就成功收費。

In September, we announced that we had agreed to another amendment to our long-standing partnership with GM to build what we're calling flagship sites that take the customer experience to the next level. These sites will feature up to 20 or more stalls and many of the amenities today's EV drivers want: fast, convenient, reliable stalls with our 350-kilowatt chargers, pull-through access, canopies, lighting, and security cameras.

九月，我們宣布同意對與通用汽車的長期合作夥伴關係進行另一項修訂，以建立我們所說的旗艦網站，將客戶體驗提升到一個新的水平。這些站點將設有多達20 個或更多的停車位以及當今電動車駕駛員想要的許多便利設施：快速、方便、可靠的停車位，配有我們的350 千瓦充電器、直通通道、頂篷、照明和安全攝影機。

Flagships are planned in metro areas coast-to-coast in states such as Arizona, California, Florida, Georgia, Michigan, New York, and Texas. Like other EVgo stations, flagship sites will be near a diverse set of amenities, creating critical charging hubs to serve the expanding number of EVs on the roads. This amendment reflects both of our company's focus on enhancing the customer experience, as well as our commitment to our partnership with each other.

旗艦店計劃在亞利桑那州、加利福尼亞州、佛羅裡達州、喬治亞州、密西根州、紐約州和德克薩斯州等州的東西海岸大都市地區設立。與其他 EVgo 充電站一樣，旗艦站點將靠近各種便利設施，創建重要的充電中心，為道路上數量不斷增加的電動車提供服務。此次修訂反映了我們公司對增強客戶體驗的重視，以及我們對彼此合作關係的承諾。

We've also made great progress on driving efficiencies, both in the short-term and long-term this quarter. I've previously spoken about the next generation of charging equipment that EVgo is planning. In early October, we announced we signed a memorandum of understanding with Delta Electronics to co-develop state-of-the-art 400-kilowatt fast chargers, bringing together EVgo's extensive understanding of customer pain points from serving over 1 million customers with Delta's global leadership in power electronics.

本季我們在提高短期和長期效率方面也取得了巨大進展。我之前曾談到 EVgo 正在規劃的下一代充電設備。10月初，我們宣布與台達電子簽署諒解備忘錄，共同開發最先進的400千瓦快速充電器，將EVgo在服務超過100萬客戶的過程中對客戶痛點的廣泛了解與台達全球的電力電子領域的領導地位。

This new charging architecture is focused on improving the customer experience, while also reducing CapEx by approximately 30%. We expect to deploy this architecture in the second half of 2026. For our current charging equipment, we've delivered a 6% improvement in gross CapEx for our 2024 builds compared to the original $160,000 we estimated at the beginning of the year. The first sites built with our pre-fabricated skids are operational and yield saving in build costs and construction timelines.

這種新的收費架構專注於改善客戶體驗，同時也將資本支出降低約 30%。我們預計在 2026 年下半年部署該架構。對於我們目前的充電設備，與我們年初預計的 16 萬美元相比，我們 2024 年建設的總資本支出提高了 6%。使用我們的預製滑橇建造的第一批工地已投入運營，並節省了建築成本和施工時間。

We expect around 40% of our 2025 deployments will utilize prefabricated skids. On operating expenses, we've reduced our sustaining G&A per stall by 15% year to date. We also continue to make great progress on our growth priority. 56% of EVgo's throughput is coming from rideshare, OEM charging credit, and subscription accounts in Q3. This provides EVgo with a relatively predictable baseload level of demand on our network.

我們預計 2025 年約 40% 的部署將使用預製撬裝。在營運支出方面，今年迄今為止，我們已將每個攤位的維持 G&A 減少了 15%。我們在成長重點方面也持續取得巨大進展。第三季度，EVgo 56% 的吞吐量來自共乘、OEM 充電積分和訂閱帳戶。這為 EVgo 的網路提供了相對可預測的基本負載水準。

New customer accounts, in the third quarter, totaled over 147,000, a record number, and grew 39% compared to the third quarter of last year. We're driving customer acquisition through a variety of paid and organic channels, which is turbo charging our growth in retail throughput. And our dynamic pricing pilot that I've talked about in prior calls has now been rolled out to 20% of our network. We'll continue to iterate on our pricing models in the future as we gain insights into driver behavior and incentives.

第三季新客戶帳戶總數超過 14.7 萬個，創歷史新高，與去年第三季相比成長 39%。我們透過各種付費和自然管道推動客戶獲取，這極大地推動了我們零售吞吐量的成長。我在先前的電話會議中談到的動態定價試點現已推廣到我們網路的 20%。隨著我們對駕駛員行為和激勵的深入了解，我們將在未來繼續迭代我們的定價模型。

And on financing, as previously mentioned, EVgo announced we received a conditional commitment from the DOE, LPO for a loan guarantee of up to $1.05 billion to build approximately 7,500 stalls over five years. We are working closely with the DOE, and if approved, we expect to be able to share further details on the loan after loan closing.

在融資方面，如前所述，EVgo 宣布我們收到了 DOE、LPO 的有條件承諾，提供高達 10.5 億美元的貸款擔保，將在五年內建造約 7,500 個攤位。我們正在與能源部密切合作，如果獲得批准，我們希望能夠在貸款結束後分享更多有關貸款的細節。

EVgo completed the sale of our 30C income tax credits for our 2023 vintage stalls in the third quarter. We believe we were one of the few companies able to transact before the tax filing deadline. Gross proceeds from the sale were $11 million. Finally, we continue to evaluate additional non-dilutive financing opportunities that would help fund our growth further beyond the potential DOE loan.

EVgo 在第三季完成了 2023 年古董攤位的 30C 所得稅抵免的銷售。我們相信我們是少數能夠在報稅截止日期之前進行交易的公司之一。出售總收益為 1100 萬美元。最後，我們繼續評估額外的非稀釋性融資機會，這將有助於為我們的成長提供資金，超越潛在的能源部貸款。

I'd like to now introduce you to Paul Dobson, EVgo's CFO, and Paul will cover our strong financial performance in the third quarter and outlook for the remainder of 2024.

我現在想向您介紹 EVgo 財務長 Paul Dobson，Paul 將介紹我們第三季強勁的財務業績以及 2024 年剩餘時間的展望。

Thank you, Badar. EVgo continues its strong momentum and delivered yet another solid quarter, exhibiting the eighth sequential quarter of double-digit charging revenue growth and the seventh consecutive quarter of triple-digit year-over-year throughput growth. Revenue in the third quarter was $67.5 million, which represents 92% year-over-year increase. This growth was primarily driven by increased charging network and eXtend revenues.

謝謝你，巴達爾。EVgo 持續保持強勁勢頭，再次實現穩健的季度業績，充電收入連續第八個季度實現兩位數增長，吞吐量連續第七個季度實現三位數同比增長。第三季營收為 6,750 萬美元，年增 92%。這一增長主要是由充電網路和 eXtend 收入的增加所推動的。

Total charging network revenues of $43.1 million grew from $21.8 million in the third quarter of 2023, exhibiting a 98% year-over-year increase, with retail, commercial, and OEM charging revenue, each individually at least doubling over the prior-year period. eXtend revenues of $21.9 million increased from $10.5 million in the prior year, delivering growth of 109%. We added 270 new operational stalls in Q3, including eXtend, a record number of stalls added in the quarter for EVgo.

充電網路總收入從 2023 年第三季的 2,180 萬美元成長到 4,310 萬美元，年增 98%，零售、商業和 OEM 充電收入分別比上年同期至少翻倍。 eXtend 營收從前一年的 1,050 萬美元增加到 2,190 萬美元，成長 109%。我們在第三季增加了 270 個新的營運攤位，其中包括 eXtend，這是 EVgo 本季新增攤位數量的紀錄。

Total stalls in operation were approximately 3,680 at the end of September 2024, including 290 EVgo eXtend stalls, increasing 34% from the end of September 2023. During the third quarter of 2024, EVgo added over 147,000 new customer accounts. EVgo ended the quarter with more than 1.2 million customer accounts, an impressive 57% increase versus the end of September 2023.

截至2024年9月底，營運攤位總數約3,680個，其中EVgo eXtend攤位290個，較2023年9月底增加34%。2024 年第三季度，EVgo 增加了超過 147,000 個新客戶帳戶。截至本季末，EVgo 擁有超過 120 萬個客戶帳戶，與 2023 年 9 月底相比成長了 57%，令人印象深刻。

During the third quarter of 2024, network throughput more than doubled from last year to 78 gigawatt hours. EVgo's network throughput growth continues to outpace EV VIO growth. And as Badar mentioned earlier, with EV VIO expected to increase faster than the supply of DC fast chargers, we anticipate demand and utilization on the EVgo network will continue to increase.

2024 年第三季度，網路吞吐量比去年增加了一倍多，達到 78 吉瓦時。EVgo 的網路吞吐量成長持續超過 EV VIO 的成長。正如 Badar 之前提到的，由於 EV VIO 的成長速度預計將快於直流快速充電器的供應，我們預計 EVgo 網路的需求和利用率將繼續增加。

In the third quarter, network utilization increased to 22%, up from 14% a year ago. Unpacking this a bit more, 59% of our stalls had utilization greater than 15%, 47% of our stalls had utilization greater than 20%, and 28% of our stalls had utilization greater than 30%. One of the key drivers of the unit economics we previously illustrated is the average daily throughput per stall, which measures how much electricity each charger is dispensing and is calculated by taking the time-based utilization percentage times the charge rate times 24 hours.

第三季度，網路利用率從一年前的 14% 增至 22%。再進一步分析一下，59% 的攤位利用率超過 15%，47% 的攤位利用率超過 20%，28% 的攤位利用率超過 30%。我們先前闡述的單位經濟性的關鍵驅動因素之一是每個攤位的平均每日吞吐量，它衡量每個充電器分配的電量，並透過基於時間的利用率乘以充電率乘以24 小時來計算。

Average daily throughput per stall was 254 kilowatt hours per day, an increase of 64% when compared to Q3 2023. Performance of the entire network is moving to the right. In the top 15%, average daily throughput per stall is now 582 kilowatt hours per day, demonstrating that our target of 450 kilowatt hours in three to five years is achievable. The profitability that our core owned and operated network delivers is improving, which is demonstrated through the growth of our charging network margin.

每個攤位的平均日吞吐量為每天 254 千瓦時，與 2023 年第三季相比增加了 64%。整個網路的效能正在向右移動。在前 15% 的企業中，每個攤位的平均日吞吐量現在為每天 582 千瓦時，這表明我們在三到五年內實現 450 千瓦時的目標是可以實現的。我們擁有和經營的核心網路的獲利能力正在改善，這透過我們的充電網路利潤率的成長得到了證明。

EVgo continues to make strides in improving the profitability of our own and operated charging network through efficiencies and leverage. In Q3, our charging network margin was 32.9%, improving from 28.6% in Q3 2023. As a reminder, there is seasonality in our charging network margin, as summer electricity tariffs are higher than winter tariffs. As I mentioned earlier, revenue grew 92% in the third quarter of 2024 to a record $67.5 million.

EVgo 透過提高效率和槓桿作用，繼續在提高我們自己和營運的充電網路的盈利能力方面取得長足進步。第三季度，我們的充電網路利潤率為 32.9%，較 2023 年第三季的 28.6% 有所改善。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。正如我之前提到的，2024 年第三季的營收成長了 92%，達到創紀錄的 6,750 萬美元。

Adjusted gross profit was $18 million in the third quarter of 2024, up from $9.3 million in the third quarter of 2023. Adjusted gross margin was 26.6% in the third quarter of 2024, an increase of 20 basis points compared to the third quarter last year. Adjusted G&A as a percentage of revenue also improved from 67.1% in the third quarter of 2023 to 39.8% in Q3 of this year, demonstrating the operating leverage effect.

2024 年第三季調整後毛利為 1,800 萬美元，高於 2023 年第三季的 930 萬美元。2024年第三季調整後毛利率為26.6%，較去年第三季成長20個基點。調整後的一般管理費用佔收入的百分比也從 2023 年第三季的 67.1% 上升至今年第三季的 39.8%，證明了營運槓桿效應。

Adjusted EBITDA was negative $8.9 million in the third quarter of 2024, a $5.4 million improvement versus negative $14.2 million in the third quarter of 2023. Cash, cash equivalents, and restricted cash was $153.4 million as of September 30, 2024. We generated cash from operations of $12.1 million in the third quarter of 2024, which is the second consecutive quarter that we generated positive cash from operations. This is due primarily to the net cash received from the sale of 30C income tax credits, combined with the timing of other working capital changes.

2024 年第三季調整後 EBITDA 為負 890 萬美元，比 2023 年第三季的負 1,420 萬美元增加了 540 萬美元。截至 2024 年 9 月 30 日，現金、現金等價物及限制性現金為 1.534 億美元。2024 年第三季度，我們從營運中產生了 1,210 萬美元的現金，這是我們連續第二季從營運中產生了正現金。這主要是由於出售 30C 所得稅抵免所收到的淨現金，以及其他營運資金變化的時間。

Capital expenditures were $25.8 million in the third quarter of 2024. Capital expenditures net of capital offsets was $5.2 million in Q3 of 2024. We received $10 million in net proceeds from the sale of our 30C income tax credits for 2023 vintage stalls in the quarter. Given the timing, we estimate an additional $1 million in transaction costs associated with the sale will be recognized in the fourth quarter.

2024 年第三季的資本支出為 2,580 萬美元。2024 年第三季度，扣除資本抵銷後的資本支出為 520 萬美元。本季度，我們透過出售 2023 年古董攤位的 30C 所得稅抵免獲得了 1000 萬美元的淨收益。鑑於時間安排，我們預計第四季將確認與出售相關的額外 100 萬美元交易成本。

Now turning to our 2024 guidance, EVgo is increasing the midpoint of our 2024 revenue guidance by $2.5 million due to continued strength in our charging network revenues and we expect full-year 2024 revenue to be in the range of $250 million to $265 million. We expect to see quarterly seasonal growth in charging network revenue in the fourth quarter. eXtend revenue, which is currently primarily comprised of construction revenue is expected to decrease in the fourth quarter compared to the third quarter due to timing of construction projects.

現在轉向我們的 2024 年指導，由於我們的充電網路收入持續強勁，EVgo 將 2024 年收入指導的中點提高了 250 萬美元，我們預計 2024 年全年收入將在 2.5 億至 2.65 億美元之間。我們預計第四季度充電網路收入將出現季度季節性成長。 eXtend 收入目前主要由建築收入組成，由於建設項目的時間安排，預計第四季度將比第三季度下降。

We are increasing the midpoint of our 2024 adjusted EBITDA guidance by $4 million, and we expect full-year 2024 adjusted EBITDA to be in the range of negative $38 million to $32 million. The increase in our adjusted EBITDA midpoint reflects continued improvements in charging network gross margins resulting from increased revenues and lower energy costs. We expect to continue to make increased investments in the joint development of our next-generation architecture as well as our financial systems to support project financing in the fourth quarter.

我們將 2024 年調整後 EBITDA 指引的中點增加 400 萬美元，預計 2024 年全年調整後 EBITDA 將在負 3,800 萬美元至 3,200 萬美元之間。調整後 EBITDA 中點的成長反映出收入增加和能源成本下降導致充電網路毛利率持續改善。我們預計將繼續增加對下一代架構聯合開發以及金融系統的投資，以支持第四季度的專案融資。

We expect full-year capital expenditures net of capital offsets to be in the $50 million to $65 million range with the main use of CapEx to add over 800 new EVgo owned stalls this year. We normally incur CapEx in advance of the vintage or operational year. However, we made the decision to slow our 2025 vintage spend in 2024 as we await final approval of the DOE loan.

我們預計全年資本支出扣除資本抵銷後將在 5,000 萬至 6,500 萬美元範圍內，今年資本支出的主要用途是增加 800 多個新的 EVgo 自有攤位。我們通常會在年份或營運年度之前產生資本支出。然而，我們決定在 2024 年減緩 2025 年的支出，因為我們正在等待能源部貸款的最終批准。

As a result of our efforts over the past few years to build our growth engine, we have successfully decreased lead times between mobilization and construction completion to enable us to incur less CapEx in advance of the vintage year than we have historically done. We remain confident in our ability to accelerate our rate of stall growth as planned if we are successful in securing the DOE loan.

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交付時間，使我們能夠在年份到來之前承擔比以往更少的資本支出。如果我們成功獲得能源部貸款，我們仍然有信心有能力按計劃加快攤位成長速度。

We remain fiscally prudent and only build stalls that meet our return hurdles. We are confident as ever that EVgo is on a clear path to an important inflection point in our business, namely, hitting adjusted EBITDA breakeven for the full year of 2025. This is based on the expectation that EV VIO will continue to grow and that EVgo will continue to expand its network and realize operational efficiencies.

我們在財務上保持審慎，只建造能夠滿足回歸障礙的攤位。我們一如既往地相信，EVgo 正走在通往我們業務重要轉折點的明確道路上，即在 2025 年全年實現調整後 EBITDA 盈虧平衡。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。

We look forward to continuing to share our progress on future calls. Operator, we can turn the call over to questions.

我們期待在未來的電話會議上繼續分享我們的進展。接線員，我們可以將電話轉入提問。

(Operator Instructions) Bill Peterson, JPMorgan.

（操作員指示）Bill Peterson，摩根大通。

Good morning, everyone. Thanks for all the details and nice job on the quarterly execution. I have some questions on the DOE loan process to the extent that you can answer them. First, can you touch a bit on the closing conditions for the loan? How quickly you're able to satisfy them? I guess, are there any sort of long pole in the tent? I mean, have you satisfied or addressed all the requirements that are in your control? Is the ball on the DOE side? I mean, basically asking if the time of the loan extends past January, how much risk do you perceive in order to finalize the loan? Thank you.

大家早安。感謝您提供的所有細節以及季度執行方面的出色工作。我對能源部貸款流程有一些疑問，您可以回答一下。首先，您能談談貸款的結束條件嗎？你能多快滿足他們？我猜，帳篷裡有什麼長桿嗎？我的意思是，您是否滿足或滿足了您控制範圍內的所有要求？球在 DOE 這邊嗎？我的意思是，基本上是問如果貸款時間延長到一月之後，您認為完成貸款的風險有多大？謝謝。

Yes, thanks for the question. We are, I mean, as confident as ever in our ability to close the loan, as I said, in the prepared remarks. We don't need to issue any equity to be able to close the loan. We don't have a complex single large site. The conditions are at this point largely within our control, and we really aren't expecting a lengthy close at all. It is DOE policy to not comment on the timing or the loan details. I guess all I can say is, as I said just now, we're not really expecting a lengthy close. And so we feel very confident about our ability to close the loan.

是的，謝謝你的提問。我的意思是，正如我在準備好的發言中所說，我們對結束貸款的能力一如既往地充滿信心。我們不需要發行任何股本就能結束貸款。我們沒有複雜的單一大型網站。目前的情況基本上在我們的控制範圍之內，我們真的不希望有很長的結束時間。美國能源部的政策是不對時間或貸款細節發表評論。我想我只能說，正如我剛才所說，我們並不真正期待漫長的結局。因此，我們對結束貸款的能力非常有信心。

Okay, thanks for that. And then I have some questions on the near-term sort of growth drivers, especially in the context that you've seen in sort of quarter-on-quarter deceleration in the third quarter, and the implied guidance also would indicate some deceleration or at least flat sort of quarter-on-quarter growth.

好的，謝謝。然後，我對近期成長驅動因素有一些疑問，特別是在第三季度季度環比減速的背景下，隱含的指導也將表明一些減速或在季度環比增長最不平穩。

So can you speak to the buckets contributing to the demand growth? Should we assume fairly modest charging growth on a sequential basis with eXtend being the swing factor? And then, I guess, as an early look into next year, how should we think about eXtend, including against the context if the remaining funds of the NEVI program were to go away or reallocated?

那麼您能談談推動需求成長的因素嗎？我們是否應該假設充電量較上季成長相當溫和，而 eXtend 是波動因素？然後，我想，作為明年的早期展望，我們應該如何考慮 eXtend，包括在 NEVI 計劃的剩餘資金消失或重新分配的情況下？

Yes. I mean, we are seeing strong growth in demand. We've seen throughput growth, as we just talked about on the call, quite significantly. And in the fourth quarter, we expect to see continued growth in throughput actually from Q3 to Q4. Well, maybe I'll ask Paul if he wants to share any perspectives around the range of guidance for the full year.

是的。我的意思是，我們看到需求強勁成長。正如我們剛才在電話中談到的那樣，我們已經看到吞吐量的顯著增長。在第四季度，我們預計吞吐量實際上將從第三季度到第四季度持續成長。好吧，也許我會問保羅是否想分享任何有關全年指導範圍的觀點。

For eXtend, we put about 290 stalls in operation. From the material, you can see that there's about 330 stalls in construction. And with respect to 2025, we haven't provided guidance yet or we'll do that for 2025 on our Q4 call. I guess what I would say is that, as I said in my remarks, NEVI is a program that received bipartisan support. States that elected -- that voted for President-elect Trump have been significantly faster in deploying NEVI awards than other states. And so, we don't really expect to see much of an impact, frankly, on NEVI either. Paul, anything you want to share in terms of --

對於 eXtend，我們運營了約 290 個攤位。從資料中可以看到，目前正在興建的攤位約有330個。至於 2025 年，我們尚未提供指導，或者我們將在 2025 年第四季的電話會議上提供指導。我想我想說的是，正如我在演講中所說，NEVI 是一個得到兩黨支持的計劃。投票支持當選總統川普的各州在部署 NEVI 獎項方面比其他州要快得多。因此，坦白說，我們也不希望看到 NEVI 受到太大影響。保羅，您想分享的任何內容--

Well, I would just add, Bill, just we saw our guidance, and we raised our guidance for both revenue and adjusted EBITDA. So when you look at that, and we think about what risks do we see as we sit here sort of mid-November for the rest of the year, clearly, throughput could be a risk, but we don't see that as being a very big risk at this point. And then for adjusted EBITDA, I think the swing factor would be energy costs where they're going to be.

好吧，我想補充一點，比爾，我們剛剛看到了我們的指導，並且我們提高了對收入和調整後 EBITDA 的指導。因此，當你看到這一點時，我們會考慮在今年剩餘時間內 11 月中旬我們會看到哪些風險，顯然，吞吐量可能是一個風險，但我們並不認為這是一個風險。非常大。對於調整後的 EBITDA，我認為波動因素將是能源成本。

But again, as we sit here mid-November, there could be some volatility -- a little bit of volatility there. We've had higher summer rates in Q3. We expect that to come down in Q4, and we're starting to see that. We -- in our other costs, our G&A costs, such as project costs getting ready for the DOE loan, there could be a little bit of increase in our G&A costs, but still very, very well controlled. So we see the momentum that we've experienced over the last couple quarters continuing into the fourth quarter. And I think that's reflected in our guidance.

但同樣，當我們在 11 月中旬坐在這裡時，可能會出現一些波動——有一點波動。第三季夏季費率較高。我們預計這一數字將在第四季度下降，並且我們已經開始看到這一點。我們的其他成本，我們的一般管理費用，例如為能源部貸款做準備的專案成本，我們的一般管理費用可能會略有增加，但仍然非常非常好控制。因此，我們看到過去幾季所經歷的勢頭一直持續到第四季。我認為這反映在我們的指導上。

Thanks, Paul and Badar. And again, nice job on the quarterly execution.

謝謝保羅和巴達爾。再說一遍，季度執行工作做得很好。

Yes. Thanks, Bill. Operator, you can go to the next question.

是的。謝謝，比爾。接線員，您可以進入下一個問題。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey. Good morning, everyone. Can you hear me okay?

嘿。大家早安。你聽得到我說話嗎？

Hi, Andres. We can hear you just fine, yes.

嗨，安德烈斯。我們可以很好地聽到你的聲音，是的。

Okay, wonderful. Thank you so much. And I echo Bill's thoughts. Congratulations on the quarter. Lots of great progress. I wanted to maybe touch on the utilization rate continues to improve roughly 22% on average across all stalls, which is fantastic. Again, some of them even greater than 30%.

好吧，太棒了。太感謝了。我同意比爾的想法。恭喜本季。許多巨大的進步。我想談談所有攤位的利用率持續提高，平均約為 22%，這太棒了。同樣，其中一些甚至超過 30%。

Just curious, I mean, this might be a tough question, but do we have a sense of kind of what is an industry average utilization rate across fast charging in the United States? Just trying to get a sense of how significantly better your rate is relative to maybe the industry or some of well-known peers? Thank you.

我只是好奇，這可能是一個棘手的問題，但我們是否了解美國快速充電產業的平均使用率是多少？只是想了解您的費率相對於行業或一些知名同行來說有多明顯？謝謝。

Yes, Andres, I mean, I think that it's one of the things that we -- I think, we've done quite a lot over the course of this year is we're very transparent about a number of measures from performance through to customer experience. Obviously, this is a key performance indicator. And so, I don't know if that there's the same level of transparency elsewhere in the industry. And so there really isn't that I have found an industry-wide average that represents all DC fast operators. But I can tell you is what we've been sharing over the course of many of these earnings calls, which is that we have really invested in our site selection processes.

是的，安德烈斯，我的意思是，我認為這是我們在今年所做的很多事情之一，我們對從績效到績效的許多衡量標準都非常透明。顯然，這是一個關鍵的績效指標。因此，我不知道行業其他地方是否也有同樣程度的透明度。因此，我確實沒有找到代表所有 DC 快速運營商的全行業平均值。但我可以告訴你的是，我們在許多財報電話會議中一直在分享的內容是，我們確實對選址流程進行了投資。

I did share in our last quarterly call that the throughput per stall for the 2023 vintage stalls in Q2 of this year was better than '21 vintage, better than '22 vintage, better than 2020 vintage. In fact, it was 75% better than 2020 vintage. So what that's telling you is that our algorithms are getting better. We're deploying stalls in locations where we're getting better performance than what we were in the past. I think that this is an area of strength that we have relative to the 40 so other operators of DC fast charging stalls.

我在上一季的電話會議中確實提到，今年第二季 2023 年年份酒攤位的每個攤位的吞吐量優於 21 年份酒，好於 22 年份酒，好於 2020 年份酒。事實上，它比 2020 年年份的酒好 75%。所以這告訴你我們的演算法正在變得更好。我們在性能比過去更好的地方部署了攤位。我認為，相對於其他 40 個直流快速充電站營運商來說，這是我們的優勢領域。

We deploy stalls, as you know, in urban and suburban, high density, high traffic locations, close to where drivers live, work, and run their errands. So I would expect to see that perhaps our utilization may be higher than many of our other operators in this space.

如您所知，我們在城市和郊區、高密度、高流量的地點部署攤位，靠近司機居住、工作和辦事的地方。因此，我預計我們的利用率可能會高於該領域的許多其他營運商。

And one last thing I'd say, Andres is that our long-term target that you can see in our unit economics chart is 23% in three to five years. We started the year at 19%. We're now at 22%. I think that it's clearly upon us to update that 23% number because that's -- I don't think it's going to take three to five years to get an extra 1%.

Andres，我要說的最後一件事是，您可以在我們的單位經濟圖表中看到我們的長期目標是三到五年內實現 23%。我們年初的成長率為 19%。我們現在是 22%。我認為我們顯然有責任更新 23% 的數字，因為我不認為需要三到五年才能獲得額外的 1%。

Wonderful. Yes, thanks, Badar. That's super helpful. I appreciate all that context. I agree that maybe it is a tough number to identify for the industry wide, but yours certainly would seem to be kind of well above the medium there. Maybe as a follow up, more of a strategy question, but I am curious, as you're seeing some OEMs kind of transition or trying to transition into more autonomy across its vehicles, how are you thinking about that in terms of a charging strategy for -- is that something that you potentially will look to implement in the future to try to account for these autonomous or robotaxis things of sorts? Is that something you are kind of thinking about? And just curious, any thoughts there?

精彩的。是的，謝謝，巴達爾。這非常有幫助。我很欣賞所有這些背景。我同意，對於整個行業來說，這可能是一個很難確定的數字，但你的數字肯定會遠高於那裡的中等水平。也許作為後續行動，更多的是一個戰略問題，但我很好奇，當你看到一些原始設備製造商進行轉型或試圖在其車輛上過渡到更多自主權時，你如何考慮充電策略因為——這是否是您未來可能會考慮實施的東西，以嘗試解釋這些自動駕駛或機器人出租車之類的事情？這是你正在考慮的事情嗎？只是好奇，有什麼想法嗎？

Yes, very much so. We -- as I've said on prior calls, I think that autonomous vehicles, along with rideshare electrification and just more affordable vehicles, and specifically for us, cable standardization represent very significant opportunities for growth simply because they're going to increase the share of DC fast versus L2 charging. I think that autonomous vehicles will be electric. They are electric that are in place today, and they'll be charging in fast locations because the owners of these assets are going to be looking to maximize uptime and not waste time at a slow charging location.

是的，非常如此。正如我在之前的電話會議上所說，我認為自動駕駛汽車、共享出行電氣化和更實惠的汽車，特別是對我們來說，電纜標準化代表著非常重要的成長機會，因為它們將增加直流快速充電與L2 充電的份額。我認為自動駕駛汽車將是電動的。它們是當今已投入使用的電動車，並將在快速充電地點充電，因為這些資產的所有者將尋求最大限度地延長正常運行時間，而不是在慢速充電地點浪費時間。

We do have -- Andres, we do have autonomous vehicle clients where we're building dedicated hubs for -- much larger hubs for AV clients and expect over the course of the next year or so -- I expect we'll talk more about that type of business that we're doing, especially since I think it's set to continue to grow even faster than it has done so far.

我們確實有 - 安德烈斯，我們確實有自動駕駛汽車客戶，我們正在為自動駕駛汽車客戶建立更大的中心，預計在未來一年左右 - 我希望我們會更多地討論我們正在做的這類業務，特別是因為我認為它將繼續以比迄今為止更快的速度成長。

Wonderful. Very helpful. Again, thank you so much, and congrats on the quarter. I'll pass it on.

精彩的。非常有幫助。再次非常感謝您，並恭喜本季。我會把它傳遞下去。

Thanks, Andres.

謝謝，安德烈斯。

Craig Irwin, ROTH Capital.

克雷格歐文，羅斯資本。

Hi, Badar. Good morning, everyone. My first question really is about the opportunity with Tesla, right? So nobody can argue your growth metrics are impressive. If we choose throughputs or sales or utilization, everything's going in the right direction. But in the longer term, right, you're growing more than twice the rate of the rate of EV sales right now. And the opportunity to serve the Tesla fleet is something that potentially unlocks a much longer runway for this impressive, outsized growth versus the overall growth of sort of absolute units in the EV market.

嗨，巴達爾。大家早安。我的第一個問題其實是關於特斯拉的機會，對吧？因此，沒有人會說你的成長指標令人印象深刻。如果我們選擇吞吐量、銷售額或利用率，一切都會朝著正確的方向發展。但從長遠來看，你的成長速度是目前電動車銷量的兩倍以上。與電動車市場絕對單位的整體成長相比，為特斯拉車隊提供服務的機會可能會為這種令人印象深刻的超額成長打開更長的跑道。

Can you maybe unpack for us the non-Tesla sales in the quarter? Was there anything constraining that? I assume there's the NEVI charger connectors is a large part of it. But what do you see as a potential opportunity there to serve Tesla customers, particularly in areas of the country that are congested?

您能為我們分析一下本季非特斯拉的銷售量嗎？有什麼東西限制嗎？我認為 NEVI 充電器連接器佔了很大一部分。但您認為為特斯拉客戶提供服務的潛在機會是什麼，特別是在該國交通擁擠的地區？

Craig, I think that it's a great question. When Tesla worked with other OEMs to ultimately standardize the cable and the port in all vehicles, we had a lot of questions around what that might -- how that might impact our business. Of course, many months after -- many, many months after that, we're seeing tremendous growth in our own throughput. Where I expect to see, to your question, even more growth is the ability for our network to serve Tesla vehicles. We -- a very small proportion of our network throughput today are Tesla drivers charging in our network.

克雷格，我認為這是一個很好的問題。當特斯拉與其他原始設備製造商合作最終實現所有車輛中的電纜和端口標準化時，我們對這可能會產生什麼影響以及如何影響我們的業務產生了許多疑問。當然，在很多個月之後——很多很多個月之後，我們看到我們自己的吞吐量出現了巨大的成長。對於你的問題，我期望看到更多的成長是我們的網路為特斯拉汽車提供服務的能力。今天，我們網路吞吐量的一小部分是特斯拉司機在我們的網路中充電。

Once we have the NACS connector, the J3400 standard finalized, completed, properly tested, which we're hoping for the end of the year. But of course, we're going to make sure that it's done -- the testing is done properly. I am -- and then we start rolling it out across our network for new stalls and for retrofit. I expect to be able to attract roughly 60% of EV VIO that is not primarily charging in our network to start charging in our network. And that's because, as I said on prior calls, our network is more of an urban network. It's closer to where people live, work, they run their errands versus a highway network, which is a large part of what Tesla is.

一旦我們有了 NACS 連接器，J3400 標準就會最終確定、完成並經過適當的測試，我們希望在今年年底完成。但當然，我們將確保它完成——測試正確完成。我是 - 然後我們開始在我們的網絡中推廣它以用於新攤位和改造。我預計能夠吸引大約 60% 主要不在我們的網路中充電的 EV VIO 開始在我們的網路中充電。這是因為，正如我在之前的電話中所說，我們的網路更像是一個城市網路。與高速公路網絡相比，它更靠近人們生活、工作和辦事的地方，而高速公路網絡是特斯拉的重要組成部分。

I think we've demonstrated our ability to attract customers. Our growth of new customers was 38%, 39% versus last year, whereas the growth of new Tesla sales was only 18% year over year. So one of our priorities this year has been building this growth muscle where we've got the right talent and we've got the right people to be able to target and get specific customers on to -- the drivers on to our network as customers. So we've proven that, and I'm confident that over the course of the next couple of years, we'll be able to target Tesla drivers who aren't using the network once that cable has become standardized.

我認為我們已經展示了吸引客戶的能力。我們的新客戶成長分別為 38%、39%，而特斯拉新銷量較去年同期成長僅 18%。因此，我們今年的首要任務之一就是建立這種成長力量，我們擁有合適的人才和合適的人員，能夠瞄準並吸引特定客戶——作為客戶進入我們網路的驅動力。所以我們已經證明了這一點，我相信在未來幾年中，一旦電纜標準化，我們將能夠瞄準那些不使用網路的特斯拉司機。

Understood. That makes complete sense. So my second question is about the expense burden necessary to serve the expanded opportunity with your DOE funding. You have added some senior executives and obviously selected employees in the last year, some of them pretty high-profile industry executives. Would you expect to need to add much in the way of executives or employees to increase the execution capacity to serve that the DOE-funded opportunity? Or is this something that we can expect pretty significant leverage to the existing infrastructure that you've put together?

明白了。這是完全有道理的。所以我的第二個問題是關於用能源部的資金提供更多機會所需的費用負擔。去年你增加了一些高階主管和明顯選定的員工，其中一些是相當知名的行業管理人員。您是否期望需要增加大量管理人員或員工來提高執行能力，以服務能源部資助的機會？或者說，我們可以期待對你們現有的基礎設施產生相當大的影響？

Yes. We have -- I think that we've got huge upside in terms of our ability to leverage the infrastructure and the team that we have in place. In the near term, for 2025, we are very focused on meeting the commitments that we've been saying to the market around EBITDA breakeven. And so we will -- we're very focused on that. I don't think that we'll be expanding the build schedule that much in 2025.

是的。我認為，我們在利用基礎設施和現有團隊的能力方面有巨大的優勢。短期內，即 2025 年，我們非常注重履行我們對市場做出的 EBITDA 損益平衡的承諾。所以我們會——我們非常關注這一點。我認為 2025 年我們不會將建造時間表擴大那麼多。

Over the course of five years with the DOE loan, we'll be looking to add 7,500 stalls. So while that's an average of 1,500, it will be a much lower number in 2025 and it will build over the course of those five years, a significantly higher number by the fifth year.

在能源部貸款的五年內，我們將尋求增加 7,500 個攤位。因此，雖然平均數量為 1,500，但到 2025 年，這個數字將會低得多，並且將在這五年內不斷增加，到第五年時，這個數字將顯著增加。

So like with everything here, Craig, we're going to be very prudent around how we grow the business for making sure that we're delivering on all the expectations and the commitments that we've made. We have added a lot of very good, very excellent talent to the team at all levels, at executive levels, the engineering teams, and we expect to leverage that as we grow the business.

因此，就像這裡的一切一樣，克雷格，我們將非常謹慎地發展業務，以確保我們實現所有期望和我們所做的承諾。我們為各級團隊、高階主管和工程團隊增加了許多非常優秀的人才，我們希望在業務發展時充分利用這些人才。

Thanks for taking my questions.

感謝您回答我的問題。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Hi, good morning. Congratulations on a really solid quarter. I guess, maybe starting out here just on the DOE, and you mentioned some potential alternative funding options that you're evaluating, can you just I guess walk us through the strategy there? And is that more of an insurance policy, call it, in the event that a Republican administration looks to repeal that loan? Or is this in addition to support buildout that maybe doesn't qualify or falls outside the DOE stipulations? Thanks.

嗨，早安。恭喜這個季度的表現非常強勁。我想，也許從美國能源部開始，你提到了你正在評估的一些潛在的替代融資方案，我猜你能帶我們了解那裡的策略嗎？如果共和黨政府打算廢除這筆貸款，這更像是保險單嗎？或者這是對可能不符合或不符合能源部規定的支持擴建的補充？謝謝。

Yes. Hi, Chris. Look, we've been talking about pursuing non-dilutive sources of financing for the better part of the year. And I think the more that we've been transparent about both our performance and unit economics over the course of this year, the conversations have grown and there's more interest on the other side of the table. I think, it's fair to say that at the beginning of the year, as we were looking at these non-dilutive financing options, they were as alternatives to what we may or may not get from the US government.

是的。嗨，克里斯。看，我們一直在討論在今年的大部分時間裡尋求非稀釋性融資來源。我認為，今年我們對業績和單位經濟效益的透明度越高，對話就越多，談判桌另一邊的興趣就越多。我認為，可以公平地說，在今年年初，當我們考慮這些非稀釋性融資方案時，它們是我們可能或可能不會從美國政府獲得的替代方案。

I think at this point, we're really looking at these as options to expand our financing on top of the loan that we're hoping to close with the DOE to finance loans, to finance stalls that might not otherwise be covered by the Department of Energy. And I think again, as I said before, I think the transparency that we've had with our unit economics has resulted in some very productive conversations.

我認為在這一點上，我們確實將這些視為在貸款之外擴大融資的選擇，我們希望與能源部完成貸款融資，為能源部可能無法覆蓋的攤位提供融資能源。我再次想到，正如我之前所說，我認為我們單位經濟學的透明度導致了一些非常有成效的對話。

But our priority at this point, Chris, is to get the DOE loan closed. That's our number-one priority here in terms of financing, which as I said in response to Bill's question, we're not expecting a lengthy close. These issues are at this point now largely within our control.

但克里斯，我們目前的首要任務是結束能源部的貸款。這是我們在融資方面的首要任務，正如我在回答比爾的問題時所說，我們預計不會有很長的結束時間。目前這些問題基本上都在我們的控制範圍內。

Got it, thanks. And I guess maybe shifting gears here, just on the Delta Electronics partnership, and you mentioned you're targeting a 30% improvement in CapEx per stall maybe beginning the second half of '26, can you provide a bit more detail on sort of what specifically you are -- I guess targeting for that design that allows for that level of CapEx improvement? Thanks.

明白了，謝謝。我想也許這裡會發生變化，就在Delta Electronics 的合作夥伴關係上，您提到您的目標是每個攤位的資本支出提高30%，可能從26 年下半年開始，您能否提供更多關於什麼的細節具體來說，我想您的目標是能夠實現一定程度的資本支出改進的設計？謝謝。

Yes. Chris, again, this is just another one of the areas where we're just executing what we've been saying all year, where all year I've been talking about this effort, which -- and again, it's an effort that we have been resourcing for a good part of the year at this point. The MOU with Delta Electronics is just the next step in that journey. And the next step after that actually will be having our first prototype within the next year.

是的。克里斯，再說一次，這只是我們正在執行我們一整年所說的內容的另一個領域，這一整年我一直在談論這項努力，這也是我們所做的一項努力。今年的大部分時間都在進行資源分配。與台達電子的諒解備忘錄只是這趟旅程的下一步。之後的下一步實際上是在明年推出我們的第一個原型。

But in terms of specifically, what we're doing with this effort is bringing together our experience of serving over 1 million customers, our understanding of their pain points, together with a global power electronics leader, who in our space, because of the lack of vertical integration, almost none of the hardware suppliers actually have that real-world customer experience.

但具體而言，我們正在做的這項工作是將我們為超過 100 萬名客戶提供服務的經驗、我們對他們痛點的理解以及全球電力電子領導者（在我們的領域中，由於缺乏在垂直整合方面，幾乎沒有一家硬體供應商真正擁有真實的客戶體驗。

So we're putting those two things together to jointly design, so they will build, to jointly design a new site, new layout, different power sharing configuration, different dispenser design that takes into account both the best customer experience and the lowest cost. And I expect to see savings in terms of the equipment, in terms of the construction.

因此，我們將這兩件事放在一起共同設計，因此他們將共同設計一個新的站點、新的佈局、不同的電力共享配置、不同的分配器設計，同時考慮到最佳的客戶體驗和最低的成本。我希望看到設備和施工方面的節省。

One of the things that is important in this process is continuing with prefabricated skids, of which we're expecting now 40% of our deployments next year to be benefiting from, which saves on both timeline and construction expense. So it's a whole host of these things. We've been estimating 30% CapEx savings on a per stall basis. I've been talking about that all year and that's what we expect today still.

在這個過程中重要的事情之一是繼續使用預製滑橇，我們預計明年 40% 的部署將從中受益，這不僅節省了時間，也節省了建造費用。所以這是一大堆這樣的事情。我們預計每個攤位可節省 30% 的資本支出。我一整年都在談論這個問題，而這仍然是我們今天的期望。

Got it. Thank you.

知道了。謝謝。

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hey, good morning, everyone.

嘿，大家早安。

Hi, Chris.

嗨，克里斯。

I just wanted to get a sense of when we talk about high utilization sites and we talk about rideshare drivers, then we talk about the DOE loan and the sites that you're going to build in and the sites that you are building in now, which are a little more lower income areas where there's less EV penetration, what's the right way to think about these two coming together?

我只是想了解一下當我們談論高利用率站點，我們談論拼車司機，然後我們談論能源部貸款以及您將要建設的站點和您現在正在建設的站點時，哪些是收入較低的地區，電動汽車的普及率較低，考慮這兩者結合的正確方法是什麼？

Is it that you expect the high utilization sites to keep growing and that will be able to support low -- early utilization in the newer sites that you launch? Or do I have that wrong and EV penetration in your mind will drive higher penetration sooner at these potentially less juicy sites? I just want to make sure I have the pieces right in my head as far as how you think about it.

您是否期望高利用率網站繼續成長，並且能夠支援您啟動的新網站的早期低使用率？或者我有這個錯誤，您認為電動車的普及率會在這些可能不那麼有趣的地方更快地推動更高的普及率？我只是想確保我腦子裡的碎片與你的想法一樣。

Yes. Chris, look, we -- the sites that we'll be building through -- with the DOE loan are sites that meet the administration's Justice40 Initiative, which are areas that are overburdened by the environmental impacts of -- overburdened with environmental impacts, negative environmental impacts.

是的。克里斯，你看，我們——我們將透過能源部貸款建設的地點——是滿足政府正義 40 倡議的地點，這些地區因環境影響而負擔過重——環境影響過重，負面影響環境影響。

Today, we are 40% of -- over 50% of the stalls that we're building today are in rural and low-income communities, and then they're eligible for 30C funding. There's actually quite a lot of overlap, significant overlap, between those two things. And so we're really not expecting any difference, any material difference at all in terms of what we're building today and what we will continue to build as a result of the DOE loan.

今天，我們建造的攤位中有 40% 甚至超過 50% 位於農村和低收入社區，他們有資格獲得 30C 資金。這兩件事之間實際上有很多重疊，顯著的重疊。因此，我們實際上並不期望在我們今天正在建設的項目和我們將因能源部貸款而繼續建設的項目方面出現任何差異，任何實質性的差異。

In fact, I expect no change in our view of economics, expect the improvements that we've been talking about to continue. We do need to update the long-term utilization number. As I said just earlier, 23% doesn't seem to make any sense anymore given that we're at 22% today on utilization.

事實上，我預計我們對經濟的看法不會改變，預計我們一直在談論的改進將會持續下去。我們確實需要更新長期利用率。正如我之前所說，考慮到我們今天的利用率為 22%，23% 似乎不再有任何意義。

What I do expect to see is even more leverage on the fixed costs, both within gross margin and SG&A, just because we're going to have a much higher stall count. And that will be, of course, beneficial -- have a beneficial impact to our unit economics. But I think -- I hope I'm answering your question. We don't really see much more.

我確實希望看到的是，在毛利率和銷售管理費用方面，固定成本的槓桿作用更大，因為我們的攤位數量將會更高。當然，這將是有益的——對我們的單位經濟效益產生有益的影響。但我想——我希望我能回答你的問題。我們真的看不到更多。

Yes. I just -- yes, that's very helpful. Thank you. At the high-utilization sites that you have now, your highest utilization sites, we've got a larger propensity of rideshare drivers. Is there still -- are we in the sixth inning, seventh inning? I mean, I know these sites are never going to get to 100% utilization, but what's the utilization what is the outlook for utilization growth at your top-performing sites still right now?

是的。我只是——是的，這非常有幫助。謝謝。在您現在擁有的高利用率站點、利用率最高的站點，我們有更大的乘坐共享司機的傾向。還有──我們是在第六局、第七局嗎？我的意思是，我知道這些站點永遠不會達到 100% 的利用率，但是利用率是多少，目前表現最佳的站點的利用率成長前景如何？

Well, you can see that our top performing sites are growing. In terms of utilization and throughput per stall, I mean, the chart number 17 shows throughput per stalls for our top 15% sites growing significantly. If you look at that same number sequentially as opposed to year over year, you can see significant improvement. And throughput, as you know, is a product of utilization and charge rate. And so we see that progressing. I think the important thing here is we see the entire network moving to the right, which is data that we've been supplying every quarter, not just the top-performing sites.

嗯，您可以看到我們表現最好的網站正在成長。我的意思是，就每個攤位的利用率和吞吐量而言，圖表 17 顯示了我們前 15% 站點的每個攤位吞吐量顯著增長。如果您連續查看相同的數字而不是逐年查看，您可以看到顯著的改善。如您所知，吞吐量是利用率和收費率的乘積。所以我們看到這方面的進展。我認為這裡重要的是我們看到整個網路向右移動，這是我們每季提供的數據，而不僅僅是表現最好的網站。

Okay, perfect. Thanks for your time.

好的，完美。感謝您抽出時間。

(Operator Instructions) William Grippin, UBS.

（操作員說明）William Grippin，UBS。

Good morning. Thank you for the [questions]. Hi. Just was wondering if you could elaborate first on the -- your expectations for 30C monetization going forward now that you've done this 2023 deal. Should we expect these to be maybe more regular, semiannual, or are you still planning on just annual monetization going forward?

早安.謝謝你的[問題]。你好。只是想知道，既然您已經完成了 2023 年的交易，您是否可以先詳細說明您對未來 30C 貨幣化的期望。我們是否應該期望這些活動會更加定期、半年一次，或者您是否仍計劃未來每年進行貨幣化？

Yes, we're looking at that -- well, we obviously had our first monetization this year with the tax filing deadline. And so we're looking at the right strategy that allows us to maximize the monetization for the company. Broadly, kind of just taking a step back from that, we're looking -- we're expecting to see continued monetization at or around the levels that we've been getting that we received for the first year that we did this year, so for the 2024 portfolio in 2025. And whether it's one sale or two sales, we're looking at the right strategy that maximizes the return for us.

是的，我們正在考慮這一點——嗯，顯然我們今年在報稅截止日期前首次實現了貨幣化。因此，我們正在尋找正確的策略，使我們能夠最大限度地提高公司的獲利能力。從廣義上講，我們只是退一步，我們希望看到我們今年的第一年獲得的水平或接近的水平繼續貨幣化，對於 2024 年的投資組合，2025 年也是如此。無論是一次銷售還是兩次銷售，我們都在尋找能夠最大化我們回報的正確策略。

Makes sense. And just going back to one of your comments in the prepared remarks, I think you had said 56% of throughput came from rideshare and OEM subscription. Are you able to bifurcate that more granularly between rideshare and OEM? And then within the subscriptions, are you seeing growth in partnerships or expansion of programs there?

有道理。回到您在準備好的評論中的評論之一，我認為您說過 56% 的吞吐量來自共乘和 OEM 訂閱。您能否更精細地區分共乘和 OEM 之間的差異？然後在訂閱中，您是否看到合作夥伴關係的成長或計劃的擴展？

Yes, so you can actually look at -- I think we've slowed our revenue for commercial specifically, which is largely rideshare, and that's about 24% in terms of input. I'm sorry, I should say -- sorry, not revenue. And so that whole group of 56% is both rideshare -- is the rideshare subscription customers and customers on the OEM charging credits.

是的，所以你實際上可以看看——我認為我們已經放慢了商業收入，特別是商業收入，這主要是拼車，就投入而言大約是 24%。對不起，我應該說──對不起，不是收入。因此，整個群體中 56% 的人都是共乘——即共乘訂閱客戶和 OEM 充電積分客戶。

It's been in that 50% to sort of mid-50%s for the last two or three quarters now, I think. Well, you can go back to our earnings materials. It's a slide in the chart. And so that's -- we like that load because it's high frequency. It's what I would call our most predictable, steady kind of -- I'm an energy guy, so I see it as base load demand. And I think it's great for underwriting our business.

我認為，在過去的兩三個季度裡，這一比例一直在 50% 到 50% 左右。好吧，你可以回到我們的獲利材料。這是圖表中的投影片。所以我們喜歡這個負載，因為它的頻率很高。這就是我所說的最可預測、最穩定的——我是一個能源專家，所以我將其視為基本負載需求。我認為這對於承保我們的業務非常有用。

Got it. I appreciate the color. Thanks very much.

知道了。我很欣賞它的顏色。非常感謝。

Thank you. That concludes our Q&A session for today. I'd now like to turn the call over back to Badar Khan for final closing comments.

謝謝。我們今天的問答環節到此結束。我現在想將電話轉回巴達爾汗以徵求最後的總結意見。

Great. Well, thank you, everyone. We've had yet another record quarter, and we've raised the midpoint of our guidance again and are clearly on the path to adjusted EBITDA breakeven next year. We continue to benefit from just a whole bunch of tailwinds that are benefiting owner-operators.

偉大的。嗯，謝謝大家。我們又經歷了一個創紀錄的季度，並且再次提高了指導中點，並且明年顯然將實現調整後的 EBITDA 盈虧平衡。我們繼續受益於業主經營者的一系列有利因素。

And with EVgo's scale over the dozens of smaller operators, I think hopefully you're seeing that we're really starting to cement our competitive advantage, especially in terms of delivering a best-in-class customer experience. We remain as confident as ever closing the DOE loan, which will accelerate our growth. And if and when we close the loan, we will host a webinar to provide you with more details. Until then, thanks very much.

隨著 EVgo 的規模超過數十家小型營運商，我想您希望看到我們真正開始鞏固我們的競爭優勢，特別是在提供一流的客戶體驗方面。我們仍然像以往一樣充滿信心地完成美國能源部的貸款，這將加速我們的成長。如果我們結束貸款，我們將舉辦網路研討會，為您提供更多詳細資訊。到那時，非常感謝。

Thank you. That concludes our conference call for today. You may now disconnect.

謝謝。我們今天的電話會議到此結束。您現在可以斷開連線。