EVgo Inc (EVGO) 2025 Q1 法說會逐字稿

Hello, and welcome to the EVgo Inc., Q1 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Heather Davis, Vice President of Investor relations. You may begin.

您好，歡迎參加 EVgo Inc. 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資人關係副總裁 Heather Davis。你可以開始了。

Good morning (technical difficulty) EVgo's first-quarter 2025 earnings call. My name is Heather Davis, and I'm 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, Executive Vice President, Accounting and Finance. Our CFO, Paul Dobson, is out this week due to a loss in the family a few days ago.

早安（技術難題）EVgo 2025 年第一季財報電話會議。我叫 Heather Davis，是 EVgo 的投資人關係副總裁。參加今天電話會議的還有 EVgo 執行長 Badar Khan；以及會計和財務執行副總裁 Stephanie Lee。我們的財務長保羅多布森 (Paul Dobson) 因幾天前家人去世而本週無法上班。

Today, we will be discussing EVgo's first-quarter 2025 financial results followed by a Q&A session. Today's call is being webcast and can be accessed on the investor 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 2025 年第一季的財務業績，然後進行問答環節。今天的電話會議正在進行網路直播，您可以透過我們網站 investors.evgo.com 的投資者專區觀看。電話會議結束後，將會存檔並提供該檔案，以及公司的收益報告和投資者介紹。

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 the risk factors section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

在電話會議期間，管理階層將做出具有風險和不確定性的前瞻性陳述，包括對未來績效的預期。可能導致實際結果與我們的預期存在重大差異的因素在我們提交給美國證券交易委員會的文件中進行了詳細說明，包括我們最近的 10-K 表年度報告和 10-Q 表季度報告中的風險因素部分。

The company's SEC filings are available on the investor 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 this call. Information about these non-GAAP measures, including a reconciliation to the corresponding GAAP measures, can be found in the earnings materials available on the investor section of our website.

該公司的美國證券交易委員會 (SEC) 文件可在我們網站的投資者部分查閱。這些前瞻性陳述自今日適用，我們不承擔在電話會議後更新這些陳述的義務。另外，請注意，我們將在本次電話會議上參考某些非 GAAP 財務指標。這些非 GAAP 指標的資訊（包括與相應 GAAP 指標的對帳）可在我們網站投資者部分的收益資料中找到。

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

說完這些，我將把電話轉給 EVgo 的執行長 Badar Khan。

EVgo had yet another record quarter of strong results. Customer consumption, our network, continues to rise with average daily throughput for public stall rising by 36% versus the same quarter last year and up more than fivefold in three years.

EVgo 又一個季度取得了創紀錄的強勁業績。我們的網路客戶消費持續上升，公共攤位的日均吞吐量比去年同期成長了 36%，三年內成長了五倍多。

The combination of higher throughput per stall and more stalls resulted in an overall public network throughput growth of 60% versus last year, with Q1 representing the 13th consecutive quarter of double digit year-over-year growth in charging revenues, which is every single quarter since we've been public company.

更高的單站吞吐量和更多的站位數量相結合，使得公共網路整體吞吐量比去年增長了 60%，第一季是充電收入連續第 13 個季度實現兩位數同比增長，這也是我們上市公司以來每個季度的充電收入都實現兩位數增長。

Total revenue grew 36% year over year at a near 10-fold growth in three years. We added over 180 new operational stalls this quarter, including extended stalls, and now have over 4,200 operational stalls. And finally, we began the year with a strong cash balance and prospects. We ended the quarter with $171 million in cash, cash equivalents and restricted cash, and at the start of April, we received the next quarterly advance from the DOE loan as expected.

總營收年增36%，三年成長近10倍。本季度，我們新增了 180 多個營業攤位（包括擴建攤位），目前營業攤位總數已超過 4,200 個。最後，我們以強勁的現金餘額和前景開啟了新的一年。截至本季末，我們擁有 1.71 億美元的現金、現金等價物和受限現金，並且於 4 月初按預期收到了 DOE 貸款的下一季預付款。

As you all know, in December 2024, after an 18 month process, we closed at a $1.25 billion loan guarantee with the Department of Energy loan Program's office that secures financing for our trajectory past adjusted EBITDA break even this year, leveraged free cash flow break even next year, and more than triples our installed base over the next five years throughout the United States. This puts us in a particularly strong competitive position within the EV fast charging landscape.

眾所周知，經過 18 個月的流程，我們於 2024 年 12 月與能源部貸款計劃辦公室達成了 12.5 億美元的貸款擔保，該擔保為我們今年實現調整後 EBITDA 收支平衡、明年實現槓桿自由現金流收支平衡以及未來五年在全美安裝基數增加兩倍以上提供了融資。這使我們在電動車快速充電領域處於特別強勁的競爭地位。

Looking at the macro environment, the impact of tariffs on EVgo, both directly and indirectly, is expected to be relatively minimal. That's because only approximately 25% of the total CapEx cost per stall is subject to tariffs, with the remainder being domestically sourced equipment and raw materials and construction costs.

從宏觀環境來看，關稅對 EVgo 的直接和間接影響預計相對較小。這是因為每個攤位的總資本支出中只有約 25% 需要繳納關稅，其餘部分則是國內採購的設備、原材料和建築成本。

Our fiscal 2025 net CapEx estimate includes CapEx for 2025 vintage stalls as well as spend incurred in 2025 for 2026 vintage stalls, and in fiscal '25, we expect it to incur around $45 million to $50 million on imported chargers. However, we already have either an inventory or on shipping containers, just under half of that spend for import equipment.

我們對 2025 財年的淨資本支出估算包括 2025 年老式攤位的資本支出以及 2025 年為 2026 年老式攤位產生的支出，在 2025 財年，我們預計進口充電器的費用約為 4500 萬至 5000 萬美元。然而，我們已經有了庫存或貨櫃，略低於進口設備支出的一半。

Therefore, we expect an impact of around $4 million to $5 million depending on what the final tariff rate might be for these imports, what we negotiate with our suppliers, and whether we're able to expand our existing US source production.

因此，我們預計影響約為 400 萬至 500 萬美元，具體取決於這些進口產品的最終關稅稅率、我們與供應商的談判情況以及我們是否能夠擴大現有的美國產地生產。

In addition, we expect to deliver $10 million in CapEx efficiencies this year that more than offset the estimated impact of tariffs in 2025. Because we are an owner operator and not an equipment seller, none of this is expected to impact adjusted EBITDA for our charging business.

此外，我們預計今年的資本支出效率將達到 1,000 萬美元，足以抵銷 2025 年關稅的預期影響。因為我們是業主經營者而不是設備銷售商，所以這些都不會影響我們充電業務的調整後 EBITDA。

This past quarter saw particularly strong growth in non-Tesla EV sales, which grew over 35% compared to Q1 last year. Chevy Equinox EV, Honda Prologue, and Hyundai Ionic 5 are among some of the bestselling non-Tesla models. It's especially encouraging to see this as the MSRP for the Equinox starts at around $35,000.

上個季度非特斯拉電動車銷量成長尤為強勁，與去年第一季相比成長了 35% 以上。雪佛蘭 Equinox EV、本田 Prologue 和現代 Ionic 5 是一些最暢銷的非特斯拉車型。看到這一點尤其令人鼓舞，因為 Equinox 的建議零售價約為 35,000 美元。

Importantly, our business is increasingly not reliant on new EV sales in any one year and is instead reliant on the overall number of evenings on the road. We estimate less than 10% of 2025 revenue to come from new EVs purchased this year, and that percentage will shrink going forward as the EV carpark grows. In addition, EV sold in the US appear to have more domestic content on average versus ICE vehicle. Therefore, tariffs may have a bigger impact on ICE vehicles than EVs in the US.

重要的是，我們的業務越來越不依賴某一年的新電動車銷售，而是依賴道路上行駛的夜晚總數。我們估計，2025 年的收入中不到 10% 將來自今年購買的新電動車，隨著電動車停車場的擴大，這一比例將會縮小。此外，與內燃機汽車相比，在美國銷售的電動車平均似乎含有更多的國產零件。因此，關稅對美國的內燃機汽車的影響可能比電動車更大。

According to the DOE, the nationwide growth of DC fast charging stations has in fact been flat for the past seven quarters, with Q1 actually showing a 16% decline from the prior quarter. In a higher tariff environment, we expect the supply of new fast charging will continue to fall.

美國能源部表示，過去七個季度，全國範圍內直流快速充電站的成長實際上一直持平，第一季實際上比上一季下降了 16%。在更高的電價環境下，我們預計新的快速充電供應將繼續下降。

That is because roughly half of new fast chargers deployed are sold to site hosts by companies like ChargePoint, which will likely see slower growth as site hosts pause or reconsider what they may view as discretionary investments outside of their core business, especially if these companies were relying on federal incentives that may also be on hold.

這是因為，大約有一半新部署的快速充電器是由 ChargePoint 等公司出售給充電站的，隨著充電站暫停或重新考慮他們可能認為是核心業務之外的可自由支配的投資，充電站的增長速度可能會放緩，特別是如果這些公司依賴的聯邦激勵措施也可能被擱置的話。

7% of new fast chargers that are funded by automotive OEMs other than Tesla are also likely to see slower growth as OEMs allocate capital to other priorities.

由特斯拉以外的汽車原始設備製造商資助的 7% 的新快速充電器的成長速度也可能放緩，因為原始設備製造商將資金分配給其他優先事項。

Tesla's share of new fast charging has declined from around 70% in 2022 to less than 20% in the most recent quarter. Unlike other OEMs, it's unclear whether Tesla remains committed to the growth of fast charging given their other priorities.

特斯拉在新型快速充電中的份額已從 2022 年的 70% 左右下降到最近一個季度的不到 20%。與其他原始設備製造商不同，目前尚不清楚特斯拉是否會繼續致力於快速充電的發展，因為他們還有其他優先事項。

Oil and gas companies funding DCFC chargers made up only 1% of new chargers this past quarter according to the DOE, and have already announced changes to the capital allocation priorities. That leaves 14% of new chargers funded by a large number of small private companies that we expect will struggle to attract financing in this environment, especially because of their small scale.

美國能源部稱，上個季度，為 DCFC 充電器提供資金的石油和天然氣公司僅佔新增充電器總數的 1%，並且已經宣布了資本配置優先順序的變化。這意味著 14% 的新充電器將由大量小型私人公司資助，我們預計這些公司在這種環境下將難以吸引融資，尤其是由於規模較小。

Unlike almost every other fast charging owner and operator, EVgo is singularly focused on fast charging and has the financing in place, allowing us to continue to grow. As a result, demand for fast charging, represented by the growth in EV VIO far exceeds the supply of fast charging stations nationwide.

與幾乎所有其他快速充電所有者和營運商不同，EVgo 專注於快速充電，並擁有充足的融資，使我們能夠繼續發展。因此，以電動車保有量成長為代表的快速充電需求遠遠超過了全國快速充電站的供應量。

This supply demand imbalance has been one of the factors driving the five-fold growth EVgo's throughput per public stall over the past three years, and will continue to drive growth in throughput per stall for the foreseeable future. S&P Global's most recent base case forecast from March this year that takes into account the new administration's policies on electric vehicles suggests 31% of new car sales being fully electric by 2030, slightly above where China already is today.

這種供需失衡是過去三年來 EVgo 每個公共攤位吞吐量成長五倍的因素之一，並將在可預見的未來繼續推動每個攤位吞吐量的成長。標普全球在今年 3 月發布的最新基準預測考慮到了新政府的電動車政策，該預測顯示，到 2030 年，31% 的新車銷量將是純電動車，略高於中國目前的水平。

The downside forecast is 21% of e-car sales, below where China is today, translating to between $19 million and 26 million EVs on the road by 2030. This half of the target established by the Biden administration of 50% of new car sales by 2030.

下行預測是電動車銷量將占到 21%，低於中國目前的水平，相當於到 2030 年上路的電動車數量在 1,900 萬至 2,600 萬輛之間。這距離拜登政府所訂定的2030年新車銷售量佔50%的目標只有一半。

S&P Global's forecast for the supply of DCFC grows to 135,000 stalls by 2030 from around 50,000 at the end of 2024. In order to maintain the current ratio of E to DCSC, the industry would need to deploy 40,000 fast chargers a year, which is over three times what was built in 2024.

標普全球預測，到 2030 年，DCFC 的攤位供應量將從 2024 年底的約 50,000 個增加到 135,000 個。為了維持目前的 E 與 DCSC 比例，該行業每年需要部署 40,000 個快速充電器，這是 2024 年建成數量的三倍多。

Given that we've now had seven flat to declining quarters of growth in DCSC supply, a flat growth scenario of no faster growth than today may even be too optimistic in a higher tariff environment.

鑑於目前 DCSC 供應量的成長已連續七季持平或下降，在更高的關稅環境下，認為未來不會比現在成長更快的持平成長情境可能過於樂觀。

The result is a growing ratio of EV VIO to DCSC, which has driven the growth in EVgo throughput historically and a significantly higher ratio in both S&P's base and downside forecasts, which we expect will drive ongoing growth and EVgo throughput and utilization per stall in addition to growth due to network expansion for the foreseeable future.

結果是 EV VIO 與 DCSC 的比率不斷增長，這在歷史上推動了 EVgo 吞吐量的增長，並且在標準普爾的基準和下行預測中該比率都顯著提高，我們預計除了可預見的未來由於網絡擴展而實現的增長之外，這將推動持續增長和 EVgo 吞吐量以及每個攤位的利用率。

In a higher tariff environment, we may see impacts to both the numerator and denominator in this ratio, leaving the overall supply demand picture potentially even more attractive for EVgo than without the impact of tariffs.

在更高的關稅環境下，我們可能會看到該比率的分子和分母都會受到影響，這使得整體供需狀況對 EVgo 來說可能比沒有關稅影響時更具吸引力。

Let's now turn to progress on our four key priorities, improving our customer experience, operating in CapEx efficiencies, capturing and retaining high value customers, and securing additional complementary non-diluted financing to accelerate growth. As always, improving our customer experience remains our number one priority, and our strong momentum from last year has continued this quarter.

現在讓我們來談談我們四個關鍵優先事項的進展，即改善客戶體驗、提高資本支出效率、吸引和留住高價值客戶以及獲得額外的補充非稀釋融資以加速成長。與往常一樣，改善客戶體驗仍然是我們的首要任務，我們去年的強勁勢頭在本季度得以延續。

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 the first quarter, 21% of our sites had six stalls or more.

客戶希望在到達 EVgo 充電站時能夠使用充電器，我們正在部署更大的充電站，現在我們的標準配置是每個充電站配備六到八個充電樁。截至第一季末，我們 21% 的站點擁有 6 個或 6 個以上的攤位。

We continue to deploy ultrafast high powered chargers. The number of stalls served by a 350 kilowatt charger is now 52%, up from 38% a year ago. AutoChargePlus, our seamless plug and charge capability, continued to gain significant traction in Q1 with auto enrollments from OEM partners. AutoChargePlus accounted for 27% of sessions initiated.

我們將繼續部署超快速高功率充電器。目前，配備 350 千瓦充電器的攤位數量已從一年前的 38% 上升至 52%。AutoChargePlus 是我們的無縫即插即充功能，隨著 OEM 合作夥伴的自動註冊，該功能在第一季繼續顯著發展。AutoChargePlus 佔發起會話的 27%。

And finally, our key customers success metric or one and done, increased 4 percentage points this quarter versus last year, 95% of sessions resulting in a successful charge on the first try. In summary, another great quarter of achievement in improving our customer experience.

最後，我們的關鍵客戶成功率或一次性完成率與去年相比本季增加了 4 個百分點，95% 的會話在第一次嘗試時就成功收費。總而言之，我們在改善客戶體驗方面又取得了巨大的成就。

We've also made excellent progress on our efficiency priorities. Most notably, we took the MOU with Delta Electronics we signed last October and converted it into a signed joint development agreement to co-develop the next generation of charging architecture.

我們在效率優先事項上也取得了顯著進展。最值得注意的是，我們將去年 10 月與台達電子簽署的諒解備忘錄轉化為簽署的聯合開發協議，共同開發下一代充電架構。

EVgo and Delta are making meaningful progress on this initiative that's expected to lower our gross CapEx per stall by 30%. We anticipate production of these stalls to begin in the second half of 2026, and we plan to have a prototype for the second quarter of this year.

EVgo 和 Delta 在這項措施上取得了重大進展，預計將使每個攤位的總資本支出降低 30%。我們預計這些攤位將於 2026 年下半年開始生產，並計劃在今年第二季推出原型。

We continue to drive operational efficiencies in our business, with call center costs for coal declining 37% in Q1 versus last year. Our 2025 vintage CapEx per stall is expected to be roughly $135,000 which is an 8% reduction from 2024 vintage stalls, including the impact of tariffs. EVgo's operations team has been diligently working to lower CapEx, and we're delivering savings from lower contractor construction pricing, material sourcing, and increased use of prefabricated skids.

我們持續提高業務營運效率，第一季煤炭呼叫中心成本較去年同期下降了 37%。我們預計 2025 年每個攤位的資本支出約為 135,000 美元，比 2024 年每個攤位的資本支出減少 8%，其中包括關稅的影響。EVgo 的營運團隊一直在努力降低資本支出，我們透過降低承包商施工價格、材料採購和增加預製滑橇的使用來實現節約。

We expect further improvements in G&A as a percentage of revenue for 2025 while investing in the growth of our business. We also continue to make great progress on our growth priority of capturing and retaining high value customers. 55% of EVgo's throughput came from rideshare, OEM charging credit, and subscription accounts in Q1. This provides EVgo with a relatively predictable base load level of demand on our network.

我們預計，到 2025 年，一般及行政費用佔收入的百分比將進一步提高，同時我們將投資於業務成長。我們在吸引和留住高價值客戶這一成長重點上也持續取得了巨大進展。第一季度，EVgo 55% 的吞吐量來自共乘、OEM 充電信用和訂閱帳戶。這為 EVgo 提供了我們網路上相對可預測的基本負載水準需求。

In order to drive overall utilization up while mitigating the impact of congestion, thanks to the investments we have made in our customer marketing platform and dynamic pricing, we are now averaging double digit utilization in the overnight hours, effectively opening up capacity for more drivers during the peak hours.

為了提高整體利用率，同時減輕擁塞的影響，由於我們在客戶行銷平台和動態定價方面的投資，我們現在夜間平均利用率達到兩位數，有效地為高峰時段的更多司機開放了運力。

We expect the next major update to our dynamic pricing route rooms in the fourth quarter of this year. We launched native NACS connectors at our first site in February, and the pilot, the technology validation is going well. We anticipate adding more NACS connectors to sites over the course of 2025.

我們預計我們的動態定價路線客房的下一次重大更新將在今年第四季進行。我們在二月在我們的第一個站點推出了原生 NACS 連接器，並且試點和技術驗證進展順利。我們預計在 2025 年期間將在更多站點添加更多 NACS 連接器。

Later this year, we plan to launch the first of 400 new flagship stalls in partnership with GM with the goal of delivering an elevated customer experience. As a reminder, these sites will feature up to 20 stalls, and come with ultrafast 350 kilowatt chargers, canopies, ample lighting, pull through stations, and security cameras, and like all EVgo sites will be located near a diverse set of amenities that customers can take advantage of while charging.

今年晚些時候，我們計劃與通用汽車合作推出 400 個新旗艦攤位中的第一個，目的是提供更高級的客戶體驗。提醒一下，這些站點將設有多達 20 個攤位，並配備超快 350 千瓦充電器、遮篷、充足的照明、直通站和安全攝像頭，並且像所有 EVgo 站點一樣，它們將位於各種便利設施附近，客戶可以在充電時利用這些便利設施。

Finally, we expect to expand the number of dedicated stalls serving autonomous vehicle partners, which could represent a very attractive source of potential growth for EVgo, given we estimate we have a 20% share of operational sites serving the segment today.

最後，我們預計將擴大為自動駕駛汽車合作夥伴提供服務的專用攤位數量，這可能代表 EVgo 的一個非常有吸引力的潛在成長來源，因為我們估計我們目前擁有為該領域服務的營運站點的 20% 份額。

As for financing the growth of the business, we have now received both the first and second quarterly advances on our $1.25 billion loan guarantee with the DOE LPO. This loan ensures we are fully funded to add at least 7,500 stalls, more than tripling our install base over the next five years.

至於業務成長的融資，我們現在已經收到了 DOE LPO 提供的 12.5 億美元貸款擔保的第一季和第二季預付款。這筆貸款確保我們有足夠的資金在未來五年內增加至少 7,500 個攤位，使我們的安裝基數增加兩倍以上。

Looking ahead to the rest of the year, we expect a complete transfer of our 2024 vintage 30C income tax credits. Over the course of this year, we expect around 30% of our 2025 vintage CapEx to be offset from state, local, and federal grants, utility incentives, OEM payments, and 30C.

展望今年剩餘時間，我們預計 2024 年 30C 所得稅抵免將全部轉移。今年，我們預計 2025 年資本支出的約 30% 將由州、地方和聯邦政府的補助、公用事業激勵措施、OEM 付款和 30C 抵消。

Federal incentives in the form of the technology neutral 30C alternative fuels credit and NEVI represent approximately 10% of our 2025 vintage CapEx. As we said before, we are not particularly reliant on federal incentives, and our next generation architecture program is targeting at least a 30% reduction in gross CapEx per stall, significantly more than the value of these incentives.

以技術中立的 30C 替代燃料信貸和 NEVI 形式提供的聯邦激勵措施約占我們 2025 年資本支出的 10%。正如我們之前所說，我們並不特別依賴聯邦激勵措施，我們的下一代建築計劃的目標是將每個攤位的總資本支出減少至少 30%，遠遠超過這些激勵措施的價值。

And finally, given the very strong cash flows from our operating assets, we continue to receive inbound interest and evaluate additional complementary non-dilutive financing opportunities, that would help fund the growth of any charging stations not included in the DOE loan funding to accelerate our growth and to provide diversity in our funding sources.

最後，鑑於我們營運資產的現金流非常強勁，我們將繼續獲得入站利息並評估額外的補充非稀釋性融資機會，這將有助於資助任何未包括在能源部貸款資金中的充電站的增長，以加速我們的增長並提供資金來源的多樣性。

Stephanie Lee will now cover our financial performance for Q1, together with our outlook for 2025.

Stephanie Lee 現在將介紹我們第一季的財務業績以及 2025 年的展望。

Thank you, Badar. Over the last three years, we have grown our operational stall base by 2.5 times, while our revenues have grown over 12 times. Increasing our scale and maintaining our focus on costs allows us to deliver improving bottom line performance. We continue to expect to achieve our target of adjusted EBITDA break even in 2025.

謝謝你，巴達爾。在過去三年中，我們的營業攤位數量增加了 2.5 倍，而收入則增加了 12 倍以上。擴大規模並持續關注成本使我們能夠提高獲利績效。我們仍預期在 2025 年實現調整後 EBITDA 收支平衡的目標。

Our public network throughput per stall has grown over 3 times in the last two years, significantly outpacing our charging stall growth. This accelerated performance is driven by multiple factors we've previously discussed, namely, EV vehicle miles travel parity with ICE.

過去兩年中，我們每個攤位的公共網路吞吐量增加了三倍多，遠遠超過了充電攤位的成長速度。這種加速的性能是由我們之前討論過的多個因素推動的，即電動車行駛里程與內燃機汽車行駛里程相當。

Significant growth in rideshare, increased multi-family dwellers among EV drivers, increasing vehicle charge rates, and larger, less efficient EVs coming to market. Throughput per public stall was 266 kilowatt hours per stall per day in Q1, compared to 196 a year ago, and roughly flat sequentially, which reflects the seasonal shift from Q4 to Q1, as we saw last year.

共乘數量顯著增長、電動車駕駛中多戶家庭居民增加、汽車充電費率提高、以及更大但效率更低的電動車進入市場。第一季每個公共攤位每天的用電量為 266 千瓦時，而去年同期為 196 千瓦時，環比基本持平，這反映了從第四季度到第一季度的季節性轉變，就像我們去年看到的那樣。

In the first quarter, total public network utilization increased to 24%, up from 19% a year ago. 67% of our public stalls and utilization greater than 15%. 54% of our public stalls had utilization greater than 20%, and 32% of our public stalls had utilization greater than 30%. Each of these utilization categories has grown significantly over the last two years, as the entire utilization curve is shifting to the right.

第一季度，公共網路總利用率從一年前的19%上升至24%。公共攤位佔67%，利用率超過15%。 54%的公共攤位利用率超過20%，32%的公共攤位利用率超過30%。由於整個利用曲線正在向右移動，因此這些利用類別在過去兩年中都得到了顯著增長。

Total throughput on the public network during the first quarter was 83 gigawatt hours, a 60% increase compared to last year. Revenue for Q1 was $75 million which represents a 36% year-over-year increase.

第一季公共網路總吞吐量為83千兆瓦時，比去年同期成長60％。第一季的營收為 7,500 萬美元，年增 36%。

This growth was primarily driven by charging network and eXtend revenue. Total charging network revenues, the $47.1 million grew from $31.6 million exhibiting a 49% year-over-year increase. eXtend revenues of $23.5 million increase from $19.2 million in the prior year, delivering growth of 23%. Charging network growth margin in the first quarter was 37.1%, down 370 basis points from the prior year.

這一增長主要得益於充電網路和 eXtend 收入。充電網路總收入從 3,160 萬美元成長至 4,710 萬美元，年增 49%。 eXtend 的營收從去年的 1,920 萬美元增加到 2,350 萬美元，成長了 23%。第一季充電網路成長率為37.1%，較前一年下降370個基點。

The prior year quarter included $2.5 million of breakage revenue from one of our OEM charging credit programs, which is winding down, and similar levels of breakage were therefore not expected to recur. Excluding the impact of breakage revenue, our charging network growth margin would have grown 130 basis points year over year.

去年同期的故障收入包括來自我們一項 OEM 充電信用計劃的 250 萬美元，該計劃正在逐步結束，因此預計類似程度的故障不會再次發生。不計故障收入的影響，我們的充電網路成長利潤率將年增 130 個基點。

Compared to the fourth quarter of 2024, charging network growth margin declined, primarily due to higher maintenance costs incurred to improve reliability of our charging experience, and higher property taxes, which typically increase on January 1 of each year.

與 2024 年第四季相比，充電網路成長利潤率有所下降，主要是由於為提高充電體驗的可靠性而產生的維護成本增加，以及財產稅增加（通常在每年 1 月 1 日增加）。

Our eXtend revenue for the first quarter was up from the prior year due to more construction projects and processed or completed and the recognition of certain construction change order costs that were incurred in a prior year.

由於更多的建築項目被處理或完成，以及確認了上一年發生的某些建築變更單成本，我們第一季的 eXtend 收入比上一年有所增加。

Adjusted gross profit was $25.4 million in the first quarter of 2025, up from $17.3 million in the first quarter of 2024. Adjusted growth margin was 33.7% in Q1, an increase of 240 basis points compared to last year. Adjusted G&A as a percentage of revenue also improved from 44.4% in the first quarter of 2024 to 41.6% in Q1 of this year, demonstrating the operating leverage effect.

2025 年第一季調整後毛利為 2,540 萬美元，高於 2024 年第一季的 1,730 萬美元。第一季調整後成長率為33.7%，較去年同期成長240個基點。調整後的 G&A 費用佔收入的百分比也從 2024 年第一季的 44.4% 提高到今年第一季的 41.6%，體現了營運槓桿效應。

Adjusted EBITDA was negative $5.9 million in the first quarter of 2025, a $1.3 million improvement versus negative $7.2 million in the first quarter of 2024.

2025 年第一季調整後 EBITDA 為負 590 萬美元，較 2024 年第一季的負 720 萬美元改善 130 萬美元。

Now turning to our 2025 guidance. EVgo continues our top-line growth and path to profitability in 2025. Our stall build outlook for the year remains the same with 1,200 to over 1,400 new stalls comprised of 750 to 815 public network stalls, 50 to 85 dedicated network stalls, and 450 to 550 EVgo eXtend stalls.

現在轉向我們的 2025 年指導。EVgo 將繼續保持營收成長，並在 2025 年實現盈利。我們今年的攤位建設前景保持不變，新攤位數量將達到 1,200 至 1,400 多個，其中包括 750 至 815 個公共網路攤位、50 至 85 個專用網路攤位以及 450 至 550 個 EVgo eXtend 攤位。

We continue to expect total revenue in the range of $340 million to $380 million. As a reminder, we estimate only 10% of our total 2025 revenues are tied to new EV sales. We continue to expect charging network revenue to be two-thirds of full-year revenue.

我們繼續預計總收入在 3.4 億美元至 3.8 億美元之間。提醒一下，我們估計 2025 年總收入中只有 10% 與新電動車銷售有關。我們仍然預計充電網路收入將佔全年收入的三分之二。

We anticipate sequential quarterly growth in our charging network revenues as we continue to expect quarter over quarter and year over year throughput growth. Similar to last year, we expect to see higher summer electricity costs impacting Q3 charging network growth margins.

我們預計充電網路收入將逐季成長，因為我們預期吞吐量將逐季、逐年成長。與去年類似，我們預期夏季電力成本上升將影響第三季充電網路成長利潤率。

We continue to expect full year eXtend revenue to be broadly flat to last year, with slightly lower revenues in the second half of 2025. We expect growth and full-year ancillary revenue, with most of that growth in Q4, driven by the dedicated fleet business.

我們仍然預計全年 eXtend 收入將與去年基本持平，2025 年下半年收入將略有下降。我們預計全年輔助收入將有所成長，其中大部分成長發生在第四季度，由專用機隊業務推動。

We expect adjusted G&A to increase modestly throughout 2025, as we continue to make investments in areas such as our next generation charging infrastructure. We continue to expect improvements in charging network growth margin and adjusted G&A as a percentage of revenue, driving bottom line adjusted EBITDA improvements.

我們預計，隨著我們繼續在下一代充電基礎設施等領域進行投資，調整後的一般及行政費用將在 2025 年全年小幅增加。我們繼續預期充電網路成長利潤率和調整後的 G&A 佔營收的百分比將會提高，從而推動底線​​調整後的 EBITDA 改善。

We therefore continue to target adjusted EBITDA breakeven in 2025, with a range of negative $5 million to positive $10 million. We continue to expect fiscal CapEx net of offsets to be in the range of $160 million to $180 million. We are ramping up our mobilization with approximately 75% of our 2025 vintage public network sales expected to operationalize in the second half of 2025. Q4 is expected to account for approximately 50% of total 2025 public networks installed.

因此，我們繼續以 2025 年調整後的 EBITDA 損益平衡為目標，範圍為負 500 萬美元至正 1,000 萬美元。我們繼續預期扣除抵銷額後的財政資本支出將在 1.6 億美元至 1.8 億美元之間。我們正在加強動員力度，預計 2025 年老式公共網路銷售中約有 75% 將在 2025 年下半年投入營運。預計第四季將佔2025年公共網路安裝總量的約50%。

Operator, we can now open the call for Q&A.

接線員，我們現在可以開始問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgeral

Hi everyone. Good morning, congratulations for another great quarter, and thank you so much for taking our questions. Maybe just to start, you touched on this briefly in your prepared remarks, hoping for maybe a bit more color.

大家好。早安，恭喜您又度過了一個出色的季度，非常感謝您回答我們的問題。也許只是開始，您在準備好的發言中簡要地談到了這一點，希望能夠有更多的細節。

I'm wondering if you could maybe just give us a bit more cadence in terms of guidance for the rest of the year, particularly around the cost of energy, ASP you mentioned Q3, I think will be the weakest, but basically, ASPs gross margin. And how we should think about the ramp up of the DOE loan, stalls throughout the rest of the year? Thank you.

我想知道您是否可以給我們更多關於今年剩餘時間的指導，特別是圍繞能源成本，您提到的第三季度的 ASP，我認為將是最弱的，但基本上，ASP 的毛利率。我們該如何看待能源部貸款的成長，以及今年剩餘時間內貸款的停滯？謝謝。

Andres yeah, we provided guidance. It hasn't changed since the last quarter on the ramp up of the loan, we provided a stall a build schedule on the last quarterly call and that remains the same. So that's 750 to 850 stalls, public network stalls for the full year, together with about 50 to 85 dedicated stalls, 450 to 550 stalls through our eXtend program. So that hasn't changed, as also hasn't changed. We expect about 75% of the public stalls to be in the second half of the year, about 50%, in Q4, so you can kind of work out Q2 given we've got Q1.

安德烈斯：是的，我們提供了指導。自上個季度以來，貸款增加的情況沒有改變，我們在上個季度電話會議上提供了一個建設時間表，現在情況仍然相同。因此，全年共有 750 至 850 個攤位，公共網路攤位，加上約 50 至 85 個專用攤位，透過我們的 eXtend 計劃共有 450 至 550 個攤位。所以這並沒有改變，也沒有改變。我們預計大約 75% 的公共攤位會出現在下半年，大約 50% 會出現在第四季度，因此根據第一季的數據，你就可以計算出第二季度的數據。

In terms of the rest of the year, Q3 is typically the quarter as we saw last year where we've got higher energy costs, that'll really be the same shape for this year. In terms of average selling price, I'd expect us to see, prices where they are today maybe slightly expanding. I mean, Stephanie, any other comments in terms of guidance?

就今年剩餘時間而言，第三季度通常是能源成本較高的季度，就像我們去年看到的那樣，今年的情況也大致如此。就平均售價而言，我預計我們會看到，目前的價格可能會略有上漲。我的意思是，史蒂芬妮，在指導方面還有其他意見嗎？

(inaudible)

（聽不清楚）

Got it. Okay, that's super helpful. I appreciate all that color. And maybe just a bit of an odd question, but as we are seeing an acceleration in autonomous vehicles and self-driving technology, can you maybe remind us, what our EVgo's strategy to try to capture some of this market and then how you might address autonomous vehicles charging in the future? Thank you.

知道了。好的，這非常有幫助。我很欣賞所有這些顏色。這個問題可能有點奇怪，但隨著我們看到自動駕駛汽車和無人駕駛技術的加速發展，您能否提醒我們，我們的 EVgo 的策略是什麼，以試圖佔領這個市場的一部分，然後您將來如何解決自動駕駛汽車的充電問題？謝謝。

Yeah, look, we, as we said last quarter, we broke out the number of stalls that are serving, that are dedicated stalls serving the kind of autonomous vehicle segment. And so that's separated out in our store count from last quarter, and we more than doubled in 2024 the number of stalls that we currently already have in place serving that segment.

是的，你看，正如我們上個季度所說的那樣，我們公佈了專門為自動駕駛汽車領域提供服務的攤位數量。因此，這與上一季的門市數量分開，到 2024 年，我們為該細分市場提供的攤位數量將比目前增加一倍以上。

We estimate there's not great data on this, but we estimate we've got about a 20% share, so a pretty good share of dedicated stalls serving the segment. And so we're quite excited by it. These stalls have a different cash flow profile.

我們估計這方面的數據並不充分，但我們估計我們佔有大約 20% 的份額，因此為該細分市場服務的專用攤位佔有相當可觀的份額。因此我們對此感到非常興奮。這些攤位有不同的現金流狀況。

They're contracted cash flows versus our public stalls which rely on charging revenue, of course. And so we're quite excited by it. We do think it could be a source of interesting upside for the business, given the regulations around the space seem to be a little bit easier than where we had in the past.

當然，它們是合約現金流，而我們的公共攤位則依賴收費收入。因此我們對此感到非常興奮。我們確實認為這可能成為業務的一個有趣的優勢來源，因為該領域的法規似乎比過去要寬鬆一些。

Wonderful. Thank you so much. I really appreciate it, and congratulations on the quarter again. We'll pass it on.

精彩的。太感謝了。我真的很感激，並再次祝賀本季取得的成績。我們會傳達它。

Chris Dendrios, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrios。

Yeah, good morning and thanks for taking the question. I guess maybe on the financing side of things, and it was great to see that you all got that second advance from the DOE. I guess maybe on the private side, and you mentioned you're exploring some funding options. Can you provide an update on timing around that? And maybe what specifically are you all kind of looking at as far as options go? Thanks.

是的，早上好，感謝您回答這個問題。我想也許是在融資方面，很高興看到你們都從能源部獲得了第二筆預付款。我想也許是在私人方面，你提到你正在探索一些融資選項。您能提供一下有關時間的最新資訊嗎？那麼就選擇而言，你們具體在考慮什麼呢？謝謝。

Yeah. I mean just on the first point, we are obviously very happy with where we are in financing. We expect quarterly advances in line with the agreement that we signed with the DOE in December. And this second quarter advance was in line with our ask and our plans.

是的。就第一點而言，我們顯然對我們的融資狀況非常滿意。我們預計季度預付款將按照我們 12 月與能源部簽署的協議進行。第二季的成長符合我們的要求和計畫。

In terms of additional financing, we do continue to get -- just these cash flows generate strong -- these assets generate strong cash flows, we continue to get quite a lot of interest from others who are looking to finance further accelerate the growth of the business.

在額外融資方面，我們確實繼續獲得 - 僅這些現金流就產生強勁 - 這些資產產生強勁的現金流，我們繼續從其他尋求融資以進一步加速業務增長的人那裡獲得相當多的興趣。

And so that's really where the conversation is, are there stalls that are not eligible to be funded by DOE, for instance, the EV space, but potentially others. But also just it makes good business sense to diversify your sources of funding.

所以這就是我們真正要討論的，是否有攤位沒有資格獲得能源部的資助，例如電動車領域，但也可能包括其他領域。但從商業角度來看，分散資金來源也是明智之舉。

In terms of timing, we're in the dialogue today with folks. If we find something that is attractive for ourselves and counterparties, then we'll obviously look to execute. And I expect that, that might take place some point during the course of this year.

就時間而言，我們今天正在與大家對話。如果我們發現一些對我們自己和交易對手都有吸引力的東西，那麼我們顯然會尋求執行。我預計，這可能會在今年的某個時候發生。

Got it. And then I guess maybe just a follow-up on that point around it being attractive and the ability to accelerate. I guess, are you indicating that you would look to potentially accelerate activity if you find an attractive, I guess, arm of financing? Is that correct? Thanks.

知道了。然後我想也許只是圍繞這一點進行後續討論，圍繞它的吸引力和加速能力。我想，您是不是在表示，如果找到一個有吸引力的融資管道，您會考慮加速活動？對嗎？謝謝。

Yeah. I mean, over the course of the five years, the schedule that we've laid out in the last two calls showed what the stall schedule, build schedule would look like under DOE loan financing. And so what we're looking at is both from a balance sheet and operational perspective, what would it take to increase that level of stall build-out.

是的。我的意思是，在過去的五年裡，我們在過去兩次電話會議中製定的時間表顯示了在能源部貸款融資下停滯時間表和建設時間表是什麼樣的。因此，我們從資產負債表和營運角度來考慮，需要採取什麼措施才能增加攤位建設水準。

What we've got today gets us to about 11,000 stalls in about five years' time, and we provided those economics in the last two calls, what we're asking ourselves is what would it take to accelerate that schedule buildout over the next five years.

我們目前的狀況是，在大約五年的時間內，我們的攤位數量將達到約 11,000 個，並且我們在過去兩次電話會議中提供了這些經濟數據，我們問自己，在未來五年內，如何才能加速實現這一計劃的建設。

Got it. Thank you.

知道了。謝謝。

Yeah.

是的。

Chris McNally, Evercore ISI.

克里斯·麥克納利（Chris McNally），Evercore ISI。

Thanks so much team for taking up the call. I appreciate all of the [2030] comments. I think we all see the huge growth in the car park that will eventually come. I think our question is around maybe your views on the potential changes of revoking IRA and/or the EV EPA mandates, which may come.

非常感謝團隊接聽電話。我感謝所有[2030]條評論。我想我們都看到了停車場最終將會出現的巨大增長。我認為我們的問題可能是關於您對撤銷 IRA 和/或 EV EPA 授權的潛在變更的看法。

And sort of our thought is what if we get sort of that worst-case scenario in the upcoming tax bill in the second half where incentives are removed and 2030 targets are removed. My question is, how does EVgo potentially change their rollout strategy geographically within the US, places like California become even more valuable given EV density, whereas maybe expansion states, there's a change in the math as a result of regulation changes. So big picture question, but I would appreciate your thoughts.

我們的想法是，如果下半年即將出台的稅收法案出現最糟糕的情況，即取消激勵措施和 2030 年目標，那該怎麼辦？我的問題是，EVgo 如何在美國境內從地理上改變其推廣策略，考慮到電動車密度，像加州這樣的地方變得更有價值，而也許在擴張州，由於法規變化，數學上會發生改變。這是一個宏觀問題，但我希望您能提供一些想法。

Yes, Chris, I mean, I think taking a step back, as a reminder, our business is not -- we're not selling cars. We're selling kilowatt hours. And so what drives our business is both the demand for kilowatt hours, which is represented by the growth in VIO, electric vehicle VIO as well as the supply of industry-wide DC fast chargers.

是的，克里斯，我的意思是，我想退一步來說，提醒一下，我們的業務不是——我們不賣汽車。我們正在出售千瓦時。因此，推動我們業務發展的是千瓦時需求，這體現在 VIO、電動車 VIO 的成長以及全產業直流快速充電器的供應。

And that's the sort of demand supply that, in fact, impacts the sale of kilowatt hours. And so what we see as we played out on that slide is even in the most conservative forecast, which takes into account sort of a shift in federal policies with respect to sale of electric vehicles, we would expect to see the ratio of cars to nationwide industry-wide fast chargers to still almost double.

事實上，這種需求供應會影響千瓦時的銷售。因此，正如我們在幻燈片上看到的，即使是最保守的預測，考慮到聯邦政府在電動車銷售方面的政策轉變，我們預計汽車與全國行業快速充電器的比例仍將幾乎翻倍。

And so that supply-demand picture remains very attractive for us given that it's only grown by about a third in the last three years. And yet in that same time period, our throughput per store has grown fivefold. And so I think that, that is how we think about the sort of situation, this is a pretty resilient. The owner-operator of fast charging business model is actually quite a resilient business model.

因此，考慮到過去三年僅增長了約三分之一，供需狀況對我們來說仍然非常有吸引力。但在同一時期，我們每家商店的吞吐量卻增加了五倍。所以我認為，這就是我們對這種情況的看法，這是一個相當有彈性的情況。快速充電業務的業主-運營商模式實際上是一種相當有彈性的商業模式。

With respect to your specific questions, sure, if we find that states continue to offer incentives for electric vehicles and other states aren't offering such attractive incentives, then we would, of course, expect to see more EV sales in individual states.

關於您的具體問題，當然，如果我們發現各州繼續為電動車提供激勵措施，而其他州沒有提供如此有吸引力的激勵措施，那麼我們當然希望看到各州的電動車銷量增加。

Our network plan that we update continuously takes into account all of these sorts of forecasts, and we adjust. At any one point in time, we are looking at a network plan that goes out two or three years that gives us quite a lot of optionality.

我們不斷更新的網路計劃會考慮所有這些預測，並進行調整。在任何一個時間點，我們都在考慮一個為期兩三年的網路計劃，它給了我們相當多的選擇權。

We've got about 30,000 stores that we've already identified across the United States that meet our return expectations and the kind of returns that we're demonstrating today. So we feel we've got tons of flexibility and optionality to be able to shift to wherever demand is.

我們已經在全美範圍內確定了大約 30,000 家符合我們的回報預期和我們今天展示的回報類型的商店。因此，我們認為我們擁有極大的靈活性和選擇性，能夠根據需求轉移到任何地方。

(inaudible) And do you have a sense in those medium-term geographic plans? I mean if we're talking about EV VIO, to your point, the range of 20% to 26% in your forecast, sort of 7% to 10% penetration of the car park.

（聽不清楚）您對這些中期地理計劃有什麼看法？我的意思是，如果我們談論 EV VIO，按照您的觀點，您預測的範圍是 20% 到 26%，相當於停車場滲透率的 7% 到 10%。

Where do you see sort of the most attractive markets, meaning where the return is the highest when you think about California, right, where it's sort of approaching Europe-like penetration ratios. Just any rules of thumb that help us when we think about where a market becomes the most attractive once it hits a penetration level of the CapEx.

您認為哪裡是最具吸引力的市場，也就是說，當您想到加州時，哪裡的回報率最高，對吧，那裡的滲透率接近歐洲。當我們思考一個市場一旦達到資本支出的滲透水準就會變得最具吸引力時，任何經驗法則都會對我們有所幫助。

Yeah. I mean, look, for us, when we think about return, we're obviously thinking about the productivity of the stores, so the kilowatt hours, the throughput per store per day, but we're also taking into account the cost of stall of the CapEx, the cost of construction might vary across the United States, the availability of incentives. I will tell you that overall utilization, as we showed today, is 24%. We actually have higher utilization outside California. We've got more throughput in aggregate outside California.

是的。我的意思是，對我們來說，當我們考慮回報時，我們顯然會考慮商店的生產力，即千瓦時、每家商店每天的吞吐量，但我們也會考慮資本支出的成本、建築成本可能因美國各地而異，以及激勵措施的可用性。我會告訴你們，正如我們今天所展示的，整體利用率為 24%。事實上，我們在加州以外的利用率更高。我們在加州以外地區的總吞吐量更高。

Some of our fastest and top states today are places like Texas, Florida, Arizona, Michigan. And none of these states are in the Clean Cars II program that California has adopted. So I expect these -- I expect to see the growth in those states continue as they have done in the last couple of years.

目前，速度最快、排名最高的州包括德州、佛羅裡達州、亞利桑那州和密西根州。而這些州都沒有參與加州實施的「清潔汽車 II」計畫。因此我預計——我預計這些州的成長將像過去幾年一樣繼續下去。

That's really great helpful info on the sort of the micro markets, the examples you gave. Thank you so much, teams.

您給出的有關微型市場和例子的資訊確實很有幫助。非常感謝你們，團隊。

Absolutely.

絕對地。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Good. Yeah, hi.

好的。是的，你好。

Good morning. Thanks for, good morning. Thanks for taking the questions and nice job on the quarterly execution, and it's nice to see the reiteration of the financial and other factors. You'd sound them alone. It seems like all systems are go, but just to remove any doubt, are there just any remaining items that you and the team are working through? I guess I just want to try to understand how the current engagements are? Are they constructive?

早安.謝謝，早安。感謝您回答問題，季度執行情況很好，很高興看到財務和其他因素的重申。你會獨自聽到它們的聲音。看起來所有系統都已準備就緒，但為了消除任何疑問，您和您的團隊是否仍在處理其他一些事項？我想我只是想了解目前的參與情況如何？它們有建設性嗎？

Or are they still probing around the edges or doing further investigations? And we understand that a lot of people at the LPO have left or being forced out or leaving out their own will or whatever. Just what's your current level of engagements with the LPO.

或者他們仍在進行邊緣探索或進一步調查？我們了解到 LPO 的許多人已經離開、被迫離開或留下了自己的意願等等。您目前與 LPO 的合作程度如何？

Yeah. I mean it's -- those are very productive engagement with the LPO team. I really can't comment on their overall staffing levels other than to say that the folks that we're working with are the same folks that we're working with over the last several months.

是的。我的意思是——這是與 LPO 團隊非常有成效的合作。我真的無法評論他們的整體人員配備水平，只能說與我們合作的人和過去幾個月合作的人是同一批人。

Our quarterly advance, both first and second and the monthly -- we have monthly draws and reimbursements in line with our agreement. They're all progressing in the way that we expected. And so you could call this sort of business as usual activity. We're several months into this at this point, and we're, I think, pleased with how it's going.

我們的季度預付款，包括第一季、第二季和每月的預付款——我們根據協議每月進行提款和償還。它們都在按照我們預期的方式取得進展。因此你可以將這種業務稱為正常活動。目前我們已經進行了幾個月了，我想我們對進展感到滿意。

That's great. Just wanted to make sure. And then I had some clarifying questions on the tariffs, and thanks for the color on that. So what are the assumptions around the tariff rate to get to this $4 million to $5 million? I guess, think of 32% on Taiwan as an example.

那太棒了。只是想確認一下。然後我對關稅有一些澄清問題，感謝您對此的解釋。那麼，要達到這 400 萬至 500 萬美元，關稅稅率的假設是什麼？我想，以台灣的 32% 為例。

Is that the right way? And I guess on this $10 million in efficiencies, can you provide any additional color on that? It sounds like you're getting that anyway regardless of where the tariff environment still stands. And then maybe looking into next year, it sounds like you reiterated the sort of 30% CapEx reduction with the program we have with Delta. But is that reduction still assuming the same tariff environment we have today? And if so, like how do you get there?

這是正確的方法嗎？我想，關於這 1000 萬美元的效率，您能提供更多詳細資訊嗎？聽起來無論關稅環境如何你都會得到這個結果。然後也許展望明年，聽起來您重申了我們與達美航空合作的計劃中 30% 的資本支出削減。但是，這種削減是否仍然假設我們今天的關稅環境相同？如果可以，您該如何到達那裡？

Yes. So Bill, the $4 million to $5 million, that's a fiscal year, not vintage year. So that is the impact on the calendar year capital spend that we incur in 2025. And that's based off about $45 million to $50 million of imports of imported equipment, where we've already got about half of that either already here in the States or on shipping containers, so there's no tariff on that.

是的。所以比爾，400萬到500萬美元是一個財政年度，不是豐收年。這就是對我們 2025 年年度資本支出的影響。這是基於約 4500 萬至 5000 萬美元的進口設備進口額，其中約一半已經運抵美國或透過貨櫃運輸，因此無需繳納關稅。

We expect about a 10% tariff on a quarter of what we is not already here and about a 32% tariff on the other quarter. And that's really how you get to the $4 million to $5 million. In terms of the efficiencies, yes, these efficiencies, we had a -- as we said last quarter, and we reported a 9% improvement reduction in our vintage 2024 CapEx per store versus what we were expecting. We were expecting about 160. We took about 9% off that in 2024.

我們預計，對於尚未進口的四分之一產品，將徵收約 10% 的關稅，對於另一個季度產品，將徵收約 32% 的關稅。這就是你真正獲得 400 萬到 500 萬美元的方法。就效率而言，是的，這些效率，正如我們上個季度所說的那樣，我們報告稱，與我們的預期相比，2024 年每家商店的資本支出減少了 9%。我們預計人數約 160 人。到 2024 年，我們將這一數字降低約 9%。

This year, we're expecting about an 8% on versus where we ended 2024, and that's just our operations team just doing about business, construction pricing, material sourcing, prefab skids, -- we expect it will be about 40% of our mix this year.

今年，我們預計與 2024 年底相比，成長率約為 8%，這只是我們的營運團隊所做的業務、建築定價、材料採購、預製滑軌——我們預計這將佔今年產品組合的 40% 左右。

It's going to be a little higher. The cost per skid is going to be a little lower. So it's just business as usual activity. For FY26, we haven't provided guidance specifically for vintage FY26 CapEx, but you would expect to include the benefits from all the savings that we captured so far.

它會稍微高一點。每個滑橇的成本將會稍微低一些。所以這只是正常的業務活動。對於 FY26，我們尚未提供專門針對 FY26 資本支出的指導，但您希望將其納入我們迄今為止獲得的所有節省帶來的好處。

In addition, by the second half of '26, we'll start to roll out our new charging architecture through the development with Delta Electronics. That's a 30% improvement on that 160 that we began -- that we're expecting to begin 2024.

此外，到 26 年下半年，我們將透過與台達電子合作的開發開始推出新的充電架構。這比我們開始的 160 個項目提高了 30%——我們預計將於 2024 年開始這樣做。

So we're -- this is just business as usual. We think that this is a real source of competitive advantage for EVgo versus the dozens of other fast charging companies that you're all aware of where we've got scale, we're able to partner with a global leader and really drive down efficiencies in the CapEx. So we're pretty pleased with where we are.

所以我們——這只是正常的業務。我們認為，相對於你們都知道的其他數十家快速充電公司，這是 EVgo 真正的競爭優勢，我們擁有規模，我們能夠與全球領導者合作，並真正降低資本支出的效率。我們對目前的狀況非常滿意。

Thanks for all the details, Badar. It's terrific to hear that, and again congrats on the quarter.

謝謝你提供的所有詳細信息，Badar。聽到這個消息真是太好了，再次恭喜本季的成績。

Thanks so much.

非常感謝。

Chris Pierce, Needham and Company.

克里斯皮爾斯 (Chris Pierce)，尼德漢姆公司。

Hey, good morning, everyone. Can you just walk me through, when I think about dynamic pricing, and you hit on it on the call about driving utilization in the overnight hours, I think about cost savings to the driver. But you guys grew ASP per watt mid-single digits year-over-year. I just want to get a sense of pricing power on the network you have? Or how are you able to -- like how those two sort of balance out?

嘿，大家早安。您能否跟我講一下，當我考慮動態定價時，您在電話中提到了在夜間提高利用率，我考慮的是為司機節省成本。但你們的每瓦平均售價年增了中個位數。我只是想了解你們的網路定價能力如何？或者您如何能夠——例如這兩者如何保持平衡？

Yeah. Look, with dynamic pricing, what we're doing is we're looking to maximize margin. And so in some places, we're looking to -- we may see ourselves increase price. In other places, we may see ourselves reduce price, but with the goal of maximizing margin.

是的。你看，透過動態定價，我們所做的就是尋求利潤最大化。因此，在某些地方，我們可能會考慮提高價格。在其他地方，我們可能會降低價格，但目標是為了實現利潤最大化。

I would say that, again, this is another one of our sources of real competitive advantage versus these dozens of other smaller companies in the fast charging space or companies that just aren't focused on utilization for whatever reason.

我想說的是，與快速充電領域的其他數十家小公司或出於某種原因不注重利用率的公司相比，這是我們真正的競爭優勢之一。

Through both the investments we've made in our marketing, our understanding of customers, our reach out to customers, the dynamic pricing, which is effectively pricing signals, we are shifting who is charging at what time of the day where we are trying to open up hours of the day that might be peak hours of the day, where we may have price sort of inelastic customers.

透過我們在行銷方面的投資、對客戶的了解、與客戶的聯繫以及動態定價（有效的定價訊號），我們正在改變誰在一天中的什麼時間收費，我們試圖開放一天中可能是高峰時段的時段，在這些時段我們可能會遇到價格缺乏彈性的客戶。

And that really is serving us very well. We expect the next round of the algorithms in this dynamic pricing to go live in the fourth quarter where I'm looking for the next level of sophistication here. And this is not -- we're not talking about something being reinvented here. We're taking kind of concepts that have been very successfully executed in other parts of the economy into the space.

這確實對我們很有幫助。我們預計下一輪動態定價演算法將於第四季上線，我期待演算法達到更高的複雜程度。這並不是——我們在這裡談論的不是重新發明的東西。我們正在把在經濟其他領域已經非常成功實施的概念帶入這個領域。

Okay. And is it safe to say you haven't seen anything -- any demand signals or anything that would cause you to back off the level of pricing power you think you have in the network?

好的。可以肯定地說，您沒有看到任何東西——任何需求訊號或任何可能導致您放棄您認為在網路中擁有的定價權水平的東西嗎？

Chris, I didn't fully capture the question, but I think the answer is, have we seen anything that would cause it to back off? The answer is no.

克里斯，我沒有完全理解這個問題，但我認為答案是，我們是否看到任何會導致它退縮的事情？答案是否定的。

Okay. And then just lastly, housekeeping. Can you remind me like on the typical seasonality? I know this is sort of a young business and you've had the growth you've had, so it's sort of hard to pick out the seasonality. But network throughput down modestly sequentially, but how should we think about seasonality the rest of the year?

好的。最後，是家務管理。您能提醒我典型的季節性嗎？我知道這是一家年輕的企業，並且已經實現了成長，因此很難看出其季節性。但網路吞吐量環比略有下降，但我們該如何看待今年剩餘時間的季節性？

And then when you layer on SA growth too, like how should we think about the cadence of network throughput?

然後，當您考慮 SA 成長時，我們應該如何考慮網路吞吐量的節奏？

Yeah. I mean, look, so network throughput is -- was actually kind of flat, to be honest. We had some rounding. So last quarter, we rounded up. This quarter, rounding down. So network throughput is kind of broadly flat, which is pretty much where it was almost exactly last year between Q4 and Q1.

是的。我的意思是，看，所以網路吞吐量 - 說實話實際上是有點平穩的。我們進行了一些四捨五入。因此，上個季度，我們進行了匯總。本季度，四捨五入。因此，網路吞吐量大致持平，與去年第四季和第一季之間的水平基本相同。

And so we expected that certainly. We'd expect to see network throughput obviously grow in Q2 and Q3 and Q4 as we -- same shape we saw last year sequentially from Q4 to Q1. That really aligns with sort of VMT, vehicle miles traveled for EVs across the United States. So I mean that's really how we think about the profile.

所以我們當然預料到了這一點。我們預計網路吞吐量在第二季、第三季和第四季將大幅成長，這與去年第四季至第一季連續看到的狀況相同。這與 VMT（美國電動車行駛里程）確實一致。所以我的意思是這確實是我們對個人資料的看法。

Okay. Thank you.

好的。謝謝。

Yeah.

是的。

(Operator Instructions) Craig Irwin, Roth Capital Partners.

（操作員指示） Craig Irwin，Roth Capital Partners。

Hi, Craig.

你好，克雷格。

Good morning, Badar. Morning, everyone. Thanks for taking my questions. So I wanted to ask about the progress with the Tesla connectors, the NACS connectors you mentioned earlier in your prepared remarks. Can you maybe frame out for us where you're at with this?

早上好，巴達爾。大家早安。感謝您回答我的問題。所以我想問一下您在準備好的發言中之前提到的特斯拉連接器和 NACS 連接器的進展。您能否向我們描述一下您目前的情況？

Are you really just in testing? Or will we potentially see dozens or more stations retrofit over the course of the year? And is it fair for us to start asking about the new customers added that are Tesla customers? I know you had another strong quarter with 119,000 new customers. But is the Tesla fleet starting to layer in and help you on the demand side?

您真的只是在測試嗎？或者我們有可能在今年看到數十個或更多的車站進行改造嗎？我們開始詢問新增加的特斯拉客戶的情況是否公平？我知道你們又度過了一個強勁的季度，新增了 119,000 名客戶。但是特斯拉車隊是否已經開始分批加入並在需求方面為您提供協助呢？

Yeah, Craig, so I mean, clearly, with such a high percentage of well over half or more of overall EV VIO being Tesla drivers and the fact that our charging stations are faster at 350 kilowatt and they tend to be closer to where all drivers, including Tesla drivers live, work and run [ons] versus highway stations, we are very attracted to capture in this segment. But we need to do two things.

是的，克雷格，所以我的意思是，很明顯，在整體 EV VIO 中，超過一半或更多的人是特斯拉司機，而且我們的充電站速度更快，為 350 千瓦，而且它們往往更靠近所有司機（包括特斯拉司機）居住、工作和行駛的地方，而不是高速公路充電站，我們非常有興趣進入這一領域。但我們需要做兩件事。

We need to make sure that the system they work. And so what we've been doing this past quarter is going through that technology validation. That's both in terms of the connection, but also the speed at 350 kilowatt, we need to make sure we've got the right cables that can accommodate a higher speed than a Tesla supercharger.

我們需要確保系統正常運作。因此，我們上個季度一直在進行技術驗證。這不僅涉及連接，還涉及 350 千瓦的速度，我們需要確保擁有能夠適應比特斯拉增壓器更高速度的正確電纜。

And the second thing that we need to make sure that we're paying very close attention to is if we take out a CCS connector, we don't end up killing demand for some period of time before the next cable catches up to where the demand was in the CCS cable.

我們需要確保密切關注的第二件事是，如果我們取出 CCS 連接器，我們不會在下一條電纜趕上 CCS 電纜的需求之前的一段時間內抑制需求。

And so that's really what we're -- like everything at EVgo, it's very data-driven. So we are looking at sites across the country that perhaps have opportunities for us to swap out a lower-performing CCS cable with a NACS cable that is also located close to where Tesla drivers are based, which is, frankly, everywhere.

這就是我們所做的——就像 EVgo 的一切一樣，都是由數據驅動的。因此，我們正在全國各地尋找可能有機會用 NACS 電纜替換性能較低的 CCS 電纜的站點，這些電纜也位於靠近特斯拉司機所在地的地方，坦白說，到處都是。

So it's quite data intensive. We do expect to start rolling out these cables, but it's probably going to be on a retrofit basis, maybe in the 100 to 150, potentially give or take around those sorts of numbers over the course of this year.

所以它的數據量相當大。我們確實希望開始鋪設這些電纜，但可能會以改造的方式進行，今年的鋪設數量可能在 100 到 150 條之間，大概在這個數字左右。

For our next-generation charging architecture, which will be the second half of next year, we expect there'll be all NACS cables from the outset, if not before that, with the current generation of chargers.

對於將於明年下半年推出的下一代充電架構，我們預計從一開始就會配備所有 NACS 電纜，甚至在此之前，也將配備當前一代充電器。

Excellent, thank you for that update. So my next question is on the eXtend revenue. So again, this quarter was pretty strong, and it's nice to see you building a network out there with partners and incremental profits, incremental driver service is always a good thing.

非常好，謝謝你的更新。我的下一個問題是關於 eXtend 收入。所以，本季表現相當強勁，很高興看到您與合作夥伴建立網絡並增加利潤，增加駕駛員服務始終是一件好事。

Do you have potential for other eXtend customers that could come in over the course of the next year? And how should we think about the shape of eXtend growth, the revenue contribution in this year? Is it going to be as back-end loaded as the style build-out? Or is this something that's going to be a little bit more linear as we look at the year?

明年，您是否有潛力吸引其他 eXtend 客戶？我們該如何看待 eXtend 的成長形態以及今年的營收貢獻？它是否會像樣式建置一樣需要後端載入？或者當我們回顧這一年時，這會不會變得更線性一些？

Yeah. So just two things there on the eXtend business. We are not looking at -- we're not actively pursuing more eXtend partners, Craig. We've got a great relationship with PFJ, the product company, and we're deploying throughout the course of this relationship, 2,000 stores. The build schedule there, we gave an illustrative view on the last quarter.

是的。eXtend 業務上只有兩件事。克雷格，我們並沒有考慮——我們並沒有積極尋求更多的 eXtend 合作夥伴。我們與產品公司 PFJ 保持著良好的關係，並且我們將在這段關係中部署 2,000 家商店。那裡的建設計劃，我們對上個季度給出了說明性的觀點。

So if you look at the last quarter slides, there's a sort of little bar that's sort of semi shaded that gives a sense of what that schedule could look like through 2028. In terms of this year, the eXtend business is broadly flat in terms of revenue versus last year, slightly lower in the second half versus the first half.

因此，如果你看一下上一季的幻燈片，你會發現一個半陰影的小條，可以讓你了解到 2028 年的時間表是什麼樣的。就今年而言，eXtend業務的收入與去年基本持平，下半年的收入略低於上半年。

And remember, the revenues for eXtend are both equipment sale as well as construction revenues. So sometimes it can be a little lumpy, but it's -- we expect it to be broadly similar to last year, a little less in the second half versus the first half.

請記住，eXtend 的收入既包括設備銷售收入，也包括建築收入。所以有時可能會有點不穩定，但是 - 我們預計它會與去年大致相似，下半年會比上半年略少一些。

Thank you for that. I'll take the rest of my questions offline.

謝謝你。我將離線回答其餘問題。

Absolutely. Yeah. Thanks, Craig.

絕對地。是的。謝謝，克雷格。

This concludes the question-and-answer session. I'll turn the call to Badar Khan for closing remarks.

問答環節到此結束。我將請巴達爾·汗致最後發言。

Well, thank you, everyone. We had yet another strong quarter. With a strong balance sheet, we are in a particularly strong competitive position. Together with a business model that's minimally impacted by tariffs and a supply-demand picture that should underpin continued growth, we are well on our way to delivering adjusted EBITDA breakeven this year, and I look forward to providing updates throughout the course of this year. Thank you very much, everyone.

好的，謝謝大家。我們又度過了一個強勁的季度。憑藉強大的資產負債表，我們處於特別強大的競爭地位。加上受關稅影響最小的商業模式和支撐持續增長的供需狀況，我們今年預計將實現調整後的 EBITDA 盈虧平衡，我期待在今年全年提供最新資訊。非常感謝大家。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。