As the pandemic continues to challenge the market, Argus will discuss their forecast for 2022 on Tuesday, December 14th at 2 pm Eastern Time.

ChargePoint Holdings Inc Earnings Conference Call for the third quarter of 2021 December 8, 2021 (Thomson StreetEvents)-Tuesday, December 7, 2021 Greenwich Mean Time TEXT text version of ChargePoint Holdings Inc earnings conference call or editorial results of the presentation Single ===== =========================================== ====== ======================== Enterprise Participants ================= ======= =========================================== ======= ====== * Pasquale Romano ChargePoint Holdings, Inc.-President, CEO and Director * Patrick Hamer ChargePoint Holdings, Inc.-Vice President of Capital Markets and Investor Relations * Rex S. Jackson ChargePoint Holdings, Inc.-Chief Financial Officer ====================================== ============ ============================ Conference call participant====== ================================================= =============== ============ * Brendan Keevan Oppenheimer & Co. Inc., Research-Research Analyst * David Lee Kelley Jefferies LLC, Research Department-Equity Analyst* Gabriel J. Daoud Cowen and Company, LL C, Research Department-MD and Senior Analyst* Gregory Adrian Wasikowski Webber Research & Advisory LLC-Associate Partner * James Carlyle West Evercore ISI Institutional Equity, Research Department- Senior MD * Ryan Greenwald BofA Securities, Research Department-Research Analyst * Shreyas Patil Wolfe Rese arch, LLC-Research Analyst* Stephen David Gengaro Stifel, Nicolaus & Company, Incorporated, Research Department-MD & Senior Analyst* Vikram Bagri Needham & Company, LLC, Research Department-Analyst* William Chapman Peterson JPMorgan Chase & Co, Research Department-Analyst ============================================ ===== =============================== Introduction------------ ------ -------------------------------------------- ------ ------------ Operator[1] --------------------------- ---------------------Ladies and gentlemen, good afternoon. My name is Hannah and I will be your coordinator-the operator of today's conference call. At this time, I would like to welcome everyone to participate in the third quarter earnings conference call and webcast of ChargePoint 2022 fiscal year. (Operator instructions). I want to forward the call to Patrick Hamer, Vice President of Capital Markets and Investor Relations at ChargePoint. Patrick, please go ahead. -------------------------------------------------- ------------------------------ Patrick Hamer, ChargePoint Holdings, Inc.-Vice President of Capital Markets and Investor Relations[2] - ------------------------------------------------ - ---------------------------- Good afternoon, thank you for participating in today's conference call to discuss ChargePoint's third quarter of fiscal year 2022 . This conference call is being broadcast online and can be accessed in the "Investors" section of our website: investors.chargepoint.com. Joining me in today's conference call are our CEO Pasquale Romano; and our CFO Rex Jackson. This afternoon, we issued a press release, announcing the results for the third quarter of fiscal year 2022 ending October 31, 2021, which can also be found on our website. We would like to remind you that during this conference call, management will make forward-looking statements, including our outlook for the fourth quarter and full year of fiscal year 2022 and our expected investment in growth plans. These forward-looking statements involve risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from our expectations. These forward-looking statements apply from today, and we assume no obligation to update these statements after the conference call. For a more detailed description of some of the factors that may cause the actual results to differ, please refer to our Form 10-Q filed with the Securities and Exchange Commission on September 10, 2021, and we posted it on our website today and submitted it to The US Securities and Exchange Commission’s earnings release-K. In addition, please note that we have used certain non-GAAP financial measures in this conference call, and we compare them with the GAAP financial measures in the quarter’s earnings release and the history in the investor presentation published in the “Investors” section of our website The GAAP financial measures for the period are consistent. Finally, we will publish our call records under the quarterly results section of our investor relations website. With this, I will give it to Pasquale. -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [3]- - ------------------------------------------------ - --------------------------- Thank you Pat, and thank you all for joining us today. Before handing it over to Rex for financial processing, I will provide a business update, including details of our planned strong third quarter execution. As I said before, our success is closely related to the advent of electric vehicles. During the quarter, we saw continued growth in sales of electric vehicles in the passenger car and fleet categories. According to Bloomberg New Energy Finance, as many as 2.9 million electric vehicles are expected to be sold in North America and Europe this year, an increase of approximately 67% over 2020. Therefore, we see strong demand for charging infrastructure from car dealers, which is an indicator that they are preparing to sell electric cars in large quantities. Our strong financial performance for the entire year is the result of our years of investment in products and listing strategies, with the aim of being able to capture relevant demand in North American and European commercial, fleet and residential verticals. Historically, our revenue has been limited only by the sufficient breadth and number of vehicle choices available to consumers and fleets, which further strengthens the equivalence of ChargePoint as a mobile electrification index. Our third-quarter revenue was $65 million, which is at the high end of the range of guidance we provided on September 1. This allows us to raise our expectations for the fourth quarter and full year, even though the supply chain environment is still vibrant. I would like to draw your attention to some indicators of the scale we provide. First, we added more commercial and fleet customers in the third quarter than any other quarter in the company's history. Obviously, our customers are preparing for the future, as evidenced by the 89% year-on-year growth of our commercial business. We managed approximately 163,000 network ports at the end of the quarter, including two acquisitions. Among them, the number of European ports is approximately 45,000. Globally, the number of DC fast charging ports is approximately 11,000. We will continue to work with the industry to enable drivers to roam across North American and European networks. This quarter, in addition to the ports directly on our network, we also passed more than 290,000 roaming ports accessible by drivers using their ChargePoint accounts. This quarter's fleet bills increased by more than 69% quarter-on-quarter and increased by more than 198% year-on-year. I remind you that we acquired ViriCiti, a leading eBus and commercial vehicle management provider; we also announced an expansion of our partnership with WEX, a leading fleet payment solutions company. The partnership will allow fleet customers to access the largest electric vehicle charging network at any time to meet the charging needs on the way, and support parking and home charging as well as electric vehicle employee reimbursement. The demand for our residential solutions continues to be strong. Residential bills in the third quarter increased by 62% year-on-year and 50% from the previous quarter. In Europe, we have seen revenue growth of more than 109% year-on-year. As a reminder, at the end of the third quarter, we completed the acquisition of has to be, an electric vehicle supplier with a leading charging software platform in the European market. The channels we have established and continuously developed provide unique influence and efficiency, and operate in proportion to our business balance. Overall, the scale of our network is having a positive environmental impact and has driven more than 3.3 billion miles to date. According to our estimates, drivers have avoided more than 132 million gallons of gasoline and more than 529,000 metric tons of greenhouse gas emissions. Our mission requires world-class talent, and I am very happy that ChargePoint continues to be a destination for top professionals. We had more than 1,300 employees at the end of the quarter, including ChargePointers who joined us through the last 2 acquisitions. In terms of policy, the passage of the Infrastructure Investment and Employment Act includes up to 7.5 billion U.S. dollars to accelerate the construction of charging stations along the highway and in our communities. This is evidence that US policy leaders are committed to the future of electricity. We are working with policymakers at the federal and state levels to shape this. Although other state and utility plans are now in place, this new stimulus plan may benefit significantly from 2023. Finally, I would like to welcome Zhao Xiaolan, the former Secretary of Transportation and Labor of the United States, to our board of directors. Her appointment brings depth to the public and private sectors and further strengthens the composition of the board of directors, which already includes leaders from the technology, automotive, and investor communities. Now, before we enter the Q&A session, I will hand this to Rex to discuss financial issues. Rex, leave it to you. -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer[4] --- - ------------------------------------------------ - ------------------------ Thank you, Pasquale, good afternoon everyone. First of all, my comment is non-GAAP, we mainly exclude the impact of stock-based compensation, amortization of intangible assets and the valuation of our warrants. During the quarter, we also excluded professional service fees related to acquisitions. For the reconciliation of these non-GAAP results to GAAP, please refer to our earnings announcement. Second, after a quick review of our results, I will provide revenue estimates for the fourth quarter and full year. Third, consistent with our previous call, as you can see in our earnings release, we report revenue according to three lines: network, charging system, subscription, and others. The network billing system represents our hardware, and all hardware is sold together with our cloud service solution. Subscriptions include those cloud services that are used to guarantee guarantees, our ChargePoint as a service product, and we bundle our solutions into recommended subscriptions. Now the software revenue from ViriCiti must be an acquisition. Others include energy credits, professional services, and certain non-material income streams. Revenue in the second quarter was US$65 million, a year-on-year increase of 79%, which was at the high end of our previously announced guidance range of US$60 million to US$65 million, an increase of 16% from the previous quarter. Although we were unable to meet many of the supply chain challenges and demands in this quarter, we were very satisfied with this performance, which gave us a good start in the fourth quarter. Consistent with the second quarter, the network charging system was US$48 million, accounting for 73% of total revenue for the quarter, a year-on-year increase of 111% and a month-on-month increase of 16%. Subscription revenue of $13 million accounted for 21% of total revenue, an increase of 24% year-on-year and an 11% quarter-on-quarter increase. As I mentioned last quarter, the difference in growth rates between network charging systems and subscription revenue is a function of two main factors: mixing and time lag. In the third quarter, hybrids once again favored DC network charging systems and households, which have a lower ratio of subscription to network hardware revenue. Secondly, for most of our solutions, we start subscription revenue at a fixed time after the relevant hardware is shipped to accommodate the installation, resulting in at least a quarter of the time lag. Our deferred revenue from subscriptions (representing recurring revenue from existing customer commitments and payments) grew well and exceeded $120 million at the end of the quarter. Due to the increase in driver activities and related points this quarter, other income was 4 million U.S. dollars, accounting for 6% of total revenue, an increase of 37% year-on-year and a 30% quarter-on-quarter increase. Turn to vertical. As you know, we look at the vertical industry from the perspective of Billings, which is similar to income distribution. According to the vertical billing in the third quarter, commercial 69%, fleet 16%, residential 13% and other 2%, reflecting the excellent performance of fleet and residential. We are very happy to see strong growth. Total bills increased by 96% year-on-year and 25% month-on-month. In particular, in the COVID commuting environment, commercial advertising increased by 89% year-on-year. Geographically, North America’s revenue in the third quarter was 89% and Europe’s 11%. Driven by organic growth and the contribution of acquisitions, the percentage of European contributions increased slightly. In the third quarter, our European business revenue exceeded 7 million U.S. dollars, almost three times that of the third quarter of last year, an increase of 41% from the previous quarter. Turn to gross margin. The non-GAAP gross profit margin in the third quarter was 27%, an increase of 4 percentage points from the second quarter, reflecting the continuous improvement in our cost of goods sold and the positive profit margin contribution from our European acquisitions. We estimate that rising logistics costs and supply chain constraints have caused us to lose approximately 2% of additional network charging system profits. Non-GAAP operating expenses in the third quarter were US$63 million, an increase of 61% year-on-year and an increase of 18% quarter-on-quarter. This quarter includes an additional $2 million in operating expenses incurred from our two acquisitions. As we said, we continue to invest heavily in product development, customer acquisition, operations, expansion, and other areas to promote our leadership in this fast-growing and growing market. The normalization level of stock compensation in the third quarter was US$16 million, lower than the US$28 million in the second quarter. Of the $28 million in stock compensation in the second quarter, approximately $14 million was attributed to services provided before the second quarter, including subsidies for employees who joined the company in the past 12 months and incentives for key personnel. Both of these cases were postponed during its SPAC transaction. In the third quarter, we did not have any such adjustments. Regarding the contribution of our two European acquisitions, I mentioned in the September earnings conference call that we expect the fourth quarter revenue contribution to be approximately US$4 million, and the fourth quarter operating expenses of approximately US$8-10 million. This is still true. In the third quarter, the revenue contribution from the acquisition was approximately $2 million, including hardware and others, which reflects the fact that we only own these assets in the third quarter. In terms of cash, our revenue at the end of the quarter was approximately $366 million, down from $618 million at the end of the second quarter, reflecting the cash used for operations and the $210 million paid for acquisitions during the quarter. After taxing the acquisitions and ongoing employee issuances that must be made this quarter, we have approximately 331 million outstanding shares. Now turn to coaching. Demand for our solutions continued to exceed our expectations and production growth in the third quarter. COVID has kept the market guessing, and employers must constantly adjust their return to work plans. However, with the strong growth in the third quarter, the healthy backlog that began in the fourth quarter, and the continued extensive pipeline construction in all verticals, we are revising up our guidance for the fourth quarter and the full year. For the fourth fiscal quarter, we expect total revenue to be between US$73 million and US$78 million at the midpoint, an increase of 78% from the fourth quarter of last year and an increase of more than 16% from the previous quarter. For this fiscal year, we raised our new midpoint revenue guidance from US$225 million to US$235 million to US$235 million to US$240 million, an increase of 62% year-on-year. At this point, our prepared comments are over, and we will transfer it to the Q&A session. ================================================== =============================== Questions and answers ----------------- -------------------------------------------------- ------------- Operator[1] -------------------------------- - -----------------------------------------------(operate Explanation) The first question comes from Shreyas Patil and Wolfe Research. -------------------------------------------------- ------------------------------ Shreyas Patil, Wolfe Research, LLC-Research Analyst [2] ------ -------------------------------------------------- ------------------------ The first one, Pat, I think you have mentioned that you want to see federal stimulus measures make more sense in 2023 Reflected. Is there a way to determine the type of funding for these numbers-this extra-these extra dollars can support the addition of new chargers? Perhaps, if you could remind us what you see in the utility funds used for charging in certain states? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [3]- - ------------------------------------------------ - --------------------------- Thank you, Shreyas. Glad to hear your voice. So this is a complicated question. The Federal Infrastructure Act is—most of the funds, not all, but most of the funds will flow through the states, and the states must design their plans. This is why we estimate that we will not see much of this in 2022. We may see some in the second half of this year, but it is difficult to predict. As far as the amount of funds actually flowed in that year and the following years, it is hard to say now. I am not trying to escape. Just look at it-I will give you an example of a VW or Appendix D program, which is implemented in a similar way. This money flows from the federal government in the federal part of the settlement to all states, but California has its own settlement divestiture. It took many years to achieve. Some state definition procedures are fast, while others are slower. So that is why it is challenging for us. Then there is the color of the program-exactly what constraints will affect installation costs and equipment costs. So it's really hard to call. The sum of this money, like I said, we don't expect it to be next year. I would also like to draw your attention to another thing, namely, budget adjustments and other related conversations about the government’s attempts to generate stimulus for electric vehicle charging in other areas, which may have a faster effect. But again, it is difficult to determine this now. As far as your question about the effective amount of utility funds is concerned, Rex, would you like to comment on this? I wonder if you have a current account? -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer[4] --- - ------------------------------------------------ - ------------------------- I don't actually have a current number. I'm very sorry. -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [5]- - ------------------------------------------------ -- - - - - - - - - - - - - - - Yes. So just to remind everyone that the public utility plan approved by the representative, and then these plans will be launched in many years, even in these plans, not all funds are related to our income. Therefore, in previous quarters, we reported that it is similar or similar to the backlog related to the sum of approved utilities running in the United States. The backlog is not necessarily our backlog, but it is somewhat similar to the industry view in this area, We are not updating now. -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer[6] --- - ------------------------------------------------ -- - - - - - - - - - - - - - Yes. So Pat, I just want to make sure this is a question about available programs, because this is how I heard the question, not... ------------- --- ----------------------------------------------- --- -------------- Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [7] ----------------- -------------------------------------------------- - - - - - - Yes. -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer[8] --- - ------------------------------------------------ -- - - - - - - - - - - - - - Yes. Because we have the utility bill number, but in terms of the overall plan, it is hundreds of millions of dollars. But in terms of exact numbers, hundreds of millions is a fair total. -------------------------------------------------- ------------------------------ Shreyas Patil, Wolfe Research, LLC-Research Analyst [9] ------ -------------------------------------------------- - - - - - - - - - - - - - OK. Then, Rex, just looked at operating expenses—sorry, does it look like—sorry? OK. From the perspective of operating expenses, its revenue percentage increased slightly in the third and second quarters, but the growth in research and development is more meaningful. So wonder if you can talk about some of the main priorities for driving R&D spending. Then how should we consider the size of operating expenditure leverage, especially when we consider the next few quarters or even next year. -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer[10] --- - ------------------------------------------------ -- - - - - - - - - - - - - - Of course. So, first of all, the operating expenditure figure is a broad-based figure because we have invested a lot of money in sales and marketing. Obviously, we are a newly listed company. So we really need to deal with these things. But especially for [R&D], our top priority is to release some of the main products this year. You may have seen that a few months ago we issued a large fleet announcement, which was just a huge watershed event for the company. So there is a lot of energy invested in it. For the upcoming European launch, we have some very interesting things. We put a lot of energy into what we think is one of the biggest differentiating factors, which of course is the software platform. So now there is a lot of impetus. Obviously, since we do business in all verticals in North America and Europe, and we think it's time to look at it from an industry perspective, we are really going all out. Therefore, we believe that this aggressive strategy will pay off next year and steadily increase the ratio. Obviously, I cannot give you a number because it is too early, but I think we should see some stable leverage next year, and I think you will be very happy. -------------------------------------------------- ------------------------------ Shreyas Patil, Wolfe Research, LLC-Research Analyst [11] ------ -------------------------------------------------- - - - - - - - - - - - - - OK. Then do the final housework for me. Can you tell us about the non-GAAP gross profit margin between networks, software, and services? I just want to confirm. -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer[12] --- - ------------------------------------------------ - ------------------------ This is difficult, because in terms of subscriptions, you may know that we do include driver and housing support in our The subscription line. So this line is often in the 50s. Other rebound depends on what the component is. Therefore, if you do mathematical calculations, you can know the hardware, and you only need to look at the overall math to return the hardware number. Once you know one, you can solve the other. -------------------------------------------------- ------------------------------ Operator[13] --------------- -------------------------------------------------- - - - - - - - - Next. The next question comes from Greg Wasikowski of Weber Research and Consulting. -------------------------------------------------- ------------------------------ Gregory Adrian Wasikowski, Webber Research & Advisory LLC-Associate Partner[14] ---- -------------------------------------------------- -------------------------- I would like to ask about your market share goals in Europe and the ways to achieve these goals, especially between the two The balance takes into account the relatively more fragmented market there, organic and inorganic methods. Just consider how this affects the cash flow situation and/or the use of your own equity currency. Just want to know how you consider the path of least resistance when evaluating opportunities in Europe? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [15]- - ------------------------------------------------ - --------------------------- This is a very good question. So first of all, the market share goal is obviously the highest possible goal we can get. So this is everyone's market share goal in an industry. We are doing very well in North America. Recently, in the past few years, we have made tremendous progress in Europe, and we have not set a ceiling on this. We made two acquisitions in very different industries. One is aimed at expanding the integration of customers and expanding the functions in the fleet space. This is what you see and must be [diversity]-located in the center of European commercial business. So they serve very different verticals. Regarding inorganic growth and organic growth, we are very smart, and we will obviously evaluate opportunities as they arise. But I don't think it is necessary to adopt a completely inorganic strategy to gain market share. In general, this is the early stage of the electric vehicle market, early enough, and we have a wide range of strengths in product portfolio position-I will remind you that we are in every vertical field continent we can think of. Therefore, we have a huge influence. That being said, if there is an opportunity to show that they must be diverse and that they have a team, have technology and have customers that are consistent with our business model, we will certainly consider it, but we'd be various 2 players. -------------------------------------------------- ------------------------------ Gregory Adrian Wasikowski, Webber Research & Advisory LLC-Associate Partner[16] ---- -------------------------------------------------- - - - - - - - - - - - - - - perfect. This is very helpful. Then there is my next one, which is more about the theoretical question of the site owner's decision between level 2 and level 3 fees, especially in places with a short visit time, such as grocery stores, shopping malls, parks, etc. In our early conversations, I think there may be some disagreements about the preferences of future electric car drivers. You obviously provide these two solutions, but there are more in L2. So I'm just-I'm curious, what is your conversation with the new website owner, and which route did they decide to take? What if any existing level 2 customers want to expand, but use DC solutions? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [17]- - ------------------------------------------------ - --------------------------- There are a lot of wrong messages about this, and too many people pattern matching on gasoline. So in fact it is just one point, this is not an opinion. When you secretly switch to electric drive, the gas station is no longer your main fuel, which means you don't have to wait for the small yellow light to turn on, but instead drive to somewhere, refuel and go home. This will not happen, especially if you can charge at home or at work, or both, or you can park on the street. This is-we have seen that these driving patterns dominate the way people behave to some extent. There are always extreme situations where people-a certain percentage of the population do not notify, but they usually have abnormal reasons for non-compliance. So it’s not that it gets faster, you put it in. In fact, it actually matches the natural parking time and how much energy is expected to be reloaded during this stop. So, if you are going to a grocery store near your home, you will not try to fill your gas tank or battery with water. You are not going to do this. You are trying to take advantage of some convenient miles, which you can buy as a convenience at the grocery store. Now, if you come off the highway and on the way to the weekend holiday, you happen to choose a grocery store to stop because it has a fast charger, and you do it because you want to make one-essentially a gas station. So they are very different use cases and they are lumped together. If they are in the local area, average shoppers don't want to use fast chargers. So it is-I'm not talking about one of them, but about matching it correctly. If you don't match it correctly, suppose you are in a grocery store. If you don't match it correctly, you will have very expensive usage errors between the total construction cost and equipment cost and the number of parking spaces and customers you can serve. So this is not oops. This is a real problem I encountered because I really made a huge mistake. Because you want to-if you plug in the power in the city, you are just charging, you-a fast charger is such an expensive proposal for that use case, and consumes so much power for that use case you commit a mistake. However, if you can serve highway drivers well because they are beyond their battery range, it makes sense to mix local customers and long-distance customers with fast service on the grocery store site between L2. Therefore, what we do is negotiate with customers and try to help them understand how to allocate the appropriate intensity for the possible use cases that may arise in the parking lot, because the number of parking spaces you can energize through the power capacity and if you mainly provide local customers Service, then the cost of a fast charger is considerable. So these are just some colors. This is very different from establishing a gas station. It just has nothing to do with that traditional market. -------------------------------------------------- ------------------------------ Operator[18] --------------- -------------------------------------------------- --------------- The next question comes from the series of Colin Rusch and Oppenheimer. -------------------------------------------------- ------------------------------ Brendan Keevan, Oppenheimer & Co. Inc., Research Division-Research Analyst [19] - -------------------------------------------------- ---------------------------- This is Brendan's view of Colin. Give me the first one. Can you give us some views on the early progress of European mergers and acquisitions? Maybe any insights into the initial return on cross-selling opportunities there? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [20]- - ------------------------------------------------ - --------------------------- I mean I will give you generality, because we did not present typical details. But in these two acquisitions, frankly, we are newer than ViriCiti, because it is earlier than ViriCiti, because it has been over several months than ViriCiti. But in both aspects, we have made good progress in integration. In terms of the fleet, we have already started joint sales. We-we have customers, as I said, we have completed some customer integrations, some of our customers use Viriciti to achieve different functions (technical difficulty), and we have our charging solutions and Viriciti vehicle solutions, in In this case, we have moved the ball on the field to integrate the two solutions. That being said, it will take some time for things to be integrated in an orderly manner. We are in the early stage, we have already carried out some customer activities, 1 plus 1 is already equal to 3, we can bring additional functions to their customer base or our customer base, and vice versa. So we have made good progress there. -------------------------------------------------- ------------------------------ Brendan Keevan, Oppenheimer & Co. Inc., Research Division-Research Analyst [21] - -------------------------------------------------- - - - - - - - - - - - - - - Astonishing. Secondly, in terms of supply chain and pricing, do you think that products or specific subsystems need to be redesigned to help improve the resilience of the supply chain? How active are you in passing on additional costs to customers? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [22]- - ------------------------------------------------ -- - - - - - - - - - - - - - - Yes. So I was smiling when you said. We are extremely proud of the work done by our engineering and supply chain teams. As you can see, we have now achieved good results in a few quarters. If you can imagine how difficult this is in a constrained supply chain environment, because it is obvious that even under normal circumstances, we are also forecasting in our supply chain. One-year visibility accounts for a large percentage, because this Do exactly what you need to do, especially when zooming.因此，当您显然在行业中随处可见的意外取消提交时，您会发现优势，这意味着您的组织正在通过快速验证替代组件和快速调整软件来实现这一点。所以这肯定发生在我们组织内部。他们在保持我们的供应链中的运转方面做得非常出色。是的，它有- 它是一种拖累。我们本可以将这些资源放在不同的地方。 Rex，我会让你评论关于传递定价的问题。 -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[23] ----- -------------------------------------------------- ------------------------- 是的，布伦丹，一个好问题。因此，在没有详细说明的情况下，我们肯定有一个程序可以通过一定程度的增加物流费用，我在毛利率评论中提到了这一点。考虑到供应链中发生的情况，在不久的将来可能会进行一些价格调整。所以我们肯定有一些业务要做。没什么大反映。主要是透视。 -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[24] --- -------------------------------------------------- --------------------------- 我也会Colin (sic) [Brendan] 提醒你两件事。雷克斯，首先，我相信你准备好的评论，你评论说——如果我错了，请纠正我，这大约是2 分——供应链问题导致毛利率相对下降了大约2 分到我们本可以上交的。验证一下。 -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[25] ----- -------------------------------------------------- - - - - - - - - - - - - - 是的。 -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[26] --- -------------------------------------------------- --------------------------- 所以科林（原文如此）[布伦丹]，我们遇到了对我们不利的事情。但我们仍然实现了环比毛利率的强劲改善，并且业绩偏高。所以你可以在内部想象它实现了什么。 -------------------------------------------------- ------------------------------ 操作员[27] ---------------- -------------------------------------------------- -------------- 下一个问题来自Gabe Daoud 与Cowen 的系列。 -------------------------------------------------- ------------------------------ Gabriel J. Daoud, Cowen and Company, LLC, Research Division - MD & 高级分析师[28 ] ------------------------------------------------- ------------------------------- 也许只是回到供应链。您能否让我们了解一下您对未来几个季度的订单履行情况的了解程度？也许对目前手头的库存有任何想法？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[29] --- -------------------------------------------------- --------------------------- 我会让Rex 评论库存。但就可见性而言，并不是太多的可见性，而是供应链中的可见性导致我们——以及许多其他公司说同样的话——在本季度感到悲痛，这是计划外的取消承诺，发生了，我们做出了回应到那个。现在有一点- 没有一点- 有相当多的预先计划在那里进行，我们正在争先恐后地在我们预测可能有问题的零件上尽可能获得多个来源。但是我们与供应链的沟通，我们将产品放入供应链的确定订单等明年都会很好，明年也会很好。雷克斯，你想进一步评论吗？ -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[30] ----- -------------------------------------------------- - - - - - - - - - - - - - 是的。从库存的角度来看，正如你所知，Gabe，所以[去广泛是结束]，所以并不是所有的库存都在我们的账簿上。我们的库存实际上，就像我上个季度所说的那样，我一直希望它随着供应链的挑战而上升，但实际上这里的库存环比略有下降。但我只想告诉你，如果我们可以建立库存，我们会的。我们只是还没有这样做。 -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[31] --- -------------------------------------------------- --------------------------- 加布，这不是弱点，只是继续上涨。就是这样。在我们看来，这是一个快乐的问题。我希望我们没有供应链限制，但尽管如此，它仍然是问题资产负债表的好的一面。 -------------------------------------------------- ------------------------------ Rex S. Jackson，ChargePoint Holdings, Inc. - 首席财务官[32] ----- -------------------------------------------------- ------------------------- 和Gabe，我要发表的另一条评论是因为让CFO 说这有点奇怪，嘿，让我们增加我们的库存水平。显然，我们拥有广泛的投资组合，但过时的风险非常小。因此，如果您正在尝试扩大业务，并且您正试图应对供应链挑战，那么建立库存，正如Pat 所说，这是一件明智的事情。这就是我们正在努力做的。 -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[33] --- -------------------------------------------------- --------------------------- 这也是，Gabe，平台的模块化所在——我们运送的所有平台都是真正发挥作用是因为我们有很多——我们在产品线的硬件方面驱动了非常广泛的用例集，我们必须制造的SKU 或内部部件很少。它可能会显示为不同的可订购部件号，但这在很大程度上只是最后的配置。所以它确实有很大帮助。在架构上，产品线在供应链受限的环境中并非没有挑战，但它比大多数产品线都要好。 -------------------------------------------------- ------------------------------ Gabriel J. Daoud, Cowen and Company, LLC, Research Division - MD & 高级分析师[34 ] ------------------------------------------------- - - - - - - - - - - - - - - - - 知道了。很有帮助的颜色。然后也许只是作为后续行动。由于ViriCiti 的交易，我们在机队方面受到了打击。但很明显，特别是在软件方面的竞争，只是考虑到能源管理需求，是不是- 这是一个更复杂的操作。你看到了今天另一个公告的竞争，BP 进行收购。所以你能不能只是对话，无论是在美国还是欧洲？一般而言，车队渠道的需求是如何产生的，以及您预计未来几个季度的进展情况如何？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[35] --- -------------------------------------------------- --------------------------- 好吧，Gabe，舰队的真正（技术难度）兴趣，只是巨大的。我的意思是它从四面八方以一种好的方式一次又一次地向我们袭来。不过，我想说的是，在我们看来，我们认为我们在该领域拥有最健康、基础最广泛的软件解决方案，尤其是在加入ViriCiti 之后，因为现在我们甚至已经在车辆方面向食物链上游移动.请记住，我们还是一家提供设计、建造咨询和项目管理能力的全方位服务提供商，并在现场提供公用设施基础设施方面的帮助，我们提供全面的咨询服务。然后我们看到了大量的交叉垂直杠杆。我在之前的一次财报电话会议上提到过，其中一个例子是我们看到很多车队都有停车操作和加油操作的带回家部分，不是传统意义上的加油，而是有电，想要报销将车辆带回家的承包商。这在试图减轻资本支出或房地产道路的车队中尤为普遍。因此，因为我们自然而然地在这些垂直领域开展业务，尤其是在欧洲，他们为Lease Cos 开发了解决方案，为商业车队提供公司汽车和租赁服务。我们确实拥有广泛的功能。因此，我们是大部分此类商品的一站式商店。而且我们仍然- 正如Rex 在研发方面提到的那样，我们正在不断地将大量研发投入其中。所以我们不会停止我们拥有的功能。 -------------------------------------------------- ------------------------------ 操作员[36] ---------------- -------------------------------------------------- -------------- 下一个问题来自美国银行的Ryan Greenwald。 -------------------------------------------------- ------------------------------ Ryan Greenwald，美国银行证券研究部- 研究分析师[37] ------ -------------------------------------------------- ------------------------ 所以也许首先，供应链上还有一个。你们能谈谈物流成本升高对200 个基点的影响吗？我认为你们上个季度引用了300 个基点。您能否对每季度瓶颈的演变提供更多颜色，以及有什么方法可以帮助确定你们无法满足的管道中的需求量？ -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[38] ----- -------------------------------------------------- ------------------------- 是的，瑞恩。所以你的数字肯定是正确的。上个季度是3 分，本季度是2 分。其中最重要的部分实际上是物流，大笔的加速费用，把它放在飞机上而不是放在船上。这就是最大的驱动力。而且我认为，很明显，我们将继续与您进行斗争，正如您所期待的那样。所以你问题的第二部分是？ -------------------------------------------------- ------------------------------ Ryan Greenwald，美国银行证券研究部- 研究分析师[39] ------ -------------------------------------------------- ------------------------ 有什么方法可以帮助确定你们本季度无法满足的需求量？ -------------------------------------------------- ------------------------------ Rex S. Jackson，ChargePoint Holdings, Inc. - 首席财务官[40] ----- -------------------------------------------------- - - - - - - - - - - - - - 我的错。所以我会告诉你，从第三季度到第四季度存在积极的溢出效应。它是- 它不是很大。我不愿给你一个数字，但我只想告诉你重要的是要了解本季度的需求。这是一个足够大的数字，值得一提，它让我们在第四季度有了一个良好的开端。但这不是一个庞大的数字，但它是一个足够有意义的数字，可以将我们推向远高于该范围的高端。 -------------------------------------------------- ------------------------------ Ryan Greenwald，美国银行证券研究部- 研究分析师[41] ------ -------------------------------------------------- - - - - - - - - - - - - 知道了。感谢。然后就司机收入增长与你们上个季度制定的计划而言，这听起来像是全面的势头，但你能说些什么，特别是在贡献与先前预测的对比方面？ -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[42] ----- -------------------------------------------------- ------------------------- 这是一个问题，您是说我们的组合每季度都发生了变化？ -------------------------------------------------- ------------------------------ Ryan Greenwald，美国银行证券研究部- 研究分析师[43] ------ -------------------------------------------------- ------------------------ 就上一季度收入增长的实际驱动因素而言，您所看到的比上一季度的计划要好上个季度？ -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[44] ----- -------------------------------------------------- ------------------------- 正如我们之前所说的那样- 正如Pat 之前所说，它在3 个垂直领域具有广泛的基础。这种组合与第二季度非常一致。在家中表现如此出色，尽管相对而言这不是一个很大的收入数字，因为与我们的其他产品相比，它是一种相当便宜的产品。我们已经从我们的DC 产品CPE 250 中看到了非常好的性能。然后我们看到，相对于我们摆脱COVID 后我们认为应该做的事情，我们处于良好状态。但如果你从混合的角度来看它，它实际上是相当一致的。正如我在评论中所说，我们在欧洲的收购带来了小小的冲击。所以它不像- 我不会说有任何东西从左到右移动。这与Q2 非常一致。它只是更大。本季度的新客户获取非常强劲。然后他们购买的东西的分布再次一致。所以它的全面增长非常好。 -------------------------------------------------- ------------------------------ 操作员[45] ---------------- -------------------------------------------------- -------------- 下一个问题来自James West 和Evercore。 -------------------------------------------------- ------------------------------ James Carlyle West，Evercore ISI 机构股票研究部- 高级医学博士[46] --- -------------------------------------------------- --------------------------- 您在准备好的评论中谈到了大量的舰队，特别是在商业方面。我的意思是那里的同比增长非常大。这是一个非常令人印象深刻的。是- 你提到舰队从四面八方向你而来，这当然是一件好事。舰队有什么变化吗？总体需求是否有所上升或我们已经达到了临界点？还是你分得更多？您认为舰队的演变是什么？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[47] --- -------------------------------------------------- --------------------------- 我认为——我的意思是，我认为这是非常基本的。我想做的是说，嘿，我们正在采取- 我的意思是，我认为我们正在获得份额。但是，与几年前相比，由于车辆有限，没有任何份额可以增加。如果制造商没有车辆运输和数量，并且您仅限于试点级别的计划规模，那么它就没有那么有意义了。如果您还记得我在之前的财报电话会议中发表的一些评论，我指出机队的收入与我们抓住的机会不成正比，因为随着我们开发飞行员并巩固我们与机队客户的关系，显然基于赢得信任后，随着他们的扩展，他们将与我们一起扩展。所以剩下的——你必须做所有的工作才能获得飞行员或大量的工作。您必须与他们的许多业务系统集成。你必须有很多功能。他们仍然坚持服务的可靠性（技术难度）时间，所有这些。因此，挑战在于，从运营支出的角度来看，相对于该期间返还的资金而言，这是令人难以置信的。可以这么说，它肯定属于投资类别，而不是运行率类别。所以这就是我认为最重要的，我们仍在插旗，我们正在做大量的工作。我们——如果你看看我们的业务规模，我们能够部署的运营支出，因为我们的业务规模，在我们看来，这是一个巨大的差异化，因为我们可以坦率地说，负担得起做这项工作。我们可以负担得起这种模式，因为我们的商业业务很健康。 -------------------------------------------------- ------------------------------ James Carlyle West，Evercore ISI 机构股票研究部- 高级医学博士[48] --- -------------------------------------------------- --------------------------- 好的，好的，明白了。这很有意义。您也对汽车经销商发表了评论，并看到他们在这里为未来做准备时对他们的需求强劲。所以他们显然从原始设备制造商那里得到了信号，我们都知道即将推出的模型，并将在接下来的12、18 个月内上市。他们告诉你什么，也许是经销商，甚至是原始设备制造商，他们什么时候开始退役他们的ICE 发动机、他们的旧型号或他们的机油？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[49] --- -------------------------------------------------- --------------------------- 我认为大多数- 我知道的任何信息都不是（技术难度）我不能说因为我们会违反与汽车OEM 合作伙伴的保密协议。但如果你只看公告，如果你- 如果你从大多数汽车制造商的生产线将是电动的翻转点来看公告。您正在欧洲寻找介于两者之间的品牌，具体取决于品牌，2025，我认为这有点激进。但是到2030 年或2030 年代初，您会看到大多数人致力于实现实质性电气化。而且我认为经销商现在能够获得产量有限且受欢迎的车辆，他们需要投入电力- 他们需要投入充电基础设施以及在销售这些类型车辆之前的培训和支持原始设备制造商将集体向他们提供车辆。因此，如果您想获得库存，则必须对经销商进行投资。我们看到经销商对这些OEM 计划做出了实质性的反应，我们认为尤其是它的地理范围很广。它不在电动汽车的常见热点中。它在地理上更广泛，不是完全广泛，而是更广泛。这是一个很好的指标，表明汽车原始设备制造商正在与准备好的经销商进行沟通，因为事情即将到来。 -------------------------------------------------- ------------------------------ 操作员[50] ---------------- -------------------------------------------------- -------------- 下一个问题来自比尔·彼得森与摩根大通的对话。 -------------------------------------------------- ------------------------------ William Chapman Peterson, JPMorgan Chase & Co, Research Division - Analyst [51] ---- -------------------------------------------------- -------------------------- 这里的季度执行工作做得很好。我有一个问题，你回答了关于第二到第三季度组合的先前问题。我想根据您的积压和本季度中途，您能否就您如何看待家庭、商业和车队的问题给我们一些指导？我想在这种情况下，我们应该在这种情况下考虑任何季节性吗？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[52] --- -------------------------------------------------- --------------------------- 很难说增长是否会超过季节性并改变一些通常的趋势。这很难说。通常情况下，我们已经看到了业务的季节性，相对于北半球的建设周期而言更多。我们只服务于北半球。所以它通常有一个很深的冬季建设周期，在一些地区放缓。但是你现在有这么多的增长。我们不- 很难预测这将如何抵消。所以在混合方面，我会提醒你一些事情。由于住宅业务（包括多户住宅、商业和车队业务）之间的巨大价格点差异，收入组合和单位体积组合非常不同。车队业务实际上是从中间拆分的，就像商业主要是交流电和[一些直流电]。当您了解中型车辆和重型车辆时，现在您已经拥有了几乎所有的直流业务，然后它们的停留时间决定了直流电源转换基础设施的共享程度。因此，这预示着车队中一个非常具有挑战性的细分市场，即使在该细分市场或垂直市场内也能协调单位体积。很难将单位销量与收入相匹配，尤其是在平均值尚未稳定的早期阶段。总的来说，我相信，如果我错了，Rex 会纠正我，但我相信住宅占我们账单的13%。 -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc. - 首席财务官[53] ----- -------------------------------------------------- - - - - - - - - - - - - - 那就对了。那个时期是对的。 -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[54] --- -------------------------------------------------- - - - - - - - - - - - - - - 是的。所以这给了你一个数量级，它不是收入，而是账单，但你可以确定存在什么相关性。这让您了解该细分市场的数量级以及相对于我们业务的其余部分。而且我可以告诉你，相对于我们商业业务的单位量，产生该百分比业务的单位量必须相当高。 -------------------------------------------------- ------------------------------ William Chapman Peterson, JPMorgan Chase & Co, Research Division - Analyst [55] ---- -------------------------------------------------- - - - - - - - - - - - - - 好的。是的，之前有关于基础设施的问题，我想你也谈到了。我们实际上在过去几周在这里看到加州能源委员会和加州空气资源委员会宣布在未来几年内投入相当多的资金，总计14 亿美元，新增资金11 亿美元，其中很大一部分用于充电基础设施。您能否让我们感受一下——如果您已经看到一些活动，以及您应该如何期待这些类型的公告，坦率地说，相对于您业务的基础设施账单而言，这些公告是相当近期的？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[56] --- -------------------------------------------------- --------------------------- 所以我的意思是我们在CEC 方面有很多经验。多年来，我们已经与CEC 一起完成了季度构建计划。因此，正如您所说，相对于其他计划，CEC 的行动相对较快，因为如果您希望获得联邦基础设施法案，大部分资金必须流向各州，然后各州必须设计计划。所以你有这个固有的2 层级联，而CEC 没有那种2 层级联。这是一个非常大的州。它已经拥有非常庞大的电动汽车数量，并且多年来一直在开展重要的电动汽车项目。所以- 我们应该怎么说，救济投手在加利福尼亚的牛棚里热身。所以很难说有多少会再次流向我们。调用补贴计划总是很困难，所以我不打算冒险猜测。请记住，我们之前关于前进的任何评论都没有考虑到最近宣布的所有补贴计划。它没有——它不在我们的任何模型中，因为在我们可以依靠它之前，我们不会将某些东西放入模型中。我们知道政策有其自身的生命力，因此在我们真正可以依靠东西之前，我们不会指望东西。因此，您所看到的Rex 谈论的内容都没有考虑任何这些。 -------------------------------------------------- ------------------------------ 操作员[57] ---------------- -------------------------------------------------- -------------- 下一个问题来自Tyler Bailey 与Needham & Company。 -------------------------------------------------- ------------------------------ Vikram Bagri, Needham & Company, LLC, Research Division - 分析师[58] ---- -------------------------------------------------- -------------------------- 在这里填写-- Vikram。最后一个与供应链相关的快速问题，最后一个问题的组合。但我想是因为你看到的一些供应链问题，是否有可能改变组合以优先考虑您的一些热利润细分市场？ -------------------------------------------------- ------------------------------ Pasquale Romano，ChargePoint Holdings, Inc. - 总裁、首席执行官兼董事[59] --- -------------------------------------------------- --------------------------- 我们倾向于不- 我们不会在财务上设计我们的利润率，原因是今天的客户是由于业务的重新购买性质，客户很长时间。所以整形是危险的。我们尝试接受我们可以服务的所有业务。显然，库存、库存水平和交货时间可能会影响我们未来赢得交易的能力。谁知道？但到目前为止一切顺利，并没有产生影响。但请记住，客户的初始购买通常只是他们正在进行的购买的一小部分，并且在该客户的整个生命周期中，您有很多时间来成熟和发展他们今天需要购买的产品。因此，如果他们今天购买的产品处于供应链压力之下，那么无论如何您都需要该客户，因为当所有这些都清除时，他们将要购买的大多数产品都会顺利通过。 -------------------------------------------------- ------------------------------ Rex S. Jackson，ChargePoint Holdings, Inc. - 首席财务官[60] ----- -------------------------------------------------- ------------------------- 我不认为有很多大的[礼物] 可以完全传递给我们可以或想要的以前工程师落后。事实上，我们的组合在第二季度、第三季度和第四季度可能相当一致，这只是意味着我们- 我们的需求超出了我们所能满足的。我们正在尽最大努力满足需求。所以就把它留在那里。 -------------------------------------------------- ------------------------------ Vikram Bagri, Needham & Company, LLC, Research Division - 分析师[61] ---- -------------------------------------------------- -------------------------- 这很有帮助。对不起，最后一个快速的。就- 您提到溢出而言，只是好奇，大部分住宅是对第四季度的溢出？或者它只是全面混合？ -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer [62] ----- -------------------------------------- ------------ ------------------------- Of course, some of them are residential, and - but basically It is comprehensive. It's just you-by the way, I got the inventory back. We are actually flat, but we-anyway, the difference is not important, but we are pursuing a very, very strong level of demand for the entire business, and we are doing our best to meet it. So we have no big, open loopholes anywhere, but we hope that this situation will continue to a certain extent. But so far, we are managing it and seeing some breakthroughs in it. -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [63]- - ------------------------------------------------ - --------------------------- If the question is from a favorable point of view, is there a product that has suffered improperly in the supply chain? While the rest is a clear build, if that is the source of your problem, it won’t. But in fact, it's not. -------------------------------------------------- ------------------------------ Operator[64] --------------- -------------------------------------------------- --------------- The next question comes from the series of Stephen Gengaro and Stifel. -------------------------------------------------- ------------------------------ Stephen David Gengaro, Stifel, Nicolaus & Company, Incorporated, Research-MD & Senior Analyst [65] ----------------------------------------------- --------------------------------- There are two things for me. First of all, when you see your opportunities in Europe, how should we consider the relative growth rates of the European and American markets in the next few years? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [66]- - ------------------------------------------------ - --------------------------- The relative growth rate of the market itself or our growth rate? -------------------------------------------------- ------------------------------ Stephen David Gengaro, Stifel, Nicolaus & Company, Incorporated, Research-MD & Senior Analyst [67] ----------------------------------------------- --------------------------------- So your growth rate-I think your growth rate relative to the market is definitely. But do you also think that the growth rate of your business in Europe is roughly the same as that of your business in the United States? Or do you think it will be very different depending on the maturity of the market and product line? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [68]- - ------------------------------------------------ - --------------------------- I don't think-there is no substantial difference in product lines between the two markets. There are some differences in some aspects, but in the long run, they are not substantially different. Our business in Europe has some starting conditions. We have not worked ourselves and have not completed it, but it is in progress. So I actually fundamentally believe that in the next few years, just because of the European regulatory and policy environment, you may see a higher proportion of electrification of new car sales than now. I think this will normalize over time. Long before we reach a significant percentage penetration of electric vehicles in the installation rate. I want to remind you of an interesting statistic. Almost no one-when I say this, everyone says aha, but no one realizes this in advance. ——If 100% of the cars sold tomorrow are electric cars, it will take more than 20 years to replace the installed base of North American and European cars. This is how big this market is. So in the next few years, I mean there will definitely be many customers who want it, and there will definitely be many market positioning. However, for a long period of time, the number of services provided for this installed base continued to rise. Therefore, we believe that these two markets are relatively similar, relatively small, and there may be differences, but when you significantly penetrate the installed vehicle base, the two markets are relatively similar. As far as our business is concerned, we should gain market share in Europe faster than in the US, because the US market share is already high, so by definition, we should gain market share in Europe. I would also like to point out one point. Since we are acquiring customers who already have some hardware and do not have our hardware on the other side of our software, the proportion of ports managed in Europe is higher, which is inevitable. Its percentage in the US is much higher. It’s not 100%, but it’s much higher in the US. So, on average-when you look at managed ports and try to equalize it with revenue, it’s in the early days of Europe because it’s not 100 % Of customers are using our hardware, or there is no equivalent percentage of customers using our hardware in Europe. It's a little difficult for you to sit in a chair and do analysis. -------------------------------------------------- ------------------------------ Stephen David Gengaro, Stifel, Nicolaus & Company, Incorporated, Research-MD & Senior Analyst [69] ----------------------------------------------- --------------------------------- I understand this, so I appreciate this comment. Then for me it was just another quick one, you mentioned on the phone that the subscription is delayed by 1 quarter based on the installation time. So it has always been stable, right? I mean, this is a very stable number, should we see it as a way forward? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [70]- - ------------------------------------------------ - --------------------------- Rex? -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer [71] --- - ------------------------------------------------ - ------------------------- Yes, this is absolutely true. So there is a quarter lag. Then another factor when you look at the hardware-sorry, network solutions compared to our subscription revenue, according to what you said, you will get very different results, right? Therefore, if the percentage of software content of the household equipment you sell is lower than the percentage of commercial equipment, and then in our DC line, the equipment itself is expensive enough. But again, relative to this figure, the percentage of software is relatively small. So mixing can really increase the percentage of subscriptions. -------------------------------------------------- ------------------------------ Operator[72] --------------- -------------------------------------------------- --------------- The next question comes from David Kelley and Jefferies. -------------------------------------------------- ------------------------------ David Lee Kelley, Jefferies LLC, Research Division-Stock Analyst[73] ---- -------------------------------------------------- -------------------------- Maybe you can talk about the visibility of slopes in the workplace. And your customers’ current tendency to repurchase. I'm just curious about the recent trends, because COVID will continue to affect corporate planning in 2022. ------------------------------- ------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [ 74] ---------------------------------- -------------- -------------------------------- I actually really like your insights on when we will return to work— -I'm kidding. Rex, if you want to—well, the jokes around are hard—in terms of getting back to work, it's an unpredictable environment for us. So what are we doing. But what I want to point out is that the growth rate of the entire industry is only the number of cars entering the market, and the number of workplaces is definitely not the total number—proportionally, it has not returned to the previous level. Because the utilization pressure at work is not that great, so there are more cars, and we still see relatively good numbers. Because in some areas of the country, different types of workplaces have different criticality to their work, or have different policies on how they want to take on more internal policies-people working in the office more frequently Greater administrative burden. So you can see these hot spots everywhere. So it is not 0, when it reaches the new normal it is not 0, whatever it is, well, your guess is as good as mine. Rex, do you want to comment on another question? -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer [75] --- - ------------------------------------------------ - ------------------------- So the only thing I want to add is that if you look at our Q4 guide, the assumption is that the workplace is not It will come back substantially in the fourth quarter, because if you look at everything that happened outside, we even got an update today, it’s really hard to imagine people going back to the office at the end of January. Yes. What is that-so so is my mix. So we think our current combination will continue into the fourth quarter. So, as far as guidance is concerned, the numbers we think look good. We are really looking forward to the full recovery of the workplace next year. We have not predicted that this will happen, but it will have a very, very good impact on our business. We hope this will happen, but in terms of our views on the near future, we are a little bit stuck to the end now. -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, Chief Executive Officer and Director [76]- - ------------------------------------------------ - --------------------------- Philosophically, yes, philosophically, whenever there is a question, how do we think about it? Be conservative, because it's safe. As Rex said, we will build as much inventory as possible, because it is impossible to overbuild now, it's just impossible. In particular, there is no limited scrap risk and scrap risk. Therefore, if things turn positive, we will build as much inventory as possible, whether it's the early start of stimulus funds or the early retreat of COVID, what do you have. If we are surprised at the upside, that would be great. However, given the variables that we cannot control in the optimistic aspect of this equation, we will not design our company around expectations. -------------------------------------------------- ------------------------------ David Lee Kelley, Jefferies LLC, Research-Equity Analyst[77] ---- -------------------------------------------------- --------------Okay, got it. And for the record, my guess about returning to work is not very good. So I won't get it. But maybe as a quick follow-up, in terms of utilization, I mean maybe it’s a bit too simplistic, but think of it as a pull model related to workplace needs, do you see any shift towards more push from In a sense, many companies must focus on ESG indicators and sustainability, and there may be some offsetting effects-regardless of the current utilization rate, demand is rising? -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, Chief Executive Officer and Director [78]- - ------------------------------------------------ - --------------------------- What will happen-frankly, I'm sure there are some of them, because all companies are in Turning their attention to ensure that they take the right stance in supporting electrified transportation, which supports the climate goals of all of us. So there must be a factor. I want to point out that I think it’s important that there are often very few early purchases from a company that has just entered the field of electric car charging. Based on their operating rate experience, their repurchase is often large. Therefore, I suspect that customers trying to set the ESG banner are significantly promoting our workplace business, but I bet it is there. I just can't quantify it. Rex, do you have any better comments? -------------------------------------------------- ------------------------------ Rex S. Jackson, ChargePoint Holdings, Inc.-Chief Financial Officer [79] --- - ------------------------------------------------ -- - - - - - - - - - - - - - I do not. I think there is-it is difficult to build in advance because we are so close that waves will attack us at any time and are now attacking us. So I think people are very clear that this is an undeniable trend, and they should be prepared for it. So I call it preparation instead of early. This is just a wise time to move. -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [80]- - ------------------------------------------------ - --------------------------- Yes, what happened too, I will point out this, whether it is actually going on during COVID Construction, because now is a good time for office space construction and renovation, because it is vacant or unused. Therefore, we have not seen any slowdown at all. In fact, we see that it is relatively strong in construction. -------------------------------------------------- ------------------------------ Operator[81] --------------- -------------------------------------------------- --------------- This concludes the question and answer session. I will now turn the call back to Pasquale Romano's closing speech. -------------------------------------------------- ------------------------------ Pasquale Romano, ChargePoint Holdings, Inc.-President, CEO and Director [82]- - ------------------------------------------------ - --------------------------- First of all, I want to thank everyone for your questions, I want to welcome all newcomers to the family in an interactive way before Asked the question about not attending our earnings conference call. It's really nice to have you guys. Today’s question is very interesting. I want to summarize it again, as I said in my comments last quarter. I really want to thank the ChargePoint team. I think you have heard a lot of comments about the large amount of work that this team has managed to achieve upside in the dynamic environment of the supply chain. Frankly speaking, the market is achieving upside, which has always been great for our employees. Things. We also have-now we are integrating 2 excellent teams from 2 acquisitions into the ChargePointers family. So I want to thank the ChargePoint team. I know that many of them are listening to these calls. So thank you for all the excellent work you have done. We are very, very, very excited about the future of all of us as an industry, our company and our investors. We think this is just a very bright picture. We are really encouraged by widespread support, and we have seen all verticals, all verticals in our market. Then you let the car appear, and we keep saying that we are a bit similar to the index of electrification and mobility, because with the advent of the car, we are so attached to other, heavy-duty vehicles such as electric trucks. Therefore, as they continue to materialize, we see that this does indeed drive some huge growth in the future. So thank you again everyone. We look forward to welcoming you this quarter. Thank you and wish you a happy holiday. -------------------------------------------------- ------------------------------ Operator[83] --------------- -

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