CHPT - Earnings call transcript Q1 2022 | ChargePoint Holdings, Inc.

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Operator

Ladies and Gentlemen, good morning. My name is Louisa, and I’ll be your conference operator for today. At this time, I would like to welcome everyone to the ChargePoint First Quarter Fiscal 2022 Earnings Conference Call and Webcast. All participant lines have been placed on listen-only mode, to prevent any background noise. After the speakers’ remarks, there’ll be a question-and-answer session. you. Thank Instructions] [Operator turn Capital call Markets now Vice Patrick President of and to will to the Hamer, I Investor Relations. ahead. go please Patrick,

Patrick Hamer

on April can XX, expected fiscal conference forward-looking growth would These quarter second our like during website. today’s Good initiatives. Investor accessed investment management fiscal remind Rex results over on can statements, for at call will me you We Patrick being results be Hamer, found of the afternoon. and broadcast you our be on XXXX, making Capital outlook I’m ChargePoint. ended, that And our Officer. conference Markets quarter call, XXXX, to and be the including investors.chargepoint.com. year which and uncertainties, and issued of risks undertake obligation President beyond announcing our forward-looking call. the This of investors of today’s differ Jackson, we the is to These and press fiscal our Financial and joining these XXXX. Pasquale from our website, apply and actual results many could our call, we Chief and of to materially which statements to expectations. at on statements section Chief statements ChargePoint’s the This after for us Officer forward-looking our afternoon, first financial for web release control Head Romano, first With today. Executive involve And Relations and quarter as are cause discuss our update thank call no

financial Also with our filed release for note, use to and historical results that call financial factors our on we cause posted April Xst, earnings this X-K. refer XXXX to certain please non-GAAP with on we’ve please detailed section. today finally, of the more the our on Relations of periods, measures on are description actual results a could turn to Form reconciliations SEC the we’ll section basis, And and can posting call, non-GAAP on opening SEC and the this Pasquale. For Form measures financial investors these the website presentation with GAAP to once the X-K be filed found completed measures our differ, under that quarterly call that, of investor website, remarks website. I’ll And our Investor the provide over we transcript to be the our of

Pasquale Romano

Pat. Good you, joining first and earnings Thank afternoon, for call. thanks our quarter

reflect our Our execution. commitment strong quarter results this to

leadership on to As established our charging. we in continue EV position build

broad base capitalize Our exceptional to charging and customer and years to on positions the ChargePoint accelerating technology shift ongoing built XX over mobility. electric

deep high in are scaling talent Europe and infrastructure build execution. virtual amidst which the we We now unprecedented are attracted to out. over team share caliber I’ll and the North operations we XXX the and is productivity our pace to strong, of America support And engaged remains team ChargePoint and our to fueling extent strong operations The pandemic. predominantly as have across transitioned next

resellers more us North and local distribution installation at a including in channel Our value-added and partners level help partners, reach America partners. Europe customers

In additional QX. partners we fact, in added channel XX

a Our range of Support from site Services Team host to drivers. customers

extensive leverage team Partner to In requirements, more partners utilities increase an to was engaged over And strong estimated utility and approved in of and our The the is customer with program by our accuracy there group continue this. we metering scaled energy technology. software the charging a clock months. Europe, build and developing operations continue that electricity and associated the network strong. last support retailers supported with saw XXX% and incentive now languages total utility dozen around America with partners. out funding in work compliance want We in nine than fueling energy is offer our North XX maintenance requires new XXX we is operations the EV our

positioned market fast-growing poised us XX%. essential in drivers networks an electrification. to They the XXX,XXX few NEF service is increase for in work EVs accelerating for business to addition a We roaming industry roam ChargePoint deliver in These to expects to examples just leading be new vehicles and category. to market win XXX tops in customer to scale existing large of were it across sold growth, This over the Supply will over to as accessible both XXX,XXX. a results. believe without are to XXX,XXX account the NEF, in penalty momentum. chain unmatched this customers willing, fees. The with EV a EV Vehicles impressive Vehicle million of across According sold are business. continue North now X.X experience vehicle was of gain America charging Bloomberg ports a Bloomberg market for to evident continue expect and sold is takes great and European industry generate XXXX. models. from and sales new enable what our Thanks breakout. drivers. nearly The of The of of markets XXXX, number there uniquely new quarter markets in XXXX. ChargePoint vehicle commit growing announcements this platform lines first access rapidly. OEMs are in We to be

to more address the to and business. I the We fleet over business saw past in slowdowns the COVID our recovery shortly. we year, of our strengths saw segment business. quarter, commercial in commercial related residential in detail diversity which As mitigate will impact in Thanks our helped this us

early Susan like commitment Telematics would a been early Inc. ChargePoint, as technology of to board. since And She board to Directors. an Heystee continue, he to our also of Susan to would made she a currently company. we and welcome Suslak service Previously XXXX. brings electric Neil led and Board Advisor an board in his and LIDAR serves March Business. to leadership a mobility Verizon Director member. years thank revenue member of as OEM Global I our public has I like strategic Before Neil of Ouster, for a as investor many

penetration We growth reflects of top-line on quarter. and rate active, reflects spots North as XX% at the XXX,XXX a America only increased to active quarter, provided on the North the a with the with quarter We last expanded over number end by first EV increased year private across saw by all Moving billings year-over-year. a COVID. port high XX% Commercial nominally X,XXX. for subscription revenue. and a and we Europe. ports customers more well over With This bringing Existing public new generating in our lines year-over-year XX% business, that ahead margin from commercial, the range. million drove year-over-year it total and America growth quarter Europe. and ended customers software quarter both strong increase this of reported in the trends recurring in port in added in our XX% quarter. QX We port rebuy of that of than was against a customer network record last activated revenue approximately use impacted to and We and high XXX,XXX three to up count available $XX.X and guidance of slightly charging residential are fleet first

both As to level We charging a always accompanied is in reminder, by solutions. DC our hardware our offer fast software.

and DC the we observe as depots. higher a including level of Today, that to fleet we charge DC up solutions majority power when settings offer use those such of range fast need fast to fast port are While of fueling our in cases, fuel ports occasions than to, X,XXX is for more active continue charge. drivers quickly,

We systems announcements, OEM ChargePoint a vehicle our support We a in to Volvo and and Pollstar highly proprietary this to auto prior CarPlay, enable integrated apps. builds continue announced winning screens experience our others. infotainment driver our to Android on with Apple from range in-car app mobile including among for integration rated Auto on April, of

Now I of Europe fleet growth, and in two more will discuss business for focus operations. our our areas detail

was Our which with logistics, includes needs, a a our of service group North in with business sales, pool up speaks America mobility a of shared quarter the the This fleet comprised strong wide of verticals clients to and Fleet solution in billings billings year-over-year. were of breadth and delivery and offering. both quarter array motor XXX% fleet Europe. diverse and

Big fleets. IKEA with delivery other for large a example working is Box are and to We retailers this the solutions charging quarter. design from implement great and

Orange transit County California We’re public Transportation seeing Washington. more authorities including in portion shared first working mobility business transit with electrified with we Authority a Transit with engagements quarter leading in Pierce and closely growing of are

fleet and our and chargers demand additional end deploy Solutions drivers EV including use. charging York for seen network the We’ve EV on municipal nation for home residences. continues New and fast its flex for is to leading of solution XXXX both support City ChargePoint by fleet, to deploy track to DC strong public ChargePoint single-family

seamless buying corporate enable public North In charging Automotive, Home home companies ChargePoint Solutions one bond seeing fleets take whom like approach. management are Europe, We in to also for and through automated are lease leasing management ALV lease fleet we including with charging, auto America. provide company fleet leading working for customers we home workplace reimbursement, in

the quarter the growth availability of their wide in with This a for service its Fleet for significance customers that vehicles. and electrification, is but Solutions work fleet continues. ChargePoint economic home utility of historically a in more Xcel by and of the collaborated the volume We charging, see begin been form first of fleet to public across factors. as we provide potential hampered utilities at with has for vehicles understood to ship Our tremendous benefit vehicles. Energy category range,

to Now Europe. on moving

strategy. in of charging as As is has reliability call, the to mandates. progressive discussed our fragmented and leads in electrification market is Europe Europe options of America. The in policy key North its suffered issues growth and on EVs adoption compared our ecosystem part a last It

address issues technology solutions well. up these and ground and selling field-tested are Our reliability

European team. We invest continue in to our

shy has We’ve sales as significant Our start of engineering just well since doubled XXXX. our European the grow to and And of hires established, it's With XXX. sales product as continue in team. leadership made well we headcount services.

in had paying We quarter growth all in year-over-year off. XX% summary, are commercial over America in In strongest fleet Europe growth and quarter increased believe our to well essentially up QX and was XXX% record residential over are in financial from Revenue X,XXX. investments activated sequentially North Europe. the pursue in Europe we ports recent positioned and across to opportunities metrics. on Our first we

encouraged proposed infrastructure we Biden's On the by policy EV the and charging of for are inclusion American plan jobs President front, funding.

We engaged and U.S., across electric on to Canada, provide with power. in parties guidance goods with move EU our the shaping support to policy in are and and people vision states to Washington actively D.C. the all

remains the over end Our balance the cash with sheet at strong million in of quarter. $XXX

flexibility to growth plans. you. on over the us capital to Our provides execute our wide more Rex model business And for long-term

Rex Jackson

Pasquale and afternoon, everyone. Thanks good

First, non-GAAP. of my comments to the reconcile we are principally the compensation warrants. release. stock of on non-GAAP preferred results valuation effect exclude We In in our earnings our GAAP and stock-based our

QX of Second, year. review after I a revenue our will and quick for the provide estimates results, for

you of release, network hardware. Subscriptions call. in warranties, three services, QX return-to-work include and year-over-year our million. Network our cloud charging recovery credits, was began slightly also Subscription year-over-year, American to revenue up and March revenue and above strong lines, sure includes charging our systems residential the up offerings systems other. XX% quarter streams. of revenue North perspective. and with a was guidance professional outperformed revenue and recurring last XX% end was report fourth a our solutions our range and charging posted fleet our service signal million high consistent $XX our our results. And encouraging bundle XX% subscriptions, revenue Third, its non-material ChargePoint QX of subscription. commercial where as along $XX.X we from as Other as could systems, a into our earnings Network from commercial up and $XX see we certain network services, energy year. represent million

and geographic XX% by Billings XX%, lower for by largely revenue. X%. XX%, quarter XX%, commercials the X%. XX%, percentage residential first Fleet-added commercial Now of category respectively quarter and because the credit other to second-best for energy related demonstrating our QX billings perspective, a other early a continued declined fleet fourth were quarter ever QX. X% X% returns the year, Europe for was European QX XX% North America compared after investments was particularly revenue of in in XX% From last on and for XX% the and fleet Billings residential revenue market. strong

turned Our service subscription year-over-year. which as yield ChargePoint quarter recurring solid growing the offerings ratable in revenue XX% the

in first significant line the our business. rate. customer acquisition of small power and and model and relationships strategy a our repeat expand As XX% over demonstrating Pasquale indicated, total at customer purchases create a particularly new billings. A strong land was sticky of was cornerstone repeat of

Turning the QX and component for to is products. margin our from continued favor residential reflects operational gross quarter XX% margin similar lower ongoing and sequentially Non-GAAP fourth margin. mix, XX% was gross improvements. to The principally cost which up on reduction activities, improvement DC

Turning of last expenses quarter XX% expenses quarter the non-GAAP year. increase were operating an in first our $XX.X of million, to first from the operating

being fast operations a unique base this Europe. company As expanding heavily in and our a company. to expand leader product North significant in new public support a this newly In America across investing in demands new of and to we’re land marketing sales space of meet R&D space, scaling and customer and and and support the development model to rapidly and the

we quarter associated quarter merger. business $XX.X sheet. with our finished our million balance cash and private million repaid cash in in cash were of $XXX are $XX exercise $XX capitalized million to upon during These quarter and debt. the equivalents our well exercise with holders million and Also, and We contributed the warrants the plan. public warrants During the

two we XX During million million quarter quarter shares And trenches. we or the approximately outstanding. three merger earnout associated ended with shares the with issued XXX

Turning now to guidance.

we second year XX% at revenue and to year. $XX half $XX midpoint of quarter of first a an this strong million of expect increase the versus representing For million QX last of

XX% million Europe, to in And challenges regarding remarks. the now beyond Consistent opportunities and of and with increase. call. America for revenue guidance year-over-year assess the to pass closing $XXX year. we continue we developments million present. provided economies for they we’re a I’ll our of As back call mid-point on Accordingly, the the last $XXX to reopening and look to we reflecting expect at Pasquale North QX, continuing ongoing the

Pasquale Romano

these is clear. on Based results Rex. Thanks,

To and We we we a more continue work fleet to and focused passenger are have towards every way sustainable position, execution ship. on charging as counts ChargePoint products. we The more R&D are innovative port future. exceptionally exciting vehicles that our believe we well positioned that support delivering on know

make environmental and easy impact For program. the to for their analytics and reporting features customers measure of understand it charging

of proud a contribution company mitigating are We change. as to climate our

we miles gallons tons Day network emissions. April on have XXX,XXX fuels. X.X and avoided fossil ChargePoint had XXX Drivers roughly million billion As metric electric gas of XXnd shared drivers our Earth on the driven over greenhouse on avoided

expect adoption. the on European to ChargePoint increase focus to residential focused benefits charging forward. with continues We fleet electrification growth EV This the and more Commercial ESG customers by demonstrate are EV markets quarter going is their and organically. past of day. North environmentally the scales American accelerating

transition index ahead. a We for growth of are promises of years which an many we mobility, the believe electrification

your We will to questions. call now the open

Operator

Thank ahead. Our Instructions] Rusch you go comes question Colin very much. Please [Operator Co. from Oppenheimer first & from

unmute on you Your line. open. line please mute, go your be is open. line your Colin ahead. Please Colin is may

Colin Rusch

for Guys, can you trouble. hear the me, okay? Apologies

Pasquale Romano

you got we Colin. Yes,

Rex Jackson

Yes, hear can you. Colin, we

Colin Rusch

been these out the think talk As the on about all Okay. competitive capital with and or consolidation? how go work? Perfect. that’s potentially and dynamics appointments market not the you raised about can potentially see, we Hey, all work you

Pasquale Romano

you could to… clarify that Colin, respected with

Colin Rusch

Yes, I expecting bunch may or mean, not those networks, of competitors survive. and business we’re out your some may so pretty roll to some models healthy of a

capital the defending how where and that market into in think you away? lot about consolidation infrastructure, environment wondering for So there’s going your share I’m about a potential space of navigating long preparing the in

Pasquale Romano

of well, you we’ve EV -- we experience a in know decade models real-world market. the mean, a lot business of our I charging over developed very Well,

time whole lot of we’re So approach, we’re question. not in that particular frankly spending confident pondering a our

you And is respect the model. model, down coming to model quarter, that as getting and a light the refining executing. we’ve heads are that been think reported capital just capital We look results. for We’re the this And with at numbers with said. if we’re that decade we’ve working, in, the the over I a with commensurate

necessarily model. into heavy amount capital the in of Because players market not on that’s a the we’re capital dependent coming affect this So different us. doesn’t

think continued so velocity that, that. models have on In I there to speak based in the heavy need fact, where we capital forward a that is Governor for have don’t that challenge capital on definitely

Colin Rusch

chain, just you keeping the sort get able you the it or point? where Could side. expenses on and environment risks stocks that you’re feel to that talk Perfect, to are any safety need this customers? is guys like keep Or potentially what managing, and around any need supply incremental about onto then pass on at you of are how and guys you some you sort of of

Pasquale Romano

as some watching set very make that comment closely. comments. And very, issues are I’ll entire very, Rex obviously of We’ve I’ll let well.

Our and the execute, contract manufacturers we’ve to sure we've making seeing them. operations we Nevertheless, team supply, with got mitigated quarter is double put working good down in assurance safeguards. that we're our significantly we’re inside of as issues

the we continue supply our problems in mechanisms we're As you've mitigation flow any contract seen haven't we've guarantee into to put our so with far our going part forecast. that to hindering And to in chain, reported manufacturers performance. got to the necessary results, support the

Colin Rusch

Thank much. you so

Rex Jackson

I managed immaterial chain, QX, look as other impact on it of little Pat had to expedite due bit back to did we a cost and improve said, supply well fees, gross if us think was but our we mitigated, still margins some and you sequentially.

good. that's So

managing what forward half out then look annual our that numbers guidance. this guidance we've chain QX very, sequentially growth very, we nice quarter, about second against the implies We're as the know very our year, into account into we closely. providing to and And look which taken the supply very we As QX. and of for

taking chain conclusions account. on we but we don't that yet, the see into we the so things have definitely any on were And supply

Colin Rusch

appreciate much I guys. it. really thanks so Okay,

Pasquale Romano

Colin. Thanks,

Operator

questions. your for you Thank

comes Research. Patil question Shreyas go next from your line ahead, is open. Our from Please Wolfe

Shreyas Patil

so thanks Hey, much.

strong So just business the guidance. in XXX% XX% U.S. year-to-date, to Europe, U.S. about mean previously, to about talked you've correlated demand how full-year is for ask and I Europe seen EV really up the broader like EVs wanted something the and up is we’ve are the sales demand.

about, if just terms either there to I sales about anything up effect or we that like anything does if is lag that we stronger? come anything, upside that prevent stronger there potential, do So think a in end of is would need demand mean seeing that like thinking in

Pasquale Romano

our we of about prepared that, really goes can the remarks, that very of nicely and example. look we watching are half for we said question as definitely the snap there's from we’re availability EVs, were today, possibility year you that correlated we the where the in as Europe, back no the So to well. what's we believe always that at second perspective, in here because happening There's reopenings possibility happens something India, also and you see in

and of mentioned. a out just look there's course, and as So chain we then thing we that spike

we're prudent think now, So and cautious have to us visibility in we really QX. we those it's XX look our we be because be and when behind next days into massively QX have we'll to I smarter good call, factors QX going as think at external

hard excuse it the guidance made me. think this for this then call, take a really time, just and confirm look I So we'll QX -- QX to at sense

Shreyas Patil

Okay, network on great. gross And then margin. the

and of margins margin up up How So network do reaching? maybe should meaningfully XXX it we side the main and you points look improvement QX. drivers on good like basis year-over-year. see obviously the think versus was Look like eventually you where about saw improvement

Pasquale Romano

component in prepared said remarks, meaningful a clearly, mix our we is in as So business. there our

last by the influences been, had which but home this look workplace us. gross So the are of both quarter, performed margin as guardrails, so to there's performance two hasn't the cost over advent gross have well, excuse also did drivers obviously we we look out. mid going renewing X efforts perform, then been for operational our product, and curve we reduction has DC, out DCs XXs. margin our to internally, whole solid margin, fast components, have then that comfortably fleets of commercial, [indiscernible] very be business number very, we don't of extremely give should the Individually, on two a gross all are historically high those those quarters, on curve, I margin workplace bill the very biggest good pandemic positive the we understand of the I up quarters, growth the it improvement and includes me last growth mix that to is with and are the in has as that still strongly go and think and lower believe over we had it's end the gross the

I couple of years As we think now. from look three year. steady improvements have we ahead for And out this a us

Shreyas Patil

obviously and one talked I Okay, if fleet in, week of at the opportunity something, seen great. it charging call Ford, talking sneak the their earlier And could includes and talked Investor just a we've last last one about in it's Day. companies about you which even fleet number about that

areas that So think are of there? how the positioning about to in the fleet what And think space? about trying ChargePoint some differentiate you how,

Pasquale Romano

Well, advantage drivers charge there to the in rolls. two main I first, space are think fleet we anything our

specifics So and solution completely is OEM our OEM there's neutral. no

mix line in the scheduling, both management encompassing very a well the different a vehicle that types on charger broad line most harbor good all the in fleets we and full to side, with needs. fleet all have one of also vehicle a in speeds as and space. It's product And of we're software do complementary of So fleets the products as complete energy the fleet a all solution vehicle sizes control, and necessary charging solution. the customer, adequately vehicle service can

either. sitting not R&D real still amount There's tremendous So products we're going there. into and our on a bullish we're fleet

Shreyas Patil

so Thanks great. much. Okay,

Operator

for your question. you Thank

line Please your question from comes [indiscernible] is next Cowen. Our go ahead, open.

Unidentified Analyst

this quarter? if How wondering throughout rate a can we that on color year? of run a as us the you in this maybe R&D around was spend trend I guys, does move balance little give afternoon basis million of Hey, $XX

Pasquale Romano

and looking would not we R&D I right at take vehicle space. more So higher of definitely but market advantage to investments the both the where are we and now trends in in think passenger, on fleet to the in only broadly, need that the go answer availability,

we've an of to decision additional energy affirmative efforts. our made put So behind company the

gone again, we've would this year. that I a sales north R&D FX, and because and support showed of marketing So And just in trend consistent introductions proves of and do touches customer model And our support. future. and it's that it a XX in has the expand operations every we particularly with customer up. to and very The business. got side There's we were additions generally organic little Europe, quarter, OpEx both lot itself too going rebuy expect generally percent to product not distant lot quarter plus customer a heavier there a our land and the want this also because

world energy look I as we to see that to the in scale what up. this, expenses makes the the us perspective, the the trend externally all percentage as sense put revenue from already, it dollars we very and on run at environment down just to our it So of fact will you'll short behind given a we longer-term the that trend in have have operating expect is but

Unidentified Analyst

the Got for I got and then it, color, Thanks it. helpful it’s guess.

any last hit could the anything it. you to new Is Okay, a update on focus quarter kind that? on then as you But there of of potential you'd there, that’s Europe. mentioned around rollout helpful. follow-up, product also And talk a offering

Pasquale Romano

the for them, the tuned be to one the and updates product you'll stay future, first. minute, minute, in we're announce the of general just No, ready

Unidentified Analyst

Great, okay, thanks guys.

Pasquale Romano

Thank you.

Operator

you your Thank question. for

from Our ROTH Craig Partners. from Irwin next Please question ahead. comes Capital go

Your line open. is

Craig Irwin

products. there, where I plan on your we plan fleets increasing to you markets these update some bit meet are you set? see us far Can of evening. your good a you introductions little need charging to other fast to as DC margins? the and ask wanted longer-term for longer-term for product target margin about Hi, the maybe as Do for

Patrick Hamer

What that is we quarter past So product, don't and the of existing specifically margin the out. talked as by Rex great gross line. we break saw about say I on quarter margin can particulars saw mentioned, some product that the improvements this work

line point matures? pretty we as I'll products, definitely waiting we Rex line indicative. a that as that improved question, the think face not was to are of to latter. the margin board. product we it's charge improvements more the on I across make It's on your to it's a So bit we made new supply mitigations improvements product We're margin the execute mentioned, Rex are the just because think in COGS because having but or breakthrough repeat one on continuing the expand existing chain it in a to seeing the I some for fast and of We've little as and quarter-over-quarter place. put had of plan in

a on little but So still only we down chain. mitigation costs dragged a by outperformed and -- outperformed. not the It was only had that dragged outperformance down a but supply little

So we're comfortable.

Craig Irwin

really through manner. discussion pick most investors the Okay, a fairly so fairly to detailed margin want in --

large products products. that past moving part I for into is market So strong looking there particularly again, should really been in XX% the see your of highest said a understand as rebound, maybe range is exit something plus we one we be gets or as are those end margin things obviously commercial revenue Can through of fiscal year XX% us your the in and at work margin walk to what year? you of to the achievable expectations the of the a has the are that mix the the back

Pasquale Romano

past said, annual that really where But improvements couple good Pat board, like question can lot a we had was for tell it it and margin quarter places needed. very a what very amplify and some impactful this sounds one in guidance. That a I much thing gross you across of very, the very to particularly is take

this the we think that we I if resulting back should company, get shift a going at if mix But mix on half that have impact mean for the work, to think second in commercials a the with doesn't clearly, and to positive more year the say roll-off. that's are very gross you to I the other look to products of normalized starts margin. enough, interestingly to would the back. going come that, back

year, not, So the continue. side is throughout because hesitate net-net, guidance. of supply just those, a trend lower good at continued that number to the balance of of for improvement gross the in like part feel the is very the call I the But we to feel on end about margin margin we're was this business, the going the it’s I year,

Craig Irwin

Understood, and one last question, if put I in. this may

you America exactly you doing executing and are within well, Europe. what do said guys you So North

the got are roadmap at would see expected. trying more handled, stance new unforeseen for could and a ChargePoint as biggest fleets be products that's and on the market expansion measured there in opportunity take opportunity challenges? aggressive new the there. no looking You've environment plan competitive possibility Is Many a Europe the ChargePoint and the got Europe forward position or the IPOs a pull a moving at past you've far for aggressive of to probably products, with are based ensure to as Europe we you more pre-existing grade

Pasquale Romano

geography because investment actually in Yes, posture we for respect I mean I our relevant being in believe aggressive some the Europe as globally. think to incredibly, for quite philosophically, in incredibly time us we've now, an been with

to think I other we're any need don't we we’re adequately indication posture being not think being not I aggressive, But don't I that think our aggressive comments? there. already, So change right, an again, that's

Rex Jackson

last I we our finished doubled, Europe headcount year. the thing this with in add in over have other And three for not we effect only the quarters. we're plan would that the hiring doubled two, there is almost have Yes,

players of So we're really putting field. lot in a

in our One of reach from comes one largest when incredibly in a North companies headcount internally in things long-list of that our I to any we're the space that count they that a have, we And operations and in Europe, Europe, of it perspective the of from attacking get said doesn't America. the perspective that of the things is, people number market.

it's and it's So yet larger. still extension, an

markedly So on I think and the And that think our things a excellent. done we've will coverage I there advantage. be front roaming improved the competitive are is

obviously, then that the the software, attached as several is over there's you to referenced, next we and quarters. right focus of be And Our providing a on think lot strategy. additional we'll network that solutions

Pasquale Romano

And one Think is note, your through scale gross a is significant global more achieving helps which thing tremendously margin. scale, think I modeling to this issue. in

but a basis America volume it's overall on relatively going. it's still, as market is compared scale market in small our unit great, share an So North to where

Europe, chain we we the significant As support which that continues be line on business. operations in in there North an in and advantage of margin, product commercial as fleet and should significant supply cross and there's American vision gross other regional can if see and our significant in is to elements execute leverage

Craig Irwin

the a right a North that something point of of that happy share? share goal or So lower clarification significance to logical be business, for XX that is points, is much the plus Europe, you is American you'd investment level the network of with face in XX% in a sufficient

Pasquale Romano

but put get America number our we in a style look XXs financial our not there's North several our to not when the like than a years. do in I'd comfortably are assumptions But going over better and next that, we to how out we with the assumption So a view period, that. Europe, financials into to over I'm that lens multi-year

Rex Jackson

plain conservatism That’s color. our pure perfect that's point. on And

Craig Irwin

Understood, Rex. thank you, Thank Pasquale. you,

Rex Jackson

you. Thank

Pasquale Romano

Thanks.

Operator

Thank you for question. your

ahead. question Please Michaeli a from have from Itay We Citi. go

Your line is open.

Itay Michaeli

if everybody. in bit little existing customers. hoping customers a just a I Thanks, missed call And of did terms can I versus joined Good new mention the in this, Great. late. quarter, I revenue was from you afternoon. trying the of to the I But contribution you're that new and is in think of your of the with been versus that customers, evidence, you kind revenue land playing the model kind kind of for terms longer I've progressing. out kind in that expand of seasoning you're how customers, seeing and about apologize and

Rex Jackson

Sure, to Rex. you Itay, it’s there. Happy help

So QX $XX.X revenue was million.

was super rebuy. an tick things super quarter, To we’re up of of that had remarkable. was about them. customer understatement it One we were a lot a from were in pleased quarter say to useful be XX% the last a And about about terms there then but the quarter that But remarkably it's that that, business would was over additions the quarter super our but percentages, has comes customers, an this pleased of this years I've customer last is looked you that strong three existing consistent at from over of give new the it customer every been acquisition. thing

thing, keep the and and than expand sales get in and of easier literally I've land the to of for why it, the to hell said, customer nailed the it’s of a company it lot a reasons you to continue is one. if in particular a one is it So cornerstone want marketing is do we the example, because with investments

down of just an putting energy acquisition, pays into road. we're because So customer the amount enormous it

Itay Michaeli

you Other than the with a in think happening seeing customer was quickly go other understanding internally few that new typically is but you onboarding find expected? even maybe process what process are I better given faster, process, had that months customers, than sort it even it's happening, of is EV, just what's a adds words, is or my I

Pasquale Romano

that [indiscernible] what pipeline? you mean timing or clarify you onboarding, Can that by is is

Itay Michaeli

A timing pipeline.

Pasquale Romano

Do you want to take that?

Patrick Hamer

expand all, of and discussed we is business. the that turn about all is that of just really a first nice the that, thing So fast thing lot land

put and they and the what think situation you don't. install other depends just call necessary in of getting process you I in order with process it's make turn, it that want But think customer, it's anywhere on sometimes getting to coming, months. our customer phone size and and pretty to the the solutions. But fast the a ready trending to lasts brand Sometimes what sales really quicker. necessary side. new be the they on it I looks would do And about from depends that's it the like what if other down on six understanding the up things a sales, see

a that don't questions. say know from it's six it's anywhere I So month your getting I if would But answers to months and outside shorter.

Itay Michaeli

And revenue QX QX in clarification to should very lastly terms the that's pretty experienced as in that for a similar what QX that revenue just you we point mix residential? in is of guidance, the Yes, assume helpful. of DC and

Pasquale Romano

one. I the little than be But it side was to it better expect tough a QX. That's on in a would commercial

Itay Michaeli

Great, that’s very helpful. all

Pasquale Romano

and a great then commercial a year-over-year we in we you resurgence Thank quarter America had because had North generally. in nice Europe, really

getting the QX has side think work to people whole to the future. and continue I and the that in expect and back recovery commercial reopening signs I of really would in So nice

Itay Michaeli

Thank Great, that's helpful. you. very

Operator

your Thank It you the questions audience. for question. appears we further have no from

closing back hand management to team any I'll So over remarks. for the

Pasquale Romano

thoughtful we're First points I of of some of we’re long-term results on business execution Thanks our and pleased now. plans. the the to positioned To all, thank with and execute all Rex well in think summarize, lines made prepared remarks, We're heavily the on and that the right everyone, for for you thanks. the all I questions. attending focused very across growth

forward call a of afternoon. next the wonderful you look earnings Thanks really and So all to have with everyone.

Rex Jackson

you. Thank

Operator

Thank Ladies team for management and gentlemen, that concludes for you joining. the today's call.

You may lines. now disconnect your

ChargePoint (CHPT) 4 Jun 212022 Q1 Earnings call transcript