VLTA - Earnings call transcript Q3 2021

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Volta Third Quarter 2021 Earnings Call.

Joining the call today from Volta are Founder and CEO Scott Mercer, Co-Founder and President, Chris Wendel and CFO, Francois Chadwick. Ahead of this call, Volta issued its third quarter press release, which will be referred to today. on Relations found website of be voltacharging.com. at can the section Investor the This on Volta which this forward-looking that note Please call, on risks uncertainties. expectations to statements will current and subject assumptions are and based making be only These of not representative views today as date. subsequent as as statements upon company's any relied should the about reflect view be or statements And any revision and Volta release in of publicly light results undertakes no or obligation future new information these to forward-looking events. revise to to subject could to materially are These of that from variety statements and uncertainties a cause risks actual differ results expectations.

XX-Q. of risks SEC affect the to For the further that Please company's factors the other included could in discussion financial refer results. material Form and its with important quarterly filings our on report

will These from in non-GAAP and should addition In financial useful not substitute the non-GAAP as are believe in or today's measures, measures performance. supplemental isolation they call measures Volta’s a GAAP to as results. company discuss be considered of which addition, for

will afternoon, questions. the in presentation, go Charging ahead. You the both there Investor Further, this issued on which a Volta Instructions]. website. conference regarding release Scott. call Please Relations are that, being section opportunity posted measures webcast financial over The With be turn recorded. After the with press will ask in all listen-only to the this participants call non-GAAP [Operator this on is the the today's call I its company to an is mode, will SEC, discussed and will each in filings the the on of additional of also available website. and find disclosures be

Scott Mercer

first be traded thrilled us today. to welcome Thank a publicly company. you, everyone as call you I'm here to earnings to joining for our

trend Francois it industry. are The over like dive in turn a on in engines. mobility a of Volta for capitalize burgeoning and In this needs three this electric one our fundamental and to high financial we to For over and largest moves deeper lifetime. to and founded growth will those energy cars to become business, will catalyze quarters how affordable Volta, decade conclude work you rise into as new ecosystem. moment combustion a how I'll of its positioned take with associated next we and to uniquely reintroduce who ago the mobility to I'd shift a the than more to We world transportation the a internal our of then the years, electric Chris activities infrastructure are sustainable more of win over. is macroeconomic

Some opportunity economic U.S. more fueling fueling grabs habits. it's revenue XXX of isn't We and drivers for more electric. unlocking behavior accompany the shift the spend understanding in is and only believe billion that will go dollars, in as up the conquesting station gas the the biggest around

majority will no to the go. fuel people up will they station already of to the fuel Soon they gas up, where longer go

that data leverage the and fits sustainably they're understanding locations deliver network focused practice. premium behavior commercial consumer their seamlessly of are rewarding to public, open only charging access. on consumers driven stations drivers we're universal And a behavior a EV for spending we Our routine, time. into daily And already driven where minded

currently for loyalty. further For working periods longer time. to network encourage more on who our partners, our initiatives stay some site customers new attracts of we're And

or into dynamic a provide before allows store, they engage content For other behavior walk impact ecosystem. to a to deliver them of machine unfold electric the of partner differentiated to technology, larger learning best-in-class customers understand advertisers, by us we make using powered value a and to streams property revolution Volta commercial influence by and purchase. our behavioral that potential differentiates and right science the data how platform science allowing will

pleased million, our the XXXX. of revenue the made Initiatives year. And are additional from was the full quarter overall after performance This quarter period XX% same year-to-date eclipsing strong quarter on by progress revenue up our million XXXX include quarter the nine to We from Strategic for same quarter $XX.X our last third the the end. in growth in and brings the XX% performance. our year Highlights of month XXXX $X.X

September quarter, expand throughput to XX Both one partnerships charging stalls in in installing utilized development period XX% hour our signing the utilization generated strengthen with a agreements base Flags. service network footprint hour gigawatt the X.X for as master quarter, per forming most continue charging We installed XXX,XXX over bringing United stalls in stalls states. by month, six further the XX of partners, the XXX stall XX, States. total estimated sessions network our new our networks in in the with key quarter Six including total of the XXXX We

business XXX equivalents months and $X.X September up million our for August yet and XXXX quarter, in quarter September period was commerce commerce team in combination representing of to million, with XX, sites $XXX construction million XX, hand. Our nine of was month ending Behavior on solutions our adding nine had quarter-over-quarter charging XXX% and up in XXXX. and successfully $XX.X for cash same up We the and completed as Tortoise queue. in the strongest for XXX% Behavior signed quarter the contracts revenue backlog XX% from we and generated the revenue year-over-year. in

XXx increasing expected charging mobility an over nearing are electric improving same policy. through demand are This by driven by the charging towards We XXx annually, EV to same annually adoption. and with and expected passenger in period. economics, market acceleration principally demand XX% U.S. increasing Through increasingly with mobility grow electric XX% public is sales EV grow to the industry XXXX, growth over inflection sales passenger are governmental EV timeframe. XXXX public

with the ICE vehicles. example, helped competitive the past cost has has several which become of cost For batteries over declined years, EVs

expect by below $XXX which XXXX, level threshold drop cars electric to the hour, battery kilowatt believe become Policy in to various benefit industry the of welcomed levels electric the as supportive is along driver. initiatives to the Both governmental from per industry. expect mobility. to these are further expect the have it government We we costs we more And as to with makes acceleration costs attractive fall and scales. support, which by we average

the in of chain parts become sustainable differentiated EV infrastructure long-term. on commoditized, is focused value remains As charging building business and Volta that a the increasingly

reflected is opportunity Our revenue in the just behavior charging it's driver and streams. is the is on our more hardware view public and multiple this in shift in And energy. than grounded

advertising the Volta’s discuss fuel revenue and commerce charging Volta fee utilization to time advertising business the model. through other including Charging third and discussed initially charging today, over and partners to operations. of is media and LCFS SaaS driver is now primary and the installation, license proceeds stations tool revenue to development a on commerce Volta elements utility tangential revenue through operation purchase it low and our network the business the and content As as is sale influence such behavior. currently PredictEV and Data to data advertising display and tools. business charge is to that further site the sources revenue parties Network generate tied or partners. a generated commerce, offers proprietary service software Volta’s and further services turn to charging carbon and network revenue network targeted maintenance the credits. detail. revenue to I from Chris associated stations, reminder, development, or campaign access three from from conduct clients companies, media quarter for with our revenue other recharging, as from select intelligence other Volta generated year-to-date to is would partners of in behavior sale network media from generates services from standard like and of and to of channel operation derived the sources, Behavior

Chris Wendel

Thank would listening for differentiated about business. strategy you, by Scott. everybody go-to-market to like the our I begin reminding

considers Scott lifetimes. to the Volta shift macro our of largest e-mobility As one shifts in mentioned, the

our behavioral and science our teams ability Our client opportunity site enable have using partners harness to their teams seize to goals infrastructure. the to this commercial enhance core our

our with development. start Let's network strategy for

most focuses key drive utilization of industry factor the capital infrastructure charge best maximize leading a This the drivers us help to Our ultimately We will returns. network drivers will by on meaningful is to that per a monetization. building invested. quality dollar central that provide delivers thesis offering miles seek which

time behavior. customized to approach Our work of synchronize pay match is also It use exciting speed, attention location, focuses our the and actually visit is want to charging be to to driver the average EV and to why differentiated such with to engaging, we why infrastructure drivers something experience on infrastructure at people the or is charging locations. aiming and to. This

visit two to hours a charge not is to drugstore, driver may the example, if going takes they're average relatively time a For short. want that where

hand, people other location, driver for with site attractive more a the is charging want if in dwell charge network site to dinner not a their On a XX for to that visiting restaurant. efficient necessarily align goals at down designing sitting we minutes and EV partners they're consumers. car infrastructure an By time might partners for can particular build

achieve our baskets, also the for to their goal. help partners. strategy enables with consumers that underpins Infrastructure us utilization growth to partners end site Solving ties high our our ultimate

a consumer are a commercial and high delivery lens. proxy adding from Volta, For stalls energy utilization both for value, high

EV for network We site network. sessions in quarter California, software on This eight XX% can network of in typical sessions, continue EV create. use. is a eight which to use of behavior We insight even averages against where gives use that also our Underpinning network can utilization be QX the to placed. charging approach see charging had into daily in daily we the of should we tool in of proprietary our sessions that utilize location design like our and we the during plan Volta us shift five by PredictEV, tool metrics regions information higher EV Across charging for this those our our daily average best we daily penetration, On of can hours use to predict with with robust levels infrastructure drivers. saw partners. day. saw believe national the higher

value, Our Scott illustrate infrastructure This consultative to sites for mentioned uses added their and with tool tangible already in the approach new MSAs plan impact XXX delivers charging QX. help them. for site installations to notable and partners with has the largest we team that backlog. stalls this partners also in conversations XXX solutions yielded our our

time a initially which In out new the think have that partners with closed signed significant display would with revenue stream partners Volta factor Entertainment, Land, like like stream will network. growth several believe over that to that Shifting we addition, is Eden's MSAs advertisers, media estate provides over to Year-to-date, high sells we of that revenue provide increased real and and team Six with long-term critical a competitive in Fidelity the have BIGY. Flags will a to us New we call commerce utilization XX advantage. compound We behavior category value time, differentiating potentially the this our footprints.

I'll a have to with a about point unique generally strategic can community with which a proposition to last content a content it a into service our network Now for values of consumer provide brands. a as creates prior entry is could the our influence their store. talk value Combining platform value partner brand

and consumer that As becomes true shape We with find influence this digital efficacy to platform, the they marketing partners, in towards national bring as QX, to we and to In the we've it. the we channel brand signed platform. the of value media consumers, to up as platforms partners understand And real-world to other we their look programmatic a to welcomed start Visa, the and media product market understand partners that DHL sales our ambition, how how advertisers, new resonating and is help businesses and brand stand drive audience. to behavior store. prove site discover

and providing value Comcast, to back saw partners in We create additional network. continued total view well programmatic And flywheel we value We for also monetize the finally of day to our increase campaigns. as one, our growth positioning consumers, Dunkin, our FedEx property on come with connection Hulu advertisers deeper community as a of and this and network the saw business.

Now, growth further how strategically we for footprint company. let opportunities are to our me talk positioning the potential about

drivers. leading real network commercial nationwide EV its a building decade to property the for of distinguishes to that with We desired its valuable itself partners a been industry enabling of last align utilization economics. charging to Volta leads outcomes through the have needs contracts, This strategy of network and and Volta’s portfolio estate charging the build unit

have and approximately of XX, sites. XXXX XXX over across screens stalls As installed September we XXXX over

more opportunities contract XXXX run time. not in contracted turn would opportunities Volta’s it stalls sites, yet creates addition, construction through over With to even that, than portfolio our screens, over XXXX growth financial. completed. network and more In which me but the across currently XXX over are add queue our expanding to over Francois let

Francois Chadwick

Thank Chris. and with begin with will third on finished you, I quarter outlook. commentary XXXX results some our our

was were a period, leases, number prior and increased to to costs, media $X.X This including period, loss brands. of and Volta costs from million $X.X grew million to increased larger to X.X the by insurance due the the compared largely with the the that charge to a million, media to planned compared based quarter stock commerce to April EBITDA sales costs station prior In initiatives loss $X.X period, million, of a advertising loan within prior driven under compared year expenses to primarily $X.X plans. million growth rising additional SG&A $XX.X $X.X data of services $X.X the resulted of commerce. loss to $X.X received due proceeds compared additional costs, of expenses revenues strong related Cost period in prior loss XX.X of legal million in of prior one-time and million, behavior due of fees de-SPAC increased to and million, million Third $X.X and network an to several the to primarily rent, non-cash was compensation attributable million, million, related Act. primarily and year and were was campaigns, the active for million Net in the in the services PPP $X incurred compared finance $X.X was station million, of million period. XXXX, year year aggregate and commissions Behavior primarily to $X.X in increased to national CARES professional $XX due of $XX.X $X.X in prior revenue period. process. million of related an million million with growth a in of bonuses

$X.X Volta Shares for entire in combination Although its million company proceeds securities the repaid as with million XX, Tortoise the under In on balance XX, used as of of had company was of forgiveness XXXX, XX, million. September acquisition PPP entire loan II, and eligible of $XXX loan, for received million. program. a The resulting business full Corp expenses XXXX. as marketable October the were the company XXXX. the amount cash The $XXX completed the balance quarter, outstanding of the September XXX.X

the to right execute on March, since have we strategic business. operations build and doubled ensure I the making finance, functions in wanted we progress to key touch we resources initiatives. headcount the key approximately organization the our in out supply Before across outlook, on to scale have made sales as rapidly the moving chain to significant that to end, management, hires To place

trend. our simple XXX Now, sites; million, to be in like with Volta the we in to we future wrapping expecting total are up XXX reasons excited to shifts total range in in queue. mobility stalls one today construction our The of what to day largest with lifetime in the scales I full holds. and capitalize macroeconomic one three stalls where XXXX is very returns so to $XX the is revenue network be our monetize range range to outlook, our business XXXX on with about are EV our wrap A enables to up as over to differentiated million and and is of transition signings from model this well XXXX of our would XXXX sites Volta $XX growth. the compound electric of infrastructure its us mega operational that with positioned year to

economics today. your that unit now using you and scale term. longer our help which utilization to valuable for us leading will network, attract returns time I expand ultimately our to overall it Scott. Thank back and over industry hand our the Finally, will allow partners compounds

Scott Mercer

you, drive success, conclude to progress their employees updates customers to providing we time Thanks very look our open your We our thanking Thank both like Q&A. support, forward future for to as would forward. our by lineup all now much on would our for like And I to today. the the and to I Francois. contributions for shareholders of commitment. their their for

Operator

Thank question James. you. first line [Operator with Molchanov is The of from Instructions] Pavel Raymond

Pavel Molchanov

that in sites, any highlight 'XX? drivers retail as new into You announced your and you partner would of are heading there months, recent relationships lot non-retail partners particularly growth of have a

Scott Mercer

Thanks, question hand is to Chris. Pavel. that Scott. This I will

Chris Wendel

Hi, question. Pavel. Thank you for the

in so six sort several fall And categories dwell so of into reasonably highlighted extending and the we believe time that that in far we're that yet. grocery we far the note will And into I we been that have particularly the those So MSAs, been interested locations. of quarter. you not geographies shorter with have in successful in

the So as be would those signing quite for BIGY will helpful, or Six Flags. be of some example,

And We and with you aggressively working are is actively an that here I in partners from that backlog. one through piece homework and number particular, as our know, of few execution a quite think perspective. grocery we're contracted

Pavel Molchanov

Okay.

the an we network state your update happening some give receiving hear from for what's infrastructure charging, level Volta bill that, Maryland? example, already As Washington on for Can in of for in federal sponsorship about expansion. funding has been EV you

Chris Wendel

Hey, Pavel, Chris, again.

So a couple of points.

your with the in But to and build like and go the important it customers if And Secretary quite Department fundamental Transportation state that industry in believe use in of go their in back But infrastructure excited of this, the that site with and the the to location to rebates in to grants absolutely to some and are passed, our if been best. sense. Buttigieg Maryland, the implement those question, the help we it's working can are, I on it's building everybody specific rebates best makes able in way some that on, of the business where our a will we we underlines other be see state get bill we our installations. we it. reason dialogue involved partners the First to not it vein, of with have, actively conversations. available, then that To the infrastructure, we think get how premise is the in couple

Pavel Molchanov

Okay, question. last

the process, As planning part some stage on de-SPAC that of Europe. establishing foothold in there Canada What's front? the for was early a latest and

Chris Wendel

of Yes, I'll sorry, prospect one, Chris, take too. you're getting that the

So place. absolutely is plan that still in

scaling some in about we'll We we'll have And in they more have our behavioral business in Canada about made that go. the team, talk And quarter. sure. we building very same we've we've Europe, market. as to science this more been interesting to going actively that we're thing, and hires been to tied I'm And say

Scott Mercer

that is the see partnerships partners. -- we from this international think right model pretty scale at chime in in space. we're and to telling a thing, and few to It's Volta trying in And one still really speed the I Scott, interest on, how work right is would about a now. those business differentiated make quite story And the that

Operator

Partners. of ROTH next Irwin from with The Capital question Craig is line

Craig Irwin

fairly maybe revenue had And your quarter in different we question. we look help heavier you for the quarter, I fourth When for, your implies, it the Is for a sequential in very look network bridge and XXXX, quarter? taking fourth commerce? too in How the at heavy strong think gentlemen. continued behavior activity development the the thank XX% some for at my of evening, to around Should sequential us should performance we look growth install fourth we some there? development? the year, program growth. not guidance Good Can you maybe,

Scott Mercer

odd QX, all in metrics So, year, the forward trajectory the bit about I think last COVID. because the right I excited think a now. growth XXXX, business for little of were we're

are go they expecting business the quite the to for well but from we the difficult the help path forward path business here. to become predict So forward in

Chris Wendel

there's just to and it the looking we and Yes. And more your of I were answer to question. quarter, growth we at add little and strong the few us, could for fourth strongly as a to still a as in expect do color development, believe hit to out behavior left to very And a we Yes, months advertising. in that bit we as relates detrimental network we that only issue continued permits commerce, the look think a media sort be don't round slight a quarter believe very, obviously, Timing to pipeline. the we that the we've end. expect big strong year the but it, got on be

Craig Irwin

Understood, understood.

be media question you final beautiful air displays you peerless And displays have charging components unique for So stream right, main chain could inventory investors even beautiful bit would here of helpful. and the that is issue is there. I you? that approach Are freight with that highly unique talk Can that for your any a the chain the hand, using supply functional, and not media assembly, on to you. industries. have to common say Thank little with peerless a relationship quite or from your out color charging more supply else for everybody, the you more pieces an are different supply get charging displays than you about, everything just also

Scott Mercer

Yes.

been I design the that the aspect and stations from these really on design hardware. has our a So on supply the think themselves chain perspective side focus of

unit. when multiple equipment have options facing actual unit charging front the we the and itself the actual that to behind So it comes

lit. the hasn't partners the are of perspective, just in disruptions And and far. city's up it business. bit have We with in haven't hardware it seen stations us. with the we've perspective automotive that getting supply direct a clients little for we seen hit advertising the from impact a in chain seen from ground thus And permitting But some a

Chris Wendel

the And compliment. you for it by Hey, Chris Yes. Wendell. the way, thank Craig, says

relationship partner as them Peerless quite very of to them has degree. certain long-term a a inventory are stations with a been well. close and we and were to us Our able of have plan proud

don't we next it give that So beginning Francois the to of an availability hardware least issue. will expect at I'll point at is be will installed be year especially And or this

Francois Chadwick

team heard other I the And of thing have add we that lot we've and out lot Craig, prepared the think in you building our been to as focus remarks, class effort a and to one and one a through XXXX is, on in energy the of put well, of teams bringing supply are everything teams beyond a is looking and current needs at our we and well that chain way world going management all need and the what predicting be into year to that. even

very headwinds what we So space. planning into them. this feel understand we that We're in comfortable are the

You screens. we're putting did the to is in as Scott mentioned, mentioned, continue right we looking place freight inventory things Chris the on options beautiful now. the we have and in and mention are of in changes at as well But still target

Scott Mercer

and that stations were Craig, U.S. one manufacturers But buying were lot Peerless completed that you in border issues the is, the of entry in things better addendum so last for generically us and a if assembles stuck we has with [indiscernible]. components, possibly. Peerless visibility as know, have don't we

Craig Irwin

going that over what what's Thank on is this about that you're continue guidance and talk want I Clearly, is nice thing gross expecting execution something here? to just kind can versus and margins, possibly the I you. It's that The maybe time think next were of outperforming to you Can the announcement. next this you margins. few at gave see of we the right quarters? merger SPAC the discuss

Francois Chadwick

question, be higher and Yes. some calculated where obviously revenue, models. a of revenue some we're of side This couple and One, of cost able believe Francois, as is drive a say we the well you in we would may to that the the into we your of maybe of gross as been again, percentage the maintain prior margin have things. you maintaining that, the I'd things. And have thank mix on for

able cost all supply looking of working that once we've we with contract that our repeating you're of again, with team, that margin to management manufacturers, manage that, so been And myself that gross drives our chain at. to

So hopefully, helps. that

Craig Irwin

does I that definitely help. know

the people conversations growth, update the of your to down has element support what or sure the far another Biden years. for on it as been cost you redeemed sale developments on execute but over capital share that seeing from next months? maybe leasebacks we're given couple So as over that really can bring regretting the other business to capital option Can last there the us are administration, equipment with you execute options? the the plan you I'm as us couple

Scott Mercer

Yes.

model, we of stations line planned. that into we as the most and that to think debt something at of, talk I CapEx was we So project a look in the that think modeled model the never SPAC always folks I finance the the we've line, put kind together, as actually on about, a or for line

for throughout and the of financial of So model we're that profile and historically place is had Really balancing forward the that in the the financial because getting we're focused the we've the at on. that path it's And business. ability business, something the hardware. revenue something

Craig Irwin

your next many a in wider do mean, we excellent. do XXXXs partners current I capacity group units that have your expect your of financial to put growth, of accommodate several you with the would going partners something can or suppliers? And existing to that Okay, years. over you're the Is

Francois Chadwick

this And our question. growth. with again, that on them are contract here. I'll we alongside we to are constant And plan about. manufacturers into take issue. that actively in Once we working That is dialogue Francois, talk something

we So feel quite comfortable.

Scott Mercer

an bit now we we In change little the the the rate can and dynamics a availability my get capital perspective, more the that I think to have does that we are a it's question market, that perspective, that equity public of us. in capitalized really and from

we So those assessing, are can. if we're see questions

Craig Irwin

the if dynamics Last displays on purchase any you. or at sites? or [indiscernible] question, there host your customer effort between retail to progress establish attribution I purchase Thank is the may, media and the

Scott Mercer

Yes.

expertise science on about, we're is something this really behavior focused excited been this set. we Now, have building very out

the tools AI it's data the some a and on set with. to that we're and So really partnering business behavioral entire in impact of of combination network experts ML a experts, assess the driven some having ecosystem organization, the of

So growth of that we we're the is, what we're on doing that. into to if the selling site infrastructure. making sure the the we that as measure partners, value predict future is the And that the beneficial really screens content can of that

Our time. is habits how they're about and changing all focus driver over

into business ours behavioral science this fairly to strategy turning our something interest So core of and nicely. really quite is maturing

Craig Irwin

strong queue. Congratulations I That's hop Thanks. on in back a will execution. good hear. to the

Operator

question The with is from line Gabe Daoud next of Cowen.

Gabe Daoud

Was guys, quarter afternoon of around a maybe on between bit gate the relationship the growth. here. you give revenue of little and us color stall congrats could just lines different hoping the first out Hey, the

So network accelerate does as development and locks to and grow? and behavior How charging up with stalls and or that? network of operations commerce continue continue to kind trend

Chris Wendel

Gabe, for it’s question. Chris, Hey, thanks the

build So stack laid -- that as fact on discussed business and we we with out we build that they the the over a and the revenue, time. in model of that premise

digital streams come the pure stuff. it's revenue not add all at you ability as network is even amount to say, monetize in there Scott, time, day and the as the the a you would know, from the grows, and on correlation, than we cadence the a value, itself, certain behavior to a just as to the And that build different of And that the other something? as And run the loose grows [indiscernible]. so to grows commerce zero, revenue. over have want network and direct do you probably So then stations opportunity have I but commerce network a And network, a piece. installs correlation. a

Scott Mercer

The of about is internally way networks. we what is building a talk we're it network

we go new so partners getting we a the to work certain across their into certain we're revenue can with might as footprints, in markets as turn that streams. of or footprint add scale channel, And build on that as sort revenue

the actual revenue and have. to that So of it's multiple service streams balancing footprint kind across demand out the we that demand

Gabe Daoud

standpoint. charging less up, guys Is to Thanks, helpful. could is partnerships you side, potential ride on you follow there maybe, way mile last delivery, just could fleet cetera. are companies the at a of commercial from market there from that from potential a pretty it's fleet et working some or commercial And about That's guys. a be anything the sharing has as capture then larger whether a least that talk to segment

Scott Mercer

think core a perspective. in focus perspective, a aspects, And fleet were endemically couple course, not PredictEV, with charging quite business fleet, as for especially looking with there's a you about demand is I something fleet right our tools part the infrastructure, still from understanding science and driver audience. it's from really of habits can charging from of a little fleet data But it's focus our is public think be we fleet us. at early useful that your now

of not towards for as So is fleet public chargers still quite that on in fleet quite hour gigawatt of business, really we that accommodates after what the look but ensuring part the we important throughput to us. demand right as would now. for we're focused core And business out the then, equation, build build of start the that side

Operator

Matt with is line Instructions] of And next Davidson. the D.A. Somerville [Operator from question

Matt Somerville

couple of Thanks. questions. A

driving your with the respect the the to of projection I First, year-end your what's about somewhere XXXX? context XXXX. SPAC-related goal of at think think midpoint base that neighborhood number between we and that in install was the should gap that in How

Chris Wendel

Chris. question. Hey, the Matt, for Thanks it's

reasonably is delta the So really simple.

as permit Francois mentioned, And in stations it's time. We the construction mostly down have, queue. to XXXX

Scott Mercer

in thing a that jurisdictions. different us moving COVID the been are It's driven for processes permitting

Chris Wendel

yet a different little this we with are speeds just are Moving bit experienced in and not Also, color. installing infrastructure. that at as areas of

to teaching first happens. what And for your do, the permit permit a charter sometimes literally be for asked might time you anybody's authorities

on slightly thought expectation made XX nearly we than ago. takes longer the we long that that how has been when So prediction now months

Matt Somerville

So then? put little of as to What maybe we would have a that number what looked XXXX, ball that number XXXX a like? that around would bit exited

Chris Wendel

You mean, on the queue? forward construction

Matt Somerville

exactly. Yes,

Chris Wendel

really That's don't QX will be. know I to because what predict. hard don't I signings know my

Matt Somerville

number. XXXX current How exited end the compared to year the does XXXX? XXXX you where sorry, I'm no, No,

Scott Mercer

easily don't of forward hand book. We year's have to last sort

Chris Wendel

smaller. But back that we don't then. significantly It Yes. track was

Scott Mercer

and us, to I quick were a problem have so how bit I -- us. that in been have that to be processes related We offices were long-term shutdown easy mean, get quick don't just disruption permits of do out. as and permitting for think expect that for seeing easy COVID that really to little themselves, the to a extended

Matt Somerville

And XXXX have be building of sites of then already either be chargers, voltage those current would on the customers as on where versus screens many new new sites their brand your umbrella? existing footprint out curious broader they versus it. Got how then, customer I'd backlog, screen part represented by your side, existing base

Francois Chadwick

out question. are that's that But sites. sites are We number entirely by good almost customer. of a queue break Yes, new that the the in don't number

Matt Somerville

the have capital one this just on then think of for process? towards go And any Does it. tail sites? end how redemptions about your that plan of The Got influence should forward one we final you experienced level public go or me.

Scott Mercer

for the question. Thank you

a continue relates to strategy. plan, out Europe impact, our allocation We've to such countries. as We're forward it. roll potential and it go few As looking capital immediate no mentioned our at other we other things

target we've so say still now on to target. for right would add we're And nothing on everything So to we're else that said just I that, far.

Operator

Your next Brothers. Tuohy question Craig line from of Shere with is the

Craig Shere

quarter on into and call. deck. Craig's dig question to afternoon Good congrats more February little the the and Want up showing question a fourth about Matt's versus first

you the issue, point you you're seasonality or to quarter play to as have do have period say? As you there into does in we that And since no you're And and some permitting at durability issue? going before going is or to an retail robust the two, get territories, year so of naturally some every systemic Is that because degree next quarter, the a the to and add that around weren't and up ability catch quarters? that more next the focus, can aware to new longer several permitting lead that partly in to could the you subsiding fourth see forward?

Chris Wendel

leads with and are one accelerate on we things to that Chris. two actually the these and on that the significantly last a de-SPAC we've we important able added team suite, to process the processes have the quarter Since assembling. been fully of leveraging focus Hey, is being business the Greg, to I'll it's headcount start question proudest forward. go about the in

the from expect your also it. from would the can question, to that authorities put on we that So resources improve both that permanent would but we

think So that we don't that is a long-term challenge.

the were a is Secondly, here already passed forward, et AB be active California where making infrastructure, On on with there more permitting cetera. the likely laws I believe helping XXXX getting going on simple. in industry, has focus go very we regulatory of to this focus passed,

we So build that some to expect more.

And so pains, these would think forward I not materially That’s change growing path. the are will all that I short-term sort say. of

Scott Mercer

if had and then, seasonality a business seasonality something that business. could out of historically, to the the to be we out parse at seasonality, thus we've clear tried looked the to in And of as a history haven't far, we history figure the really

add. So say that's say categories about. our I learning I revenue as shifting grow it's think would and would -- we're still sort I something And also it's that of

commerce parse out really, different were haven't lines a in into in revenue the business. so launching business, network the But as see demand different we we'll category seasonality or side, that's the So seeing and new kind been actually the on that many able categories of effect behavior from the categories seasonality. we're of to we driven

Craig Shere

the normally behavior wind kilowatt paid revenue, XXX% network ad just forward the partners, your commerce. just as up and charging question site basic and and And what hours and to enough. modeling negative Sure the that by better are understand of

Scott Mercer

you're So for rebates as and is one actually turning on the timing difference negative I'm looking charging solution. were the these we for in stations just figure at gave assuming the that we That charging. the

Craig Shere

Okay.

there that installs a more line correlation the there'll be item. little in future, So positively on with the

Scott Mercer

lag But one yes, be Yes. a correlation. be correlation. positive or quarter but in two a There that will there'll

Craig Shere

Great. a a alluded about may infrastructure and the the there in And beneficial, two wrong more to me be much, LCFS if was prepared utilized system. of bill. things hand question disproportionately that there's your remarks, elaborate In out and very aren't about yet. given impact I I'm that talk think or Correct to, little

In disproportionate beneficiary. hour were incentive you terms obviously of more a kilowatt volume be focus programs would

Scott Mercer

the return and the think dollar idea most business, the I deliver the to for of from outset, per Volta philosophically, of was the capital invest. miles So, best of kind

think the So a our about most really -- can investment we build we ecosystem. we how kind harvest do and how capital business and build for of from business that do really then

delivery. But commercial. sort to since build how us that as made footprint core well fairly it side government So the also and itself focused does on it lend to on less programs energy are we're plan we focused the of

as stack the of we forward. So we're for think up opens be revenue tool our can And the of conversation, business, and it opportunities excited some some angles that have science. PredictEV infrastructure bill, the up pretty commercial it opportunities new some valuable with that think of in opens data about we we new that going that a us, rigor especially

per the kilowatt to to to And for So hour being the people dollar ecosystem. about you per cost reap here's here's how you driver understand most talk you're CapEx of other how of gain able save delivering. habits energy that

less interesting very for core, could industry. and that excited about, little something we're it's accelerant very a be it's directly the So entire something a

Craig Shere

that for Do additional out, to meaningful have put other, that about. financing you alluded talked Craig opportunities last of for the don't a growth you? merger a you verticals growth you even to had your part my position I that the time. the an there's And original a issue put Great. these that also international the question deck was international is on you be think degree efforts. finance think covering where additional February not over in question, investment opportunities that upfront project And was could

Chris Wendel

geographic coming But as there us, to about, are expansions, answer allocation and at to strategy other capital out. actually Yes, make Craig, internally, I we're looking us. in Well, day think are table many talked go there's opportunities these back I revenue streams, a to that looking my very to is all who lot just we -- the at short yes. growth we whether for with or initiatives, parties of those looked its day the that of interested

Scott Mercer

we on capital the sits, in availability market for the it be really ecosystem and the I where to infrastructure really focus that the of needs its think is interested efficient And way. kind partner how for mean, best the on the deployment. the into to given that's I good more a deploy in capital space can less go

Francois Chadwick

the question thing we to had was add one that but in last Craig, expenses the There model had P&L. from we that on the in deck nothing your, the upside had last original. in

Craig Shere

didn’t that. I Really, know

Okay. Thank you.

Operator

question next the is The Molchanov. up from Pavel line of a follow

Pavel Molchanov

your pricing ask to wanted approach Yes, to kilowatt just of hours. about the sale

what ago, customers the As power let's trigger been the say your your pun generation historically, for sales zero, sales. minute your -- have you electricity no to was charging begin for the alluded to intended essentially is or a

Scott Mercer

for moving Yes. No, we is it value and kind of us total be a created we're really call for the and it about out to forward, that can as of charging but charge for idea us the visit a gets driver's confusing, property.

utilization? location. the actual How on basket. drivers you you driver so do charging we How the speed excited focus And actual And the lot match at create and get a visitation incented? to initially you do do how

vehicles. increase, bit we're more packed from that to that, for bit battery bigger energy visitation little side. the the charging of are time charging more higher the continue a power commensurate throughput get And little with in seeing on on out demand As a focusing drivers to sizes monetization we increase rolling on vehicle stations seeing the to market we're match as energy to as we and

to as ’XX. in really we energy as mature higher we little It’s we ’XX how the So are deployments. start of story, start doing it but in throughput in our to see we on focus a that see the part more early that will will still in dialog

Operator

with Please other no in proceed remarks. questions time. the There at closing this are any queue

Scott Mercer

Well, thank you all.

questions. asking you had very first and to appreciate excited call good everybody much. we quite and Thank in are our everybody dialing really some We for with

Operator

does for you the can That you We disconnect call and participation conclude lines. thank for your your conference today. now

Volta (VLTA) 11 Nov 212021 Q3 Earnings call transcript