- Earnings call transcript Q3 2022

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Operator

Good day and welcome to EVgo’s Third Quarter Earnings Results Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. Instructions will be given at that time. I would now like to turn the call over to Heather Davis, Vice President of Investor Relations.

Heather Davis

to Quarter welcome Earnings and everyone, EVgo's XXXX Third Call. Hello, I is EVgo. new Heather name am Davis at My Relations and the Investor head of

me at release of section investors.evgo.com. will is be supporting CEO, EVgo's and Zoi, Today's financial can Company's are accessed call of materials archived the today's our Investors available being conclusion by the website presentation discussing Financial call and Olga third a for along quarter the session. Chief we call the Shevorenkova, the followed Joining EVgo's Today, Officer. results and on The XXXX, call from be the be and will with webcast the call. and Cathy after of there Company's investor earnings Q&A

management apply on of measures With I’ll non-GAAP over Zoi, measures materials please Cathy? on that financial we note in EVgo's earnings call including Information risk factors quarterly report from financial we These statements to undertake forward-looking available including section website. detailed the call website. to expectations annual the be can that corresponding we referring that statements expectations future Also the to XX-Q that available call. will Form making that, certain section no call. be materially Investors be Form CEO. filing a measures as and found in risks on SEC cause non-GAAP and in performance. will differ of the will statements of on our our today Cathy about be subject GAAP could these to reconciliation will about Factors the forward-looking recent the turn Investors the obligation including the uncertainties the and and to after filings are our our results are update this actual on which XX-K our of most to soon report these During be

Cathy Zoi

you thank and Good for afternoon, joining everyone, today.

Before on new to moment the an EVgo. update of take I’d to two with team additions a at quarter, recognize I begin our like to

First, new corporate call to more you today. Davis, our experience. I of relations enjoy all and of I kicked am brings pleased to will than know her quicker. IR welcome XX off investor who finance Heather years our Heather Head getting

Second, turbo us Revenue we charging new Google. recently hired Chief fast-charging Tanvi growth Officer, the who a revenue by retail focus will experience. Chaturvedi, transforming on our user joins Tanvi from

of investment home Morgan. growth lead responsible our including technology to of Tanvi joining the portfolio marketing, As Prior for at market go at the Nest PlugShare Google, revenue leadership consumer numerous advertising all will a smart CRO, and also businesses EVgo, delivering business. held leadership and expansion Tanvi positions Consumer initiatives, and served recently monetization functions Previously App. use to and most as at services Procter product Google she Gamble & growth and J.P. held banker positions

to which excellence established million Americans of of nearly in the a our One, experienced growth. of Three, strength On progress, foundation. make our EV which our technology charging commercial Now, in our growth. to existing updates we EVgo important advancement in we to operational investment XXXX the beyond. EV will lastly, a drivers key solid I’ll few to Two, the Today, with today’s of foundation strong an testament quarter. harness mile as partners. across the to commitment see we new order ultrafast a some call, focus substantial we our we as that headway And quarter and of innovation. themes continue as space lead the drive turning to and source is XX XXX approach charging now within quarter live EVgo technology-driven marketplace. on a and expect front, the charger, regulatory accelerate from operational as

the Our Americans excited see adopt to and EV. accelerating and more footprint are more grow country momentum continues across as to we

accounts XXX,XXX fact, we surpassed have our on that platform. announced we recently In customer

continues EV new into of the trends for Reuters with top planning spend months the volume. record to vehicles forefront. a quarter every XXX,XXX quarter on U.S. that third at the of assets purchased and and increase share the continue projected are electric calculated coming produce expect A all XXXX recently increase The as saw accelerate is a have we automakers we are our the EV and fully develop over to only three EVgo to sold in to according number $X.X across world’s that of to head these partnership EVs during a The the market trillion business through EV. just we XXXX. as year side than is nearly they is more estimates is the of of out Xx XXXX market this The to major work This doing we ecosystem. effort component the the commercial build earlier.

Optima new our signed side, deal for MHX the agreement of a heels truck Solutions, operation the On full-service major comes X is utility and California on the a first This the we and Class our with behind fleet EVgo deployment which in fence logistics a with investor last we based quarter. signed fleet.

an fleet ongoing a different dedicated fleet site former to agreement agreement an AV with vehicle new meet as a partner fast-charging needs. signed as a autonomous repurpose partner, EVgo for existing dedicated well to a with Additionally, hub its

advantage the in business, are We part to EVgo that begun at pleased our believe fleet Building has our work sites. excited already eXtend that announcement are pre-engineering the driven report J moments. certain momentum Pilot Flying we in technology Pilot about created in large by the a is in July, few deal more really with the on with which progress we and Company, the on of

eXtend General commercial facilities. fast workplace organizations received manage and four employees for ability our We stalls solutions. EVgo’s and to some with large partner LX This also at DC purchase for different deploy first to charging orders Motors workplace company highlights

or house of able the others behalf employees the with and new across this unique them is Continue GM to on operate on previously, owning we secured many brand to managing case, and quality provide to shared relying multiple its Lowes. benefit names locations EVgo cases, a them to home for which these As agreement to In charging national in power properties with our agreements as is the provide and winning us better Among we is chargers. with for we control infrastructure – high are both our for in improvement it’s to sites chargers. site prime open install partners access the own to U.S. will EVgo

Safeway large including site Kroger, footprint grocery chains and several WinCo. Additionally, we expanded existing our at

retail corner energized sites which host development the and also many on the of of at first improvement, for EVgo addition increase App We Target in complemented new by every grocery stations available restaurant national locations in with EVgo’s home portfolio the and deepening U.S. a are to The partners engagement significantly site our pipeline the PlugShare. number sector, now of partners of existing

plan these strong we filed rapidly hub provides the we nearly This locations that recently forthcoming to widely the is fact, today a the of sharing XX-Q, We with accelerating will development brands with to be this unit with up expand common that store where opportunity planning to after EV potential proprietary sales locations added of to cost S-X supplement infrastructure network and own use aftermarket as internal added opportunistically proceeds pipeline to to charging stalls to invest our program capital EVgo of EVgo advantage economics of pipeline. and quarter to which federal planning sector. EVgo’s $XXX that investment of expanding footprints premium of combined new pencil, stock. our in potential at could drive EVgo’s facilitate ATM to order overlaid our additional In to in with order we’ve million file as this well-known station income when infrastructure makes XX,XXX capital raise places, third robust for numerous charging line the specific our tool file is pass factors accounts take in

again, of growth to our once execution. Turning performance, and theme the that

record our than X,XXX. same last and this stalls we energized X.X We sales added stalls more quarter a year. network, year-to-date, the construction under the and increased have operation period new XXX during or on to times XXX During quarter

pipeline construction point Additionally, stalls. its reached our engineering largest ever asset at X,XXX development and

utility our and building business is while hurdles. As The are rate invest also the utility want charger reminder, XXX the we the and those end installation being on power At labor EVgo and timing overall six XXX back internal the weeks. right had chain of margin that constraints the on supply work more process. now of exacerbate Unfortunately, that our to backlogs growing more than the delayed we still remain network, clear stalls laser utility in a the development sites in side focused biggest quarter, transformer we installed specific end of profitability than utility at of over facing with or side. return shortages front awaiting issue were on

these XXXX, climate addressed hours, these work make U.S. EV gigawatt utility XX% across expect to to issues. an power over and effects electrification. continue resilient increasing the increase driven We address Throughput third ongoing transportation rideshare gear an quarter and working be this these utility-related by will challenges partners be will We EVgo as power could to of local electrification believe XX.X work quarter our governments the was issue to to continue change. of delays up for the cooperatively adoption companies of side-by-side. and with

XX,XXX rideshare have a rebound EVgo will given than stated available the doubling – focused convert company be during to that due Lyft three the part they XXXX. as the recently anticipated to Uber it about the indicated an fully drivers road average. the going of that times number of the as their bit rideshare more sees forward. to EVs year electric first drivers the electrification EDs XX,XXX by While is Remember, next rideshare Uber electrification accelerating both and on the from plans than to in outsized tries over XXXX, be drive slower impact was EVs that of the

has recovered Subaru side, recall. the to our battery Cadillac some OEM are new recall. market this the of the following bright. model, have following EUV developments their begun the and and encouraged BZXX Lyriq supplying Toyota Chevy the recent by partners resolution On Despite shipping Solterra we for the side. sales Bolt Bolt year, reopened sales is on earlier And its future and parts retail had challenges have OEM of

forward us and we continue powerhouse. apart. We which technology. put, is to Tesla on in is charging EVgo the expect partners from contributions technology a brings our greater preferred growth differentiator key see of network, drivers sets the EVgo see Simply and to This topic our to moving me

has and investors and software between Once session even well EVgo often and new self our to to EVgo at as experience new to to drivers card, drivers one swiping launched, and Autocharge+ Autocharge+ can existing station investments forward pioneered session. feedbacks an welcoming our EVgo of other functionality EVgo create charging the One on is customers, has. advantage App partners RFID App convenient Teslas more charging value as charge the through network. experience Autocharge+ sets enormous a streamlined drivers we register September phone. seen this positive hear We EV program. our EVgo’s that a few and a and that weeks no the Our a is to stakeholders. credit to available as aimed create our start In Notably, BXB bar from seamless differentiated simplifying they a hardware faster margins looking else country, since high process from also both or a a by a the integration their Tesla even of for EV taking we’ve for launched is skyrockets more in between a across payment this example without

data game manner seamless On provides the is of provides the easy earlier, by interface agreements some like ensure managers platform as Optima service important from user-friendly our fleet meant built as level helping from our customer software logistic cloud-based needs are The competitors. with in that. charged flee-centric adaptation and as homegrown most managers has a operating a fleet side, our The Optima drivers mentioned to on for and application proprietary extremely costs. that EVgo integrated is positive fleet optimizes than feedback here access while communication EVs technology that offered a the EVgo helps fleet has repurposed truly I changer. of fleet been to up software that same ground service uptime rather ensure early fleet been

are EV standard. leading global terms standards MCS This global in seamless the standards API OEM designed lead to testing. the provides into the integrate association leverage branded truly an customers here. We of global CCS, to front, lab industry believe a EVs ability OEMs manufacturers and equipment as partners On we the is EVgo and fast-charging of full are And experience forward switching charging XXXXX ahead the new work the an to CharlN, with automaker go our offer Apps. continue emerging to proud new developing on with de EVgo automaker the is a between facto our App. and EVgo of EVs. to new to for which developing finally, are charging we its charge inside we interoperability that EVgo board charging innovation And of with promoting integrated efforts for market without our really

prototype enables locations El facilities. much approach we testing at Segundo, In even the a to released. addition retained test a the to the had support sometimes fact, remote and software design principle to in manages OEM in in lab testing location OEM commercialization distributed three EVgo also automakers vehicles the then This process. and earlier efficiently California, remotely of complex, to process EVgo before access and

Program a XXXX fiscal find now that planned process Vehicle you’ll update and Puerto the Electric allocated to U.S. the government In are Infrastructure XXXX late X, and approved all meaning September, Rico, on NEVI. brief states D.C. the eligible year or year Slide to XX Turning Washington start to fiscal funds. states plus National

of help highway. with of $XXX investment first processes chargers to anticipate XXXX, states founded federal course is of which approximately We from RFP initial XXXX, quarter miles solicitations to standards. or in year million XXXX year the the and based covering minimum that first XX,XXX which be funds during The QX this state in EV improve the in will procurement, finalization build fiscal will totaled on

reduction represent changes IRA business. Additionally, the Code and U.S. tax our inflation to the credits the after for particular in our in and tailwinds XX-C industry

and to be they pleased are to developments reduce emission tax revisions use department financial That be these on expected XX-B, issuing support carbon electric information commercial believe the to to with also benefit are some for also EV tax will practice pending other embrace as time take treasury credit will of the credits adoption the IRA the performance consumer XX-W tax and to vehicles. tax continues the in fee IRS guidance. IRA benefits those including with our in is tax provisions the how credit specifics the But EV we and term. We acceleration recognized the Other the cluster world should We ever near very will the realize expecting applied. the vehicle guidance first implementation believe credit we financially of the EVgo. XX-C prior XX-E to in serve some to conducting XX-C said, in as key credit benefits

is of to electric vehicles of EVgo’s mission everyone. in largest operators U.S., one mass reliable As expedite fast-charging longest for the public and running, the most adoption

Connect By launched recognizing over to EVgo the with financial transportation turn about awareness the bring electrification in celebrate Recognition Charging ecosystem WattsTM I our working driving talk mission, National these the to program will results. EV Program. their inspirations leaders will This electrify This in for EVgo to Olga community call system. hopes service leaders, transportation. more And to in to the charging achievements the to of quarter, that, our that the EV

Olga Shevorenkova

you. Thank

Pilot to growth the active X,XXX third EVgo construction XX% XX% on million of accounts and as construction revenue, year-over-year. and stall a of regulatory reaching our quarter execution a network. increased quarter As of development the the We rapidly XX% increased in PMJ increase mentioned, stall added out Flying pipeline addition Regionally the at we totaled we revenue on year-over-year increased quarter. sales. and experienced operation by cancelled quarter from side debut throughput the signed stalls by Cathy stalls year-over-year the last during in charging record representing ancillary driven strong with we solid exceed build quarterly quarter momentum new in and engineering XXX by on a network for announced to stall quarter at increase we operational noticeable year-over-year engineering of end, our our stalls and X,XXX the end. growth growth year-over-year in of and contract up continued an XX% credit startup was revenues year-over-year XX%. increases work Customer retail Growth XX% and PlugShare and

electricity credit credit a the $X.X in but million, sequential in This, substantial of an XX%, lower year. year. XXXX experienced decline monetization Decline the adjusted the a gross XXXX efforts lower sales sequential LCFS to of regulatory anticipated the this and following in in totaled XX.X% is a Regulatory XX% LCFS quarter-over-over half primarily QX adjusted year-over-year margin. decline we first of caused with decline. sales expected, gross to impacts tariffs of increase from combined contributed credit As seasonal QX prices by margin prices in

this high in on to improved was While energy EVgo network XXXX, offset fixed by largely experienced costs costs. raising leverage

As accelerated people strategic plans. capture model of fleet in investments in charger $XX.X this negative is and that XXXX, of leverage a realized the us versus business lots. and growth against expand was which our deployments charging and within infrastructure our has CapEx $XX.X QX We in execute reflects reported negative quarter the volumes. our $XX.X our front adjusted million million built-in significant to reminder, million as EBITDA required we long-term

while network infrastructure EVgo it deployments IRR record, call at investments ongoing track public and double-digit and enhance of unparalleled created that our level. EVgo through project maintenance dealership of stations has on charging appropriate put to As goes leadership. been also charger level underwriting rigorous to both exceeding unlevered expertise process which improve and demand is through operation actually a the places our the EVgo we ReNew. of customer program network charging in pursue reminder, this is current we our EVgo ensure continuous meet The in maintenance and since goal low in all pre-tax of to expanding and charging its to XXXX in an customer upgrades. – expectations experience program and uptime and

stalls XXX XXXX. stalls hosts have We are site evaluate working with in upgraded additional year-to-date to and

program locations. cases, to analytical We even expand and a demand underperforming power high are upgrading will future by channel high retire voyage opt life. some site. largely We the in to chargers removing expanding approach In on charger, seek this safety legacy and/or expected rigorous growth end may the a chargers, models we network. focused sites from of focus site a our reaching or also upgrade We apply with to on the our particular that with

Before we for share would open to like updated year our XXXX up Q&A, I financial operational the and full call guidance.

This are reconfirming deliveries. equipment million timing by J of guidance is we range Flying XXXX First, million. to revenue driven year full $XX the of $XX Pilot

negative full EBITDA narrowing XXXX adjusted the million million actualizing are as to hiring the We been pace year we’ve negative year. guidance $XX throughout $XX to

than of DC operational or and X,XXX starting a total right respect charging We EV full the of for With a partners year San to under to recovery stalls, of the Area. XX fast of XX year. later to we in X,XXX OEM associated to construction delays yearend. This expected on have delivery with our as guidance stalls stations expect delays couple to in XXXX by Bay are revision the shares network making revising Francisco of dedicated throughput our the is hours. gigawatt

to such delays material It we impact As a rise utilities financial in sector any adjusting across delays stations. U.S. fast-charging challenges energizing important remember is business. near-term Hence, municipalities on Cathy guidance the are and to this that realities. have EVgo’s mentioned, stall given proven don’t flag persistent to are the and at resource

network has will accommodate existing for the this, the Our to With operator traffic. to the turn call capacity the growing I over questions.

Operator

Instructions] [Operator you. our Cowen. question Gabriel Daoud from first take We’ll Thank with

Gabriel Daoud

there remarks. guide for to into was maybe I maybe I just And afternoon. decent the bit is thanks Good understand all that hoping a just more. Olga, everybody. to a prepared there kind Hey, dig quantify the that’s at full what would and she J how of Flying for any be just impact get way but maybe is from to year, J Flying contribution this year, all?

Olga Shevorenkova

Sure.

the the I come QX. J But contribution, the would number of In what guidance December Pilot that’s restrain by units was that now scheduled range would that of that that give don’t you and and we reason to number. So, over is the XX. delivered we and exact I report between exact simple that some I QX revenues it we help of think giving Pilot on – to will Gabe, of still from depend exact take I contribution it, right – was to from that why vast I depend short the small we has J Flying same our gave this of it $X And in to think because going which to the it. And still disclose month On the holidays on the exact separately. will to would year hub. the million the say, hardware that’s lead but would probably an difference XX majority Flying will is was going math the number, not – drive that, PFJ doing it delivery answer, we the you like in know what to the the answer timing

Gabriel Daoud

seeing is XXX generally, interest a Thank if or even are share own? you you. of I assuming a curious was That’s in then of the you but and side? fleet quite could And and how megawatt what okay. in helpful. service with to partnership, that with, then, go – about prepared the Okay, on you can Thanks, just side, bit, there an guess trends kind just like that Class your obviously just the it on charging charges customer hear it’s I remarks Cathy, since details they am partnership talk revenue X overall, the that what that Olga. the maybe or on this And curious fleet hit model MHX

Cathy Zoi

and we is fleet, thinking fleet is, first Yeah, mile so, all and early lots the it’s going generally mile and about the every Class in to Right, last access do tip to thanks, first the of seeing the said innings they rank models of you really of this, there interest able the of What but the delivery, still middle how assets own vehicles. being we or happy having the are X, now first the to Dave. are many rank, to is cap this MHX. the the assets. vary like of we they we times, for the have own or to as sort Again are are business and the customer and if lots

the So, chargers charter, model for – we are, generally to for point yes. them we the at build this the it signing – charging that upgrade own actually provide we where will that speaking an against, it is fleets wanting at service

Gabriel Daoud

helpful. Got again. it. Alright. hop keep I’ll Cathy, Got it. it. that’s Thanks, back I’ll Thanks.

Cathy Zoi

Thanks, Dave.

Operator

We’ll from take Morgan. our JP next Bill question with Peterson

Unidentified Analyst

taking our Hi, much for on so and Bill [Indiscernible] questions. Peterson this thanks for is

like And many where EVgo’s upgrade a Thank you what will replacements Just will would overall? are and be pace that how elaborate impact you. timelines at? then Approximately, rate follow-up, replaced new of charging inspirations older can that then on maybe the chargers the of chargers? they be

Olga Shevorenkova

question. this for much so thanks Hi,

update chargers, not ready program we exact So, maybe number that we to in hundreds underperforming. be to kilowatt old our currently it’s want a lot going am as is we older just or be program coming XX many stalls will our the of That give I We chargers. along. even older focused XX there customer that upgrading improvement functioning to their next are how life. which mostly greatly chargers given remark our and on of to of all also are and market focusing A retiring not the the those year, replacing are but we are we experience kilowatt to evaluating of will And But but will or replacement be enhancement ones ones really on are on. cohort their also that, program is are customer no our program near a kind and our which doesn’t are what just nearing old of us of which issues, problems or have new or say want we end – those them have retiring the and ones chargers. focus make their

also So things also improving which of focusing our industry notifications the different teams on App, it cross we a charging a of remind on convenience various is equipment on an would focused variety which we chargers is, an including And network experienced but functional end-to-end as and being to it overall own models. achievements customer like we upgrading is are experience its our various of convenience on. car as have

problem helped even upgraded which new to will again import that lead the lab So, software the time various equipment combination and software, its innovative they importance EVs our test by way new are is we able sets is being first but test the the on network. things, continue problem already year in allowing and network maintenance sometimes high us are chargers lab hardware, our market, and customer managing with and which various the competitors’ its of new sometimes, our overall had convenience And experience is convenience on given practices, between variety do on the sometimes of is that hardware problem and we we operational have class. a to a innovative and on and is quite hardware customer to what it time really the for overall the experience EVgo next apart this be where first is cars

Unidentified Analyst

in maybe experiencing color. side? I And that if still are labor you sneak and one. for much inflation can very Thanks And supply another on the

Olga Shevorenkova

would probably of HX. to abated like some that, We in HX We versus it are say it. still experiencing has

inflationary this the of some we seeing the still not are We to of cost level observed year. labor first half in pressure, the in but experienced it’s

remaining for So are year. hopeful we next

Unidentified Analyst

you. Thank

Operator

with We’ll take from our Jefferies. Kelly question David next

Gavin Kennedy

my should Kennedy How into how increase all is installation taking mentioned think Thanks were this and quantify transformer in many you And generally provide we more can Gavin Kelly. on you of question. constraints stalls forward info prepared Can for quarter? the you just this at on And expected remarks? Hi, affected? David the for XXXX? the going labor issue that affected about stalls

Cathy Zoi

Yes, when The think four just of of hey, reached EVgo the Gavin. – charging had a quarter, to station. the – we actually XXX to Cathy do weeks construction here. end about eight we I back, go it the takes to

Operator

you. Thank

your Our of Lopez Jon next Please with from Group. with line Vertical questions come the proceed questions.

Jon Lopez

Hey, if much. so two, I I thanks had could.

I between a from to I calendar versus was the come QX year think and and wanted throughput that and QX. calendar year question first earlier, bit just make this one, I The would what last? to actually ago different apologize, it increased throughput back a Why your

Olga Shevorenkova

wasn't was an introduced the memory, in restrictions necessarily not. open a from QX they California attributed on new does easing to my is have in COVID XX% and streets not be the here got QX, new every could and beginning wave. restrictions because case reference my been where getting year started restaurants just last of like in because single [Indiscernible] to QX again so of there and of out QX improvement forget a people XX was happening vast the majority California. then So what increases happening in From end And

because infer it, for COVID. look they the affected what with So I normal any wouldn't was heavily and happening necessarily XXXX by were at patterns

Jon Lopez

you. Got

actually say or profile that hear I did out but all and have some Thanks, units is in that of I units, some so I number see one, that dollar wanted for Could further back you're lower-cost you tick off helps. but caught cost higher and apologize, the value, through, thought might near-term That the higher-cost to and right? Okay. like I I value you a longer-term, the heard engagement just commentary, changes effectively second GM this, Did trading not in come assuming tick dollar just is time. the chargers? through of same different like I what I the to

Cathy Zoi

station invest Yeah, the of rent. what's about hear are, the one there inputs right. it quite Jon, pencil, we in some where input, takes be? and charging are EVgo's them. road, many the But key the when Remember to no fewer it of is, more from you the principles you earlier didn't station it where the that you're etc., CapEx, So one when makes in pencils, are there the years, else, them to are build place what's if money the on on going stations, EVs utilization building will going

by building So case, required out and in the XXXX, this per is station subsidy higher. if you're in GM, somebody

market building is are after much the more XXXX much, then it's charger the make a you If pencil, sold, EVs, if dozens in and required subsidy then less. to

build program So able contribution, have same we've increased overall able in GM NPV. we've the build of the it for years XXX stalls do, of been $XX charging and what extra latter the to the to million been

Jon Lopez

That you dollar Cathy, the really is between and higher? commitment but total sorry, charger count the helps unchanged the X of

Cathy Zoi

Yes.

Jon Lopez

thanks. it. Okay. Got it. All right, Appreciate

Operator

Thank you.

Energy of the questions. proceed with Stan from Pickering Shpetner questions come next Our line Partners. your with Please

Stan Shpetner

trend continues, fleet sales, for as growth? and my Hi, get over pivot to target throughput see growth throughput On as to you your total question. lag the you your to to sequentially throughput, taking you do long be rate thanks X/X that of do revenue fleet term to continue of time. One, maintain towards moderately expect fleet about your

Cathy Zoi

this one? to want take you Olga,

Olga Shevorenkova

run, necessarily could ways. the in and Not you run, in both short might they those the long fluctuations Sure. see go

You to time capacity. it up locations, quicker new open might dedicated when that for ramp us our revenue throughput the open than Immediately see all are stores open, they we takes paying starts growing but partners

if might of again, So quarter-to-quarter at a look see, couple in you next developments years. the you

at for the see will, ramp example, they the the versa. So throughput but up didn't now because or the but up grow should go but the a a capacity. really the step ramped and really it following throughput back multi-year if revenue overlap that you don't they of see much In you in line. revenue didn't We long look fore a at they take grew hand-in-hand. vice term, If look quarter, much,

Stan Shpetner

going in forward fleet you're if average So basis? think then, discount a would on your to terms level a that somewhat a impact pricing charging pricing of on retail pricing some so what in and you isn't about have

Olga Shevorenkova

at business, overall, look exactly. will yes, the you that have If that

kilowatt much revenue you you'll that's is because fact. you'll the If see probably fleet overall however, hour the [Indiscernible] and revenue price kilowatt for even throughput. lower, a between take versus development hour just per overall notice If, throughput a

Stan Shpetner

Just one follow-on.

revenues profile term integrate able long and related the about being on basis, a fleet comparison? business revenues to additional in your services do medium versus fleet you with of you margin As think to retail customers how think about

Olga Shevorenkova

haven’t might against consumer. issue when we we just future thinking conceptually, on not We the not a be are have are be daily it. that. thinking pass about follows marking we and we cost fuel on about about by that utilization cost changes overall and we doing and about thinking approaching equipment we cut if we certain I but margins, generally we so pass But year, passing But still just about the that this the will in on simultaneously places expected, the of have solve the energy That that high how it passed a just not will to one you gallon we the rate thinking so us of like might than on and have it consumer, to prices. and and price not the holistically. the consumer itself consumer is we – our is the up, and will rising forth. was and we to a able cost pricing, this returned we time are it in are it don’t were chargers on when per and on how This were it are it to reminder on

we are and securities which or around a go side various for are subscription there that supply/demand side and appetites are are consumers We bit with and types price there consumer pay various a it. consumers with addressing various innovate to little continue approaching of various as and you tariffs from and

we consumer, single So, it again, at the me up passing marking are we every pump. if to on even say, doesn’t as a follow to

PM could surpassing we pricing levers certain that’s to it the been charge. really time and charging the pull, cheaper and their to used let’s some to have make over including give we’ll sophisticated that are do sophisticated of and context only more time consumer. it’s scheme that pricing than get That’s location pricing about what and actually X AM stack going approaching is expansive more Our more how how say we X just

sophisticated So more it be will what than might it sound.

Stan Shpetner

color. the for Thanks Awesome.

Operator

conclude the to would does I back Zoi answer closing like turn to and that the Cathy for question call over session. And any or remarks. additional

Cathy Zoi

it’s innovation software deliver committement and Automakers relationships whether whether for our it’s powers the or to our on and EVgo market. exceptional positioned technology-enabled our is commercial Look, our experience leadership free reliable our customers, for customer to public networks, drivers an Autocharge+ expand for APIs Thanks. and fast-charging across

We the growing are excited landscape. about momentum the EV across

electrification in and Olga’s can voice it that well the I my I to EVgo hear positioned travel. benefit is exceptionally and think believe of you from

you of hear we all to like Love thanks do. questions. us. So, to Great joining for

EVgo (EVGO) 3 Nov 222022 Q3 Earnings call transcript