Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to Allego’s Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Sari Schwartz with ICR. you. Thank

begin. may You

Sari Schwartz

Chief want year everyone speakers XXXX Executive Ton Bonnet, I quarter are Allego's and Chief Louwers, with along full earnings Officer; Officer. to morning. to welcome fourth Mathieu Financial Good call. Today's

could are forward-looking uncertainties. expectations During meaning actual within the as and cause Reform of assumptions of make are Many statements result Litigation the XXXX. Securities and statements These on differ today's subject Private based to may and materially call, statements Act forward-looking we factors this to certain risk the on call. events a current from made

For are may in uncertainties, any today's and not forward-looking undue any cautioned more and forward-looking filings please factors and the statements release the that Securities the to during company's call. and disclaims put discussed risk these specifically information on the press company about reliance obligation with Readers refer statements update this Commission. risks to be the to Exchange

as intended superior and presentation financial will non-IFRS information isolation non-IFRS is accordance with During for to disclosures, in presented today, by reference in they we of our substitute our be of The and results business. IASB. financial considered non-IFRS use issued in of not or the the financial this prepared represent our a or to information measures as IFRS believe underlying we information. as operational financial We performance some call also our certain

SEC. using non-IFRS can other description, as found the non-IFRS each Reconciliations our well And may to for with our from filings be and used be measures measures measure rationale the in limitations companies. measures different of IFRS non-IFRS by as

to CEO. call Mathieu I'll now the over turn Bonnet,

Mathieu Bonnet

with for speaking Good welcome year over have brief a fourth to by the a Ton Louwers, on afternoon and today overview I call. to update Schwartz. full we our will the our CFO, call time. our progress at the of followed to then and begin numbers. will last turn you, results, with Thank XXXX made closer earnings quarter you look an I everyone

of may enabling first, EV Allego by hope who those electric overview pioneer driving largest building and they vehicle new an the But and the the revolution fast and on ultrafast for I leader are almost charging are a infrastructure XX,XXX in [indiscernible]. boasts both across the is Europe. (ph), call company expanding a has be network XX vast positioning status over Allego and across Europe, countries. locations private, in and we Allego's of quickly. This market at diverse solidified XX,XXX public public points,

Allego charging EV future. adoption full network, evolving uniquely Allego growing the and the growth, demand drive slow is own and rapidly shifting fast and EV than ultrafast that more on focus poised vehicle points with charging benefit consequently EVs. sustainable X,XXX to and that of fast and to of the its relentless a are a EV efforts fully accelerate of ultrafast from battery is needs already With charging operate for portfolio electric to we fast positioned meet market the from the Through that and expand its to

vehicles is trajectory. growth BNA in the that by reach Europe battery projected Importantly, full (ph) estimates confidence our underpinning XXXX, electric of number our to XX million approximately in

lease on context, full XXXX, approximately of million For has as X.X Europe battery road. the

public exactly. marks our as progress, to a development company, now with months nine our Turning am pleased year results of to and first our very which end I XXXX,

performed entire filled team and very the has was worked with million. year to way our am results. macroenvironment through I of the We finished While EURXXX.X our with deliver excited we XXXX with a revenue milestones, challenging

our charging objective, meaningfully. which revenue result was significant the in revenue, of Our also strong revenue performance services was while primarily growth improved

XXXX year growth inflation XXXX across XXX%, revenue year to XXXX full the X.X utilization with million, period. sold of including X.X% prior full was nearly than total year to to hours. comparison more quarter fourth compared key and XX%, total XX.X% while service nearly rate increasing an of The almost energy is Our in increase share gigawatt XX%. revenue building This increased our of to all metrics, charging all XXX.X

and our XXXX was EURX.X massive up purchase October triggered of Our rate increases EURX.X and pricing we to million of with decrease agreements prior power in before sold, not price full shows XXXX energy the the compared as energy Allego. hedge utilization preparation situation in million has explained, year Europe of XXXX. of a decrease crisis energy We the as had to strong year which was kick-off that XXX% in due took the took September in signing operational which period. January, mitigated The the price place EBITDA with in expected through or of increase power

XXXX a charging With in especially charging reached QX margin these have measures, recovery revenue, we an in of million. EBITDA seen We operational our our gross EURX.X in strong of XXXX. QX for ultrafast

margin energy through see XXXX to hedge with continuing charging. are being activity our improvements strong a and implemented We QX in

two Importantly, buttress executed XXXX, strategic of on in our fourth development. to the initiatives we quarter

First, XXXX deployed be by we in significant EURXXX covered. backlog will will ultrafast to stations investment our The in All equip facility expand December, largely need charging signed used be increased EURXXX to our million. new our investments of be contracts. million our to to facility credit our

very years Second, for next will with leading XXXX. solar with a of for X, our a us January a cover Germany in producer a natural provide of and This price. XXXX. quality This hedge fixed in we the operation pricing attractive contracted contract which effect XX input XX energy, will renewable that in majority independent provide will last hours with took November, gigawatt

XXXX at XX very three assets beginning and already renewable in we Meanwhile, PPAs in of XXXX with gigawatt hour than and each Germany for signed attractive Netherlands duration, total prices. the more year, a this year in providing at XXX agreements more

the end We of XXXX. at target onwards reach of our are on track needs cover our XX% to to energy

certificates Energy complementary provides will volume source energy generated against directly a our in certificates sale a of our main The of hedge provide carbon of sale sales. credits Green mitigated the that value been in XXXX. income available increase of revenue our energy these cost directly long-term The to of of linked our complementary robust markets has natural from rising prices. This the

important face income we the a compared this the generated volatility sale network is same from with margin. services year, the of During charging the million believe our revenue our on This line. and business well visibility the we our EURX.X own for business that in for be are of more charging price energy equipped in the in certificates was With mix place, more EURX.X provide stable to compared and XXXX. during our million now to to period strategy

highlight like XX In would ultrafast Now turning each dispensing total, commercial developments to four big installed QX and some in charger XXXX. managed commissioned We hub to we examples. by owned during some designed, on highway ultrafast charging Allego. I to France, up kilowatts. network chargers, XXX

addition, Pathe, with a to [indiscernible]. we network locations In in (ph) agreement equip with prime again, an signed XX CHR France,

charging XXXX network confirmed our whole In with rollout added there retailer Germany, quickly importantly, plan very an the network. sites of our Very acceleration we XX key of retail country Europe execution for TOOM increasing ultrafast contract accounts, of the the of accelerating is Allego in hundreds in and has backlog sites. Patrizia a representing of EVs the with two state Germany is ports. ultrafast of new (ph) DIY key and

we we have number accelerating. around own than charging able continuous We in we traffic. ultrafast shows last more massive of points to of XXXX are eight a It reach rate, increased of end shows are and increase catching by are this in QX utilization that more which the we that see to despite chargers, execute we of and XXX increase year

signed these ports, for sites XXXX. demand more approximately All electric and December our from lease vehicle translates scale for ultrafast growth average of into with which charging a charging XX% to of had a additional the at of term XXXX. a end higher our secured an and ahead, partners. growth include for creates December size and our continues of Regarding backlog XX up than We momentum fast and are grow backlog our years X,XXX of X,XXX sites

technological and unique be Our to with market. competency, a high solutions continues ability proposition the strong a core in to bringing offer advantage value turnkey uptime

will to outlook provide for year detail Ton great pleased discuss XXXX. we in are this As

revenue in million EURXX of of range EURXXX EURXX range to EURXXX the in We EBITDA million the expect operational to million million. and

ultrafast a will site charging. market top and on perspective, the continue over growth From we line to from of rates benefit and focused deployments Europe all utilization the additional increased

the are that observing through XXXX trend to strong expect and utilization early part rates We continue. of

our increase the in and resources rigorous standpoint, throughout margin we increase, our XXXX management energy actions price portfolio of our a the the XXXX, grow including EBITDA. operational to took order price in and to the (ph) of From margin

internal engine by strategy. our goal model. confidence ones Before business million with like X.X by European to is It to of a in short supported environment towards I demand in current million reiterate conclude, significant over base a replacing of would conducive banning given I that marks on aces milestone period electric XXXX, commission of our the a passenger vehicles is our the confirmation XXX (ph). sale Union's the The

a provide ultrafast to to capacity comprehensive the mobility the will a to meet energy We indeed in key required that for are our component to revolution expand demand charging, EV. require

overview over it financials. CFO of I an to Ton? will turn our that, With Louwers, Ton our for

Ton Louwers

begin the by financial will guidance metrics closing summarizing for December year sheet, results XX, our XXXX. by flow for with cash our capital Mathieu, ended balance a welcome, Thanks, everyone. and of review structure XXXX, before I year the our full followed and

improvement 'XX to in the by quarter to revenue. of brief was quarter our compared of the million in EURXX This Starting of 'XX EURXX.X results. sharp quarter driven with for up growth XXXX. summary fourth a Total fourth charging a XX.X% revenue fourth was million

to Charging million. charging X.X with X revenue from climbing to XXX% EURXX.X million grew XX.X% sessions million

the that input XXXX addition, from to offset in price benefited In costs. we higher we implemented increase

largely was the towards project decreased million fourth XXXX. compared second was for XX.X% revenue and ended account of an of Service to anticipated which the XX, the the decrease quarter XXXX. in revenue to EURXX.X the million Carrefour revenue decrease three EURXX.X Services of months half on weighted December

million EURXX the of Net fourth of XXXX. quarter largely XX, quarter was quarter driven EBITDA loss three to fourth a items million for EURXX.X operational by December ended loss million, million the EURX.X XXXX. Fourth for during the non-cash was months compared EURXX.X compared to non-recurring

an This compensated revenue. million of in an by expansion consequence partly decrease is result of EURX.X EURX.X SG&A the of SG&A and increased profit gross million. in in increase mainly other decrease in of increase and income EURX.X is of increase million, the a The

compensated than of is profit revenues the increase gross a The and increase combined follows government profit fewer the charging in in Carrefour of project, on decrease decrease more The on decrease COX our revenues. tickets price effect income by of a in the other a sharp gross in grants.

moving to year EURXXX.X Now our year. XX.X% Total year numbers. ended million the 'XX to full million EURXX.X XXXX to compared for prior December XX, in increased the revenues

strong revenue was Our significant due performance in service charging revenue, revenue mainly while also improved meaningfully. growth to

of times XXXX. account were charging in revenues the to charging million, million the up We increases Specifically to prices on higher XX% in largely X.X costs. and growth EURXX.X input price times to almost X.X sessions raised offset X total

The January XX% later in by followed year September. increase in additional first price in the an XX% was price increase

October on energy our markets prices which X. the around with business again our overall measures by implement XX% impact line to its on raised monitor continuously of in margins part and as strategy we on minimize We average proactively

utilization We are notwithstanding note remained rate that price our these has pleased to increases. robust,

the X.X% Indeed, We remain take quarter for prior when rate vigilant was utilization full in rate our as our year in The of to XXXX year in from the protect and continue from to the and we'll XXXX X.X% utilization fourth margins. average XXXX. XX.X%, up needed XX.X% to jumped average steps period.

XXXX. we the Full rose in million here to revenue to Mega-E, XXX% our XXXX. year we to gigawatt amount million of hours reiterate EURXX.X EURXX.X gigawatt services green double We total XXX.X energy XX.X hours Including energy would XXXX energy. like that compared sold in sold almost in of XX.X% was XXXX sold

making revenue in and XXXX accelerated of and half ultrafast towards expected second rapid phase charging of weighted from installed same progress, second XXX earnings development. of Carrefour The Carrefour the the previous on year. that we noted the fourth project As the is calls, was more new project quarter ports during than and

France in track fast ports ultrafast on we [indiscernible] ongoing We charging anticipate new development to to the the more complete X,XXX EV of process, ports charging XXXX. We in of the install currently of end XXXX. and which XXX installing locations ultrafast by the course in across more expect the charging than remain

maintaining and operating includes the network contract for Our years. over XX

gross Gross to the XXXX. The in of EURX.X in was attributable profit 'XX million profit inflation, full the XX.X% price 'XX for decline EURXX.X impact commodity was down year in million, input EURXX our of million was by impacted to price in by costs some prices. million, gross mitigated which energy EURXX.X offset the our Higher proactive charging increases. due from increase margin by

accounting included U.S. now depreciation we for more our that our to sales cost peers. of in and on the changed the addition, In with have line charges in be

with As a our the tickets. consequence, profit million generated to by however, gross to of gross The compared EURXX.X million margin income decreased moderated our was, COX from EURX.X XXXX. somewhat sale of impact

General expenses payment a at versus EURXXX.X million of improvement in million. XXXX. lower in The EURXXX.X stock-based expenses million administrative expenses non-cash these were XXXX and X.X% EURXX.X in in includes decrease

income the liability. as versus for loss XXXX, million million EURXX.X recognition million The million mainly adjustment to EURXX.X in full million Now result warrant income. of EURXX.X finance moving contributor. higher the of Net to XXXX the XXXX. loss year with was cost was finance income from mark-to-market being was major cost of compared a of change in the EURXXX.X EURXXX.X of a a finance XXXX the input

ago in was on million EURX.X operational year account Cost inflation. was XXXX. EBITDA and XX.X% commodity compared to of in million mostly of up price sales was EURX.X the the year-over-year decrease XXXX the

EURXX XXXX by are million costs electricity We in XXXX. impacted relative higher of to

with network sheet consolidation Intangible the to on first EURXX.X both in the key I'll was the of assets account assets our financial be climbed consolidation in investments additional million. PP&E Mega-E. first-time moving for and assets of because XXXX MOMA higher now and of Mega-E time other the balance figures. XXXX our and of

of into EURXXX facility loans of Non-current the credit for borrowings impact were of additional conversion higher and shareholder drawdowns the to due equity net to our the expansion million.

reflects investment increase an of the fair our portion with to increased capital, a seen and agreement an liability working The payables, our sheet short-term the we've to inventory network. value anticipate in of mainly in Related in the provision balance adviser. former current

cash an million. these EURXX more and growth cash Our than signed lease average December a charging were as up ports, We XXXX of of as X,XXX XXXX. which translates XX, from agreements XX, equivalents, December XX, years XXXX. and of approximately of All include backlog ultrafast XX% sites of of for had and sites are X,XXX December fast secured into XX

and structure capital to Moving guidance.

credit of to and end principles. with expanded total finance the the compliance EURXXX of expires As facility million green our said new million XXXX. before, facility at green December we investments by to The EURXXX a loan in 'XX in is available

of fully expansion Following other capital the market to facility support the at we of access financing our secured are and the green the infrastructure and cost of in development attractive credit funded our sites. terms, execute of backlog X,XXX to ability

guidance. to Moving

XXX generate the and full operational XXX year. to and between and our million between is EURXXX hour gigawatt expect We anticipated revenue million to EURXX million Total and between to EURXXX EURXX expect energy sold end million. be EBITDA for

which expect is XXXX. the growth network grow infrastructure we Europe's the to be driven project, the revenue to also Charging continues scale running expand Carrefour should as second half revenue apace. EV of and services anticipated in transformation at We our by charging be further

wanted PPAs highlight before agreements I role turning to or margins. the to briefly power of the purchase

XX years January supply with leading at for and energy These effective reliable PPAs have We X, PPAs cost. long-term independent to power beginning renewable three are producers signed lower XXXX.

across our locking XX Such low input most our input cost thereby because the strategy cost, price help to in significant a for agreements mitigate years, overall cost base. by key of stabilizing are electricity they cost volatility our

year. of PPAs than operations our to by additional sign of end XX% this cover the to expect more We

In potential. we terms significant believe is of upside there margins,

margin Our of full of we improved the year. realized throughout as during quarter increases the price fourth gross the XXXX meaningfully impact the

XXXX base current the revenue scale. operation cost we margin shift benefit We from from momentum pleased our and price the project XXXX, year. are improve input of first through PPAs, of maintained at to the gross gross levels in to the note mix anticipate beyond Carrefour this quarter combined the services its as margin of towards has impact that In the increases, lower the we trajectory the

current Our guidance of energy future future sites, foreseeable remain the are for expected around and acquisitions. and any potential to levels prices that impact excludes assumes high the and/or assets

execution In this generate we summary, year realize well for resiliency deliver its solid returns us opportunities, future. business XXXX of our forward had and and growth our expand us remainder look position to helped challenges, the but growth for our stakeholders. the all as and We

that, With back to hand I'd Mathieu. to like

Mathieu Bonnet

indeed with In Ton. pleased you, XXXX. Thank I progress our in am closing,

to into fast XXXX growth drive as positive value our and Allego robust long very are on visibility XXXX We and strategy. momentum until execute beyond. shareholder ensure and has pipeline this that ultrafast chargers excited a have revenue we continued term of

edge us expansive customer reliable loyal service helps technological Our with network an combined and establish a base.

realigning going As in planned, reduce cost commodity our high price our forward with been with and progress our to we base validated power have recurring made to business. charging has margin pricing gross fluctuation exposure

confident that to vehicles electric will are the of acceleration demand revolution. high We driving continue in for the Europe the grow e-mobility current

Lastly, their Allego gratitude like all express my team I for would our unwavering to commitment. to members

are we for operator, that questions. With ready

Operator

Davidson. gentlemen, this first Our be line the question-and-answer question [Operator and your comes Thank Summerville question we a session. from you. time, Please Matt of Instructions] proceed conducting with will D.A. with Ladies at

Matt Summerville

A Thanks. couple of questions.

as far utilization? the a a rate on today baked year have prepared great. for follow-up. what revenue from have the we is your mid-May in that reading where given I continued utilization move And is mentioned up-to-date which have to you in wondering, QX, we're here into the more is that as could and guys and give if XX.X% rates was the higher, utilization remarks You sitting guidance then I

Mathieu Bonnet

your questions. for you, Thank Mett

we and have year, the you upward the But patterns give the of at we rates the the we year, we for weeks, We XXXX. at trend in beginning -- trend flavor, QX. a some so of the see next this year end you but this already that's And with And in level bit a QX strong will that the XXXX know is thing. are level. always of less to already see utilization continuing, issue good that

this So reason support guidance we rate. that's can the with our why utilization

Matt Summerville

Then make your on finance. I'm sure and credit ability of to clear I the just to want kind facility

fund Ton, remind in to you understand, to properly, that me credit the would you And you. installation? can actual place? now expect X,XXX the you're convert what able I did facility period So over that with an Thank have entire X,XXX time into you

Ton Louwers

Yeah. the No, sites. to is say X,XXX that Matt. we are with That's tried -- I green what we that fund think we loan the market, access the entire to confident can

the the the has EURXXX been need us CapEx the PPAs facility So facility EURXXX a and I in second the million think here a duration. line of with XXX, part, guarantee maybe million are will that about million say, yeah, the mean which were mid-‘XX, which you currently that cover say, let's secured. EURXXX around upsized so will I EURXX asking we and itself million ballpark into, let's bring locations And half for of

duration a the and So is structure it's bullet years. five

in it 'XX. So expires

Matt Summerville

-- one And I'll just then more. Okay. with sneak

'XX to price? as have electricity to 'XX? far you pricing, rate? Do more Just what you Do to capture respect price give your expect with anticipate or exit to 'XX to maintain relative pricing you expect as do in

Mathieu Bonnet

is dramatically So what base terms cost important, with [indiscernible]. now, have and our see we we what with achieved reduced in what have of we because

to will or be either capture either us, is margin. the So and still for we'll increase be decreasing to try we price the able,

the and margin. if the be in is, price the even in market and That's far, are market of see have, or market to will want data think, it market. maybe increase want directions us. last we the we trends we we range the our share the have if we so possibility bit so we But with we the good – get I to the result, two increase we the of which had, for that continuous So choice given with the a

Matt Summerville

Thank guys. it. you, Got

Operator

Suisse. Our line comes of from next Credit Please question proceed the your [indiscernible] question with with

Unidentified Participant

Thanks Hey. taking question. the for Hi.

Just context wanted provide this ports the from to looks so particular reduced public it results, charging almost and could some your on like you by understand aspect? third-party XX%

Mathieu Bonnet

Ton, it? do you take want to

Ton Louwers

Yeah. No, sure.

the I third-party think locations? the year, you the to so were during -- -- the referring

Unidentified Participant

Yeah, correct. that's

XXXX I about to think almost X,XXX that's reduced XXXX. in from X,XXX in

Mathieu Bonnet

Yeah.

I So just jump this. on can

what the so all, is because of yes, -- happened really network So choice that input. we assets, our the own here build first to focus now own -- on our that's

has our contract instead these own of develop referring some site. by we were And renewing, of assets taken to of end we back And had. been

see So you one. that's the why a change That's reason this of number.

which ultrafast acquired a all year, and Another one was program the is last our we XXXX fast considered in before as And Mega-E, acquire that began when the we third-party. chargers, own.

category well. our moved as own they chargers of So

Unidentified Participant

Got it. you. Thank

Another with question know charging sites. have XXXX, I replaced is around, of ultrafast the chargers your you some I fast

So facilities, could the current that financing for you talk of through year what that well. sort your looks if And as we'll XXXX? like cover

Mathieu Bonnet

Yeah. Sure.

And for moving kilowatts. indeed, So we XX to fast ultrafast. as from to you, remind it's ultrafast, are

chargers begins to older at us XXX up for it kilowatts. kilowatts ultrafast, XXX So and

So what in And some our we to the places order all new they ones, for provide market can what trend. we so are that's and ones prefer. That's see basically, chargers in quicker power bigger customer. with more these shifting

possible. strategy XX% install chargers, charger time complement but put the us big two But one these Since So the really to small in and for to of a sites time, the this is used will for say, fast the it own or it. part as new used much new Most accommodate I sites, of for of And majority to will sites. we be chargers. it, can for CapEx we ultrafast as ultrafast sites. place would facility be grading the with everyone for

Unidentified Participant

on. much. so you it you Thank so Thank pass much. I’ll

Operator

with (ph) Our next One. line Please of from question question the Becker Capital proceed Instructions] [Operator Doug is with your

Unidentified Participant

this embedded guidance color expectations for a you. in the Thank quarterly the on I the year. provide progression more was that's you'd little hoping annual for

Mathieu Bonnet

So go Ton, ahead.

Ton Louwers

Yeah. Okay.

the let's on the QX. -- point the not bit going have right? skewed We is mainly is QX and be, really say, rather as So a a it, here over currently see to year, it's the which Carrefour we and into that more QX, project evenly QX, than think project, it's I

just four, by let's rather dividing probably, So it than progressing. say, it's

So to of chargers a 'XX add we're building amount going substantial the high-power out the for network well. to We're as network.

expect let's more HX So to be, say, HX. weighted than

Unidentified Participant

helpful. year-over-year the some shown accelerate see a site you Is might at Thinking decline scenario end of site That's about ability the backlog backlog, installations. to actually there where the year?

Mathieu Bonnet

bigger Well, that's right a rate, the good question. of to chargers depends because the as is we with they dynamics. see contracts But with what see And we we AT deliver that I increased is is and what sites the work got. the increase the and actually network, be and they land bigger what that upon of for many now they parties backlog provide because trend owners even think site that is And an a want out momentum we the we we they and that -- able (ph) though catch well execute us what and to interesting us. the many from is installation roll we sure see when

the provide the with technology this high uptime. can we and So

that's fact, some matter receive more So we reason as the the matters. big why, we more the from a interest of build,

in are the car I hitting growth, see to fuel the And And ban growth we again, these we road. cars far, so sales that So, fact all XXXX. that need given on to highlight of the our backlog. new want charge still

We cars have charge. many to

high So I backlog Doug. think years, stay that for the some will

Unidentified Participant

Thank you very much.

Operator

the questions no to are the call for in queue. There I’d like back remarks. to management further hand closing

Mathieu Bonnet

the this I here. about quarter, focus In few Europe. fourth Thank confirm is XXXX. cars year market ultrafast of you. our strategy sold a to the dramatically chargers. and Well, number the this on own in as year, The in growing chargers highlighted the think words presentation, Definitely, is

We a basis a in can new it daily monthly the see on and figures. basis

chargers between So fast in provide trend and the what quick the we quick charge, public energy public that charger. the in provide slow and see we really and trends need charge. is ultrafast to best We see this to that’s very way a

a needed. So the the really all to provide is ultrafast energy charging key

services that us on So in business we the and some months XXXX, the give In our XXXX, trend I would high between well, visibility the is our the service the And to we revenue have charging see and in own say, charging to of network, come. XX-XX. revenue split years business XX%, overrun, expectation a which XX%.

I to So you I the the operator. like would with for that, thank give all questions. floor, And you

Operator

and today's does conclude gentlemen, your for participation. Ladies this Thank you teleconference.

may You at day. have and your disconnect this a time wonderful lines

Allego (ALLGF) 16 May 232022 Q4 Earnings call transcript