Good morning. Welcome to the Pod Point full year 2022 prelims announcement. Great to have you all on the call. I'm Erik Fairbairn, CEO and founder of Pod Point, and I'll be kicking the session off. I've also got our new CFO, David, on the call. David, do you wanna just say hello? Hello. Thank you, Erik. Yes, I'm David Wolffe, incoming CFO, just appointed to the Pod Point board last month. Just to give you a thumbnail background on me and my experience, I've been a CFO in PLCs and private equity for the past 20 years. I've worked in consumer, media, and technology sectors. Amongst other roles, I spent five years at AOL shifting the U.K. onto the internet and then transitioning it onto broadband. I'd say my specialist subject is transformation and growth. I joined Pod Point from Ted Baker PLC, where there was perhaps a bit more of the transformation bit. It's really amazing to be joining Pod Point now when there's so much of the growth bit that lies ahead. Good to meet you all. Fantastic. We'll pass back on to David shortly. If we can get into the presentation, if we can move please now onto slide three. We start with my somewhat traditional slide that I always start with on Pod Point of all reminding everyone of the mission of Pod Point and what we're all about. Of course, Pod Point is fundamentally here to try and make a future where travel doesn't damage the earth. We're trying to do that by building a network of smart charging points everywhere you park, and of course, we're well into that phase now. Also what we plan to do in the long term is to use our network of charging points to manage the flow of energy across the grid, and we'll touch on that as well. We've got three really nice KPIs which allow us to sort of watch our progress against that mission. First off, in the last 12 months, we've saved about or avoided about 278,000 tons of CO2 equivalents, and that's an increase of 118%, and that's analyzing the CO2 of the electricity that transferred across our network versus what we think would have been used by equivalent internal combustion engine cars. Linked to that, we've got 367 GWh of electricity transferred. That's up 113% on last year. Of course, you know, the number one thing you want to track when you're building a network, of course, is how is it being engaged with the electric vehicle drivers, how much is it being used, then obviously the energy transferred across it is pretty vital. Of course, we've also got now 195,000 communicating units attached to our network, and that's up about 42% on the figure that I shared with you all just a year ago. Generally speaking, that's about 2 billion km of electric vehicle motoring provided by Pod Point. If you do the sums on that, we are just a fraction under I think, and it's a rough number this, but just under 1% of all miles driven in the U.K. by passenger vehicles charged on a Pod Point, which is a pretty cool stat. Moving on to the next slide, just to give you a few sort of key metrics. We did GBP 71.4 million revenue last year. That's about 16% up year-on-year. Obviously that was slightly ahead of the guidance that we gave in Q4 of GBP 70 and really, of course, on the background of a year defined by various supply chain challenges, which we'll mention a few times through this presentation as well. Perhaps the highlight of that is our commercial revenues of just a shade under GBP 24 million, 31% up year on year. Our home up 3%. Our owned assets up 108%, and our recurring up 107%. Of course recurring, whilst that's a relatively small part of the revenue story today, an extremely important part of our future. We also increased our gross profit up by 2% year on year. Obviously that was, you know, that growth was restricted by all of the supply chain costs that we saw this year. We've got an adjusted EBITDA of GBP 7 million, and that's very much in line with what we said we were gonna do in terms of continuing to invest in the sales and marketing and scaling. Of course, we think that we're very much still in the infancy of the electric vehicle charging industry, and of course, it's exactly the right time to be heavily investing in the business ready for the growth that's ahead of us. We ended the year with a really strong balance sheet, really important in our market. I think GBP 74 million of cash or equivalents on the balance sheet, and some really careful working capital management as we went through the year. Again, just slightly ahead of what we said in our previous update at when we mentioned GBP 70 million. Touching a little bit on what we've seen go on in the whole of the vehicle market. The vehicle market story for 2022 is all about the supply chain issues that we've mentioned. It was actually a relatively poor year, 3% down on 2021, and 2021 in itself was a pretty poor year. We've really seen plenty of challenge in the overall market. Perhaps the best bit was we saw plug-in vehicles growing at 21%. We really think actually that growth, particularly in the second, third, and fourth quarter, has been really limited by the availability of plug-in vehicles, and that's specifically the supply chain causing challenge on the car makers managing to get vehicles to market. What we've seen is we think there is plenty of demand, hence what we've seen is we've seen the typical vehicle lead times for, you know, quite a lot of the brands now if you try and order an electric vehicle, your lead time to delivery is anywhere between 12 and 24 months on a lot of the brands. That's really given that view that we've got plenty of demand going on here, a lack of supply of vehicles. We really think demand remains really strong. In terms of looking forward into next year, I think we're gonna see, you know, continuing impact of the supply chain issues on the market. We really sort of are hoping that we are beyond the worst of that, and we are on a improving trajectory. I do expect the market to continue to be materially impacted by that into 2023. One of the things also to cover is that we've seen this volatile market and supply chain issues really sort of change slightly, one of the metrics that we track the penetration of our charging points, and that's the SMMT data in terms of vehicle registrations against the number of Pod Point home charge, but really important to say that our guidance for 2030, 2023 is unchanged at GBP 85 million-GBP 90 million of revenue. What we've seen is in 2021, 18% market penetration, and in 2022, that was 15%. We think there's a fair bit of detail there that's worth touching on. First of all, we have the conclusion of the OZEV grant, which we think caused a pull ahead of people buying their home charge earlier than they usually would in their cycle, because of the ending of a grant, and that effectively boosted the number in 2021 and reduced it somewhat in 2022. Additionally, given this is a penetration statistic, not a share statistic, we have, of course, as the grant's gone away, seen the average price of a home charge install go up, and that was broadly in the region of GBP 550 for the industry, and now is in the region of GBP 900, with the majority change of that being the change in grant. We also have seen this extended lead time on vehicles go from sort of 12-24 months. That thing means that we're seeing less correlation between people ordering the car and immediately ordering their home charge. They're also beginning to think, "Well, maybe I'll order my home charge a little bit closer to when my car delivery is occurring rather than ordering it when I order my car." We've also seen because the car companies are, you know, got limited supply, obviously they're reducing the tactical marketing spend on each of their vehicles, and some of the car companies use that to effectively fund home charge installs. On the basis of that lot, we do expect 2023 on this metric to be modestly lower than 2022, but with an improving trajectory through the year. Of course, we've got a whole bunch of activities lined up in 2023 here. We've got a revision to our Solo unit that we're currently working on. We've got a whole suite of exciting smart charging feature set coming to our app. We've got a new and improved online ordering process, which will make that an even slicker process. We think it's pretty slick already, but it's gonna get significantly slicker. New improved install survey system, which is the sort of post-sale activity where we before we get into install, and some additional marketing activity in the plan with the OEMs. Probably the most important thing to say here is that the guidance for 2023 absolutely unchanged from what we said previously, 85 to 90, and our adjusted EBITDA in the mid-single digit loss for next year. Going into the four segments that we tend to report in, starting with Home, we saw a modest 3% revenue growth in Home on a slightly lower volume. The, the big story here is, you know, we saw some adverse supply chain costs, really. We saw some pressure on our gross margin. However, we think actually we've done some really sound things on the underlying basis. We've moved our production of our highest volume unit to our new production partner, Celestica, which brings some significant cost savings with it. We've also managed to increase the average basket spend, so the amount that each individual home charge customer is spending with us on average has increased. We also did two things which are worth mentioning because I don't think they're ubiquitous across the industry. The first one was that throughout the supply chain crisis, we managed to make sure we always supplied units, so we delivered to our customers all the way through that. We've re-engineered our product to meet the new 2023 UK charging regs. Additionally through that, we've managed to keep really strong customer sat, so 4.3 out of five on Trustpilot, 4.6 out of five on Reviews.io with a 91% recommendation rate. We... Excuse me, remain very proud of those two stats still. Commercial, as I mentioned, is perhaps the highlight with a 31% revenue growth. Of course, we have seen some of our larger corporate customers being a little bit more careful with their spending, with everything that's going on with macroeconomics. On the back of that strong growth, significant increase, you know, just under 15,000 units supplied or installed, up from 11,000 last year. Some improvement in our gross margin, obviously that's despite the challenges we've seen on our bill of materials costs. Also we've been investing heavily on the commercial side into building a housing developer team. You know, of course, what we saw in the middle of last year was some new planning requirements that now to build new developments, you have to have EV charging including to get your planning permission. You don't immediately see that turn into orders for charging points, but of course, we can expect in the long term that to be a really interesting market, so we've been building up a team to address that. In terms of recurring revenue, a 107% up, so really solid growth there. All right, a relatively small part of our P&L, but really important for the long term. We've also managed to build our recurring revenue commercial unit from GBP 57 per commercial unit to GBP 89 commercial unit per year. Of course, we've built up that network now to 195,000 units, up from 137. Of course, the long-term part of the Pod Point plan is to continue to monetize our network on a recurring basis. Although that's a relatively small part of the story today, it's a really important part of the future strategy. We've also saw some sound performance from our owned assets, a 108% increase in revenue. Total sites now 564, with 1,254 of which we've got 118 DC Rapids, predominantly with our relationship with Tesco's. Lots of solid usage of those from the EV driving community. Just put a few nice images on the bottom there just to give you a few ideas of the sort of customers that we've won business with this year. Of course, that's only just a little snapshot, of course. Good. I'll now pass over to David, who will move on to slide nine and take us through the more detailed financial review of the year. Thank you, Erik. Starting with the P&L and working our way down, revenue at GBP 71.4 million is GBP 10 million or 16% up. In a year of disrupted EV and component supply, our home segment at GBP 41.4 million is up 3%, with ARPU up 5%, but with home installed units by Pod Point down 2%. Commercial growth is strong at 31%, with total units up 34%. Within that, our direct wholesale units, not installed by Pod Point, were actually up 51%, showing one of our alternative routes to market for home units. We're continuing to see high growth in owned assets and recurring revenue, up 108% and 107% respectively. Headline gross profit was up 2% to GBP 16.6 million at a margin of 23%, with supply chain costs in parts sourcing impacting by GBP 2.3 million adverse and representing the majority of that net margin reduction. Home is where we saw the primary impact of those sourcing costs, driving margin down from 28% to 20%. Commercial margins improved a little from 20% to 22% as the mix effect shifted a little towards those higher margin supply-only units where we saw the higher growth. That takes adjusted EBITDA to a GBP 7 million loss, where we had indicated in our Q4 guidance, reflecting the increases in 2022 investment in sales, marketing, customer service, all of which support scaling growth and a full year of PLC costs. All headlines are in line with our trading update of November. Next slide on cash flow, please. Looking at cash utilization in the year, closing cash sits at GBP 74.1 million, indicating a cash use of GBP 22 million. We have under our direct control the rate of spend of the majority of that cash. Separating out the main components, after GBP 7 million of adjusted EBITDA loss, we invested GBP 10 million in capitalized software development. This is in tune with the strategy as laid out in the IPO to drive product and proposition development, to invest in software, and to create the platforms that will lead to material recurring revenue growth in the future. Owned asset investment was GBP 2 million, where we are spending at lower levels than previously planned. This is in response to a more challenging investment returns environment and a focus on tighter cash management and balance sheet strength. Cash management discipline comes through in the very limited cash consumption we're seeing on working capital despite the business growth, and that's only consumed GBP 2 million in the year. Whilst owned asset investment will remain more limited in 2023, investment in software development will increase to drive recurring revenue, and that's in line with our strategy. Next slide, please. Coming back to profitability and the shift from a break-even number in 2021 to an adjusted EBITDA loss, the picture reflects increased spend on scaling the business. Operating profitability from the four segments in overall terms advanced by only around GBP 0.3 million, as gross profit improvement of GBP 3.6 million across commercial owned assets and recurring revenue was impacted by a reduction of GBP 3.3 million in home, influenced by that limited revenue growth and the margin impact on supply chain as I mentioned. We increased spend by GBP 4.6 million across customer service, software tools, sales, and marketing, all important bases for driving future growth. We also carried a full year of cost associated with being a PLC, which added GBP 2.9 million. Whilst 2022 carried some challenges to it, we believe we're building the foundations to take us past EBITDA break even and on to sustained profitability. Next slide, please. Moving on to gross margin% and its evolution, the headline reduction from 27% to 23% is actually a 3.4 percentage points reduction, as gross margin moved from 26.6% to 23.2%. By far, the biggest driver of that reduction arises from the additional supply chain costs of GBP 2.3 million, representing a margin reduction of 3.3%. We saw some small adverse mix and other effects of around 0.8 percentage points. We also saw a positive 0.7 percentage points contribution from bill of material cost savings as we shifted production to our new scale manufacturer, Celestica, in the middle of the year, with around a third of the year's volume shifted over. Looking forward into 2023, we would expect to see margin progression towards the mid-20s as we benefit from a full year of bill of material savings and reduced supply chain costs playing out. Next slide, please. Picking out the financial and operating highlights by segment, in home, we saw the challenges in limited revenue growth of 3% and the margin hits, partially mitigated with that 5% ARPU improvement. As Erik laid out, we've developed a broad and funded plan for 2023 to drive our unit growth up and our market penetration forwards again, especially in the second half. In commercial, we saw strong growth of 31%, improving margin by two percentage points. With that high growth in direct sale units up 51%, with total units up 34%. Owned asset deployment took total units up 27% to 1,254 units, with a 108% revenue growth and improved margins. Recurring revenue delivered a 107% revenue growth along with margin improvement, taking our total communicating units up 42% to 195,000, providing that growing platform for us to drive increased grid load management and recurring revenues. Next slide, please. Looking ahead to 2023 full year, we see three clear themes. First, there continues to be significant volatility in a range of areas. Macroeconomic issues and energy pricing are obviously still in flux. Supply of EVs is still constrained, and the impact on timing of charge point installation demand is still evolving. We don't think that any of those issues will disappear in 2023, but there are indications that they may be at a lower level towards the end of the year. Second, we will continue to have a robust balance sheet. We are in control of the rate of our investment, whether that is software development or owned asset deployment, and we will continue to keep a good grip on working capital. Third, we are holding guidance for the year as we laid it out in November, at revenues of GBP 85 million-GBP 90 million, a mid-single adjusted EBITDA loss, and around GBP 50 million of cash at the year-end. That's after increased investment spend and will be raising by around 50% our investment in capitalized development as we focus on the growth opportunity ahead. Over to you, Erik. Thank you, David. If we can move on to slide 16, please. This is just to give you a little bit of our view of what's coming in terms of the outlook. This, this sort of slide I've got on 16, is to give you an idea of what we see happening. Of course, what we see is we've got a few key data points. We've got the government's internal combustion engine ban occurring in 2030. Also, we've got what looks like all of the car manufacturers really investing not in any new technology for internal combustion, but all of their investment in electric powertrains. We really see that we are on a trajectory to get to that internal combustion engine ban by 2030. Of course, we've seen a year of slightly less growth, as we've explained, in 2022. What does that mean? That means that we should have a very steep curve as we head into 2030 in terms of new vehicle registrations. We think we go from where we are last year for something like 23% of new vehicle registrations are plug-in vehicles, up to materially all vehicle registrations are plug-in vehicles by 2030. Very exciting growth on the new vehicle side. The other thing worth mentioning, of course, is that that's only referring to new car sales. In the U.K., we have something in the region of 35 million cars in the country. Even when we get to 2030 and all new vehicles are electric, that's only in the region of 2 million a year. We're looking well into the 2040s until we get to the point at which we've got all of the internal combustion engines of the U.K. phased over to electric vehicles. What that means is we really see fundamentally really strong growth, strategic growth for the next 20 years coming out of the electrification of our transport. Of course, that's talking about the vehicles, but all of those vehicles need charging. We really think we've got a fantastic long-term opportunity, continuing to build the charging infrastructure to enable that mass adoption of electric vehicles. Just moving on to the next slide, just touching on our strategy. Our strategy continues to evolve, but the four points that we've talked about in each of our market presentations, scaling our existing products and services, as David said, we're continuing to invest heavily on that because we see we've got this immense growth opportunity ahead of us, so we have to make sure we're ready for that scale. That includes internal systems and efficiency. We've also got a new derivative of our Solo unit under development. We've got a whole bunch of interesting product innovations to come this year. We've got our new home charge ordering process. Expanding within our routes to market, we have just this year launched our Home Fleet into beta. That's a key part of expanding to allow companies to have a better charging experience where they run larger fleets. We'd mentioned already investing heavily into the housing developers opportunity, which we expect to be very exciting. Now with that planning permission, that every new development has to have electric vehicle charging. On building our recurring revenues on our network, we shared how we've seen an increase in the average recurring revenue per unit on our commercial units this year, which is very positive. That's really only just scratching the surface of what we want to do. What we plan to do is to use our entire network to manage the flow of energy on a national level and sell that capability into the likes of the National Grid and the Distribution Network Operators. We're building this year now a dedicated team specifically focused on that opportunity. That's really off the back of that stat we've mentioned a couple of times, which is we've now got 195,000 communicating units attached to our network, which gives us the scale to do that. We've also got an interesting trial going on with BMW and the National Park. If you park and charge on the Pod Points in the National Park, that's a collaboration with ourselves and BMW. When you claim the charge cycle in our app, then you get you see some advertising from BMW, and we've got a little bit of recurring revenue coming back from that as well. We continue to focus on building our recurring revenue per unit. In terms of our funded rollouts, obviously, you know, talked a little bit about where that funded rollout had got to earlier in the presentation. We will do that but a lesser amount moving forward. We are really moving to using our DC funded rollouts as a supporting strategy for AC. Really think of Pod Point as a multimodal charging player. We are the people that really do well for companies that need a range of charging, and that could be some rapid charging for people who are just popping in, it could be some base charging for their, for their staff, it could be some AC charging for people who are staying longer, it could be some charging for their company car scheme. That's where we do our best work, and that's where we're going to focus our owned asset strategy and expect that to be at a much lower level than we talked about before. That has the significant benefit of also allowing us to maintain a much stronger cash balance. If we could just flip two more slides forward to the final one. My summary of the year really, a strong performance in a challenging year. You know, solid demand for EVs. You really see that EVs have really captured the sort of mass market's attention now, but the supply chain crisis has weighed fairly hard on the availability of that. Of course, when you've got a reduction in the availability of electric vehicles, that has a knock-on effect of the EV charging industry, as you would expect. We do, however, you know, would like to think, we can't be certain, but we'd like to think that the supply chain challenges are past their peak, and that we will begin to see things easing over the next year, but certainly they will be continuing to be a factor into 2023. Still think we've got this immense growth opportunity heading into 2030. I'm really proud of the improvements in average basket spend and cost of sale. Moving to Celestica, reducing the bill of materials cost of our products, including basket spend, all of that to a certain extent offset by the supply chain costs this year, but all of the correct things to be doing on an underlying basis. Really good strong growth in commercial, really showing the desire for the corporates and the larger companies to make sure that they've got EV charging as part of their offering, whether that's their customers or their staff. Can't overestimate the importance of the size of that network, 195,000 units, and how important that is to our future recurring revenue, so really pleased with that. Of course, you know, really continuing on the strategy we outlined at IPO with some, you know, sensible evolutions to make sure that that remains absolutely on point. We really think of this year and to a certain extent, moving into next year, this is really about preparing Pod Point for what we think is gonna be this 20 years of fundamental growth ahead of us. If I can leave the presentation just with one thought for everybody, it's that battery electric vehicles in the U.K. are 1.5% of vehicles on our road. That means that there is 98.5% of the market still to go. This is a market which is in its infancy, and we have got all of the excitement and growth ahead of us. Really pleased with what the future looks like for Pod Point. With that, pass over for any Q&A, and thank you for listening to our presentation. As a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. Please ensure your lines are unmuted locally, as you will be advised when to ask your question. The first question comes from the line of Martin Young from Investec. Please go ahead. Good morning, to everybody. I've got a couple of questions if I can, please. The first relates to the metric that you use showing your percentage installs over the number of new vehicles on the road. I just wonder if there are two other things that we could think about there that perhaps you could comment on. You know, one would be, how do you view the competitive dynamic in the home charger, you know, space and how that plays into that percentage? Secondly, have you got a feel for the number of people who might be buying electric vehicles but not have access to their own parking space and have merely decided that they will be charging their vehicles at on street, workplace or indeed, at a local shopping center or similar? That's the first question. Then the second question, as we think about this move to electric vehicles providing services to the wider electricity, you know, system, and you touched upon this to a degree, what type of things are you thinking about that the vehicle being able to do, and which of the sort of the services that the National Grid seeks to procure and offers do you believe that you can tap into? Thank you. Hi, Martin, thank you for the question. A few bits to touch on there, and I took a note, so hopefully I can touch on all of them. If we start off with the market penetration, so as you rightly said, this is a metric we've used historically, which is the total number of vehicles registered in the SMMT against the total number of home chargers that we've installed. We do find that metric is not working enormously well for us in this year, where we've got some volatility in the market. I gave you a few examples on that slide of the various things that we see are happening. You mentioned competitive dynamics. Our view generally is that, you know, it's probably not fair to say there's no competitive dynamic at play there, but it's also probably not the predominant effect that we're seeing. When you've got a penetration stat, you've also got things like total propensity for a customer to take a home charging product, which a bit links to your second question, affects that stat in the same way that any sort of competitive movement does. I think it's not fair to say there's no competitive, but when we look across the market, you know, we're not the only people that do home charging in the U.K., but neither do we see a sort of large, you know, shift in the competitive dynamic. We see ebb and flow and bits changing, I can't really point to a massive change there in terms of our competitive position that we're aware of right now. In terms of the sort of white space that you were talking about, you know, the opportunity for people that don't take a home charging unit, that's really we think a significant part of it as well, of course. You know, if we've got somewhere in the region of 15% of new plug-in vehicle registrations taking a home charge from us, you know, some will take home charge from their competitors, but there's no way that adds up to 100%, there's a number of reasons for that. You know, home charge as we define it is really for people who have off-street parking. In the U.K., the stat roughly is that 60% of the population have who own a car have off-street parking, that doesn't necessarily map perfectly to this stage of the market because you've also got fleets of vehicles being bought by companies who are charging at depots. You've got people who are living in car parks and charging perhaps on our supermarket network. A whole range of other things. I think there's opportunity to build there, but, you know, you shouldn't expect that ever to be 100%. The other thing to mention, of course, is it is technically possible to charge your vehicle at home without a home charging unit, but it's generally not seen as a very good experience. It's extremely slow, you know, 13 amp socket that you have in your home is really not designed for charging an electric vehicle. It really should be the domain of a specialist piece of equipment like one of our charging points. Moving on to your question on recurring revenues, this is a bit that I've touched on a couple of times in the presentation, of course, this is the fact that what we plan to do is build recurring revenues on top of our network of units, we've now got 195,000 smart units connected to our network. There are four fundamental ways that we plan to monetize that. The first one is that we can collect through our units information about how much energy flows into an individual's electric vehicle. We also have data about how much energy a individual uses on their whole household. What we can do in the future is look at that information and compare that with the various different options of how you can buy energy. We can be data-driven in recommending to EV drivers on how they should purchase their energy in the most efficient way. Of course, Pod Point can monetize that by the referral fees for in moving people onto the correct tariff vis-a-vis their usage. We think that could potentially be quite powerful because we're obviously using raw usage data to help people understand where they should be buying their energy. The next one is that we think we can use our network of charging points at a national level, and sell the capability of controlling the energy flow into the National Grid. The National Grid has its established balancing markets, and essentially procures additional generation or load reduction, and Pod Point can sell in load reduction into the National Grid. Effectively what we would be doing at times of very high demand, we would be pausing a percentage of the nation's vehicles, charging just for a few minutes in order to iron out spikes of demand and supply in the National Grid, and that's established markets that we would like to bid into in the future. The third one is Distribution Network Operators. These are the people who own the copper and the substations and distribute the electricity around our country. In that case, they similarly are beginning to procure the ability to control load. Where they see localized, increases in load, or they've got overloaded substations or, overloaded bits of copper in the ground, then what we can work with those companies is in their constrained zones to manage load in those areas. Again, the Distribution Network Operators will, you know, have a commercial model to pay people to provide that load shedding. The very final part of that, and perhaps the most complex bit of that, is we think in the long-term future there is an opportunity to work with energy companies. Energy companies, as probably most of you are aware, tend to work in, also commercially anyway, on half-hourly, billing. Effectively their success is often dictated by their ability to predict their half-hourly usage versus what actually happens. We think there's an opportunity to use the Pod Point network to help energy companies get that prediction right. If their prediction is looking a little bit off in the last couple of minutes of a 30 minute window, we can put more energy into the nation's electric vehicles or slow down the flow of energy into the electric vehicles, and help monetize it in that way. I should say the plan is to do all of that without materially impacting the experience of the EV driver, and we think that's really a real opportunity because the typical driver is driving 21 miles a day. That means that they need to have their car plugged in for about one hour. The average car, you know, person is obviously plugging their car in when they come home from whatever they've been doing during the day and doesn't unplug their car until the morning. Often cars are plugged in for 12 or 10 hours across the night, and really there's only a one-hour window where they typically need charging. That's an average position. Obviously, everyone's different in their behaviors of course, but it means we think we've got great opportunity to monetize our network in a way which the EV driver doesn't get negatively affected by what we're doing. Thank you. The next question comes from the line of James Zaremba from Barclays. Please go ahead. Good morning. I had three questions please. firstly, on the home installations outlook for the improving trajectory with penetration through 2023, sort of if you could let us know what was the trough for penetration in the second half, and again what was roughly the exit rate to build on in 2023? that's the first question. Thanks. Hi, James. nice to hear from you. I mean, the stats we've got there obviously are the full year figures. You know, for the full year of 2021 we had 18, and the full year of 2022 we had 15. Our projection is going forward that, you know, that will be slightly modestly lower in 2022. As you rightly say, that's with an improving trajectory through the year. Which means, you know, probably starting a little bit lower than that in the beginning of the year and then building as our various activities go. I think that's about as much resolution as we've got on that because, you know, some of this is, you know, sensible behavior to continue building our market position. Also I think this is a KPI which has, you know, really been become significantly less clean with what we've been seeing in the last year. Hence, you know, my general view is that it's the thing to rely on is the guidance that we've given. We still think our guidance is absolutely unchanged to sort of GBP 85 million-GBP 90 million of revenue next year. Thanks, Erik. Secondly, still on the home division, it looks like the basket was over GBP 800 in the second half. Should we sort of expect further growth in this level in 2023 and all the increases in 2022? Was that mainly kind of product or installation? David, you want to sort of come in and answer that one in terms of what we've got planned for the basket spend? In that basket spend stat, you'll have seen the impact of a GBP 50 price increase that came through towards the end of the year. That was obviously a part year effect. In the GBP 767 average revenue number for the year, you're only seeing part of that come through. We would expect to see for next year the average starting with an eight in the low GBP 800s. Then, o kay. That's very helpful. Then lastly, just, you know, Erik, maybe I'm being stupid here, but you were saying about you might plug a car in for 12 hours, but you may only charge it for one. When I plug it in, does my car not get charged in the first hour, and then for the next 11, there's no ability to reduce load because it's already charged, or am I kind of getting that wrong slightly? That's absolutely right in a non-smart charging world. If you do nothing clever, exactly what you said happens. You plug in, your car starts charging immediately, it gets to full, and then it stops. As you say, in that scenario, you'd have an hour of demand when you plugged it in, and then your car would effectively be sat sort of idling from a charging perspective the rest of the time. That's what happens if you have no smart control over that. Of course, what the Pod Point network is all about, having all of those smart charging units, is to allow us to have much more intelligent control over that. There are lots of reasons to do that. One is as simple as just to make sure that everyone doesn't plug their car in at the same moment and cause sort of demand challenges. It's fairly well understood that electricity demand is peaks about 6:30 P.M. at night in the U.K., and that also correlates very well with when people tend to plug their car in after the day's activities. If you leave that uncontrolled, you build a lot of additional demand at what is already the highest demand usage. The first use of smart charging is to manage that and help move people's charging later into the day. That also has a significant benefit. There's a reasonable correlation between carbon intensity of the grid and demand. When there's lots of demand on the grid, carbon intensity is high. By using smart charging, you can also help people to reduce their carbon intensity by making them charge at a lower carbon intensity time. Of course, you're seeing lots of different, you know, a lot of things going on in the energy market. Underlying, there's various different tariffs over the past few years, which have allowed people to benefit from lower energy costs when demand is low. Smart charging can also help the pocket of the consumer. All of those things combined, we think is a fundamental part of enabling the network of electric vehicles. As you say, the behavior that you described is what happens when you don't apply any smart charging capability. What we're really trying to do is build a fully smart network to mean that, you, the consumer, doesn't mind your car is charged when you need it next, but we will make sure it charges in a way which is completely compatible with the grid, saves the customer as much money as possible and minimizes the carbon intensity. Very clear. I guess, could you generate any recurring revenue in home units in 2023, or is it a bit too early for these developments? I think we would like to produce our first very small amount of revenue from that in the year 2023. That's a sort of internal target if you want. If we, if we miss that by a few months, don't stare at that too closely, of course. Yes, we think that we are beginning to get on a path where that's real. All of our recurring revenues today are from commercial. We are beginning to build the team that's dedicated to start those revenues happening on the home units. Of course, we've got a lot more home units than we've got commercial units, so it gets very interesting in the long term. Yeah, my hope is you will see some of that in the 2023 results. If it ends up being a couple of months into 2024, then in the grand scheme of things, that would be absolutely acceptable to us as well, I think. Thank you very much. The next question comes from the line of Sanjay Jha from Panmure Gordon. Please go ahead. Good morning. Can you hear me? Loud and clear, Sanjay. Good morning. Thank you. Morning. Just a couple of questions. I mean, we are obviously here because you're a listed company, and your market cap right now is about GBP 94 million. You said your guidance is for GBP 50 million end of next year, and with all the development you'll be doing, and you already got a reasonable install base. Market effectively is saying you're worth about GBP 40 million, you know, give and take. I'm just trying to understand, is this because there's kind of people think that it will take you two or three years before you can build a second line of revenue? Is there kind of a timeline? When do you think that there's a realistic chance that you can start selling the secondary line of services to your existing customer base? I think, Sanjay, you're talking about the two parts of Pod Point, aren't you? You refer to, I think, the primary line, which of course is building the network of charging points. Yeah. I think the first thing to remember before we come off that one, Sanjay, is of course that we've only got enough charging in the U.K. for the 1.5% of vehicles on our roads which are electric. Yeah. That means we've got 98.5% still ahead of us. There is an enormous opportunity in the first part of the Pod Point business plan, which is just to continue building the nation's electric vehicle charging network across the homes, the works, the en routes, and the destination. That in itself is an immense opportunity which we're extremely excited about. The second part, of course, that you talk about is that we think there is an opportunity not just to build that network, but to use that network for the load management. I talked a lot about that when re-responding to Martin's questions earlier. That really is an additional part of the business. I don't really want people to think about, you know, we're transitioning from part one to part two. That's absolutely not right. We have got 30 or 25 years probably of growth in the first part of our business to build the network of charging infrastructure. That alone is an exciting business. The other bit is an additional part on top of it. I think it's really important to get people to think that that's an additional bit. Really still you've got a fundamental exciting growth story, I think, in just building the charging infrastructure, and the recurring revenue bit is some extra value on top. I mean, it just then it looks like the share price is simply the a function of the of the current capital structure. Because clearly you have a lot of value here within the business. As you said, you only got 1.5% penetration EVs, so there's a lot to go with that line of revenue, plus all the other stuff that you guys can do. Clearly, your current capital structure makes it difficult for people to invest, because people don't know what EDF's strategy is or is that? Would that be how we should think about it? Well, I think probably, Sanjay, I can only really talk to what I see as the future opportunity in the business, and I gave a little bit of that in my previous response, isn't it? You know, I, one of the sort of personal tests I do, you know, as an entrepreneur, as a person running a business, you know, if you ask yourself the question, "Is this the still the right thing to do?" The answer to me categorically is absolutely. You know, we are still at the infancy of an extremely exciting role into electrification. You know, I still think the future potential of Pod Point is absolutely wonderful, and I'm really excited about it. I think we have seen a bit of a disconnect between my vision of the future and what's going on in with the markets, and you've highlighted a couple of the areas which could be contributing to that. I think I just remain confident that if we keep delivering, we keep executing as a business, we allow some of these sort of, external market volatilities that have come into 2022 to begin to roll off. You know, we come back to the market in the next year or so and begin to show not just the recurring revenues coming from our commercial units, but you start seeing that coming from our home units. I still think Pod Point is an absolutely wonderful opportunity into the future. As you said, there's a little bit of challenge in terms of share price and things, but I hope that, you know, if we continue doing what we're doing, the market will come with us over time. Just 1 more question. Obviously, there's been quite a, you know, people are now looking at electric bikes as another way of transportation. Is there any opportunity there? Because I mean, I know that it's not a huge demand on a household, but there's kind of a lot of national cycle networks coming up around the country, and I'm just wondering whether that's something that is a viable economic proposition or have you looked at it at all? Well, you're talking, Sanjay, to two individuals in myself and David who think cycling around on two wheels is a great thing to do, and there is an electric bike tucked in my shed which I use fairly regularly. In principle, we're very much loving of cycling. I think in terms of the opportunity for Pod Point, I'd like to keep the company really focused on what I think is the most significant opportunity here, which is the mass electrification of personal transport, sort of, you know, cars and light vans, that kind of thing. My view on the strategy is let's keep focused on that. It doesn't mean to the exclusion of others. You know, I'd love to see all of the other parts of mobility happening, electric bikes, as you mentioned. All of those are good things. I think expect Pod Point really to continue focusing on its core strategy, which is all about moving the majority of sort of, you know, light vehicles and vans onto electric vehicle over the next sort of 20 years or so. Brilliant. Okay. Thank you very much, gents. Thanks, Sanjay. The next question comes from the line of Marianne Bulow from Bank of America. Please go ahead. Yes. Hello. Thank you for taking my question. I was wondering if you could maybe give us a bit of guideline on what you expect in terms of gross margin in 2023. Maybe, back on what you commented in terms of switching suppliers, maybe some kind of timeline of what you expect into 2023 and the impact on gross margin. I think if I could pass on to David for that one. Sure. Yeah. Thank you, thank you, Erik. Let me just talk about the kind of the influences on our gross margin evolution that we're seeing in 2023 and where we think that will take us to. The various component parts we think that are gonna influence our include, firstly, the price increase. We put through a GBP 50 price increase on our home units late in the year. That obviously had a part year effect in 2022 and will have a full year effect in 2023. That's upward pressure on margins. We've moved to Celestica, the scale manufacturer in Romania for their scale economies and an improved bill of materials cost. And again, we only had around a third of our units shifted over in 2022 to Celestica. There's a full year effect of those BOM improvements to come through. We are working not only on the product proposition, its smart software features, but also re-engineering the costs that go into the next generation of Pod Point Solo units. That's also going to lead to some bill of materials savings, perhaps only kicking in towards the very end of 2023 and more likely to have an effect in 2024. Of course, the big, the big factor that hit our margins in 2022 was the additional part sourcing costs on supply chain, GBP 2.3 million. Whilst we're not completely out of the woods yet on supply chain disruption, we think there's a much lower likelihood of that sort of cost coming through in 2023. All of those are Margin enhancing factors that we think will contribute to an overall improvement in gross margins for 2023. What we're indicating is that, you know, the average that we reported for 23% gross margin will move up into the mid-20s% gross margin, to give you a rough indication for this financial year. Okay, thank you very much. The next question comes from the line of Anne-Margaret Crowe from Edison Group. Please go ahead. Good morning. I've got a couple of questions, and they're both connected to the commercial side of the market. Firstly, wondering within the commercial side of the market, who you feel your main competitors are? Secondly, wondering with ultra-fast charging points, are there any restrictions associated with the capability of the grid that actually make it difficult for your customers or for you to locate charging points in specific parts of the U.K. because of grid limitations? Yeah. Hi, Anne-Margaret. Thanks for the question. Yeah, two in there, as you say. In terms of commercial, I mean, I broadly say there are two groups of people who compete with Pod Point. You've got, you know, a reasonable long tail of early stage private companies, generally speaking, smaller than Pod Point that we see in our market. I think probably there is some opportunity over the next few years to see that long tail consolidate into a smaller number of players. You've also got the obvious petrochemical players who, you know, I think in truth, make more noise than they do work in terms of EV charging, but, you know, you've got to keep an eye on those in terms of electric vehicle competitors as well. In terms of the ultra-fast question, your point is absolutely right. We find that, you know, depending how much charging infrastructure you want to put in, the grid connectivity to those locations can be a restriction, we have two fundamental approaches to that. The first one is we have a thing called an Array system. What that does is allow us to put lots of AC charging points into a particular location, the system then manages how energy flows. You know, take an example where you've got, you know, enough electricity there to charge 10 cars simultaneously. You can put maybe 50 charging points in. The system balances the load between all those to allow you to get lots and lots of car charged with the restricted grid connection. Still, even with that sort of smart approach to things, you can still get to locations where you've got that. You know, if I take one of our big supermarket examples where, you know, we've got somewhere in the region of just over 500 locations with charging infrastructure in. We've got different forms of charging infrastructure at each of those locations. Some have got DC rapid charging, some have just got AC, different number of AC charging. Most of that decision, in truth, is based on the existing availability of energy, electricity, so the grid connection to those sites. Obviously, if you want to then move to the next stage and start making grid upgrades, then that has a bit more impact in terms of the civil activities that need to go on there and also has a bit more impact in terms of cost. Fundamentally, I would say that the first thing that we do, and is the right activity, is you install smart charging, which allows you to optimize the amount of grid capability that exists. Also do expect to see that the Distribution Network Operators are gonna be busy over the next few years because there will be numerous examples of commercial locations where lots of electricity and lots of charging needs to go in. Of course, you will need to see some upgrades to the grid occur in those locations. That's very helpful. Thank you. The next question comes from the line of Ken Rumph from Goodbody. Please go ahead. Good morning, Erik, David, and apologies for any background noise. If only it was only electric cars going past. Couple of questions on software development. Firstly, just to try and get an idea from you of what different products you're working on, you know, for the apps or future grid services and so on. Just, you know, where's that effort being directed? Specifically a question on that sort of consumer charging switching service. Should I assume that rather like the kind of Money Saving Expert Cheap Energy Club type things where the emails dried up, that won't really be sort of a commercial proposition again until prices are kind of back below the cap? That there isn't a lot of switching opportunity at the moment. Maybe that's wrong with kind of night rates and so on. The final question was, is everything you do that I would think of as kind of home or private user coming into that market share figure, coming into that category? Does some of it go under fleet commercial stuff? I'm just trying to understand sort of whether that market share figure, you mentioned some of the kind of reasons why it can fluctuate, but just to try and understand whether everything you're doing kind of for private owners is in that category. Thanks. Fantastic. Thanks, Ken. Nice to hear from you. Yeah, three questions in there. I think if I start on the first one, which was all around our software strategy, wasn't it? Our software strategy is about delivering three fundamental things across all our routes to market. Using a Pod Point should be as easy as possible. That's an obvious one. Using a Pod Point should reduce the average cost of charging your car over time, and using a Pod Point should reduce the average carbon intensity of using your car over time. You will see over the course of this year a number of product innovations that fit within those three themes. You'll see those, you know, predominantly as sort of various different app feature drops as we deliver that to the customer, and we're really trying to make sure that the customer's got a great experience, not just when they get their Pod Point, but they know that their Pod Point constantly is easy to use, helps minimize their charging cost, and helps minimize their charging carbon intensity. The second part is, of course, we're using our software development to expand the routes to market, and a great example of that is our Home Fleet solution. It's in beta at the moment with a couple of big customers, but that's really providing a suite of software for companies who have large fleets of electric vehicles. Of course, they have quite different requirements in terms of monitoring, understanding, tracking all of the usage of those electric vehicles, hence we've got a specific Home Fleet activity. Then, of course, there's a big part which is all about the future, all about that future recurring revenues, whether that's bidding into the National Grid, the Distribution Network Operators, or indeed the bit that you've mentioned, using that data to help people choose their, you know, which tariff they should be on. That's probably a good segue, Ken, onto your second question, isn't it, in terms of consumer charging switching. I think in reality, it's something. Our roadmap for this year is to really start getting one of the grid load management revenue streams running, and we happily have. will move on to consumer charging perhaps the year after. Why? Two reasons. Obviously, there's a limit to how much we can develop simultaneously. Also exactly to your point, the electricity markets are in a bit of a strange position, hence, it doesn't really make sense to have that sort of energy swap type model really active at the moment. My assumption is, we shall wait and see whether this assumption is right, that we will see stability and normality return to the electricity markets, whether that's in 2024 or 2023 or even 2025, I don't know. I still think that's fundamentally. If you've got the data of how people use. use electricity across their electric vehicle and their home, and bearing in mind that electric vehicle driver typically is using two the amount of electricity as a non-electric vehicle driver at their home, that is a useful thing to help guide the customer in how best to use their electricity and how best to purchase that electricity. In terms of your final question, Ken, was actually very pertinent really. You sort of asked, you know, does the homes section as we report it include everything that goes into homes? The answer, frankly, is no, it doesn't really. Potentially something we'll look to address into next year really. The home part that we report on is where we have supplied and installed a home charge for our customer, and obviously we do a lot of that. Also we get home charging to customers through our distributors, so we work with the likes of, you know, Rexel and YESSS Electrical, and they end up in customers' homes and, you know, in many ways they're equally valid home charge units. Similarly, the thing that we're building with housing developers is a Pod Point as well. You know, as you're putting charging infrastructure in, as houses get built, that is home charge as well. I think one of the other things which, you know, that market penetration stat that we've used, you know, I think that needs to probably develop over the next, the next year or so. Probably, you know, we need to have a think internally about slightly changing the definition to make sure that our home revenue part, really does report on everything which is ending up as a home charging unit, of which there are multiple routes to get there. No, that makes sense. Certainly, to me, if you sell to a housing developer for someone's house, that's probably your market share in home, so that would make sense. Can I just follow up, you mentioned the kind of low carbon thing, and I notice, I think, some of the U.S. smart thermostat people are now selling people a, you know, you can press a low carbon button. I presume actually low carbon and low costs and the right time to charge your car kind of is the same thing usually or would be here. The, you know, when there's a lot of renewables on the grid and low demand would be the cheap and the low carbon thing. Is that right? Generally, yes. Generally, cost and carbon on the wholesale grid track quite nicely together. It's not absolutely inherent, so I'm generalizing, but what you said, Ken, is right in general terms. Of course, we can be a bit more nuanced than that in terms of watching what the carbon intensity of the grid is in real time and watching what the wholesale cost is in real time. In principle, your statement is not far off. Super. Good stuff. Thank you very much. Thanks, Ken. The next question comes from the line of Carl Smith from Zeus. Please go ahead. Please make sure your line is unmuted. Sorry, there we go. Hi. I've just got one question. As far as I understand it, part of the recurring revenue from commercial is revenue share on customers charging their vehicles at these commercial sites. I was just wondering what share of the recurring revenue increase has come from the increase in energy costs. You know, was this a bit of a windfall for you? Might it fall back when energy costs and your prices come down? Generally speaking, our model is a cost plus on the cost of energy. What we mean by that is our revenue share is not enormously changing with the underlying cost of energy. Obviously the cost to the consumer is moving as the energy price is fluctuating around, but generally speaking, that isn't a strong influence on the revenue that we get. David, is it worth any further clarification or anything I've missed on that point? Yeah, I think what we're seeing here is not a dependence on energy pricing. I think the shock of energy pricing is leading to a progressive transition that I think is permanent from our partners offering free charging to charging. I think customers will now believe that paying something for your charge is still worth it given the convenience of having it available in your workplace or your hotel or your retail outlet. I think what we're seeing is the market transitioning to the norm of paid charging, which we get a slice of, rather than this being a one-off effect in relation to an energy shock. I think we're confident that this is a trend that will continue. Okay, great. Thanks. The next question comes from the line of Paul de Froment from Bryan Garnier. Please go ahead. Yes, thank you. Just a quick question on competition. Did you observe any change in your competitive landscape in 2022 recently from new players entering the EV charging market? Thank you. Hi, Paul. I think generally speaking, I would say the competitive landscape is broadly similar to a year ago. You know, if you really go deep into that long tail, you know, there's a constant sort of, you know, launch of new startup companies doing little interesting things, none of which are, you know, materially, you know, material to what, to what we're doing at this stage. Broadly, I still think, you know, you've really got to keep half an eye on the big petrochemical players. You've got this sort of, you know, the range of different private companies who, you know, frankly, haven't changed enormously in the last year. You know, we haven't seen any disruptive new entrants into the market, really. We've just seen, you know, general progression of the same players that were in the market a year ago. I'm now handing the call back over to your hosts for closing remarks. Good. Okay. Well, thank you very much for a very engaged Q&A session, and good to have so many questions, and I hope we did a good job of giving you an overview of everything that happened in 2022, and I hope the Q&A helped to provide additional information on that. Really, slide 20, if the slides are still on your screen, is the one that I always like to leave on. I really want everyone to go away from this call on the memory that we are 1.5% done. We've only got 1.5% of vehicles on the road electric so far. We have got 98.5% to go, and every single one of those cars needs charging. I really think we've got a massively exciting next couple of decades ahead of us, and I'm really looking forward to continuing on Pod Point's mission to make travel not damage the Earth. With that, it's very much a thank you from myself and David, and look forward to speaking to you all again in the near future.