Good morning, and welcome to EVgo's third quarter 2023 earnings call. My name is Heather Davis, and I am the Vice President of Investor Relations at EVgo. Joining me on today's call are Cathy Zoi, EVgo's Chief Executive Officer, along with our incoming CEO, Badar Khan, and Olga Shevorenkova, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's third quarter 2023 financial results and outlook for the remainder of 2023, followed by a Q&A session. Today's call is being webcast and can be accessed on the investor section of our website at investors.evgo.com. The call will be archived and available there, along with the company's earnings release and investor presentation, after the conclusion of this call. During the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the Risk Factor section of our most recent annual report on Form 10-K and quarterly report on Form 10-Q. The company's SEC filings are available on the Investor section of our website. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including a reconciliation to the corresponding GAAP measure, can be found in the earnings materials available on the Investor section of the website. With that, I'll turn the call over to Cathy Zoi, EVgo's CEO. Good morning, everyone, and thank you for joining today. I'm excited to share our phenomenal results for the quarter and introduce you to Badar Khan, EVgo's incoming CEO. The EVgo growth engine is indeed humming. Revenues, throughput, and utilization are trending superbly. It's clear that being a leading owner and operator of well-located charging infrastructure to service an increasingly hungry fleet of electric vehicles is a winning strategy. As has been the case quarter-over-quarter, EVgo continues to deliver on our commitments to our customers, partners, and shareholders, and we're pleased with our operational execution and the ability to raise our full-year revenue guidance. The electricity dispensed on EVgo's network rapidly accelerated in the third quarter to 37 GWh, growing over 200% versus last year and nearly 50% sequentially. In addition to the throughput growth, our retail network and eXtend business helped drive revenues to over $35 million in the quarter, growing over 200% versus last year's third quarter. Our Adjusted EBITDA loss of $14 million narrowed significantly from the prior year as we were achieving operational leverage and remained focused on cost efficiencies. 2023 station development remains strong and on course. We've added over 240 stalls to the network in the third quarter, including 40 eXtend stalls, bringing us to over 3,400 stalls in operation or under construction. This includes the exciting milestone of operationalizing the first EVgo eXtend site at Pilot Flying J locations. With roughly 2,700 operational stalls in over 35 states and 65 metropolitan markets, EVgo is one of the largest fast charging providers in the United States. Our station development continues across the country, with some of the fastest-growing markets in Texas, Florida, Michigan, and Arizona. About half of the energy delivered this quarter was outside of California. EVgo's exceptional throughput this quarter has translated to over 15% utilization across the entire network in September 2023. In fact, 45% or nearly half of our stalls were over 15% utilization, up from just 30% in June. And in September, a full 30% of stalls were over 20% utilization, a threshold that truly makes my spirit soar. These strong utilization trends validate EVgo's business thesis leverage to EV adoption, our rigorous underwriting designed to achieve double-digit returns, and our sophisticated site selection and network planning algorithms. With current utilization at our top stalls already exceeding base case utilization assumptions in our financial modeling, we believe the go-forward picture on network profitability is stronger than ever. While I'm not surprised to be able to report such strong results to you during my last quarterly earnings call as CEO of EVgo, I'm certainly thrilled. It's been a great honor and privilege to lead the team in building the foundational business at EVgo and adding elements to that foundation to create a flywheel, and to now witness that flywheel start to spin. We've created a robust business model leveraged to EV adoption, with 3 million EVs on the roads today and an expected 5-6 million by the end of 2024, and further projections of 35-38 million electric vehicles in operation in the U.S. by 2030. EVgo's Blue Ribbon partnerships across the EV ecosystem strengthen our financial performance while enabling others in the EV ecosystem, OEMs, site hosts, utilities, and government agencies to meet their goals... GM, Honda, Toyota, Whole Foods, Safeway, Target, Lowe's, Uber, Lyft, Amazon, dozens of utilities and government agencies, to name just a few of our partners. EVgo's focus on unit economics and financial discipline and our network planning is demonstrating proven financial returns. Our white label charging business, EVgo eXtend, has created shareholder value in an optimized risk-return manner, broadening network reach and bolstering revenues and margins without EVgo needing to invest CapEx in lower utilization settings. EVgo's technology leadership in this new and rapidly growing sector deepens and widens our competitive moat, with a litany of industry firsts in the public fast charging sphere, including power sharing, AutoCharge Plus, EVgo Reservations, integrated Tesla connectors, proprietary software products like EVgo Optima and EVgo Inside, and of course, the EVgo Innovation Lab. We believe EVgo's engineering team is not only a step ahead of other public charging networks. We are working collaboratively with automakers, equipment manufacturers, and policymakers to craft the holistic infrastructure architecture designed to scale to meet the needs of hundreds of diverse models of EVs coming to market over the next few years. Now, let's talk about EVgo's focus on enhancing the customer experience and the demonstrable progress we've made in our own chargers, in working with OEMs, and in improving driver education. First, on chargers, we've continued to run to ground and remedy issues associated with charging equipment, holding our suppliers to exacting standards on both hardware and software. We collaborate closely with OEMs to ensure their EVs can work seamlessly with EVgo chargers. We're continuing to invest in driver education as the number of EVs on the road skyrockets and use of fast chargers grows with it. Our Charge Talk and ReNew video series and related blog posts are helping new and experienced EV drivers adapt to the ever-changing fast charging ecosystem. One of EVgo's success benchmarks is what we refer to as One and Done charging. This is a metric we track, showing the percentage of time customers get what they came for, a successful charge at EVgo on their first attempt. We started 2023 with One and Done at 85% and have now reached 91%, with the aim of achieving 95% at year-end. We will continue driving towards a One and Done rate of 100%. Our investments in customer experience are paying off, with rising PlugScore and J.D. Power results. In the Q3 2023 J.D. Power Overall Satisfaction Index, EVgo improved four percentage points from Q1 and saw strong gains on key customer experience metrics, such as speed of charging, up 12%, and ease of charging, up 6%. Turning to EVgo supply chain. Along with most of the U.S. EV industry players, EVgo has committed to support NACS connectors. We've qualified a couple of potential suppliers for NACS charging cables, including liquid-cooled cables, which are required for the high-powered 350 kW chargers that are EVgo's standard deployment. EVgo anticipates rolling out NACS connector cables in 2024 at a cost comparable to a CCS cable today and with a minimal cost to retrofit to existing stations. We expect to be ready with NACS cables for our chargers well before the automakers that are transitioning to NACS have their NACS EVs on the road. With respect to CapEx trends for fast chargers, we've been able to negotiate lower equipment pricing. However, there are several factors currently contributing to CapEx being at the top end of our previously mentioned range. First, Build America, Buy America, or BABA. In order to be eligible for NEVI funding, the IRA stipulates that chargers must meet BABA standards. While EVgo fully supports building domestic manufacturing capabilities for the EV charging industry, the BABA compliant chargers cost more at present. Second, prevailing wage requirements for grant-funded projects under NEVI or 30C add about 30% to the labor portion of CapEx. Finally, utilities are needing to upgrade local power distribution networks to accommodate more and more fast chargers, and they are passing on many of these costs to charging companies such as EVgo. To help counter the current cost headwinds in our industry, EVgo is pursuing innovation on many fronts to reduce the CapEx required to build a station. For example, we recently announced a prefabricated charging deployment model on a skid that's expected to reduce installation timelines by 50% and reduce capital equipment costs by 15% eligible sites. This scalable design is being deployed at several locations in the next few months and will be honed for more widespread application in stations designed and mobilized later in 2024. On partnerships, I'm pleased to report that the first EVgo eXtend sites with The Pilot Company and GM are now operational. Customer feedback has been terrific, with PlugScore for these new highway corridor stations rivaling the best in the business. The PFJ station deployment program is on track, with agility and innovation being key ingredients in our success so far. Emblematic of this, we announced last quarter that EVgo received the first 350 kW BABA-compliant chargers in the country. Last quarter, EVgo added another Blue Ribbon OEM partner with the signing of an agreement with Honda. Future Honda and Acura EV models will be eligible for up to a $750 charging credit on EVgo's public network. Honda will embed EVgo Inside, our proprietary software, into their navigation system to help enable their drivers to locate EV charging stations nearest to them. We also signed a deal with automaker Stellantis, who will leverage EVgo Inside as their API to integrate into their apps, to aid their drivers to find a fast charger, view availability, and start a charge. EVgo extended our agreement with Toyota, providing Toyota EV drivers a year of free charging at EVgo for model year 2024. EVgo's rideshare partners, led by Uber and Lyft, delivered significant growth this quarter as they move aggressively toward their goals of electrifying their fleets. Throughput from fleets on EVgo's network is 5 times higher in the third quarter compared to last year's third quarter. EVgo expects to open our second depot site for an autonomous vehicle company in January 2024. These two sites have stall counts between 26 and 30, more than double our typical public site size. Also in our fleet business, a national food and beverage company site is operational, and they are using EVgo Optima, our proprietary fleet management software. EVgo and Hertz signed a B2B fleet charging agreement to allow Hertz vehicles to be charged on the EVgo public network between rentals. PlugShare, the Yelp of the charging world, continues to grow. PlugShare remains the largest community of EV drivers in the world, with 7.4 million check-ins since its inception and reaching more than 4.1 million registered users in the third quarter. Harnessing this reach to make charging easier across all networks, in October, EVgo launched Pay with PlugShare across California, allowing users to pay for a charge within their PlugShare app. Now, turning to deployment of capital, let me reemphasize a point I've made to you many times. EVgo's ability to adjust the speed of our growth engine and invest capital to match the market circumstances is a great strength of our business model and our management team. I've often compared EVgo to hockey legend Wayne Gretzky, who famously noted that to be successful, he didn't skate to where the puck was, but to where it was going to be. EVgo similarly skates just ahead of the puck, incorporating lead times to site and build our infrastructure while anticipating growth and demand and integrating the timing of grants as we pace our build-out. The agility of EVgo's high-performance engine allows us to torque our deployment schedule to optimize shareholder returns, while keeping the availability and timing of new capital front of mind. And now, regarding new capital, a plethora of non-dilutive government sources of capital are in the mix. First, our DOE loan application is progressing well, with the potential for a significant amount of low-cost debt becoming available to EVgo sometime in the latter half of next year. The likelihood and exact timing of this is difficult to predict with precision. Second, tradable tax credits for charging infrastructure through 30C will be available at the start of 2024, and we believe are likely to cover up to 30% of CapEx for a significant portion of EVgo's projects. For the first time, the 30C credit will be eligible to be transferred so that companies like EVgo may monetize the full credit value. As a result, EVgo is forecasting $ millions in benefits annually over the coming years. In the past quarter, EVgo's finance and tax teams have worked to prepare EVgo to monetize the credit. We're expecting final rules from the U.S. Department of Treasury in the coming months to provide the certainty needed to finalize our plans for implementation. And third, public funding awards through NEVI and other state programs continue to come EVgo's way, albeit roughly 6-9 months later than expected, and that the market might have hoped due to delays arising from bureaucratic government processes. While delays may be a bit frustrating, there's no doubt that the appropriated funds will indeed be disbursed, and as mentioned above, EVgo can adjust the pace of our build-out to account for those delays. Recall that NEVI has the potential to fund up to 80% of project CapEx. And to date, EVgo is at the top of the leaderboard amongst NEVI grantees, winning over an estimated 20% of the funds announced. Recall that we only apply for grants where projects would meet our financial hurdles. Some jurisdictions or state program designs don't meet our criteria. While NEVI remains a focal point, it's not the only source of public funding available to accelerate EVgo's network expansion. For over a decade, EVgo has partnered with public agencies at the state and local level through funding programs that have propelled our growth, and we continue to build upon this experience for not only NEVI, but other grant programs as well. As a reminder of the financial significance of the external funding that complements EVgo's direct investments, these diverse funding sources can typically be stacked. For example, a stall that is part of EVgo's GM program receives a $33,000 CapEx payment. In addition, some locations may also be awarded NEVI or other state or municipal grants, as well as be eligible for a 30C tax credit. In some cases, the funding stack may cover the vast majority of CapEx for a station. Availability of multiple funding sources extends the geographic footprint of stations that pass EVgo's investment hurdles and makes those locations more profitable, a genuine accelerant to EVgo's business. The upshot for our financial picture is this: the diverse sources of non-dilutive funding that include OEM funding, grants, and 30C, in combination with EVgo's current balance sheet, are ample to fuel our growth engine well into 2025, consistent with what we've reported previously... And with that, I'd like to introduce you to EVgo's next Chief Executive Officer, Badar Khan. Thank you, Cathy. Let me first congratulate you on a very successful tenure leading EVgo over the past 6 years. The company has come a long way under your leadership, from a 50-person private company to a public company leader in EV fast charging in over 35 states, serving over 785,000 customers. Under your leadership, EVgo can claim a number of firsts, from being the first to deploy a 350 kW charger in 2018, to being the first charging company to be 100% matched with renewable energy since 2019, to having the first integrated Tesla connector since 2019. I also want to commend you and the team for delivering what you said. Since EVgo has been public, it has met or exceeded initial revenue and EBITDA guidance, and the company's raising revenue and adjusted EBITDA this year. I'm excited to take on the CEO role at EVgo, and I'm very excited for the future. EVgo's mission of mitigating the impact of climate change by accelerating the adoption of electric vehicles through building and growing our fast charging network, is a mission that is very motivating. In just the past year, we have seen a 50% increase in EVs on the roads in the U.S. While growth rates may be slower or faster in the short term, there is no denying that the market will continue to see exponential growth in the long term, with 300,000 DC fast chargers needed by 2030, up from over 30,000 today. I've also been impressed by the focus on discipline that I've observed as a board member for the past 1.5 years. Most clearly evidenced by the rigorous underwriting criteria employed by the company of only building assets that are projected to achieve a double-digit return. It is therefore particularly exciting to take over at this time, as we see some key underlying metrics accelerate in recent months, like network throughput growing four times faster than VIO growth over the past year, and overall network utilization over 15% across the entire network during September, and notably, for the past two quarters, growing faster in states outside California. Over the past decade, EVgo has built and continues to refine a very compelling growth engine that we believe has the capacity to site, permit, win grants, build and operate well-located chargers that have a lifetime value far in excess of the annual cost of the growth engine, and at returns that are greater than the cost of the capital required for those fast chargers. The fact that utilization at our top st is already exceeding the utilization assumed in our underwriting, further increases the value of our growth engine. I'm also delighted to see the improvements in customer experience that has been a particular focus over the past year, as reflected in the most recent J.D. Power satisfaction scores, improving four percentage points overall and across all the metrics tracked. I look forward to meeting our customers, partners, vendors, and shareholders in the coming months. I also look forward to sharing more of my thoughts on the future of EVgo on the next earnings call in early 2024. I'll now turn the call over to Olga to share more details on the quarterly performance, as well as an update to EVgo's 2023 full year guidance. Olga. Thank you, Badar. EVgo delivered another strong quarter, driven by growth in our core retail charging business and eXtend. Revenue in the third quarter was $35.1 million, which was a 234% year-over-year increase. Revenue growth was primarily driven by increased charging revenues and eXtend revenue. Retail charging revenue grew from $5.2 million in the third quarter last year to $13.4 million in the third quarter this year, exhibiting a 158% year-over-year increase. Commercial charging revenue grew from $0.7 million in the third quarter last year to $4 million in the third quarter this year, a 496% year-over-year increase. eXtend revenue grew from $1.5 million in the third quarter last year to $10.5 million in the third quarter this year, exhibiting a 579% year-over-year increase. Adjusted gross margin was 26.4% in the third quarter of 2023. When compared to 19.1% in the third quarter of 2022, the year-over-year change was attributable to improved operating leverage, resulting from high utilization. Network throughput has increased by 208% year-over-year, while operational stall count has increased by 29% over the same time period. That allows EVgo to amortize network fixed costs over a larger revenue base. Adjusted G&A as a percentage of revenue improved from 230% in Q3 2022 to 67% in Q3 2023, illustrating the leverage EVgo continues to realize from its existing network and ongoing investment in infrastructure, people, and processes on its way to profitability. Reflecting the revenue growth and operating leverage, adjusted EBITDA was -$14.2 million in Q3 2023, versus -$22.2 million in Q3 2022. Cash, cash equivalents, and restricted cash was $229 million as of September 30. We added over 240 new stalls to our network during the third quarter. 40 of which are extend stalls under our pilot program, and stalls in operation or under construction were over 3,400 as of September 30. Operational stalls at quarter end were approximately 2,700, and include the first 40 operational stalls at 10 locations under our eXtend program with Pilot Flying J and GM. Cash used in operations was $7.3 million in the third quarter, also reflecting ongoing realization of operating leverage. In Q3, total CapEx was $24 million, including around $21 million in gross CapEx as we continue to execute our build plan. Year to date, we have spent $124.1 million on total CapEx, including around $114 million in gross CapEx. EVgo expects to recover approximately 45% of its 2023 vintage CapEx, with GM payments of $33,000 per stall accounting for approximately half of that, and the remainder recovered through a combination of federal, state, and local grant funds and 30C credits. Between 2022 and 2023 project vintages, EVgo has been awarded approximately $29 million of grants, of which we have collected roughly $10 million. The remainder is expected to be collected in Q4 2023 and 2024. EVgo's gross CapEx per stall is approximately $150,000, driven by rising utility interconnection costs and the requirement to pay prevailing wages for labor associated with projects receiving grant funding, as Cathy discussed earlier. As part of our Fleet Hub business, we entered into an arrangement allowing us to get access to prime locations in key urban areas in the U.S. through selling and leasing back such properties. In the beginning of the fourth quarter, EVgo sold and leased back two real estate locations, resulting in $16.5 million of gross proceeds. As highlighted, EVgo's total throughput this quarter was three times more compared to last year. We believe several factors are compounding to create this significant updraft. Foremost is VIO growth, including growth of non-Tesla EVs. EV VIO at the end of third quarter is estimated at 3 million EVs in the U.S., growing 50% compared to last year. Second, is an increase in the size of the addressable market. Vehicle miles traveled, or VMT, is growing, nearing parity with internal combustion engine vehicles, according to recent industry data, reflecting a growing consumer confidence in charging availability wherever they go. More miles traveled equals more charging needed. We also believe that DCFC charging as a percentage of total charging is increasing, as EVs have become more affordable to drivers without access to home charging. And with fast charging becoming increasingly available and accessible, more top-up or convenience charging is taking place. Third, is market share expansion arising from superior EVgo locations and enhanced customer experience at our sites. Fourth, continued electrification of rideshare fleets is driving usage on the EVgo network, mostly Uber and Lyft drivers. The average rideshare driver travels 3-5 times more miles than an average commuter and is much more reliant on fast charging infrastructure. Fifth, higher charge rates of new EVs enable more throughput in the same amount of time. And finally, newer EVs hitting the market are bigger and hence have lower efficiency. That is, they require more kilowatt hours to go the same distance as smaller light EVs. EVgo categorizes traffic on our public network into three categories: retail, which is comprised of individual, non-commercial EV drivers, commercial off-fleet, which includes rideshare drivers and autonomous vehicles, and OEM charging revenue, which is derived from charging credit programs from the automakers. Retail throughput, the first of those three categories, was 2.5 times greater than the third quarter of 2022. This increase is driven by both more customers on the EVgo network and high usage per customer, reflecting the trends discussed earlier. We added over 106,000 new customer accounts this quarter, bringing the total to over 785,000. Average monthly kilowatt hours per active customer is up 66% since January 2023. EVgo's membership programs are delivering value to our frequent customers. Over 20% of our retail charging revenue is derived from EV drivers on a membership or subscription plan. EVgo now has over 30 markets that delivered double-digit utilization in the third quarter. It is truly a coast-to-coast phenomenon, with metro markets such as Dallas, Houston, Miami, Detroit, Atlanta, Raleigh, Chicago, and Philadelphia, joining our historically strong California markets of LA, San Diego, and San Francisco. EVgo fleet traffic, which accounts for over 20% of our throughput, continues to gain momentum this quarter, growing fivefold year-over-year. Uber and Lyft are our largest rideshare partners, with Uber alone accounting for 2 GWh in October 2023. We estimate that EVgo powers up to 50% of our rideshare drivers' charging needs. With EV adoption on the rise, continued leadership in the attractiveness of our locations, and a relentless focus on the customer experience, we expect EVgo to continue this quarter-on-quarter growth trajectory in the foreseeable future, building to a financially sustainable business model and superior profitability. Moving on to our full-year 2023 guidance. EVgo is raising its full-year revenue guidance to a range of $148 million-$158 million, and EVgo is raising its full-year Adjusted EBITDA guidance to a range of -$66 million to -$62 million. We expect to have a total of 3,400-3,700 DC fast charging installed and operational under construction, including EVgo eXtend, by the end of 2023. With that, we're turning over to the operator for questions. At this time, I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad to enter the question queue. Once again, that is star followed by the number one. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Chris Dendrinos with RBC. Your line is open. Great. Yeah, thank you very much, and congratulations on the fantastic quarter. Thank you. I guess maybe to start here, the throughput growth rate, it's accelerating faster than EVgo, as you noted. And you highlighted some very impressive increases in utilization rates as well and noted a few reasons driving that. Based on the guidance increase, it looks like demand is perhaps even stronger than your internal expectations. So can you comment on how you're thinking about demand growth going forward and how that is shaping the development plan and the thought process around that? Is there, I guess, desire to maybe accelerate installations in certain locations where utilization rates are particularly strong? Thanks. Yeah, well, because we've got a pretty sophisticated network planning tool that takes into account, you know, all of these trends down to the census block level. So yeah, we're thrilled overall about the kind of compounding factors that are increasing utilization, and we'll continue to be able to sort of accelerate in particular locations where we see that demand growing more quickly. Remember, we've still got tons of headroom on the existing network. So what we're doing as we plan the future builds is, you know, there's a 12- 18 month lead time for when those stations go live. So we've got lots of time as we're thinking about where those market trends are gonna take hold most. So it's, again, the beauty of our model is that it's a disaggregated capital investments in particular locations that we can ramp up or down based on sophisticated tools. Yeah, and maybe just to add on that, since network plan sits within my purview, it's an iterative tool. So every month of new data gets fed back into the network plan, and it feeds into the future optimization. So this recent increases, just like before, when we didn't observe such increases, but yet we still observed other learning elements of that, they always go back to the network plan and ensure that network plan is based on the most recent trends and most recent observable utilization and other factoids we see, including the EV sales, et cetera. So there is nothing new here per se. Our method has always been as such. Got it. Okay, thank you. And then I guess maybe just following up on demand trend, but looking at it from demand for chargers. You know, the narratives around EV demand, it's been negative, and one of the reasons that's driving this is the perceived lack of access to charging infrastructure. One would think that this might be a signal to the OEMs out there to accelerate EV infrastructure investment to address these concerns more quickly. And I think this could probably be an opportunity for you all, both in, you know, the eXtend line of business as well as just partnerships in general. So can you comment on any of the conversations that you're having with potential OEM partners? You know, is there any change in their sense of urgency to accelerate installations, and then just any kind of updates there? Thank you. ... Yeah, so look, we've got great relationships, as you can see, with the, with all the leading OEMs, and they are continuing. Look, they, they've made commitments to invest, like, totally accumulatively, over $1 trillion in electrification of transportation. So they're bullish on this space. Everybody's got this eye towards we're gonna have over 30 million EVs on the road in, in America by 2030. So we, we, you know, we're continuing to work closely with them. And it's not just GM, you know, the, the, the announcements this time with Stellantis and Honda, which are new partners of ours. We're all very, very excited about creating convenient, reliable charging-fast charging infrastructure for the, with the, the accelerating demands for fast charging in particular. So, it's all-it's, it's sort of from our perspective, Chris, it's all good. All right. Thank you. Your next question comes from the line of James West with Evercore ISI. Your line is opened. Cathy, congratulations on the solid quarter and ending your tenure with a very strong third quarter here. Badar, welcome. Look forward to working with you. Thanks, James. So Cathy, one of the things I wanted to just touch on is we've, you know, we've got the NEVI program, which is increasing awareness. We've got a lot of states that are trying to kind of amp up their adoption and put in more chargers. Are you starting to see the ability to accelerate your placement of chargers? I know you guys have a ton of sites that are already specced and are ready, you know, ready to go, but getting permits and working with utilities has always been kind of a delay. Are you starting to see that ease somewhat? Yeah, it's a great question. Look, I think it's a classic thing, and you would have seen this in other work that you've done. The sector is maturing. Like, you know, when I started six years ago, you know, almost no local governments had ever received a permit to build a fast charging station, and now almost all of them are seeing them, or either have seen them and have cited them, or are beginning to see them. So because this is well and truly a national phenomenon. So the permitting is getting a bit easier. The utilities are becoming quite familiar with this. The longest pole in the tent on the actual building process right now is still with the utilities, not because of lack of awareness, but because there's still a bit of a bottleneck on transformers for them, on the service upgrades. So, what we've done to compensate for that is we just have a bigger funnel. So, you know, you alluded to this in your question. We've got line of sight to 10,000 prospective locations that would provide positive NPV for EVgo. And for us, it's a question of pacing those and matching that pace of deployment to when the NEVI funds are gonna drop, when utility make-ready programs are gonna be available, when the utilities can accommodate that in their planning schemes. We've just all become much more sophisticated about working together on getting that done. So it's, you know- Right ... it's still not an overnight thing to build, like, a charger. I guess I would say one other thing about trends is that, again, when I started at EVgo six years ago, mostly it was single or maybe two chargers at a location. Now, our standard is six stalls or above, and we're actually also working with GM right now on creating flagship stations that are gonna be 20 stalls per location. There is an appetite now and a demand now to have bigger locations in shopping center parking lots, grocery store parking lots, and so that's what we're gonna deliver. So it's all really, really exciting, but I think it's actually just classically, the market is maturing, the demand is getting higher, and that's all happening together. Right. Okay, got it. And then maybe just a quick follow-up for me. On the depot sites, you mentioned you're building a second one. How large is a depot site for you at this point? How many stalls? You know, again, depends on the particular location. You know, somewhere between 18 and 30, kind of typically is what we're looking at. Okay ... for these depot sites. Yeah. Okay. Got it. All right. Thanks. Thank you. Your next question comes from the line of Bill Peterson with JP Morgan. Your line is opened. Yeah, hi, good morning. Thanks for taking the questions. And, similarly, Cathy, you know, good luck in the next steps, and Badar, looking forward to working with you. First question is on the initial disclosure. So Pennsylvania actually had some disclosure on the NEVI awards. And it's not comprehensive, but some of the information would point to, you know, EVgo and other, you know, project costs being materially higher than Tesla's. Looks like around double. I'm not sure if this is apples to apples, but I guess, can you break down some of the cost elements to how you're thinking about hardware, construction, installation, I guess, in order to be more competitive across these sort of NEVI grants into the new year? Yo, Bill, I think you're right. I think that it isn't necessarily apples to apples. And Olga, do you may want to chime in with what we sort of on our breakdown of our CapEx, like a bill of materials? Yeah, sure. So our CapEx right now is $150,000 on average per stall. That is inclusive of everything: all the types of equipment, all the labor, all the utility work. So for some sites, you'll have a lot; for some sites, you will have de minimis, but on average, right, there will be costs associated with it. So roughly 40% of it is equipment, 60% of it is labor. We've seen Tesla numbers. We believe they, for example, don't include utility components, and it's hard for us to comment what portion of labor is included. On an equipment to equipment, we're kind of looking at it, and that's probably a little bit more apples to apples. But on overall CapEx, it's very hard for us to truly discern by just looking at absolute number reported and saying it is. We can compare it to 150 and conclude that it's half. We don't know what's missing. We know utilities are missing, but we don't know what else is missing to do a full comparison. ... But let's, let's just zoom up for a second, Bill. Okay. Suffice it to say that every smart business is looking to decrease its bill of materials and to innovate. And so that's why we're really particularly excited, like we just announced this prefab skid that we're doing that's gonna decrease costs and save a lot of time. So that's both a labor benefit and an equipment benefit. And there's lots of other things in our roadmaps that are gonna be getting. So we're, you know, and you will hear about those, I think from Badar and Olga next year. But we're very, very excited about our innovation roadmap to remain competitive. Yeah, that's helpful. And I guess, you know, trying to think about the share, first of all, it is great network throughput growth here, utilization trends are trending higher. But if we think about the model working long term, it's gonna be about installing more stalls and kind of letting this flywheel take effect. So I guess if we think about next year and beyond, how should we think about your share of ports being installed? Does EVgo need to expand in 2024 and 2025 faster than the market in order to drive this flywheel? And I guess really ultimately, how dependent on this growth plan in the next year will be dependent on policy support or DOE loans or other funding? Yeah. So maybe to start really at high level, when we think about our market share, we always think about our market share as percentage of kilowatt hours, which gets dispensed at DCFC. So when we do our network plan, be it short term or long term, we always optimize for that market share rather than the number of ports. So we are not, our goal is not to put as many ports as somebody else or as many ports as average. Our goal is to put the ports in the highest utilization locations to maximize the profitability of every single port we invest in it. So from that perspective, we probably won't, and depending how everybody else is deploying, that's just not the metric we're looking at. So I even have a hard time kind of like commenting on this, which is gonna be faster or slower. What you've observed in our filings and what we're reiterating was this quarter, that we are growing faster than VIO in terms of the throughput, so we are gaining, and our various extrapolations show that in the last few quarters, we've been gaining market share. We've been gaining market share with the DCFC segment. The overall DCFC segment has been gaining market share in terms of percentage of people charging DCFC versus L2. So those are the metrics we're looking at because they're directly tied to profitability. The number of ports without utilization is a simple sunk cost, and that's not how we look at our business. Is that, is that helpful, Bill? Well, yeah. Yeah, sorry, I was on mute. Sure. It is helpful. But I guess, you know, still, nonetheless, I mean- Mm-hmm. You know, you need to have critical mass. I, I would think- Sure ... here in these markets, you talked about all these sort of new non-California markets, in terms of driving mindshare and driving people to these sites. So I guess how much will get that depend on, on other funding opportunities versus, your own balance sheet? Oh, from that perspective, yeah. So the EVgo business is expected to be financed through a combination of cash on balance sheet, the funding sources, which include state, federal, and municipal programs, 30C, and partner funding. So as I mentioned in my prepared remarks, for example, for 2023, roughly 45% of 2023 vintage CapEx, so of the CapEx spent on 2023 assets, will be financed through these sources. We expect similar ratios going forward, and that is already baked into the network plan. We spoke a little bit earlier on this call about the network plan. The network plan takes it into account. We are also, as we've already mentioned before, in the process of applying for a DOE loan, which is a very optimally priced source of capital. It's a non-dilutive source of capital, which would allow us to, really underpin our network plan in, 2025, 2026, and beyond. So we're constantly thinking about various funding sources, and it always will be a combination of cash on balance sheet, non-dilutive financing sources, and various grant programs. Okay. Yeah, thanks, Olga. That's helpful. We'll pass on. Your next question comes from the line of Chris Pierce with Needham and Co. Your line is opened. Hey, good morning. I was hoping we could drill down a bit on gross margins. I know gross margins were down this quarter because of less equipment sales, but could you speak to where gross margins are as far as selling kilowatts, roughly where they are now and where they could go in the future? And is it possible to kind of get a level of, like, if we exclude equipment sales, like, what level of network throughput would EVgo need to be adjusted to be with a positive? All right, so let me start with gross margin. So we're looking, so you're looking at GAAP gross margin. The GAAP gross margin has a bunch of depreciation and amortization, so it's a lot of non-cash expenses. When we're managing the business, we're looking at adjusted gross margin. That's the number we're reporting, and we clearly saw an expansion this quarter versus last quarter versus last quarter this year. So we reported 26.4%, which is caused by higher utilization on our network, which allows to fully exhibit the leverage effect, and amortize some of the net fixed cost. So that's kind of a comment on that. On a GAAP gross margins are why we're seeing a lower numbers than last than last quarter. So that, that you're absolutely right, that's a revenue mix. We had a higher portion of eXtend revenues last quarter. eXtend revenues kind of don't have attached depreciation, amortization to them. That's why you're seeing that. But again, adjusted gross margin is probably a better number to look at to measure the progress of the business. It's a consistent number, and you can, we report it every single quarter. Now, when we're talking about adjusted EBITDA neutrality, we're clearly approaching it. As you might see, from the recent trends, we if you compare this quarter versus quarter, this quarter last year, our G&A as percent of revenue has tremendously come down from 230% of revenue to 67% of revenue. And so that, that's a clear illustration that we're in the path to profitability. When exactly it's going to happen? That will happen in the next couple of years. The exact moment we'll be- we will be talking to the market about this in the coming months, and update the market fully on that. And that's probably as much as I can say right now. Okay. Just at a high level, is that the right way to think about the business? You've got these equipment partners right now, and then as those kinda as that gets built out in the later years, it's gonna be about margins on electricity sales to drivers. And that sort of... Just to confirm, that's something you're gonna give more detail on, maybe in the coming in the first half of next year, you said, or at a later date? Yeah. So, the overall- Or is that not the right way to think about the business? Yeah, so- It's sort of gonna work together or? It's a combination of factors. So electricity margin is absolutely the factor, and electricity margin is dependent on our pricing, is dependent on a composition of network locations, 'cause electricity costs are wildly different across the country. It dependent on our efforts on getting ourselves on EV rates, which are usually more favorable. But then there are other factors. You have always energy costs, but you have non-energy costs built into our cost of goods sold and overall network costs, such as maintenance, AT&T and Verizon connectivity charges, some software charges, call center, and so on and so forth. So those items are semi-fixed in the nature, and our ability to cut costs on a per install basis is what driving the margin or maintaining the cost. That would driving that margin as well. So it's not all just about energy costs, it's not all about the pricing, you have some other costs. So the right way to think about it is looking at energy margin, looking at pricing, but also making sure that we, as a business, are able to optimize for those semi-fixed costs as well on the network. That would inform the margin. So the margin right now, 26.4% Adjusted Gross Margin basis. We had a 15% utilization this quarter. The utilization is expected to go up, as we all hope. So that margin, you should expect to see that number expanding with high utilization on the network. Okay, thank you. Your next question comes from the line of Andres Sheppard with Cantor Fitzgerald. Your line is opened. Hey, good morning, everyone. Thanks for taking our questions, and congrats on a strong quarter. Cathy, I echo everyone's thoughts. You will be missed. Wish you all the best in your future endeavors, and we'll certainly miss your EV industry updates in the earnings call. But, Badar, looking forward to working with you as well. Cathy, maybe a question for you. You know, we've seen some of the large OEMs out there, Ford, Mercedes, Tesla, even to some degree, talk about this potential slowdown in the demand for EVs, at least in the near term. Curious, just maybe to get your thoughts on that and how that might translate into the charging industry and in particular into EVgo. Thank you. Yeah. Thanks, Andres, and, you know, and I, and I'll miss talking to you on these quarterly calls as well. So yeah, the... What's fascinating is that the slowdown is relative to a giant—I mean, that that is talked about is relative—is kind of a modulated slowdown from some vertical growth. So we're still looking at, I mean, by all industry accounts, you know, 40%-60% growth, you know, next year in a slower market. And for any other sector, that would be viewed as like, "Oh, my goodness gracious, it's so fast!" So, you know, we're going from 3 million EVs today to 5-6 by the end of 2024 and up to 35 by, you know, 35 million by 2030. So it is, it remains a very fast-growing sector. The modulation of that is, again, we can actually lean in a little bit more to go a little bit more quickly on deploying stations more quickly if we need to, and we can pull back just a little bit if it's gonna slow down just a little bit. I mean, truly, I actually do love the Gretzky metaphor. And so for us, it's still like it really is up and to the right. And whether 2024 is a little bit slower, all of the OEMs are building capacity to make hundreds of V- hundreds of models of EVs. There's no denying that. So what happens in 2020-2024, if because interest rates are high and, and overall EV sort of sales are down? Hmm, I guess it just doesn't terribly worry us. The macro trend is still really, really strong, and as evidenced by what we saw in the utilization trends right now, right? So to be a leading provider of essential infrastructure for an increasingly hungry set of people that need fast charging is a fantastic place to be. Got it. That's super helpful. I appreciate all that. And maybe as a follow-up, I have a bit of a two-part question. So, you know, with in regards to NEVI, you know, I think we would all probably agree that the deployment of the funds has been maybe slower than most of us would like. So I'm just curious if you can just remind us of your run rate with your current liquidity on hand. I think in the past you had said that's sufficient to fund the business into 2025. So I just wanted to confirm that, and then if I just could also wanted to add, with you know, inflation and higher interest rates, I'm curious to get your thoughts on how you see the energy ASPs fluctuating, you know, next year. Should there be a somewhat of a considerable step-up in that cost? Or just curious to get your thoughts there. Thank you. Yeah, so we're confirming with the current cash on the balance sheet and with the combination of some of that fund, funding we talked on the call earlier, like grant funding, which we already secured and just about to collect. We are well-financed well into 2025. We don't need any extra capital until that moment. Sorry, do you mind repeating the second question? Yeah. The second part was just around the in- Oh, the energy cost. Yeah. With higher interest rates, kinda what you might expect- Yeah. Thank you. So the interesting thing about energy costs, so we're C&I customer of utilities, and we're very distributed across the country. So the good thing is that we're not tied to any wholesale volatility, and we're not tied to any particular utility due to distribution nature. So utilities do tend to pass on some of the costs to its customers, but because of the distributed nature of our network, it doesn't happen at the whole network level at the same moment of time, so it happens in the pockets of the network. We're constantly monitoring it, and we do have some sophisticated forecast and probability weighted assumptions on which parts of the networks will increase, which parts in the network won't increase. Now, what we also want to remind everybody is that we can, we're absolutely free in passing those increases back to our customers. We're not regulated in terms of how much we can charge our customers, and we have a very sophisticated approach to our pricing, which I think we've discussed multiple times on these calls, where we have a time of use price and location-based price and subscription pricing. So there are ways of trying to charge price-insensitive customers more and allow access for price-sensitive customers at some other maybe less popular times and whatnot. So even if we're seeing those increases, that doesn't erode into our margin because we're able to pass it on to consumers pretty much right away as we see fit. Got it. Super helpful. Thanks again, guys. Congrats on the quarter. I'll pass it on. Your next question comes from the line of Gabe Daoud with TD Cowen. Your line is open. Thanks. Hey, morning, everyone, and congrats, Cathy and Badar, to you both. Was hoping we could maybe get a little more color on just CapEx trajectory from here. Is it fair to assume that spend could actually decelerate in 2024 just to preserve cash and considering utilization rates are quite high in some of your-- across some of your portfolio? Would love to get a sense of the CapEx trajectory, and then, you know, how much is the long lead times on transformers really impacting you right now, and when do you think it could become a bigger problem? Yeah, we'll be talking about 2024 various 2024 plans on our next call, but I don't think deceleration is on the books, but we will obviously talk about all kinds of 2024 metrics in a few months from now. Yeah, and, and- Okay. Let me just- Thank you. Let me just add on, sort of, the transformer thing. It, we've – it, the transformer thing isn't slowing us down at all. The transformer, well, the reality is that we just take account of the fact that transformers are going to take a long time, so we plan for it, right? So, you know, we're being helpful to utilities, and we have a line of sight into which utilities have ordered transformers for the places. Because, you know, I think as I've mentioned before, we go in and we meet with every single utility where we're building, and we give them our 12-18 months to 24 months, you know, kind of our game plan of where we're thinking we'll build, so that they can actually make the orders for any service upgrades that are required. And there are lots of, lots of... Most places now do require a service upgrade, as I think we've described. Some of them are going to get their equipment faster than others, but we've got this machine that, under the direction of Dennis Kish, our COO, is extremely agile. It's got to be the best in the business. And so we are able to, like, we were able to shift our teams around to build where we can build when the utilities are ready to accept that, when the utilities are ready to install their parts of it as well. So we've got a very big funnel, and a very good line of sight to what we're building. So that's not a gating item. It's just what may mean that we're not turning on as many as quickly. You'll remember a couple of years ago, I thought, "Oh, let's get this all down to six months from start to energization." Well, it's not there yet, and, you know, maybe in a few years it will be, but that's okay because we now plan for it. Okay. Okay, that's helpful. And then I guess just, just as a follow-up, could, could you maybe talk a little bit about... I lost my train of thought. Demand charge reform, that's where, where I was heading. Just, is there, is there an update there on maybe new jurisdictions and, and making some progress with demand charge reform in areas outside of California? I'll just leave it there. Thanks, everyone. Yeah. So, you know, we've got a great team that does all of our utility regulatory advocacy and interventions. And again, I don't remember off the top of my head the sort of half dozen or dozen, between 6 and 12 jurisdictions where we're active. But that's demand charge reform, extension of EV rates that are conceivably sunsetting. All of those things are on the boil and, again, well outside of California. And I just am not remembering offhand, but Gabe, happy to take that on notice, and get back to you guys on where those rate cases are underway. There are no further questions at this time. I'd like to hand things back over to Cathy Zoi for closing remarks. Thank you for attending, everyone. This is our quarter's financial and business update. We all appreciate your interest in EVgo, and while this is my final earnings call with you, that I remain financially, intellectually, and emotionally invested in EVgo's success, and I look forward to witnessing and celebrating the progress under Badar's leadership. Thank you so much. This concludes today's conference call. You may now disconnect.