Q3 2021 Volta Inc Earnings Call

Once again, thank you for your patience the conference will begin shortly please continue to stand by if you'd like to ask a question. During the call you can press one four on your phone's keypad. If you question gets answered all you would like to withdraw all you can press one three and again that's one four to ask a question. Please continue to stand by.

Speaker 1: Once again, thank you for your patience. The conference will begin shortly. Please continue to stand by. If you'd like to ask a question during the call, you can press 1-4 on your phone's keypad.

Speaker 1: question gets answered or you would like to withdraw, you can press 1-3.

[music].

Thank you for standing by this is a conference operator welcome to the bulk of the third quarter of 2021 for news call joining the call today from Volta founder and C. E O Scott Mercer co founder and President, Chris window, and CFO friend Swat Chadwick.

Speaker 2: Thank you for standing by. This is the conference operator. Welcome to the Volta third quarter 2021 earnings call. Joining the call today from Volta, our founder and CEO , Scott Mercer, co-founder and president Chris Wendell, and CFO Francois Chab.

[noise] ahead of his call Volta issued its third quarter press release, which will be referred to today.

Speaker 2: Ahead of this call, Volta issued its third quarter press release, which will be referred to today. This can be found on the investor relations section of the website at voltacharging.com.

This can be found on the Investor Relations section of the website at both the charging dot com.

Please note that on this call both of them will be making forward looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect the companies do only as of today should not be relied upon as representative about views as any subsequent date and both to undertake no obligation to revise our publicly.

Speaker 2: Please note that on this call, Volta will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect the company's view only as of today, should not be relied upon as representative of both views as any subsequent date, and Volta undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

At least the results of any relation to these forward looking statements in light of new information for future events.

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations for further discussion of the material risks and other important factors that could affect our financial results. Please refer to the company's filings with the S. E. C included in its quarterly report on Form 10-Q.

Speaker 2: These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to the company's violence with the SEC included in its quarterly report on form 10Q. In addition, today's call, the company will discuss non-GAAP financial measures, which they believe are useful as supplemental measures of Volta's performance.

<unk>.

In addition, two days called the company will discuss Noncomp financial measures, which they believe are useful as supplemental measures are both of his performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results you will find additional disclosures regarding the non-GAAP financial measures.

Speaker 2: These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

Speaker 2: You will find additional disclosures regarding the non- GAAP financial measures discussed on today's call. In both this press release, they shoot this afternoon and it's fine with the SEC each of which is posted on the Baltic Charging website.

Discussed on today's call Bolsters press release issued this afternoon and its filings with the SEC each of which is posted on the Bolton charging website <unk>.

A webcast of this call will also be available on the Investor Relations section. The company website. Further help participants are in a listen only mode and the conference is being recorded after.

Speaker 2: The webcast of this call will also be available on the investor relations section of the company website. Further, all participants are in a listen-only mode and the conference is being recorded.

After the presentation, there will be an opportunity to ask questions to join the question to you Me press one followed by the four on your telephone keypad should you need any assistance during the conference call you may signal, an operator by pressing star followed by the zero.

Speaker 2: After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press 1 followed by the 4 on your telephone keypad. Should you need any assistance during the conference call, you may signal an operator by pressing star followed by the 0.

With that I will turn to call him to Scott. Please go ahead.

Speaker 2: With that, I will turn the call over to Scott. Please go in.

Thank you everyone for joining us today.

Speaker 3: Thank you everyone for joining us today. I'm thrilled to be here to welcome you to our first earnings call of the publicly traded...

I'm thrilled to be here to welcome you to our first earnings call in a publicly traded company.

Speaker 3: For those of you who are new to our business, I'd like to take a moment to reintroduce Volco, how we work, and how we are uniquely positioned to win in this high-growth burgeoning industry.

For those of you who are new to our business I'd like to take a moment to reintroduce fault that how we work and how we are uniquely positioned to win and as high growth burgeoning industry.

Then turn it over to Chris for a deeper dive into the quarters activities and Francois will conclude with a financial over.

Speaker 3: I'll then turn it over to Chris for a deeper dive into the quarter's activities, and Francois will conclude with a financial open session.

The rise of electric mobility is one of the largest macroeconomic trends of our lifetime.

Speaker 3: The rise of electric mobility is one of the largest macroeconomic trends of our life.

We found it both that over a decade ago to capitalize on and catalyze this fundamental shift and transportation and it just so you say you needed infrastructure needs as the world moved to a more sustainable energy and mobility ecosystem.

Speaker 3: We founded Volta over a decade ago to capitalize on and catalyze this fundamental shift in transportation and its associated infrastructure needs as the world moves to a more sustainable energy and mobility.

In the next three years electric cars will become more affordable than internal combustion engines.

Speaker 3: In the next three years, electric cars will become more affordable than internal combustion.

Speaker 3: Some $500 billion of US gas station revenue is up for grabs as more and more drivers go.

500 billion have you at gas station revenue is up for grabs as more and more drivers call back.

We believe the biggest economic opportunity isn't in Conquesting only to feeling dollars, it's an understanding the behavior and I'm walking to spend that will accompany the shift around killing happens soon the majority of people will no longer go to the gas station to fill up they will feel up where they already go.

Speaker 3: We believe the biggest economic opportunity isn't in conquesting only the fueling dollars. It's in understanding the behavior and unlocking the spend that will accompany the shift around fueling habits.

Speaker 3: Soon, the majority of people will no longer go to the gas station to fuel up. They will fuel up where they already go. Our stations are public.

R stations or public Universal and open access and we love her to data driven understanding of consumer behavior to deliver E V charging that seamlessly Indy drivers daily routine at premium commercial locations, where they are already spending their time.

Speaker 3: And we leverage a data-driven understanding of consumer behavior to deliver EV charging that fits seamlessly into driver's daily routine at premium commercial locations where they're already...

And we are the only behavior driven network focused on rewarding consumers for sustainably might've practice.

Speaker 3: And we are the only behavior-driven network focused on rewarding consumers for sustainably-minded practice.

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

Speaker 3: For our site partners, our network attracts more customers who stay for longer periods of time. And we're currently working on some new initiatives to further encourage oil.

Speaker 3: For advertisers, we provide a dynamic content platform that allows them to engage potential customers and influence behavior right before they walk into a store or other commercial property to make a product.

For advertisers, we provided dynamic content platform that allows them to engage potential customers and influence behavior right before they walk into a store or other commercial property to make a purchase.

Both the differentiates by using behavioral science powered by best in class data Science and machine learning technology, allowing us to understand the larger impact of how the electric Revolution will unfold and delivered differentiated streams of value to our partner ecosystem.

Speaker 3: Volted differentiates by using behavioral science powered by best-in-class data science and machine learning technology, allowing us to understand the larger impact of how the electric revolution will unfold and deliver differentiated streams of value to our partners.

Speaker 3: We are pleased by our overall performance in the third quarter of 2021 and the additional strong progress made on our strategic initiatives after 2021.

We are pleased by our overall performance in the third quarter of 2021, and the additional strong progress made on our strategic initiatives after the corner at.

Highlights of the quarter include revenue for the quarter was $8.5 million, 77% growth from the same quarter last year. The springs are year to date revenue to $22 million up 82% from the same nine month period in 2020, and he clipping or 2024 year performance.

Speaker 3: Highlights of the quarter include revenue for the quarter was $8.5 million, 77% growth from the same.

Speaker 3: This brings our year-to-day revenue to $24 million, up 82% from the same nine-month period in 2020, and Eclipseing are 2020 fully.

We continue to expand our footprint by Einstein $168 and a quarter, bringing our total installed style Bay as of September 30th 2137, Salt in 23 States.

Speaker 3: We continue to expand our footprint by installing 168 stalls in the quarter, bringing our total installed stall base as of September 30th to 2137 stalls in total.

Both the stalls generated over 238000 estimated charging sessions per month, 24% utilization for 24 hour period.

Speaker 3: Both the stalls generated over 238,000 estimated charging sessions per month, 24% utilization for 24 hour periods.

Speaker 3: with a total 3.5 gigawatt hour network throughput in the corridor, forming one of the most...

With a total of 3.5 gigawatt hour network throughput in the corner, forming one of the most utilized charging networks in the United States.

We further strengthened our network development partnerships, finding new Master service agreements in the corner with six key partners, including six flags.

Speaker 3: We further strengthen our network development partnerships, finding new master service agreements in the quarter with six key partners, including six flats.

Are charging solutions team generated sign contracts for 143 sites in the quarter, representing our strongest quarter, yet and adding to our backlog I've construction in queue.

Speaker 3: Our charging solutions team generated sign contracts for 143 sites in the quarter, representing our strongest quarter yet and adding to our backlog.

[noise] behavior in commerce revenue for the quarter was $7.4 million up 14% quarter over quarter and up 232% year over year behavior in commerce revenue for nine months any September 30th of 2021 with $17.4 million up 315% from the same my nine month period in 2020.

Speaker 3: Behavior and Commerce Revenue for the Quarter was $7.4 million, a 14% quarter over quarter, and up 232% year over year. Behavior and Commerce Revenue for nine months in September 30th of 2021 was $17.4 million, up 315% from the same nine month period.

We successfully completed the business combination with tortoise in August and as of September 30th we had $331 million in cash and equivalents on hand.

Speaker 3: We successfully completed the business combination with Tortoise in August and as of September 30th we had $331 million in cash and equivalents.

We are nearing an infection an E V market growth and electric mobility adoption U S. Passenger E. D sales are expected to grow 34% annually through 2030 with public charging demand increasing 16 ex over the same time frame.

Speaker 3: We are nearing an inflection in EV market growth and electric mobility adoption. US passenger EV sales are expected to grow 34% annually through 2030, with public charging demand increasing 16X over the same time.

Through 2040 E V passenger sales are expected to grow 19% annually with public charging demand increasing 44 acts over the same period.

Speaker 3: Through 2040, EV passenger sales are expected to grow 19.

Speaker 3: public charging demand increasing 44x over the same period.

This acceleration towards electric mobility is driven principally by improving industry economics and increasingly by governmental policy.

Speaker 3: This acceleration towards electric mobility is driven principally by improving industry economics and increasingly by governmental policy.

For example, the cost of batteries has declined over the past several years, which has helped E. D has become cost competitive with ice vehicles we.

Speaker 3: For example, the cost of batteries is declined over the past several years, which has helped EVs become cost competitive with ISPF.

Speaker 3: We expect these costs to fall further as the industry scales, and by 2024, we expect battery costs to drop below $100 per kilowatt hour, which we believe is a threshold level which makes electric cars more attractive to the average.

We expect these costs to fall further as the industry scales and by 2024, we expect battery costs to drop below $100 per kilowatt hour, which we believe is a threshold level, which makes electric cars more attractive to the average driver.

Policy initiatives by various levels of government have become supportive to the acceleration in electric mobility.

Speaker 3: Policy initiatives by various levels of government have become supportive to the acceleration and electric mobility. Both are welcomes this governmental support, and we expect to benefit from it along with.

<unk> welcomes as governmental support and we expect to benefit from it along with the industry.

As parts of the E D charging infrastructure value chain become increasingly commoditize. Both of <unk> remains focused on building a business that is differentiated and sustainable in the long term.

Speaker 3: As parts of the ED charging infrastructure value chain become increasingly commoditized, Volta remains focused on building a business that is differentiated and sustainable and long.

Speaker 3: Our view is the public charging opportunity is grounded in the shift in driver behavior, and it's more than just hardware and energy. And this is reflected.

Our view is the public charging opportunity is grounded in the shifting driver behaviour and it's more than just hardware and energy and this is reflected in a multiple revenue streams.

As a reminder, bolted generates revenue from three primary sources behavior in commerce, both of media and advertising business today network development, including data and charging network operations.

Speaker 3: As a reminder, Volta generates revenue from three primary sources. Behavior and commerce, Volta's media and advertising business today. Network development, including data, and charging network operators.

Speaker 3: Behavior and Commerce revenue is initially derived from the sale of advertising to both the partners and clients that purchase media display time on our content network. To conduct media and advertising campaigns and generate commerce or influence targeted drivers.

He'd be on Commerce revenue was initially derived from the sale of the advertising devote the partners and clients that purchase media display time on our content network to conduct media and advertising campaign and generate commerce or influence targeted driver behavior.

Network development revenue is generated from services associated with the installation operation and maintenance services are charging stations for select site partners.

Speaker 3: Network development revenue is generated from services associated with the installation, operation and maintenance services of charging stations for select site.

Data and intelligence revenue is tangential to the other revenue sources as discussed and is further generated from license or service fee revenue from our other proprietary software tools.

Speaker 3: Data and intelligence revenue is tangential to the other revenue sources, as discussed, and is further generated from license or service fee revenue from our other proprietary shops.

Bolton currently offers access to predict T V tool to utility companies channel partners and other third parties throw SaaS business model.

Speaker 3: Volta currently offers access to the PredictEV tool to utility companies, channel partners, and other third parties through a SaaS

Charging network operation revenue is tied to the utilization of voltage charging stations such as proceeds from charged for charging and through the sale of the L. T. F S low carbon fuel standard credits.

Speaker 3: Charging network operation revenue is tied to the utilization of voltage charging stations, such as proceeds from charge for charging and through the sale of LCFS low carbon fuel standard credit.

I would now like to turn it over to Chris to discuss the elements of the quarter and year to date business in further detail.

Speaker 3: I would now like to turn it over to Chris to discuss the elements of the quarter and your to date business in further detail.

Speaker 1: Thank you Scott. I would like to begin by reminding everybody listening about the differentiated go-to-market strategy for our-

Thank you Scott I would like to begin by reminding everybody listening about the differentiated go to market strategy for our business. That's Scott mentioned, both are considered the shift emobility one of the largest macrotia in our lifetimes.

Speaker 1: As Scott mentioned, Volta considers the shift to e-mobility one of the largest macro shifts in our life.

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

Speaker 1: Our client teams have the ability to harness our behavioral science team than able our side partners to seize this opportunity.

Speaker 1: to enhance their core commercial goals using our infrastructure. Let's start with our...

Let's start with our strategy for network development or Central thesis focuses on building quality infrastructure that delivers the most miles to drivers per dollar of capital invested.

Speaker 1: Our central thesis focuses on building quality infrastructure that delivers the most miles to drivers per dollar of capital.

Speaker 1: This is a key factor that will help us drive industry leading returns.

This is a key factor that will help us drive industry leading returns.

We seek to provide the best network utilization by offering drivers are meaningful charge, which will ultimately maximize monetization.

Speaker 1: We seek to provide the best network utilization by offering drivers a meaningful charge which will ultimately maximize monitoring.

Our approach the E V charging focuses on driver experience and behavior. This is why our infrastructure is differentiated and customize to be engaging exciting and something people actually want to use or pay attention to.

Speaker 1: Our approach to EV charging focuses on driver experience and behavior.

Speaker 1: This is why our infrastructure is differentiated and customized to be engaging, exciting, and something people actually want to use or pay attention.

Speaker 1: It is also why we work to match the infrastructure to the location, aiming to synchronize charging speed with the average visit time of drivers at the time.

It does that it is also why we work to match the infrastructure to the location aiming to synchronize charging speed with the average visit time of drivers at such locations. For example, a driver may not want to charge that takes two hours, if they're going to a drugstore, where the average visit time is relatively short on the.

Speaker 1: For example, a driver may not want to charge that takes two hours if they're going to a drug store where the average visit time is relatively short. On the other hand, a driver might not necessarily want to charge their car in 15 minutes if they're sitting down for dinner at a restaurant.

Other hand driver might not necessarily want to charge the car in 15 minutes, if they're sitting down for dinner at a restaurant.

My designing infrastructure to align with site partners dwell time goals for people visiting particular location. We can build in an efficient E V. Charging network that is more attractive for side partners and consumers.

Speaker 1: By designing infrastructure to align with site partners' dwell time goals for people visiting a particular location, we can build an efficient EV charging network that is more attractive for site partners and for people visiting a particular location.

Speaker 1: Solving for high utilization also underpins our growth strategy with our parts.

Solving for high utilization also underpins our growth strategy with our partners.

Speaker 1: infrastructure that ties to the end consumers baskets enables us to help our site partners achieve their own.

Infrastructure that ties to the end consumers baskets enables us to help our site partners cheap their ultimate goal for Volta oddly, adding high utilization stalls are a proxy for high commercial value both from a consumer and energy delivery Glens.

Speaker 1: For Volta, adding high utilization stalls are a proxy for high commercial value both from a consumer and energy delivery lens.

We continue to see robust use over a network by E V drivers on average during Q3, both have had five charging sessions daily on the National network across those sessions, we saw a 24% utilization of daily use against the typical day in.

Speaker 1: We continue to see robust use of our network by EV drivers. On average during Q3, both the had five charging sessions daily on the national.

Speaker 1: Across those sessions, we saw 24% utilization of daily use against the typical.

In regions with higher levels of E V penetration like in California, we saw even higher metrics in the quarter with averages of eight charging sessions daily and eight hours of daily use.

Speaker 1: In regions with higher levels of EV penetration, like in California, we saw even higher metrics in the quarter with averages of eight charging sessions daily and eight hours of daily.

Underpinning our network design approach is our proprietary software tool predict T V, which we can use to plan our network for a site partners.

Speaker 1: Underpinning our network design approach is our proprietary software tool, predictDV, which we can use to plan our network.

This tool also gives us insight into the shift in behavior that you'd be charging can create.

Speaker 1: This tool also gives us insight into the shift and behavior that EV charging can create.

We believe that we can utilize this information to predict where the best location for infrastructure should be placed.

Speaker 1: We believe that we can utilize this information to predict where the best location for infrastructure should be planned.

Are charging solutions team also uses this tool in their consultative conversations with our largest partners to help plan installations for impact and illustrate the tangible value of the infrastructure delivers for them.

Speaker 1: Our charging solutions team also uses this tool in their consultative conversations with our largest partners to help plan installations for impact and illustrate the tangible value of the infrastructure delivers.

Speaker 1: This approach has yielded notable new MSAs with side partners in Q2.

This approach has yielded notable new msas with side partners in Q3, Scott already mentioned that we added 143 sites and 405 stalls to our backbone. In addition, we would like to call out that the team closed several new partners like six flags entertainment Fidelity land Edens and Big y.

Speaker 1: Scott already mentioned that we added 143 sites and 405 stalls to our back.

Speaker 1: In addition, we would like to call out that the team closed several new partners like Six Flags Entertainment, Fidelity Land, Eden's and Big One.

Year to date, we have signed over 20, new Msas with partners that have significant real estate footprints.

Speaker 1: Year to date, we have signed over 20 new MSAs with partners that have significant real estate

Shifting through the behavior and Commerce category Volta initially sales media display time to advertisers, which provides us with a potentially high value revenue stream that we believe will compound over time with the increased growth and growth and utilization of our network.

Speaker 1: Shifting through the behavior and commerce category, Volta initially sells media display time to advertisers, which provides us with a potentially high value revenue stream that we believe will compound over time at the increased growth and utilization of our networks.

We think this revenue stream is a critical differentiating factor that will provide a long term competitive advantage.

Speaker 1: We think this revenue stream is a critical differentiating factor that will provide a long-term competitive...

Speaker 1: Now I'll talk about our content network, which can provide strategic value as it is generally the last point of influence a brand could have with a consumer prior to their entry into a...

Now I'll talk about our content network, which can provide strategic value as it is generally the last point of influence brand could have with a consumer prior to their entry into a store.

Speaker 1: Combining a content platform with a service to community values create a unique value proposition for our partner brand.

Combining of content platform with a service to community values creates a unique value proposition for our partner brands.

Speaker 1: As we prove the value of the platform, we stand to bring true digital media efficacy to a real world.

As we prove the value of the platform, we stand to bring true digital media efficacy to a real world audience and that becomes the ambition understand consumer behavior and understand how that helps shape and influence it.

Speaker 1: and that becomes the ambition. Understand consumer behavior, and understand how to help shape an image.

We find that this is resonating with the market as we've signed up National brand advertisers other media channel partners programmatic platforms, and our site partners as they start to look towards marketing their businesses to consumers and how to drive product sales in store.

Speaker 1: We find that this is resonating with the market as we find up national brand advertisers, other media channel partners, programmatic platforms, and our site partners as they start to look towards marketing their businesses to consumers and how to drive product sales in-

In Q3, we welcome New brand partners Visa D H L and discover to the platform. We also saw Comcast Duncan Fedex and Hulu come back four additional campaigns and we finally saw continued growth in our programmatic business.

Speaker 1: In Q3, we welcome new brand partners, VISA, DHL, and Discover to the Plets.

Speaker 1: We also saw Comcast, Duncan, FedEx, and Hulu come back for additional campaigns. And we finally saw continued growth in our program at...

We view this flywheel of providing value to consumers property partners and advertisers as positioning as well to monetize our network on day, one create a deeper connection with the community and increase the total value of our network now let me talk about how we are strategically positioning our footprint further potential growth opportunities for the company.

Speaker 1: We view this flywheel of providing value to consumers, property partners, and advertisers as positioning as well to monetize our network on day one, create a deeper connection with the community and increase the total value of our network. Now, let me talk about how we are strategically positioning our footprint to further potential growth opportunities for the company.

We have been building a nationwide you'd be charging network for the last decade that distinguishes itself through a portfolio of valuable real estate contracts, enabling voted to build its network to align with both the desired commercial outcomes of it's property partners and the charging needs of drivers this strategy leads to industry, leading utilization and.

Speaker 1: We have been building a nationwide EV charging network for the last decade that distinguishes itself through a portfolio of valuable real estate contracts, enabling Volta to build its network to align with both the desired commercial outcomes of its property partners and the charging needs of drivers. This strategy leads to industry leading utilization and unity can also.

[noise] unit economics.

Speaker 1: As of September 30th, we have installed over 3,900 screens and over 2,100 stalls across approximately 650 sites.

As of September 30th we have installed over 3900 screens and over 2100 stalls across approximately 650 sites.

In addition are contracted opportunities would add over 2006 hundred screens and over 1300 stalls across more than 500 sites, which are currently in our construction queue, but not yet completed we'll.

Speaker 1: In addition, our contracted opportunities would add over 2,600 screens and over 1,300 stalls across more than 500 sites, which are currently in our construction queue, but not yet.

Well it does expand and contract portfolio creates even more network growth opportunities overtime with that let me turn it over the phone swap to run through the finish.

Speaker 1: Multi-expanding contract portfolio creates even more network growth opportunities over time. With that, let me turn it over to Francois to run...

Thank you Chris.

Speaker 1: I will begin with some commentary on our third quarter results and finish with our 2021 out.

I will begin with some commentary on our third quarter results I'm finished with 2021 outlook.

Third quarter revenues were $8.5 million compared to $4.8 million and the prior year period, largely attributable to strong growth within behavior in commerce.

Speaker 1: Third quarter revenues were $8.5 million compared to $4.8 million in the prior year period. Largely attributable to strong growth within behavior and commerce.

Speaker 1: The AVI on Commerce revenue grew to $7.4 million from 2.2 million in the prior year period, primarily due to increased sales of media campaigns with several national brands.

Do you have your own commerce revenue grew to $7.4 million from $2.2 million in the prior year period, primarily due to increase sales of media campaigns with several national browse.

Cost of services was $5.4 million compared to $4.6 million in the prior year period, primarily due to increased station rent driven by a larger aggregate number of active leases.

Speaker 1: Cost of services was $5.4 million compared to $4.6 million. In the prior year period, primarily due to increased station rent driven by a larger aggregate number of active leases.

Additional advertising a media costs arising network costs due to increased charge the station data plows.

Speaker 1: Additional advertising and media costs, and a rising network costs due to an increased charge for station data plants.

SG&A expenses with $29 million compared to $9 million and the prior year period. This was primarily due to planned growth initiatives that resulted in increased costs, including bonuses and commissions of $2.2 million, an additional insurance costs.

Speaker 1: SGNA expenses were $29 million. We paid to $9 million in the prior year period.

Speaker 1: This was primarily due to planned growth initiatives that resulted in increased costs, including bonuses and commissions of $2.2 million, an additional insurance cost of $1.2 million, with one-time expenses related to non-cash stock-based compensation of $4.2 million. Professional services primarily related to legal and finance fees are $3.2 million and, in turn, related to the despaque.

$1.2 million with one time expenses related to non-cash stock based compensation, a $4.2 million and professional services primarily related to illegal in finance fees of $3.2 million and could relate it to the tech spec process.

Net loss was $43.1 million compared to a loss of $14.5 million in the prior year period, and the EBITDA loss was 38.3 million compared to a loss of $9.5 million in the prior year period.

Speaker 1: Net loss was $43.1 million compared to a loss of $14.5 million in the prior year period. EBITDA loss was $38.3 million compared to a loss of $9.5 million in the prior year period.

In April of 2020, Balto received loan proceeds of $3.2 million under the P. P. P of the Kazakh.

Speaker 1: In April of 2020, Volta received loan proceeds of $3.2 million under the PPP of the CASA.

Although the company received full forgiveness for the P. P. P loan as the entire amount was used for eligible expenses under the program. The company repaid the entire balance all of the $3.2 million alone on October 12th 2021.

Speaker 1: Although the company received full forgiveness for the PPP loan, as the entire amount was used for eligible expenses under the program, the company repaid the entire balance of the $3.2 million loan on October 12, 2021.

And the cool water.

Speaker 1: In the quarter, Walter completed his business combination with Torto's acquisition corp 2, resulting in proceeds of $350 million.

I'll also completed his business combination with total this acquisition Coke two resulting in proceeds of $350 million.

The company had a cash and marketable securities balance of $331 million as of September 32021.

Speaker 1: The company had a cash and marketable securities balance of $331 million as of September 30, 2021.

Speaker 1: Shares outstanding as of September 30, 2021 were 161.9 million.

She has I've standing as of September 30th 2021, with 161.9 million.

Before moving to the outlook I wanted to touch on the significant progress made to build out key functions in the organization as we rapidly scale the business.

Speaker 1: Before moving to the outlook, I wanted to touch on the significant progress made to build out key functions in the organization as we rapidly scale the business.

To that to that and we have approximately doubled headcount since march making key highs across supply chain management finance sales and operations to ensure we have the right resources in place to execute on a strategic initiatives.

Speaker 1: To that end, we have approximately double-pad count since March, making key hires across supply chain management, finance, sales, and operations to ensure we have the right resources in place to execute on our strategic initiative.

Now wrapping up with a full year 2021, I would look we are expecting.

Speaker 1: Now, wrapping up with our four year 2021 outlook, we are expecting

Revenue in the range of $32 million to $36 million.

Speaker 1: Revenue in the range of $32 million to $36 million. Total signingings to be in the range of 600 sites to 700 sites.

Total sayings to be in the range of 600 size two 700 sites.

Total stolz to be operational in the range of 2003 hundred to 2500 resolve over 1300 stove and I construction too.

Speaker 1: Total stoles to be operational in the range of 2,300 to 2,500 with over 1,300 stoles in that construction queue.

I would like to wrap up with three simple reasons that we are so excited about what vouchers today and what his future halls.

Speaker 1: I would like to wrap up with three simple reasons that we are so excited about what Valtteri is today on what is future holds.

The transition to electric mobility is one of the largest macroeconomic shifts in our lifetime Voltaire is very well positioned to capitalize on this mega trend.

Speaker 1: The transition to electric mobility is one of the largest macroeconomic shifts in our lifetime. Valtteri is very well positioned to capitalize on this mega-trans.

Ah differentiate a business model enables us to monetize our infrastructure from day wall and compounded returns as our network scales with a V graph.

Speaker 1: A differentiated business model enables us to monetize our infrastructure from day one and compound our returns as our network scales with EV growth.

Finally, our industry, leading utilization and you didn't <unk> unit economics allow us to attract valuable partners will help scale and expand our overall network, which ultimately compounds on returns over the Lolita.

Speaker 1: Finally, our industry leading utilization and unit economics allows us to attract valuable partners who will help scale and expand our overall network, which ultimately compounds our returns over the longer term. Thank you for your time.

Thank you for your time today I will now hand, it back to Scott. Thank you friends, well I would like to conclude by thinking all of our employees for their contributions devote the success or shareholders for their support and our customers for their commitment we.

Speaker 3: Thank you, friends, well, I would like to conclude by thanking all of our employees for their contributions to Volta's success. Our shareholders for their support and our customers for their commitment.

We look forward to providing future updates on our progress as we drive forward.

Speaker 3: We look forward to providing future updates on our progress as we drive.

Speaker 3: Thanks very much for your time today, and I would now like to open the line up.

Thanks, very much for your time today and I would now like to open the lineup for Q&A.

Thank you if you'd like to register for a question. Please press. The one followed by the four on your telephone and you'll hear a three tone prom technology request. If your question gets answered you wish to withdraw if for any reason you can press one three.

Speaker 4: Thank you. If you'd like to register for a question, please press the one followed by the four on your telephone and you'll hear a three-tone prompt to acknowledge your request. If your question gets answered, you wish to withdraw for any reason. You can press one three. Again, that is one four to queue up and one moment for the first.

Again that is one four to queue up and one moment for the first question.

The first question is from wine Paavo marching off with Raymond James. Please go ahead.

Speaker 4: The first question from mine, a Pablo Molchenov with Raymond James.

[noise]. Thanks for taking the question you have announced a lot of retail and Nonretail partners.

Speaker 5: Thanks for taking the question. You have announced a lot of retail and non-retail partners.

In recent months are there any.

Speaker 5: in recent months, are there any of your new sites, partner relationships that you would particularly highlight as growth drivers heading into 22? Hey, Phil, this is Gado.

Of your new <unk>.

Sites partner relationships that you would particularly highlight.

As growth drivers heading into 22.

[noise] [noise] [noise]. Thanks, <unk> does it's got all and that's question Chris.

I thought well. Thank you for the question. So we highlighted six msas I believe in the quarter and you'll note that several of those fall into the categories that we have been reasonably successful with so far in the sort of grocery and shorter dwell time locations.

Speaker 1: So we highlighted six MSAs that are leaves in the quarter and you'll note that several of those fall into the categories that we have been reasonably successful with so far in the sort of grocery and shorter dwell time locations. And we're particularly interested in extending that into geographies that so far we have not been in yet. So for example, the big why-signing or some of those will be quite helpful as will be six flags.

Locations, and we're particularly interested in extending extending that into geographies that so far we have not been in yet. So for example, the big Y signing or some of those would be quite helpful. As it'll be six flags. We are as you know contracted with quite a few grocery partners in particular, and we are actively and aggressively work.

Speaker 1: We are, as you know, contracted with quite a few grocery partners in particular, and we are actively and aggressively working through that backlog. And I think that is our number one piece of homework here from an execution perspective.

Going through that backlog and I think that is a number one piece of homework here from an execution perspective.

K.

Speaker 5: Okay, as we hear from Washington about...

As we hear from Washington about.

A federal funding in the infrastructure Belfer E V charging.

Speaker 5: federal funding in the infrastructure bill for EV charging. Volta has already been receiving state level sponsorship for some of your network expansion. Can you give an update on that, for example, what's happening in Maryland?

Bolt that has already been receiving state level spot.

Sponsorship for some of your network expansion <unk> can you give an update on that for example, what's happening in Maryland.

You want me to make sure he fell out with Chris again, So a couple of points first on we are I think like everybody in the industry quite excited to see the the infrastructure Bill passed and the department of Transportation with Secretary Buddha judged and working with the states to implement this and.

Speaker 1: Sure. All right, well, it's Chris again. So a couple of points first on, we are, I think, like everybody in the industry quite excited to see the infrastructure bill pass.

Speaker 1: and the Department of Transportation with Secretary Buttigieg then working with the state to implement this.

We are actively in dialogue to be involved in those conversation you. A specific question we have with a couple of our site partners in the state of Maryland been able to get some grant rebate on some of the installation, but it's important to go back to a fundamental premise, where we believe in building the infrastructure.

Speaker 1: and we are actively in dialogue to be involved in those conversations. If you're a specific question, we have with a couple of our side partners in the state of Maryland, been able to get some grant rebates on some of the installations.

Speaker 1: But you know, it's important to go back to our fundamental premise where we

Speaker 1: believe in building the infrastructure, the way our customers can use it the best and how it underlines their business the best.

Sure the way our customers can use it the best and how it underlines their business Tibet and if in that vein rebates and other help is available we will absolutely go get it but it's not the reason that we build in that location if that makes sense.

Speaker 1: And if in that vein rebates and other help is available, we will absolutely go get it, but it's not the reason that we build in that location. If that makes...

Okay last question as part of the the dis that process. There was some early stage.

Speaker 5: Last question as part of the the de-spec process there was some early stage.

Heading for establishing a foothold in Canada and Europe.

Speaker 5: planning for establishing a foothold in Canada and Europe . How, what's the latest on that front?

What's the latest on that front.

Yeah, sorry, you are getting the traffic of Chris I'll take that one too.

Speaker 1: Yeah, sorry, you're getting the trifecta of Chris. I'll take that one too So that plan is absolutely still in place. We have made some very interesting hires in Canada in this quarter And they tied to our behavioral science Business that we are building and we'll talk more about. I'm sure

So that plan is absolutely still in place we have made some very interesting hires in Canada in this quarter and they tied to our behavioral science business that we're building and we'll talk more about I'm sure and in Europe same thing we've been scaling the team we've been actively go into market and we'll have more to say about that.

Speaker 1: And in Europe , same thing, we've been scaling the team, we've been actively going to market and we'll have more to say about that as we go. And one thing that I would chime in on, this is Scott, is that Volta is still a pretty differentiated business model in the space. And we see interest in this story that we're telling.

We got one.

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

Speaker 3: from quite a few international partners. It's really, in trying to think about how to make those partnerships work at the right speed and scale right now. Correct. Correct.

Okay. Thank you very much guys.

Thanks for that.

The next question is from the line of Krager in with Roth Capital Partners. Please go ahead.

Speaker 4: Next questions from a line of Craig Oren with Roth Capital Partners. Please go ahead. Good evening, gentlemen.

Good evening, gentlemen, and thank you for taking my question.

Uhm when were you looking to get a revenue guidance for for the ear. It implies you know some fairly heavy growth in the fourth quarter not too different to the fourth quarter of 2020, I think we had around 75% sequential growth.

Speaker 5: When we look at your revenue guidance for the year, it implies, you know, such fairly heavy growth.

Speaker 5: in the fourth quarter. Not too different to the fourth quarter of 2020, I think we had around 75% sequential growth.

Speaker 5: Can you maybe help us bridge the activity there? Should we look for some continued, very strong performance in behavior and commerce? Is there maybe a heavier install program for network development in the fourth quarter? How should we look at this sequential development?

Can you maybe help us a bridge the activity there.

Should we look for some continued very strong performance and behavior of Commerce is there maybe you know Ah heavier install program for for networked about in the fourth quarter.

How should we looked at the sequential development.

So I think we're we're excited about the forward groceries. After you for the business right now Q4 last year I think all the metrics in 2020, we're a little bit odd because of COVID-19. So they become difficult to help predict the forward path in the business.

Speaker 3: So I think we're excited about the forward growth trajectory for the business right now. So for last year, I think all the metrics in 2020 were a little bit odd because of COVID, so they become difficult to help predict the forward path in the business.

But we are we are expecting the forward path for the business pick up to go quite well from here that's already have yeah, and just to add a little bit more color as it relates to that fourth quarter I think to sort of answer your question. Yet we're looking to them. We strongly believe and expect that continued strong growth in the behavior commerce major the advertising.

Speaker 3: But we are expecting the forward path for the business to go quite well from here.

Speaker 1: right here. Yeah and just to add a little bit more colour as it relates to that fourth quarter I think to sort of answer your question yeah we're looking to and we strongly believe and expect that continued strong growth in the behaviour and commerce the media the advertising.

Does we look at the network development you know, there's obviously only a few months left in it we do still believe we've got a very very strong pipeline timing on the permits could be a slight issue for us, but we don't expect that to be a big detrimental hit to the quarter as we round out of the year and.

Speaker 1: And as we look at the network development, you know, there's obviously only a few months left in it. We do still believe we've got a very, very strong pipeline. Timing on the permits could be a slight issue for us, but we don't expect that to be a big detrimental hit to the quarter as we round out the year-end.

Understood understood. So common question from investors is supply chain for everybody not not just the charging named shrine and your unique relationship with with Peerless industries and your I would say even more unique approach with.

Speaker 5: So the common question from investors is supply chain for every bus, not just the charging names, right? And your unique relationship with peerless industries.

Speaker 5: and your, I would say even more unique approach with the beautiful media displays that also supply charging, right? You know, that are the highly functional, beautiful and you know, quite different than everything else out there.

The beautiful media displays that also support supply charging right.

You know that are highly functional beautiful and you know.

Quite different than everything else out there.

Speaker 5: Can you talk about the inventory of media displays that you have or charging displays that you have on hand? Is the component supply chain an issue for you? Are you using a little bit more air freight to get pieces to peerless for final assembly? Any color here could be helpful. Thank you.

Can can you talk about you know the inventory of immediate this place that you have are are charging charging displaced that you have on hand is that component supply chain. An issue for you you know argue using a little bit more airfreight to get pieces you know two peerless for final Assembly.

Yeah any color here could be helpful. Thank you.

Yeah, So I think that from a supply chain perspective at our our focus on the stations themselves has really been on the design side and the design aspect of the hardware. So we have multiple options when it comes to the actual charging equipment itself behind that.

Speaker 3: Yeah. So I think that from a supply chain perspective, our focus on these stations themselves has really been on the design side and the design aspect of the hardware. So we have multiple options when it comes to the actual charging equipment itself, behind the unit and the front facing unit.

The actual the unit in the front facing yes.

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

Speaker 3: We haven't seen direct impact from a supply chain perspective thus far. We have seen it with some of the automotive partners that are advertising clients for us. And we've seen a little bit in permitting disruptions with the cities just in getting stations in the ground up in the list. But from a hardware perspective, it hasn't hit the business yet.

It hasn't hit the business yeah.

Yeah, a Greg it's Chris window and by the way. Thank you for the comfort on our stations, we're quite proud of him as well Peerless has been a long term partner of us and we have a very close relationship with them and are able to plan inventory to a certain degree. So we don't expect at this point, especially at the beginning of next year's installed will be or.

Speaker 4: Yeah, Greg gets at Chris Wendell and by the way, thank you for the compliment on our stations. We're quite proud of them as well.

Speaker 4: Peerless has been a long-term partner of us and we have a very close relationship with them and are able to plan inventory to a certain degree so we don't expect at this point

Speaker 4: that especially the beginning of next year's installs will be or at least hardware availability will be an issue. And I'll give it to Francois. Yeah, and Craig, one other thing I think to add to that is as you heard in the Prepared remarks, we have been building out our teams and one of the teams we've put a lot of focus on a lot of energy and effort and bringing in a world class supply chain management team.

These hardware availability will be an issue and I'll give it to the crosswalk I'm Craig one other thing I think to add to that is as you heard in the prepared remarks, we have been building out all the teams in one of the teams. We've put a lot of focus on a lot of energy and effort and bringing in a world class supply chain management team.

Speaker 1: That's looking at everything that we need and predicting what our needs are going to be all the way through the current year and well, well into 2022 and even beyond that. So we feel very comfortable.

Looking at everything that we that we need and predicting what our needs are going to be all the way through the the current year and well well into 2022 and even beyond that so we feel very comfortable that we understand what the headwinds are in this space, we planning into them.

Speaker 1: that we understand what the headwinds are in this space. We're planning into them. You did mention, you know, changes in auctions are freight. These are things we're looking at right now. But as Scott mentioned, and as Chris mentioned, we are still well on target, and we have the inventory in place to continue putting in the beautiful screens.

You did mention changes and options are afraid there's the things we're looking at right now, but Ah Scott mentioned and as Chris mentioned, we are still well target and we have the inventory and place to continue putting in the beautiful screens, Craig one last addendum.

Speaker 4: Craig one last, then the other is, fearless as you know, as symbols and manufacturers in the US. So we don't have a lot of border entry issues with the completed stations, components, possibly. But generically, fearless has better visibility for us than if we were buying things that were stuck in port.

Is peerless as you know Ah symbols and manufacturers in the U S. So we don't have a lot of order entry issues with the completed stations components, possibly.

But generically Peerless has better visibility for authentic we were buying things that were stuck important.

Speaker 5: Thank you. The next thing that I want to discuss is gross margins. Clearly you're outperforming on margins versus what we were expecting. And I think the guidance that you gave at the time of the year, the SPAC merger announcement. Can you maybe just talk about what's going right here? It's nice to see this kind of execution. And is this something that couldn't possibly continue over the next few quarters?

Thank you that's the next thing Uhm that I wanted to discuss this is gross margins clearly are outperforming on margins versus what we were expecting and and I think the guidance that you gave at the time, let's see yep. This back merger announcements Uhm can you maybe just talk about what's going right here.

It's it's nice to see this kind of execution is this something that couldn't possibly continue over the next few quarters.

Yeah, I would say this is francois again. Thank you for the question I I'd say a couple of things one one we're obviously maintaining why we believe it would be on the revenue.

Speaker 1: Yeah, I would say this is Francois again. And thank you for the question. I'd say a couple of things. One, one, we're obviously maintaining in where we believe we would be on the revenue. And some of the mix of the revenue may be driving to a high gross margin percentage that you may have calculated in some of your prior models.

Some of the mix of the revenue may be driving to a higher gross margin percentage thinking may have calculators and some of your prior models and as well as that we have been able to maintain the cost side of things. So once again cost of repeating myself with a supply chain management team working without a contract manufacturers that we've been able to manage all of that.

Speaker 1: And as well as that, we have been able to maintain the cost side of things. And so we once again, the cost of repeating myself with our supply chain management team, working with our contract manufacturers that we've been able to manage all of that, that drives through that gross margin that you're looking at. So.

The drive to the gross margin that you're looking up so.

Blue that helps.

No that that that that that that definitely does help so.

Speaker 6: No, that definitely does help. So...

[noise] another another element of conversation has been the the option to execute sale leasebacks on equipment to bring down the capital cost for for gross.

Speaker 5: Another element of conversation has been the option to execute sale leasebacks on equipment to bring down the capital cost for...

Speaker 5: growth, you know, as you execute your business plan over the next couple years. Can you maybe update us on that or other capital options? You know, I'm sure the people that we deemed are really regretting it, given the support we're seeing from the Biden administration. But, you know,

You know as you execute your business plan over the next couple of years can you maybe update us on that or or other capital options. You know I'm sure. The people that that were deemed are really regretting. It given the the support was shameful abide by an administration, but.

No.

What can you share with us as far as developments there over the over the last couple of months.

Speaker 5: What can you share with us as far as developments there over the last couple months?

Yeah, So I think that for as we look at the the model that we put together and as we've kind of I think talk to.

Speaker 3: Yeah, so I think that for, as we look at the model that we put together and as we've kind of, I think talked to, I had...

Most of the line about Uhm, we never actually modeled in a project financed line or a deadline for their capex of the stations into this back my dog that was always something plan.

Speaker 3: most of the folks online about, we never actually modeled in a project finance line or a debt line for the CAPEX to the stations into the SPAC model that was always something planned. So we're balancing at the forward financial path for the business.

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

Speaker 3: Really getting that in place is something that we're focused on. It's something that we've had historically throughout the business because of the revenue profile and the tenacity of the model on the heart.

Okay excellent and what would your current partners have the capacity to to accommodate you grow with I mean, you can you can put in many thousands of units over the next several years.

Speaker 5: Okay, excellent. And would your current partners have the capacity to accommodate your growth? I mean, you're gonna put in many thousands of units over the next several years. Is that something that you can do with your existing partners or would you expect a wider group of financial suppliers?

Is that something that you can do with your existing partners. What would you expect that a wider group of.

Financial suppliers.

How's it Gonna Francois Hey, I'll take that question that that is something we actively talk about it and we were in constant dialogue with our contract manufacturers on this issue and we all working alongside them to plan into that growth. So we feel quite comfortable.

Speaker 1: Once again, Franco, I'll take that question. That is something we actively talk about, and we're in constant dialogue with our contract manufacturers on this issue. And we are working alongside them to plan into that growth. So we feel quite comfortable.

And then from our last question.

Speaker 3: And then from a financial perspective, I think it's really a question of the rate that we can get now that we are in the public market and a little bit more capitalized from an equity perspective that does change the dynamics and the capital availability that we have to us. So those are questions we're assessing.

I think it's really a question of the the rate that we can get now that we are in the public market kind of a little bit more capitalize from an equity perspective that does change the dynamics in the capital availability that we have to us. So that those are questions for assessing see if we can.

Okay. Thank you last question if I made is there any progress on the the effort to.

Speaker 5: And thank you. Last question, if I may. Is there any progress on the effort to...

Establish attribution or Causalities between your media displays in the.

Speaker 5: establish attribution or causalities between your media displays and the customer purchase or retail purchase dynamics at host sites.

The customer purchase what I should take retail purchase dynamics at Ho sites.

Yeah. Now this is something we're very excited about we have been really focused on building out this behaviour science expertise set so it's a combination of having some some data experts some behavioral experts in the in the organization and really upset at M. Alan a I drove and tools to assess.

Speaker 3: Yeah, no, this is something we're very excited about. We have been really focused on building out this behavior science expertise set. So it's a combination of having some data experts, some behavioral experts in the organization, and really a set of ML and AI driven tools, to assess impact of the network on the entire business ecosystem that we're partnering with.

Impact of the network on the entire business ecosystem that we're partnering.

Speaker 3: So making sure that what we're doing is beneficial to the site partners, that if we're selling into the content on the screens, that we can measure the value of that.

So making sure that what we're doing is beneficial to decide partners that if we're selling into the content on the on screen that we can measure the value of that and that really is we predict the future growth of the infrastructure. Our focus is all about driver habits and how they're changing over time. So this behavioral science interest of ours.

Speaker 3: And that really is we predict the future growth of the infrastructure. Our focus is all about driver habits and how they're changing over time. So this behavioral science interest of ours is really turning into something fairly core to our business strategy and maturing quite nice.

<unk> is really turning into something fairly quarter, our business strategy and maturing quite nicely.

That's good to hear congratulations on the on the strong execution I will have to authenticate if that's.

Speaker 5: Let's get here. Congratulations on the on the strong execution. I will hop back in the field. Thanks.

Thanks <unk>.

The next question is from like to upgrade that would with Cowboy. Please go ahead.

Speaker 7: The next questions from line of great.oud with Cowan.

Hey, guys afternoon, congrats on the first quarter out of the gate here was hoping maybe you could just give us a little bit of color around the relationship between the different revenue lines and and install growth. So is stalls continued to access.

Speaker 8: Hey guys, afternoon congrats on the first quarter out of the gate here. With hoping maybe you could just give us a little bit of color around the relationship between the different revenue lines and stall growth. So as stalls continue to accelerate or continue to grow, how does behavior and commerce and network development and charging network operations kind of trend in locks up with that?

Later can continue to grow how does the havier and commerce in network development and charging network operations kind of trend and locked up with that.

He gave it is Chris thanks for the question. So the the as we discussed in the and when we laid out the business model.

Speaker 4: Hey, Gabe, it's Chris. Thanks for the question. So as we discussed in the, in when we laid out the business models, which premise on the fact that we build a stack of revenue and that they build over time. So on day zero, we have the opportunity to monetize the behavior and commerce.

Which premise on the fact that we build a stack of revenue and that they build overtime. So on day zero, we have the opportunity to monetize the behavior and commerce piece and as you know the stations have the ability to run a certain amount of the human commerce revenue and as the network grows that that grows itself to there.

Speaker 4: and as you know the stations have the ability to run certain amount of the HVN Commerce revenue and as the network grows that

Speaker 4: that grows itself. So there is a loose correlation, I would say, but it's not a direct correlation. And the network as a network and as a digital network grows in value, probably at a different cadence than just the pure installs. And then over time, you build all the other revenue streams that come from installs as well. It's got one that's something. The way we talk about it internally is what we're building is a network of networks.

As a loose correlation I would say, but it's not a direct correlation.

And the network as a network and as a digital network grows in value probably at a different cadence than just the pure installed and then over time you build all the other revenue streams that come from installed as well I've got one day about something the way I was I mean, the way we talk about it internally is what we're building is a network of networks.

And so as we go as we work with certain partners to build into their footprints that might turn on a any revenue channel as we're getting sort of scale in certain markets or across across the footprint that can add revenue stream. So it's kind of bouncing out demand and the actual footprint of service at the man across.

Speaker 3: And so as we go, as we work with certain partners to build into their footprints, that might turn on a new revenue channel as we're getting sort of scale in certain markets or across the footprint that can add revenue streams. So it's kind of balancing out demand and the actual footprint to service that demand across the multiple revenue streams that we have.

The multiple revenue streams that we have.

Speaker 8: Thanks, guys. It's helpful. And then maybe as a follow up, the commercial fleet segment is...

Thanks.

Thanks, guys. That's helpful and then maybe as as a follow up you know.

The the the commercial fleet segment is.

Pretty large or has at least large potential from a from a charging standpoint is there anything that you guys could talk to about the potential partnerships. There that you could be working on or just the way to capture some of that some of that market from the commercial fleet side, whether I tried sharing companies or the last mile delivery et cetera.

Speaker 8: Pretty large or has at least lots of potential from a charging standpoint is there anything you guys could talk to about Potential partnerships there that you could be working on or just the way to capture some of that some of that market from the Commercial fleet side whether it's right sharing companies or less mod delivery etc

Predicted yeah, I think that from a fleet perspective, there's there's a couple of aspects. It's still a little early in our business from a sweet focus it's not decor focus right now for us.

Speaker 3: You know, I think that from a fleet perspective, there's a couple aspects. It's still a little early in our business from a fleet focus. It's not the core focus right now for us.

Speaker 3: But we were looking at fleet, especially with our data science tools, with predictive, is something that really understanding driver habits and charging demand can be quite useful from fleet perspective. And of course, as you think about public charging infrastructure, fleet is endemically part of your audience. So ensuring that the business accommodates for fleet and public is quite important for us.

But we were looking at fleet, especially with our data science tools with predictive is something that really understanding driver habits and charging demand can be quite useful complete perspective and of course as you think about public charging infrastructure fleet is endemically part of your audience, so ensuring that the business accommodates for.

Fleet in public is quite important for us and then as we start to really build out Chargers bill that demand focused on as a gigawatt hour throughput side of the business. We would look towards fleet as part of that equation, but still not not quite the decor of what we're after right now.

Speaker 3: And then as we start to really build out Chargers, build out demand focused on as they gigawatt our throughput side of the business, we would look towards fleet as part of that equation, but still not quite the core of what we're after right now.

<unk> understood. Thanks, Thanks, guys.

And as a reminder, ladies and gentlemen, if you'd like to register for a question that you can press one four on your phone keypad.

Speaker 7: and as a reminder ladies and gentlemen if you'd like to you register for a question you can press one four hundred in the Japanese aunt

And the next question is from line of Mt. Somerville with da debit too. Please go ahead.

Thanks, a couple of questions first with respect to your ear and uhm install base goal. The mid point 2400, you know how should we think about that in the context of what's driving the gap between that number and your <unk> related projection that I think was somewhere in the neighborhood of 3100.

Speaker 9: Thanks. A couple questions first with respect to your year end install base goal at the midpoint 2400. You know, how should we think about that in the context of what's driving the gap between that number and your spec related projection that I think was somewhere in the neighborhood of 31.

Speaker 4: Hey, Matt, it's Chris. Thanks for the question. So the Delta is really reasonably simple. We have, as Francois mentioned, 1300 stations in the construction queue, and it's mostly down to permit timing.

Hey, Matt it's Chris Thanks for the question. So the the Delta is really reasonably simple. It we have as Francois mentioned 1300 stations in the construction Q and it's mostly down to permit the time.

So.

I know that if I can look at that Hogan.

It's been a COVID-19 driven thing for us that the permitting processes are moving in different jurisdictions.

Speaker 3: It's been a COVID--driven thing for us that the permitting processes are moving in different jurisdictions.

Yeah, they're moving at different speeds and just a little bit of color also we are installing in areas that are not yet is experienced with this infrastructure and sometimes you're teaching permit authorities what to do you might be the first time anybody's ask for a permit for charter literally happen. So the expectation on how long that takes has been <unk>.

Speaker 4: Yeah, moving at different speeds and just a little bit of color. Also, we are installing in areas that are not yet as experienced with this infrastructure and sometimes you're teaching permanent authorities what to do. You might be the first time anybody's asked for a permanent forecharger. Literally happens. So the expectation on how long that takes has been slightly longer than we thought when we made that prediction now nearly 12 months.

The longer than we thought when we made that prediction now nearly 12 months ago.

So to me to put a a little bit of a ball around that as we exited 2020, what would that 1300 number have looked like what would that number above.

Speaker 9: So, to maybe put a little bit of a ball around that is we exited 2020, what would that 1300 number have looked like? What would that number have been?

You mean on the forward construction Q.

Yes exactly.

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

Speaker 4: That's really hard to predict. I don't know because I don't know what my Q4 signings will be. No, no, no. I'm sorry. The year-end 2020 number, how does the current 1300 compare to where you exited 2020?

No no no I'm sorry, the the year and 2020 number how does the current 1300 compared to where you exited 20 twenties.

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

Speaker 3: We don't have easily the hand last year's sort of forward book.

It was significantly smaller, but we do have the fact that back then yeah yeah.

Speaker 4: It was significantly smaller but we did not track that back then. Yeah.

I mean, I think they've got for US all just seeing a little bit of disruption from in the permitting offices themselves that had been really related to COVID-19 shut down. So permits that were quick and easy to get our processes that were quick and easy to do have extended out. We don't we don't expect that to be a long term problem for us.

Speaker 3: I mean, I think that for us, we're just seeing a little bit of disruption from in the permitting offices themselves that have been really related to COVID shutdown. So, permits that were at quick and easy to get or processes that were quick and easy to do have extended out. We don't expect that to be a long-term problem for us.

Got it and then I'd be curious on your 2600 screen backlog, how many of those screams would be represented by brand new customers versus your existing customer base, yeah on the existing side either building out.

Speaker 9: got it. And then I'd be curious on your 2600 screen backlog. How many of those screens would be represented by brand new customers versus your existing customer base on the existing side, either building out current sites where they already have multiple chargers, then versus new sites as part of their, you know, broader footprint umbrella.

Current sites, where they already have both the Chargers, then purses new sites as part of their broader footprint umbrella.

Yeah, I mean, that's a good question, we don't break out that number by customer, but the number of sites that are in the queue almost entirely new sites.

Speaker 4: Yeah, man, that's a good question. We don't break out that number by customer, but the number of sites that are in the queue are almost entirely new sites.

Got it.

And then just one final one for me the level of redemptions you experienced you know towards the the tail limit. This go public process does that have any influence on how we should think about your go forward capital planning.

Speaker 9: And then just one final one for me, the level of redemption you experienced, you know, towards the detail limit, this go public process, is that have any influence on how we should think about your go forward capital plan? Thank you.

Alright.

Yeah. Thank you for the question as it relates to our go forward plan no no immediate impact and we continue to rollout.

Speaker 1: Yeah, thank you for the question. As it relates to our GoFuller plan, no immediate impact. We continue to roll out our capital allocation strategy. We're looking at it. We've mentioned a few other things, such as Europe and other potential countries. So we're still on target for everything that we've said so far. And right now, there's nothing else to add to that, I would say. We're just on target.

Capital allocation strategy, we're looking at it we've mentioned a few other things such as Europe and other potential countries. So we're still on target for everything that we've we've said sofa and right now you know there's nothing else to add to that I would say, we're just on target.

Got it thank you guys.

Okay.

Speaker 7: Next question is from the line of Craig Sheery with TUI Brothers. Please go ahead.

The next question is from White of Craig's Sherri with two brothers. Please go ahead.

Good afternoon, and congrats on the first call.

What what dig a little more than two Craig's fourthquarter question and that's a question about chewing up person with a duck.

Speaker 10: What did dig a little more into Craig's fourth quarter question and that's a question about cheering out versus the February deck. As to the fourth quarter.

As to the fourth quarter.

Since you're so retail and add focus does that naturally lead to systemic seasonality ever you're going forward.

Speaker 10: Since you're so retail and ad focused, does that naturally lead to systemic seasonality every year going forward?

N N as to the permitting issue did you see that subsiding in the next quarter to or can we have some durability to that that that you weren't aware of before personally because her going into new territories, you say and to the degree you can get a.

Speaker 10: And as to the permitting issue, do you see that subsiding in the next quarter or do we have some?

Speaker 10: durability to that, that you weren't aware of before, probably because you're going in the new territories, you say.

Speaker 10: And to the degree you can get around that and permitting is no longer an issue, is there the ability to play catch up and have a more robust period at some point in the next several quarters?

Around that and permitting is no longer an issue is there is there the ability to play ketchup and and have a more robust period at some point in the next several quarters.

Hey, Greg, It's Chris I'll I'll I'll start with the last question and actually leads to one of the things that we are proud us about in the quarter is the team that we've been assembling since the these back process and being able to focus fully on the business. We've we have significantly added to important leveraging head count to ask.

Speaker 4: Hey, Greg, it's Chris. I'll start with the last question. And it actually leads to one of the things that we are proudest about in the quarter is the team that we've been assembling since the DSPAC process. And we were able to focus fully on the business suite. We have significantly added to important leveraging head counts to accelerate these processes on the go forward. So on your question, we would expect that that would improve both from the permanent authorities but also from the resources that we can

Tolerate these processes on a go forward. So on your question, we would expect that that would improve both from the criminal authorities, but also from the resources that we can put to it.

Speaker 4: We don't think that that is in long-term challenge.

We don't think that that is a long term challenge secondly, I believe with the focused on the industry, there's gonna be a regulatory focus on making permitting of this infrastructure likely more simple I'm gonna go forward California's already passed laws here, what we were very active in helping getting a b 12, 36 paths et cetera.

Speaker 4: Secondly, I believe with the focus on the industry, there is going to be regulatory focus on making permitting of this infrastructure likely more simple.

Speaker 4: on a go forward california's already past laws here where we were very active in helping getting a b twelve thirty six past etcetera so we expect that to build some more and so these are short-term growing pains i think that will not for materially changed the forward past that's how i was and then as to seasonality you know something that we've we've looked at historically

So we expect that the build some more and so these are short term growing pains I think that will not sort of materially change. The forward pass that's how out of it and then as to seasonality something that we've we've looked at historically and tried to figure out if we get parse out of seasonality to the business. Thus far we haven't really had.

Speaker 3: and tried to figure out if we could parse out a seasonality to the business. Thus far, we haven't really had the history of seasonality be clear in the history of the business.

Need the history of seasonality be clear and that the history of the business. So I think I would say that's something we're still learning about and I would also say that it's shifting as our revenue categories sort of grow and add so Edward launching new revenue category at the end of the business will see a category driven seasonality.

Speaker 3: So I think I would say that something we're still learning about. And it's...

Speaker 3: I would also say that it's shifting as our revenue categories sort of grow and add.

Speaker 3: So as we're launching new revenue categories into the business, we'll see a category driven seasonality. But we're seeing demand from so many different categories so that that's into behavior and commerce or in the network side.

But we were seeing demand from so many different categories. So that's into behavior in commerce or in the network side.

Does that really.

Speaker 3: that really kind of, we haven't been able to actually parse out the seasonality effect on the different lines of business.

We haven't been able to actually parse out the seasonality effect on the different lines of business.

Sure enough and just.

Speaker 10: basic modeling question. I want to better understand the non-money negative charging network revenue. Does 100% of kilowatt hours that are paid for by your ad and site partners wind up in behavior and commerce?

Basic modeling question, one a better understand the nominally negative charging network with Avenue.

<unk>, there's 100 per cent of the kilowatt hours that are paid for by your AD in sight partners wind up in behavior in Thomas.

So I'm, assuming you're looking at the negative one finger and the charging solution.

Speaker 1: So I'm assuming you're looking at the negative one figure and the charging solution.

That is just the timing difference for rebates that we gave as we were actually turning on the stations and the charge for charging.

Speaker 1: That is just the time indifference of rebates that we gave us. We were actually turning on these stations in the charge for charge.

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

Speaker 10: Okay, so in the future, there'll be a little more correlation positively with the installs there on that line item.

[noise], yeah, there'll be a correlation but you know there'll be a one or two quota like enough, but yes positive correlation.

Speaker 1: Yeah, there'll be a correlation, but you know, there'll be a one or two quarter lag and not, but yes, positive correlation.

Great and I think there was a question or two about the the impact of the infrastructure Bill <unk>.

Speaker 10: Great. And I think there's a question or two about the impact of the infrastructure bill, you know, in particular, Marx, LCFS was alluded to, given you're a much...

And prepared remarks, I'll see off US was alluded to given you're you're much disproportionately utilized system.

Speaker 10: disproportionately utilize system.

Correct me, if I'm wrong or you can elaborate a little more and talk about you know things out there that may be very beneficial that are aren't in hand, yeah. In terms of you know more volume focused kilowatt hour incentive programs, where you would obviously be a disproportionate beneficiary.

Speaker 10: Correct me if I'm wrong and you can elaborate a little more and talk about you know things out there that may be very beneficial you know that aren't in hand yet. In terms of you know more volume focus to a what hour incentive programs where you would obviously be a disproportionate beneficiary.

[noise], so philosophically for the business I think the the idea of Volka from the outset was to deliver kind of the best return and then the most miles per dollar of capital investment. So we really think about how do we build how do we really build the business that can harvest and most from a capital inverse.

Speaker 3: So philosophically for the business, I think the idea of Volta from the outset was to deliver kind of the best return and the most miles per dollar capital invest. So we really think about how do we build, how do we really build a business that can harvest the most from our capital investment and then for kind of the business ecosystem?

<unk> and then four kind of the the business ecosystem.

Speaker 3: So it does lend itself well the programs that are focused on energy delivery, but it also made us less focused on the government side as core tips of how we plan and build the footprint since we're fairly commercial.

So it doesn't lend itself well the programs that are focused on energy delivery, but it also made us less focused on the government side as core tips or how we plan and build a footprint since we're fairly commercial.

So we're excited about the infrastructure Bill we think it opens up new opportunities for us it up opens up new revenue snack opportunities going forward and we think that some of the the commercial angles that we have is a business or some of that rigor can be pretty valuable in that conversation respect, especially with the predictive tool and some of our data.

Speaker 3: So we're excited about the infrastructure bill. We think it opens up new opportunities for us. It opens up new revenue stack opportunities going forward.

Speaker 3: And we think that some of the commercial angles that we have as a business, so some of that rigor.

Speaker 3: can be pretty valuable in that conversation, especially with the predictive tool and some of our data science. So being able to talk to other people about, here's how you understand driver habits.

Science, so being able to talk to other people about here's how you understand driver habits to save Capex cost per dollar of Guy.

Speaker 3: to save capex cost per dollar of, I, for kilowatt hour of energy, excuse me, that you're delivering. And here's how you reap the most gain for the ecosystem.

Kilowatt hour of energy excuse me that you're delivering and here's how you reap the most of the game for for the ecosystem.

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

Speaker 3: So it's a little less directly core. It's something we're very excited about and something could be a very interesting accelerant for the entire industry. Great.

Okay, Great and my last question Uhm.

Speaker 10: Craig had alluded to project finance opportunities that you talked about, and also there's a question on your international efforts. I don't think the international was even a part of the original, you know, February merger deck that was put out. To the degree that you have other, you know, growth verticals that could be meaningful over time, do you think that these additional financing opportunities?

Craig had alluded to project finance opportunities that you talked about and also there's a question on your international efforts I don't think the international was even a part of the original February merger Duck that was put out to the degree that you have other you know growth verticals.

That could be meaningful over time.

Do you think the these additional financing opportunities put you in a position where where you know covering the oh prompt investment for additional our growth is does not an issue for you.

Speaker 10: put you in a position where you know, covering the upfront investment for additional growth is not an issue.

[noise], Yeah, Gregg I think I think the very short answer to that is actually yes, yes.

Speaker 1: Yeah Craig, I think the very short answer to that is actually yes. Yes, we're looking at all of these growth initiatives.

We're looking at all of these growth initiative I'll go back to my capital allocation strategy that we talk about.

Speaker 1: I go back to my capital allocation strategy that we talk about internally, day in and day out. But there are a lot of interest to parties who are looking at, I've come into the table with us as we look to make those expansions. Whether it's geographic or rather revenue streams, there's just many opportunities for us. I mean, given kind of where the market sits, I think the focus is less on capital availability for the infrastructure and more on its efficient deployment.

Internally day in and day out, but there are a lot of interested parties, who were looking I've come into the table with us as we look to make those X bunches, whether it's geographic or other revenue streams.

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

Speaker 3: and how can we really be a good partner for the ecosystem that's interested in this space to deploy the capital it really needs to go into it in the best way.

In the best way.

Speaker 4: Craig, one last thing to add, question on the original. There was, and there was nothing in the model that we had in the deck that had upside from Europe , but we had expenses in the P&L. A rule.

One last thing to add.

Question on the original.

There was there was nothing in the model that we had in the deck that had upside from your.

But we had expenses and the piano.

Oh really I didn't know that.

Okay. Thank you.

The next question is a follow up from one of Paavo motion off. Please go ahead.

Speaker 7: The next question is a follow up from Line of Power

[noise], Yeah I just.

Just wanted to.

Speaker 5: ask about your pricing approach to the sale of kilowatt hours. You know, as was alluded to a minute ago, your generation or your power sales have been essentially zero historically. What is the, let's say, the trigger for you to begin charging your customers, no pun intended, for the electricity sale?

About your pricing approach to the sale of kilowatt hours.

As was alluded to a minute ago your.

Generation or your.

Power sales have been essentially zero historically, what is the let's say the trigger for you to begin charging your customers no pun intended for the electricity sales.

Speaker 4: Yep, now we call it charge for charging and it gets kind of confusing. But for us, as we're moving forward, the idea for us is really about the total value that can be created out of a driver's visit to a property. And so we focus initially a lot on the actual driver basket. How do you create utilization? How do you get drive excited and insented? And how do you match charging speed to the visitation at the actual location?

Yep now we call it charged for charging and it gets kind of confusing but.

For us as we're moving forward and the idea for US is really about the total value that can be created out of a driver's a visit to a property.

And so we focused initially a lot on the actual driver basket, how do you create utilization how do you get driving excited an incentive and how do you match charging speed to the visitation at the actual location.

Speaker 3: As we're seeing vehicle sizes increase and as we're seeing demand from drivers for charging increase We are focusing a little bit more on higher power charging in the market to continue to match that energy

We're seeing a vehicle sizes increase and as we're seeing demand from drivers for charging increased we are focusing a little bit more on higher power charging in the market to continue to match that energy.

Throughput on the stations to the visitation time, as we get bigger battery pack vehicles.

Speaker 3: throughput on the stations to the visitation time as we get bigger battery packed vehicles.

And commensurate with that we're rolling out a little bit more monetization on the energy side. So we'll start to see that as part of the dialogue and 22, it's it's still a little early in and how we're doing it uhm and the story, but we will see that really start to mature as we focus a little more on higher energy through <unk> in our 2022 Goodbye now.

Speaker 3: And commensurate with that, we're rolling out a little bit more monetization on the energy side. So we'll start to see that as part of the dialogue in 22. It's still a little early in how we're doing it in the story, but we will see that really start to mature as we focus a little more on higher energy throughput in our 2022 deployment. Okay, very clear. Thank you guys. Thanks.

Okay very clear thank you guys.

Thanks.

There are no other questions in the queue at this time please.

Please proceed with any cool.

Well. Thank you all we're we're quite excited to have had our first call with everybody and we really appreciate everybody for dialing in an advanced Atkinson some good questions.

Speaker 4: Well, thank you all. We're quite excited to have had our first call with everybody. And we really appreciate everybody for dialing in and asking some good questions.

Thank you very much.

That does conclude the conference call for today, we thank you for your participation and you cannot disconnect your lines.

Speaker 7: That does conclude the conference call for today. We thank you for your participation and you can now disconnect.

[music].