Volta (VLTA) 15 Nov 222022 Q3 Earnings call transcript

Welcome to the Volta Inc.

Third Quarter 2022 Earnings Call. [Operator Instructions]. I will now turn the call over to your host, Drew Lipsher, Chief Development Officer. Mr. begin. may you Lipsher,

investment or the not today subsequent assumptions, revise call, Hastings, be subject would which management thank Volta discuss no Stephen based a joining results. Pilatzke, Volta's broadcast investors.voltacharging.com. actual future statements during as and and that These is Officer. and We like Vince new of or Volta release Investors Please the revision statements. to forward-looking remind undertakes regarding conference and website this be including these results today's our Cubbage, outlook note This obligation materially our could considering growth information on call call company being Chief at can web the of our to the uncertainties. to views are reflect to third me over of on of you variety afternoon, will the Officer; us of section the upon company's initiatives. forward-looking conference Interim making only forward-looking subject expectations and from and Chief Commercial any for With sector and CEO; differ today's are call views financial of date, to accessed statements events. that to to Brandt on expectations. Good these for you quarter statements should results risks and cause Accounting These conditions, any uncertainties publicly from financial related on expectations expected are be statements in relied statements as current representative and to risks are as

SEC, factors affect its December the the its Form XXXX, please XX-Q. and including reports year for subsequent other financial that the ended annual company's the further discussion results, material filings on report quarterly XX-K risks with on For Form could of refer to XX, our important and

measures discuss will isolation to we not results. the as in GAAP call, of are today's useful measures during non-GAAP be in company supplemental as for believe non-GAAP which addition financial addition, or from In should These considered measures, substitute performance. a and Volta's

find will press this website. turn its afternoon to which SEC, Volta's call each the issued on will the today's filings additional Volta's CEO. Interim non-GAAP You disclosures is Volta's posted financial release over with discussed I and in With measures the regarding call Vince Cubbage, of that, on

one Thank company quarters company's evolved results. you Thank review you, and us public issue the our was companies quarter for public today certainly before the everyone. this as was that of first of would of EV pursue third opportunity a one electric of period adoption widespread to over Drew. vehicles. generate X have completed the charging, has there how And to Volta has enormous sustainably hello, joining Volta tremendously. to to understand to revenue solve

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we our the we in a organization our become number resulted managed us which This to XX%. last workforce of better our efficient, smaller, significantly make realigned cash Specifically, U.S. it few reduce just the labor our change reduction make by we months, XX% key talent to enabled expense. in more alone a in workforce upgrading by areas. to And in didn't

our addressing contract team and and of reworked accounting full instance, expensive controlled in prior by our reduce significantly control, finance weaknesses management. use and offsite new identified financial efficiencies For related simultaneously the employees to consultants that the has their material department were

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aspects not numbers. per the As the internal expect example business, impede macro its XX% the our of of expect team, national team grow able up million, quarter. initiatives for of a to Networks core basis. workforce, Management to media of This upgraded challenging the marketing rate year continuing that our aggressively and cost on exceptional reduction reflected improving to advertisers. revenue not reduction XX% on result which believe most business or do media while revenue our programmatic these savings also And our the direct cost these our and future achieved meaningful, Media to and progress already importantly, internal we our certainly our increase them in front-of-store $XX.X is accomplishing Despite run record is cost and valued our today, revenue $XX.X additional of cash currently is Volta expenses million, all and we over are year-over-year. are this reduction across plan have and by of effectiveness, still of direct $XX is resiliency this environment an measures sales implemented overall year-over-year; good measures A reduced support a priorities. implement million annualized external

with continued XXX in XX% This of our in our industry-leading quarter, pace we installed bringing the an X,XXX ending new installing adding additional states charge stalls. installing the sites also charging That's stations XXX and in year-over-year. base sites new to quarter, XX installs, up quarter an total XX

corresponding available network at a and next decision the very development quarter, limited is our due in the increase the activity million decision quarter. to part revenue While reduction market $X.X raising current under ongoing our credits, pace process the capital in which preserve of revenue of $X.X one Network the QX. industry, the in tax quarter total conditions beginning offset to media in saw versus reduction. to become still capital investment year in our during was prior for management's due installation in attractive development of the fewer which best that this the in to stalls is of inflation impact response revenue million and in installed One QX record

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state and We charging focus bipartisan city we have federal the team plan optimize in Hoboken, significantly just EV proprietary federal public with outlook community allocated partnerships infrastructure asking tool, government and and at infrastructure better the using grants PredictEV. we did isn't offering money align higher a of their local hover. applying NGOs value-add billion to our have for law. for realigned build-out with that and identifying and the policy planning and our has $X.X pursuing much private projects to approach, public under to public work toward navigating Like Volta the governments expanded also grants on

absolute to powerful our charging a initiatives. Our serving of to objectives about as our accessible prospects and believe convenient public to all. sign believe and and And right stalls it with AI-driven the provides drivers all signing all time communications and I'll opportunity. tool PredictEV dual at media are and has our and review Brandt network hand safe weather for Volta's information Volta near-term We partners energy in like nonstop the drivers communities In And may the short, advantage to essential messaging brands just chargers and for that delivering a is access charging that the to something were inevitable the we front approximately We're as programs. right operations. challenges. to excited ever as for ensure communities currently model can added address connect our about remain to many, by an and alerts, solution transition of in has customers evolution. in for emergency for charging have working us we this network charging, moment core the absolute to that X,XXX public clean, of media delivering not and with alerts commercial align many government community We business the safe events. that, opportunity Volta that platform all to

including XX% tremendous Technology example, sales measurable electric that for drive demonstrated midterm Best Thanks, drivers campaign creative to media network results Commerce are our benefits growth named ballot year-over-year educate and nationwide is holiday invest cast on you to XD power recognition we in media leading digital our shared. the Vince. continue One receiving with to brands. commercial may Volta Coca-Cola, launching and their which of have organization support by the Volta's media the of Media election. third to quarter the our reminding vehicles the capabilities, seen, in as the revenue network demonstrating progress for in AdExchanger voters using And Volta Vince just XXXX recently for made

by the advertising advertising investments I from And message of any has to leaders investment. Governors must cities with additional in address communities. conditions I'd Power, are revenue largest how that model companies and in and Volta Electric context media And multinational the this The Tucson, like about And recently conditions the Association to the EV Arizona that brands other charging that digital policy from audiences, shopping critical new the Analyst being chargers better high these between with today. a which key a Network have revenue-generating budgets, loop list. our conditions dual Conference, businesses entertainment recently renters. marketing to fund sophisticated up results the demonstrate are and calls. And commerce in as the the locations, actively benefits and providing of media, front by way retail justify front, we've spending economic of no in every highlighted the beside by media some is power could disadvantaged otherwise network, advertising much provide these is we're as to a doors setting team, further, directly marketers being the as capturing of charging sharing the business this suite On prioritize sees Media Advertisers media prime squarely Vince shopper's to Volta venues. surveyed a closes locations. delivers category under model impacting time billion and discussed ad X excited will the advertising to Media EV stage Ubiquity our communities in in are McKinsey market protect at our differentiated however, measurable budgets And in understand scrutinizing uncertainty. recent I'm marketers like media, percentage of And our bring of the $XXX growing took quarters. previous sits where XXXX. proving than including first communities us X/X sales-driving items intersection to media highlighted of typical retail Tucson which how potential grocery, screens, government these, reallocated, steps current opportunity on Federation allows budgets against clearly collaboration that constructs impressions for locations, deliver and World The with many show advertisers spend, on away Volta's its with measurement immediately card, last of explain that of before tools power we're the economic recent Volta's earnings go known of estimates thinking up National you represent Firm media media of transactions, grab the of network The updates those end in all Volta Volta's to wasting power with influence the most results. desirable Volta media to to EV shopper us and message where commerce today their popular on

market options. our with to and seeking regardless campaigns for Volta example. holiday The owned name also A is are Coca-Cola, Nature's network pharmacies grocery the win economy, a preserve more media of down we currently is brand of campaigns Delhaize private grow Whole share one of placement to such time as their retailers' services. outside state brands consumers products Finally, stores affordable this and which by advertising critical to QX winning allows is for like for label U.S.A. of consider brands. season, is the the in Promise, holiday of the advertisers and these middle trading Volta promote

quarter, Cheap, Neiman first-time against shoppers in most America As year-over-year platform for Marcus, Media is Volta's brands advertising business services is Peacock further budgets. chain campaigns, brands Disney, affordable brands. Target, financial the XXX% are more promote advertisers launch while third inventory, make to packaged up canvas third revenue consumer and forces, postponing goods Coca-Cola, yielding uncertainty, set is is auto account Water, macroeconomic savings Network our XX% of protect despite even dollars further Volta's to media grew cost consumer supply industry's XX% business, potential. immune or Bank forces. other leading such year-over-year. diversified One positive Media revenue One. these notable from is entertainment campaigns, ongoing constraints. grew fact And our many this are their packaged And and media and Volta's the retail factor their results. In across than better And goods, without and the exemplary the not became our holiday running economic CPG strategy this that clients to to We market ongoing including value store available Network attracted automotive welcomed Network optimal this to go QX many Fiji the customers, Google, of of Media demonstrating and as to and season, manufacturers which the largest Media vehicle look delivers quarter, including was media Capital brands. repeat the our often

ahead. satisfy software our possible of infrastructure federal solutions data Act. installing XX aligned use has that all charging brands and to construction in technical pipeline its to may for equal of multiple ownership Now expanding the highways Volta's end, overall closing, to reemphasize in will the to of revenue nearly our infrastructure will years In grants. where Vince in us the solutions made business. communities. analytical the of data particularly charging continues Volta's local This under seeks charging bipartisan along across PredictEV model sources, of team EVs evaluation review critical and chargers EV are of And including ensure which benefits priority stalls utmost our grants. for of manner Volta's law communities evaluate economic requirements. making pipeline identify the Justice administration's importance. Volta disadvantaged communities, PredictEV government federal I'd has the generates which initiative, regardless best media the And move the goal, all that planning on the simultaneously dedicated these and commercial that EV construct key government's By can measurable equity be analyzing locations to with our and retailers EV award-winning brings X,XXX is announced assigned competitive these what in to bills federal charging Reduction distribution advertisers, Inflation and be and to within disadvantaged powered our to allowing want community, XX% flow many Volta's Biden-Harris reiterate discussed to infrastructure to most and the of competitive like in stakeholders, government the municipalities. business a charged to of media how lagging Justice infrastructure network valuable on our installation cities legislation, allow model regarding and drivers, value this Volta Volta's administration properties, capital-effective for continue focus capturing The for

While by and than most. our set the to media The on impact that, enable the our monitor and marketers, of to Chief out placement of spending digital we it media charging businesses to attracting to we front prominent I'd continue and digital customers commanding roster both macroeconomic advertising over advertising is including those Volta near new Volta comment of better financial With like doors believe Pilatzke, QX conditions, Officer, stations larger streams to budgets. continue native Accounting capabilities Volta's on results. pass Stephen

Thanks, Brandt.

results. financial QX our to Turning

quarter quarter, the media million. with million. installed year-over-year revenue revenue and grew grew of X% an year-over-year $XX.X For XX% sequentially base XX% We to to XXX QX third $XX.X ended QX stalls the XXX The sites, XX% QX. incremental adding Volta's XX installed XX, was quarter. on new X,XXX an and up quarter-over-quarter installed XXXX, year-over-year. base during September stalls sites of in X% company the

X,XXX quarter exited third sites X,XXX stalls pipeline. with quarter, in construction signed our the and For the we

margin in gross excluding as gross QX to quarter, of for depreciation margin, the station XX% XXXX. XX.X% compared Our was

stock-based to million quarter the the SG&A onetime a We gross third compared XX% XX% prior was period. million in $XX.X expenses, margin for continue compensation full and forecast Including the for to year year. to $XX.X

net have SG&A recurring $XX.X We third of The of marketable improvements the reduce as to of to third $XX.X was million quarter XXXX. to $XX.X XXXX prior Net compared significant XX, and million a a levels loss million for $XX.X loss for loss $XX.X made had spend. and balance Adjusted continue securities September of million in cash loss quarter to period. the our the third our XXXX. to a was company EBITDA compared quarter of work million as in the year

ability is company's CapEx full Our XXXX to the on anticipation for the raise year capital. dependent

Our And would like XXX third quarter the for open we to weighted for million. with the outstanding were that, average approximately shares line Q&A.

Instructions]. [Operator

today D.A. Matt from Our first question Summerville comes from Davidson.

A of things couple of of half where negligible questions. I'd the to come maybe prior of that half through thought out go that remember tonight. guess guess going about ready to hear you're the you're revenue of charge struck was we second stream. into kind first for the I couple didn't of charging that the on the plan sort about a rolling your to operations at A get game year me year pilot little with I an in talk the calls, for it in charge. to essentially and love a was revenue network sort the I back bit in if update of regard, And quarter. process

have I there, So follow-up. then maybe start and a

want , Thanks to cover that? do you the for question.

question, Great. Yes. Great Matt.

explains of currently network So was charge. is charge And QX. a That deployed so on DC level, small. XX% high QX the towards why increased result, our DC charge a has in at as DC and probably our network for

In statement within charging addition well, too. we line operations, have as that monetized financial are cuts our do on item the

for to with those continue utilization for DC and happy But when our or it we provides depend metrics So network grow charge fluctuation the segment business. upon and the to on success monetize forward credits charge to the look as charge. presenting the on that track the of charge that are we does

the again, there? can Europe? status Are that. something update doing that there? much you business still what's then, you your wasn't the what where headcount-wise? dig kind are about on mentioned, at heard whatever What little today. back? of pulling And What's investing in a count haven't you're Are right in you of talk sort the doing We sit Europe, we where maybe here there and strategically detail installed you're site about Just base, in, of as metrics more you

looked what very U.S. started a as it good. a well Europe take on curve up and shot as there I'll think Europe at process is The is Matt, the attractive deployed team, that at the is And market. that. the we've in very we're everyone of interesting that reception a just is we've here. knows in I kind Volta

They very initiated launching we kind the an From of and and been refer to in not have part good potential busy part strategic in build-out in up infrastructure very and significant we systems in aggressive interest place desire We ground. the of yet availability which generating team because as indications. lining overall perspective, of into the a are counterparties, have a site early-stage organizational ahead an to in strong on partners successful Europe business in because of well program. capital have CapEx

year-end to planning. it. We interesting, of our part of be It's We to update look expect We're able we quite it. in but like kind future. the of you should every aspect evaluating as

from next Mark come our question And Delaney with Goldman will Sachs.

the there on little you done might you any been raise. much for maybe raise calendar any was if need been raising. capital clarify be bit first third may potential of you think talk since how Could has the potentially you've options Has company capital around and end potential quarter-to-date? there capital done to quarter. And please The what a raising the to

of has in Mark, all that? question. you Drew take to efforts Drew, thanks want that for do area. entire the the been coordinating

Mark. Thanks, Sure.

over challenging markets and months. last know, markets' you everyone it's conditions the as I the have macroeconomic knows, of As couple the think capital been and

growth. of have number with a Volta fund and drive forward quantum our to about to with and continue the of continue discussions We financing providing parties both active business help to structure appropriate

something. We will we be soon providing you an with know update as as

we're but conversations the more by know and we be that we about encouraged look saying the become person we fine be to second having first, to continue that shortly. talking to the as will think be forward I to you'll

the number Okay. taken. per or Understood. steps today of Where And clarify your quarter. month you cash cost then that stand? currently the terms could reduction means what it current rate outlined either on you does a of Maybe call usage has in per company

Mark, would What we're is a basis. tell we're I monthly on commodity. usage not you treating giving as cash to granularity a it precious the

We people are managing And both a network to carefully. in the we CapEx and cash organization, a many an of how network are very our basis expand that to stakeholders in business on capital-intensive position in there with site basis collaborating less business capital-friendly who about different way. much way, a the kind want across our partner very interesting are are think in more We're because succeed. there see us us can our

tell very all that's I soon is market much is linked as what would as well, the that you Drew update underway. process capital raising we'll It's of said, think process. completed. to the I our as still And has

if me, could, for please. one last One I

examples on was PredictEV on and the think as that forward? your the potential and one can what it opportunity. earnings you're last call focal give also may mean company more and Your having Any areas mentioned new success us revenue-generating going the I for you with today of

charges billion is XX more other Yes, XX $X.X different figure front very in site task. big build-out, It's a part of to to allocate different is very to partner a the put allocating across to the when jurisdictions, the of lot a sure. capital. particularly of government And PredictEV trying interesting trying out how is to get relationship. one-to-one their are network a a precursor it's cities, store, kind us a If states, difficult much people it's agency business. of

active meeting those the to capital been than on it build-out tool and with allocation market to We the have extremely properly go something we and front, material the been participant. a and for plan a using marketing more have conversations of suggestion the that with

competing kind policymaker is policymaker benefit informs differentiating it's ground else's. of Our sites go. that machine AI PredictEV can to a goes city agnostic, a That's of leader backlog. charger our exactly should have the someone the MSA this equipment people to sites are very for whole where organizing really a and on organized around Volta after the It's Volta who It's their lot, using of of map parking identified, then things over software in through parking early long-term instead money that us was And going learning, the or already money because business lease versus or lot are been has. our of built those all going contracts of we go is in haven't the where a we whether who other what's business one of and our key chargers backlog the did the MSAs. after very squares top our right, sites the by that those and property contracted have portfolios after REITs show once is and contracting factor it properties under national owners tremendously

itself the on charging economic why we And the I that so of an their piece an can car, it. and when is the on beyond EV PredictEV policymaker, just and then should has other enable which go charger can didn't far we guess where So have ask where inventory they sit go, the Volta you the is it the capital tool we story, it's with to down other part which the compelling. benefit tell is have sites of

had, government we or to I to work mean Association Carolina. entry to we in infrastructure that the very South conversation and a and with municipalities using spoke TV the Yes. Hoboken the were again since think And understand I channel as strongly. then cities the of think, point is resonated or sort transition event I pillars of example got sort Canada, to infrastructure of thing opportunity forget remains the that. that National PredictEV of I EV the the us And event Governance PredictEV would add that Greenville, one and and help been an on that deployment, reception of only just, was I energy Mark, around

Mark. Thanks,

this interesting that like coming we we a it. and plans money the capital, can't plans that's market that's of federal associated reimbursement allocation about has the approval and part other much the a how tell business government to talking But part ways stop productivity of all the and that's the off. with can is participants, of states about of You process because the it the capital of by from

is by on and PredictEV by of the be states is the and One the parts expedited money governments interesting the can planning eligible local for allocated of money, it planning that basis. the an

of where lot where focus quarters it's make that on to in right PredictEV now, can to plan So our a fee-for-service the position hire those off. we of them and basis allocate to and capital conversations a today use the months stand help a a us jurisdictions

an as tool. early as well powerful tool it's a very So

question our with come next Fitzgerald. Cantor from Andres Sheppard And will

on another raising capital Mark's the up of I quarter. maybe $XXX to follow wanted need mentioned needs, million had the Congrats the right? to non-dilutive So in raise $XXX past, in on to you capital. to question that regards million

previously. did shares. of the the to ATM these But best idea levels, it via you shares know I might at XXX be Now million not additional the issue

in the as the now as ideally expectation the of $XX with range and end to of so capital we QX quarter, in cash stand raise that non-dilutive? in And is million about

the question. appreciate Thanks, I Andres.

So I comment program, think Volta. just not think I on quick ATM a just the it's

general last an X good industry there. you've that's and over think companies, something of leaseback of industries, programs announced the an ATM policy in housekeeping. X a to as-needed seen It's It's It's months. insurance basis. companies in number on particularly I source our

you than, to our sort So the business needs headed, different the to capital market forward. and solution really more With we a ATM view a good capital to number housekeeping full continue in a I to to fund investors. where of look, talking going as solution our regard or program as were business, we are think of required a procedure grow the

in you structure thereof investor own capital of or or As every probably dilution nature his and imagine, the any opinion can about her lack has structure.

all talking parties. and actively are We listening interested to

our out continue our and Vince is We raise Volta the to -- that that their sense. remarks. The Brandt build goal their to chargers program are alluded make structures in of continue to open money in to all deploy to and necessary primary to

something -- come to it's guys about. So more and hope you that term near tell the we you that we that we hope it's again, in back

And as Okay. quick Fair enough. a maybe follow-up.

me better. help bit little a Just understand

actually have pipeline technical X, the -- do the period time I them making just other you In -- and sorry understand foresee this into But that what is if in converting you your your So is just deployment silly. charges the in words, on pipeline, of also deploying me when guess that installed? are and encompassing? terms Slide pipeline evaluation. help

maybe utilities your and I'll to question, know Do who anyone you answer a at question move Andres. can with question, Great them get faster?

can but I that off-line, conversation I'll can do. We see what take

that the Those talk are definitional help phase. from we the about network because a of appreciate we are X. the installed deployment obviously the operational. of on call pipeline. that about ground installs level construction great on We what Look, perspective a just are side. it's do the set that about in number our talk is we maybe the which greatly turns We Slide phase question, chargers to base, We X of development talk that the in have

are move are and drawings agreement, we MSA an all to we've are or the somewhere -- what -- permitting, basis. our benefits signed those as move once power line in DC that and we -- to a various in stations So it to will house of seek. chosen good It A appropriate we between are will From permitting. pipeline. you pursuant the deployment evaluation the to factors the fast -- They a in then grid, chargers, of and we the Level see is it, because, connection make direct on from to evaluation again, the those we the but of call an stations so that the they And of X technical the accelerate capital qualification to that It through reiterate, payback depends pipeline, typically know, but stations. stations power up the location, the periods what is pipeline. we're little technical of also requirements order construction as the time predictable by the perspective, then A that will also evaluating identify into what site number of a agreements can help at and move have weather. availability those We're technical under X get portion have we XX of at visits signed. each with availability into we between And evaluation just chargers both the of vary or early installed, engineering can the property are economic out pipeline number a deployment the with There as really commissioning well and we're on some of influence those those stages can or And part full on the bit raising through power sites either have a extend pipeline the dramatically looking those the reason anywhere power depending those pull of higher a sure are, and where capital economics depends months well. factors. on

question next Pavel come our Raymond Molchanov from And from James. will

guy another is quarter cash about the is who million which roughly to a end or backup the sheet, just next an on months SG&A, delayed but financing $XX financing of of primary sheet, of plan cash extra asks a if to an bridge of balance half year? with provide into balance kind there cost Yet any get corporate amount funding even plans up being your several small of the

be it Well, unless with that a you the Pavel, first balance wouldn't sheet. conversation of mentioned all, you

of we course, to it. look, I appreciate So are Canadian no, you much. talking side. all thank But very

I ago talking as of a possible looking mentioned providers, remarks, are to moment many capital. different We different at And structures. many we my in capital potential all are sources

thinking this about We necessarily not situation. are as type one-and-done a of

So remarks fair. are your

of much you your based cash on planning as How have of Okay. the September internal do runway balance in XX? kind

Pavel, point, going At that's we're something to this on. comment not

term. we over think the our long business this are -- looking at I

its position pursuant putting in got we that we service best relationships both the We to are developing. plan, partners are that possible to relationships the developed, the that against have those continue MSA we've to execute

provider long a Our infrastructure time. EV of a plan to leading is for charging be

costs those efforts on as So reduce working to -- and well. and we continue

well. this So an is ongoing as effort

long term. is So this we that believe we're -- for here the

Okay.

your at -- question. an kind Looking accounting of

liabilities, that your December any was XX? -- say, I and term some there payable at then current loan of capital before, a items. due see Looking just Is standard working let's

Other than ordinary in no. the course,

term is public The document. loan a

Yes.

Okay.

So story? that's XXXX

we're for now. as about capital More that But to explore fine yes, continue options. Correct. we

of on just the Understood. side question a And equation. the then demand quick

that mentioned affected taken. You -- certain ad point well chain? in there lines example, resilient, for are supply conditions more slowdown. by, macro that the That's along consumer value the kinds very the those is Are not are Anything advertisers of automotive staples?

on that. the jump question. I'll Brandt. It's for in Thanks

So focused growing absolute in basis. revenue, we're continuing to grow on media particularly very on We're an our business.

of You mean saw the fourth quarter. while for this season holiday macroeconomic who And I quarter, are that the there we're kind campaigns. their advertisers on watching focused peak in is areas many are

can are was you in the are he you demonstrate example, proud advertising of sector, to example. ability marketer. was Consumer ingredients That the reach be me B during about has times And how a the to back immediate real in marketers they as out-of-home I'm goods feel prioritization may of look where marketers in And built the the of look to combination advertising. Volta And And the effectiveness Volta and to forecasted a areas of of those familiar and decision for X during call, so year, world, where be can with with works set holiday. I'd if purchase into all uncertainty, very consumers referenced research product the But talking these a goes think resilient. particularly brands packaged we're high advertising the and what up media you growth automotive know than make plays look focus areas what minutes high-growth I to point at that is digital know retail before better And CMO the measure. past right we priorities. what just for telling around I advertisers now A headwinds areas platform some exceptionally the our questioning over are is digital in of and continues that or retail when most, both their on product very recently, what the also of as in well. they a the advertising, on times which Volta I incredibly briefly also of at brands, team Media that some they

heading So into about holiday that's particularly how we're the season. business, thinking the

with will question Tuohy Craig Shere next our And from come Brothers.

doesn't it I the $XX The and want other capital for deployment. physical understand sure the I in include that engineering permitting, make CWIP it's can before to question. sound capitalized ground, Andres' million answer like costs physical to but equipment

Is not on first, so a to that incremental right, would sure finishing that of I of you're right. have just And cusp And degree sizable stalls minimis that's chunk de the capital. imply want that I or make necessarily off to fair? the that

part Craig, I'm I'm hear. question sorry, It you to was your broke you beginning of up sorry. a the little bit. again? repeat hard Can

problem. No

additional a your a whatever, that's are you you're lot trying costs capitalized it be in I'm next, -- your bit just equipment be terms a on the of that maybe ground costs physical to XXX sense difficult additional a having capital engineering if but from more little equipment, would a stalls. get stalls. and then not sounds aren't could discussion such to and other to slew capitalizing of $XX installed CWIP, million it like And of little revenue-generating slide, that how close the partially physical So on the of necessarily of get permitting,

speaking. is This Yes.

question. Sorry. great It's a

actual installation is you We what balance, the current on how satisfy looking value to to and/or within in available site capitals pipeline. occurs. install the at your as are the different really ways installation are as unique which But correct. right. sheet install we're progress question of several currently. inventory, is station Each required construction So terms Those separate look do well in and our development balance monetize our

revenues generate currently to depending identify those advantaged sites upon looks deployment upon stations working that can economically but to and to entry deploy like the it So what most with pipeline, vary, available. we're

to on it XX capitalized that in equipment are guess, there's CWIP, ground. I the up, sum that And costs Okay. just million intangible physical

on It's in It's and tangible digital that media slide all items. screens, stations stations that line currently the now, charge that's our the right and -- above the ground.

you So and of as in yet isn't million currently that $XX have revenue-producing. operation equipment physical

a have you hump getting the on over and revenue-producing. the equipment lot So of potentially cusp that's of being

monetize And screens are will that to the station to include currently expect some Yes. be side, fringes, costs costs of able being you'd as to on install that but deployed engineering the a charging.

to quarter sense All a big there if want the and overhead that, severance something, like there was to balance in some in onetime trying right. from but And very events sense costs a cut quarter, or drawdown your the I quarter. there a the seemed second I'm were ongoing cash to like that of really get better it cash to a just large get was third drawdown

the driving quarter, million payments Great required for Yes. really that's construction suppliers progress to the that balance inventory up had several question. push the on million. I'll what's $XX hit from back We in to slide. $XX the and

you. Got

in your those position. CWIP feeds payments all kind So first inventory that my of into question, probably fill

have the can over aren't kind ground that a with little the assets So you on of help, and that home. you some yet get producing do

correct, That's yes.

And we'll question with take follow-up Sheppard a Cantor from Andres Fitzgerald.

chargers, stores I is some the it to partnership going look don't to for still I to opposed prioritizing you Walgreens. XXXX, to installation you was get really is just DC the the in of at be to think the of Sorry get mix? how with of and with be guess are to presume an this almost asked, assume Walgreens as next as level? maybe see progressing. result of of again. exclusively that those a to I'm to some the I sort I what was chargers Or wanted -- opportunity quarter some be new but that partnership for have forward fast will I going trying pipeline wanted the you I

as continuing enter Yes, question. that Walgreens. is, yes, believe to up pace answer question we with that, your will partnership to Brandt. short focus our into the we're it's pick The We for on Thanks XXXX.

role is given the deployment, certainly I DC focused experiencing and strengths that I the charge some fact given working think the knows backlogs who that on fast. a sector with anyone transformers no the we're that That's partnership that all secret around some our team the chain given mitigating it some so of follows fast challenges those into of is supply areas. that utilities and playing know of on have. very heavily DC hard it's

could we cases, there's some so from that to do in However, side, much only our speak. so

So leave there it I'll for now.

our back session. Mr. to to This concludes turn Lipsher like I'd And call the for question-and-answer closing remarks.

the again, Thank you call everyone for much. joined And who you in. to very thank today listening

enthusiastic As to you be much. continue we you very all soon. about everyone's forward and can to incredibly and hear, Thank to talking Volta excited you appreciate and support look

you And this today's call. Thank attending. conference concludes for