![]() We also demonstrated growth in fleet as a major vertical globally in our European business across all verticals. We are exceptionally proud of crossing through an annualized subscription revenue benchmark of $100 million. And this is foundational to becoming cash flow positive in calendar 2024. We managed operating expenses through the year to achieve the improving operating leverage you see. Our business grew 94% this year versus last and over 90% year-on-year each quarter. To put that in perspective, the full year revenue was $468 million. The first is a decrease in North American commercial demand during the month of December the second, while overall supply chain limitations have eased, they persist for certain hardware products and lastly, we just missed shipment cutoffs for some customers that caused a larger gap between billings and revenue than historical norms. This was due to a combination of special circumstances. Fourth quarter revenue results were below the guidance range and 7% short of the midpoint. The revenue results for the full year were slightly below the original guidance midpoint and 2.5% below the revised guidance midpoint. However, on that same call, we effectively raised the midpoint of our full year guidance by $5 million. Our fourth quarter grew 93% year-on-year and 22% sequentially, making another record quarterly revenue level for the company, while improving non-GAAP margins by 3 points to 23%, delivering on our expectations set on our last call that we would sequentially improve gross margin. Before I get into a bit of retrospective on the full year and what the road ahead holds for us, I'll review the fourth quarter results for fiscal 2023. Yesterday marked our second anniversary of being a public company, and I'd like to start by recognizing the team here at ChargePoint that has worked tirelessly to continue to evolve the company to fulfill the enormous role we play in the energy transition. Pasquale Romano: Thank you, Patrick, and thanks to everyone for joining us today. ![]() And with that, I'll turn the call over to Pasquale. And finally, we'll be posting the transcript of this call to our Investor Relations website under the Quarterly Results section. Also, please note that we use certain non-GAAP financial measures on this call, which we reconcile to GAAP in our earnings release for certain historical periods in the investor presentation posted on the Investors section of our website. For a more detailed description of certain factors that could cause actual results to differ, please refer to our Form 10-Q filed with the SEC on Decemand our earnings release posted today on our website and filed with the SEC on Form 8-K. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. These forward-looking statements involve risks and uncertainties and many of which are beyond our control and could cause actual results to differ materially from our expectations. We'd like to remind you that during the conference call, management will be making forward-looking statements, including our outlook for the first quarter fiscal 2024. This afternoon, we issued our press release announcing results for the quarter and full year ended January 31, 2023, which can also be found on our website. With me on today's call are Pasquale Romano, our Chief Executive Officer and Rex Jackson, our Chief Financial Officer. This call is being webcast and can be accessed on the Investors section of our website at. ![]() Patrick Hamer: Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's fourth quarter and full fiscal 2023 earnings results. I would now like to turn the call over to Patrick Hamer, ChargePoint's Vice President of Capital Markets and Investor Relations. At this time, I would like to welcome everyone to the ChargePoint Fourth Quarter Fiscal 2023 Earnings Conference Call and Webcast. My name is Lisa, and I'll be your conference operator for today's call. ![]() Operator: Ladies and gentlemen, good afternoon. (NYSE: CHPT) Q4 2023 Earnings Call Transcript March 2, 2023
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