Beam Global (BEEM) 2023 Q2 法說會逐字稿

Good day and welcome to the Beam Global second-quarter 2023 financial results and corporate update. (Operator Instructions)

美好的一天，歡迎閱讀 Beam Global 2023 年第二季財務業績和公司最新動態。 （操作員說明）

I would now like to turn the conference over to Kathy McDermott, CFO.

我現在想將會議轉交給財務長凱西·麥克德莫特 (Kathy McDermott)。

Thanks, Joe, and good afternoon. Thank you for participating in Beam Global's 2023 second-quarter conference call. We appreciate you joining us today to hear an update on our business. Joining me is Desmond Wheatley, President, CEO, and Chairman of Beam. Desmond will be providing an update on recent activities at Beam followed by a question-and-answer session.

謝謝，喬，下午好。感謝您參加 Beam Global 2023 年第二季電話會議。感謝您今天加入我們，聆聽我們業務的最新動態。與我一起出席的是 Beam 總裁、執行長兼董事長 Desmond Wheatley。 Desmond 將介紹 Beam 最近活動的最新情況，然後進行問答環節。

But first, I'd like to communicate to you that during this call, management will be making forward-looking statements, including statements that address Beam's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports filed with the SEC.

但首先，我想告訴您，在這次電話會議中，管理層將做出前瞻性聲明，包括涉及 Beam 對未來業績或營運結果的預期的聲明。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Beam 最近提交的 10-K 表格以及向 SEC 提交的其他定期報告中描述的風險因素。

The content of this call contains time-sensitive information that is accurate only as of today, August 14, 2023. Except as required by law, Beam disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次電話會議的內容包含時效性信息，僅截至今天（2023 年8 月14 日）準確。除法律要求外，Beam 不承擔任何公開更新或修改任何信息以反映本次電話會議後發生的事件或情況的義務。

After the market closed today, Beam Global issued a press release in our Form 10-Q announcing our first -- our fiscal 2023 Q2 and year-to-date financial results. As you will see, we had an excellent quarter, in fact, the best in our history with material improvements across all financial metrics.

今天收盤後，Beam Global 在 10-Q 表格中發布了一份新聞稿，宣布了我們的第一份新聞稿——我們的 2023 財年第二季和年初至今的財務表現。正如您將看到的，我們度過了一個出色的季度，事實上，這是我們歷史上最好的季度，所有財務指標都取得了重大改進。

Since you have the numbers in front of you, I will save you the time of re-reading them to you. This press release and our Q2 Form 10-Q are available on our IR website and can also be accessed via sec.gov. In addition, you will find a supplemental information deck on our IR website.

既然你面前有這些數字，我將節省你重新讀給你聽的時間。本新聞稿和第二季度表格 10-Q 可在我們的 IR 網站上獲取，也可以透過 sec.gov 訪問。此外，您還可以在我們的 IR 網站上找到補充資訊。

And with that, I will turn the call over to Desmond Wheatley.

接下來，我會將電話轉給德斯蒙德惠特利 (Desmond Wheatley)。

Thank you, Kathy, and thank you all for joining us today to hear this update on our operating activities for Q2 of 2023. Welcome, everybody.

謝謝凱西，也謝謝大家今天加入我們，聆聽我們 2023 年第二季營運活動的最新情況。歡迎大家。

The second quarter of 2023 is now the 10th quarter in a row of growth at Beam Global, but the Beam team is really not out of the park for the past few quarters, especially this time. The production team produced and delivered over 200 EV ARCs this quarter, that's essentially the same as all the EV ARC systems produced and delivered in 2022. And 2022 was, by far and away, our best full year of production and deliveries up till this point. In other words, the Beam team is now on a cadence to produce and deliver as many or more EV ARCs in a quarter than we produced in any full year prior to 2023.

2023 年第二季度現在是 Beam Global 連續成長的第十個季度，但 Beam 團隊在過去幾個季度中確實沒有走出困境，尤其是這一次。生產團隊本季生產並交付了 200 多輛 EV ARC，這與 2022 年生產和交付的所有 EV ARC 系統基本相同。而且 2022 年是迄今為止我們生產和交付量最好的一年。換句話說，Beam 團隊現在的節奏是在一個季度內生產和交付的 EV ARC 數量與我們 2023 年之前任何全年的產量一樣多或更多。

On the energy storage side of our business, we continue to produce more than 10 times more kilowatt hours of batteries than our Chicago-based team was producing before we acquired AllCell in March of 2022. And Q2 energy storage revenues were higher than in any quarter since the acquisition, but you will remember that we don't count internal use of batteries as revenue outside of our business.

在我們業務的儲能方面，我們繼續生產比我們在 2022 年 3 月收購 AllCell 之前芝加哥團隊生產的千瓦時多 10 倍以上的電池。第二季度的儲能收入高於任何季度自收購以來，但您會記得，我們​​不會將電池的內部使用算作我們業務之外的收入。

This fantastic increase in production and deliveries has, of course, resulted in an equally fantastic increase in revenue. The $17.8 million in revenues we generated in Q2 represents a 379% increase over the same period prior year. And looking at the first half, we generated just over $31 million in revenue which is about 312% increase over the full first half of 2022.

當然，產量和交付量的驚人成長也帶來了同樣驚人的收入成長。我們第二季產生的營收為 1,780 萬美元，比去年同期成長了 379%。回顧上半年，我們的收入略高於 3,100 萬美元，比 2022 年上半年成長了約 312%。

As I've already said, we're producing about 10 times more kilowatt hours of batteries than AllCell was before we acquired it. And we actually produce about six times more EV ARCs in the second quarter of 2022 than in the same period prior year.

正如我已經說過的，我們生產的電池比我們收購 AllCell 之前多了大約 10 倍。實際上，我們 2022 年第二季的 EV ARC 產量比去年同期增加了約六倍。

But our costs didn't increase at the same rate. We managed to squeeze all of this growth at the same buildings. And while we're producing six and 10 times more product, we only increased our headcount by about 1.5 times. We increased our other overheads by even less. So with the same footprint and around 1.5 times more people, we've gone from just over $7 million of revenue in the first half of 2022 to almost $31 million in the first half of 2023.

但我們的成本並沒有以同樣的速度增加。我們設法在同一棟大樓內實現所有這些成長。雖然我們的產品產量增加了 6 倍和 10 倍，但我們的員工數量僅增加了約 1.5 倍。我們增加的其他管理費用甚至更少。因此，在足跡相同、人員數量增加約 1.5 倍的情況下，我們的收入從 2022 年上半年略高於 700 萬美元增至 2023 年上半年的近 3,100 萬美元。

All this increase in production has come from a variety of different factors, and none of them were accidents. First of all, we're just better at what we do. The teams, both on the electric vehicle charging infrastructure product side and also on the energy storage side, have really gelled.

所有這些產量的成長都來自於多種不同的因素，而這些因素都不是偶然的。首先，我們只是在我們所做的事情上做得更好。無論是電動車充電基礎設施產品方面還是能源儲存方面的團隊都非常團結。

I love walking through the factory and watching them. There's clearly muscle memory. Things are moving more smoothly and people are getting a lot more done with a lot less effort.

我喜歡穿過工廠並觀察他們。顯然有肌肉記憶。事情進展得更順利，人們可以用更少的努力做更多的事情。

We put a great deal of time and effort into figuring out how we can do things more efficiently. People are happy in their work. They know they're getting things done. And working smarter, not harder has made the factory environment safer, too.

我們投入了大量的時間和精力來研究如何更有效地做事。人們在工作中感到快樂。他們知道他們正在把事情做好。更聰明地工作，而不是更辛苦地工作，也讓工廠環境變得更安全。

The other part of walking the factory floor, which I love, is observing how different it looks. We've invested in a lot of new tooling and fixturing which makes us much more efficient while substantially reducing the opportunity for errors. EV ARCs are rolling through the factory now faster, more smoothly, more safely, and in far greater volume.

我喜歡在工廠車間走動的另一部分是觀察它看起來有多麼不同。我們投資了許多新的工具和夾具，這使我們的效率大大提高，同時大大減少了出錯的機會。 EV ARC 現在正在工廠中更快、更平穩、更安全且數量更大地運作。

We're already producing more product now than many thought was possible when we first moved into this facility. But the great news is we still have a massive amount of opportunity for further improvements. It's a lot of work, a lot of consideration, some trial-and-error, and it's a process, not an event, but the team keeps doing it and the evidence of the success of their efforts is clear to see in the numbers.

我們現在生產的產品數量已經超過了我們剛搬進這個工廠時許多人想像的數量。但好消息是我們仍然有大量的進一步改進的機會。這是大量的工作、大量的考慮、一些反覆試驗，這是一個過程，而不是一個事件，但團隊一直在這樣做，他們的努力成功的證據在數字中清晰可見。

I said we've invested in a lot of new tooling and fixture. But as any of you who have looked at use of cash will have absorbed, we've not committed significant amounts of capital to these improvements. The fact is we've done most of the tooling and fixturing ourselves. We have a talented and well-trained team and no one is more qualified to make decisions about how to improve our manufacturing processes than the people who are actually making the products themselves.

我說我們已經投資了很多新的工具和固定裝置。但正如你們任何關注過現金使用的人都會吸收的那樣，我們並沒有為這些改進投入大量資金。事實上，我們自己完成了大部分的工具和固定裝置。我們擁有一支才華橫溢且訓練有素的團隊，沒有人比實際製造產品的人員更有資格就如何改進我們的製造流程做出決策。

I have a corner office with the view of our driveway and the ingress and egress points from the factory. I'm often pleasantly distracted by watching the trucks rolling and loaded with steel, batteries, electronics, solar modules, and all the other components and materials, which are integrated into our products. While on the other side, I watch the trucks rolling out with completed EV ARCs.

我有一間位於角落的辦公室，可以看到我們的車道以及工廠的出入口。看著卡車滾動並裝載著鋼鐵、電池、電子產品、太陽能模組以及整合到我們產品中的所有其他組件和材料，我經常會心曠神怡。在另一邊，我看著裝載完整 EV ARC 的卡車駛出。

The level of activity here is completely different than it was a few months ago. But here again, we know we can and will do so much more. Our improved production processes and efficiencies are important because they enable us to produce a lot more product faster at a time when the global demand for EV charging infrastructure is accelerating dramatically. But they're also important because it contributes so meaningfully to our ability to control the costs and parts of our products.

這裡的活動水平與幾個月前完全不同。但在這裡，我們再次知道我們可以而且將會做得更多。我們改進的生產流程和效率非常重要，因為它們使我們能夠在全球電動車充電基礎設施需求急劇增長的情況下更快地生產更多產品。但它們也很重要，因為它對我們控製成本和產品零件的能力做出了重大貢獻。

Last quarter, I told you that our engineering and operations teams have identified improvements in the way we make our products, which would result in significant reductions in our cost of goods sold, and as a result, significant improvements in our gross profits. I also told you that we believe that we were at or near the end of the hyperinflationary environment, which we've been tackling for the last couple of years.

上個季度，我告訴你們，我們的工程和營運團隊已經確定了我們製造產品的方式的改進，這將導致我們的銷售成本顯著降低，從而顯著提高我們的毛利。我還告訴過你們，我們相信我們已經處於或接近惡性通貨膨脹環境的終結，過去幾年我們一直在應對這個問題。

Finally, I told you that as we increase the volumes of products running through our factories, the impacts of our fixed overheads would lessen while our labor cost per unit would come down. As it happens, we've so far only benefited from the last of those areas of cost reduction. The engineering and manufacturing improvements that we've identified are just now starting to impact us halfway into this third quarter, which is, I think, actually pretty much exactly what I said during my last quarterly reports.

最後，我告訴你，隨著我們工廠生產的產品數量增加，我們固定管理費用的影響將會減少，而單位勞動成本將會下降。事實上，到目前為止，我們只從最後一個成本降低領域中受益。我們已經確定的工程和製造改進剛開始對我們第三季的中期產生影響，我認為這實際上與我在上一季報告中所說的差不多。

So we did not actually receive any cost reduction benefits in the quarter of a material nature from our improved engineering of the product. And while it's true that we're no longer seeing dramatic increases in prices of components, commodities, we've yet to see any significant decreases. Though, we do anticipate that this will happen during the coming months and quarters. In fact, we have, the first time in our history, hired a full-time purchasing manager to ensure that we're getting the most favorable pricing and the most efficient inventory leverage possible.

因此，在本季度，我們實際上並沒有從改進的產品工程中獲得任何材料性質的成本降低效益。雖然我們確實不再看到零件和商品價格大幅上漲，但我們還沒有看到任何顯著下降。不過，我們確實預計這將在未來幾個月和幾季發生。事實上，我們有史以來第一次聘請了一名全職採購經理，以確保我們獲得最優惠的價格和最有效的庫存槓桿。

In spite of not benefiting from these two areas of cost reduction, the Beam team, we're still able to improve our gross margins by over 12% when compared to the same period prior year. More or less, all of this margin improvement has come from increased overhead absorption and the increased efficiency in our labor, which I already described. Revenue per employee is actually about three times what it was just one year ago.

儘管沒有從這兩個領域的成本降低中受益，Beam 團隊仍能夠將毛利率比去年同期提高 12% 以上。或多或少，所有這些利潤率的提高都來自於間接費用吸收的增加和我們勞動效率的提高，我已經描述過。實際上，每位員工的收入大約是一年前的三倍。

We've now reported positive gross profit two quarters in a row, with the second quarter gross being 100 times greater than the first. If I'm honest, we could've done better. It's hard to grow in the face of a growing institutional efficiency efficiently without making errors.

現在，我們已連續兩季實現正毛利潤，第二季毛利比第一季高出 100 倍。如果我誠實的話，我們本來可以做得更好。面對日益增長的機構效率，想要高效率發展而不犯錯是很困難的。

We're human. We made a couple of moves in the second quarter, which in hindsight, was not worth what we paid for them. That's going to happen from time to time, particularly as long as we're growing at this rate. What I'm encouraged by is the fact that the Beam team identify these errors and will not repeat them. So the process, which has delivered a 12% improvement year over year in gross margin, continues.

我們是人類。我們在第二季採取了一些舉措，事後看來，這些舉措並不值得我們付出的代價。這種情況會時不時地發生，特別是當我們以這樣的速度成長時。讓我感到鼓舞的是，Beam 團隊發現了這些錯誤並且不會再犯。因此，這項流程仍在繼續，毛利率比去年同期提高了 12%。

We get better. We identify errors; we fix them. We get more intelligent and efficient in the way we produce the product. And as a result of all this is that even without the drastic changes or improvements, there's a sort of continual process of cost reduction, which results in further improved gross profits. You can rest assured that we will never consider that project complete.

我們變得更好。我們辨識錯誤；我們修復它們。我們的產品生產方式變得更加智慧和有效率。所有這一切的結果是，即使沒有重大的改變或改進，也會有持續的成本降低過程，從而進一步提高毛利。您可以放心，我們永遠不會認為該項目已完成。

The good news is that the significant cost reductions the team identified in the second quarter still ahead of us. We're implementing the parts of those now and should see the full benefits of them at the beginning of the first quarter of 2024. And again, I think that's pretty much exactly what I said during our last call.

好消息是，團隊在第二季確定的大幅成本削減仍然遙遙領先。我們現在正在實施其中的部分內容，應該會在 2024 年第一季初看到它們的全部好處。再說一遍，我認為這幾乎正是我在上次電話會議中所說的內容。

We're not just all benefited from operating leverage where our direct costs are concerned. Our second quarter operating expenses, while they have increased, are 44% less as a percent of revenue than they were this time last year. And I think we're getting a lot of benefits from the various investments we've made.

就直接成本而言，我們不僅從營運槓桿中受益。我們第二季的營運支出雖然增加，但佔收入的比例比去年同期減少了 44%。我認為我們從我們所做的各種投資中獲得了很多好處。

Clearly, increases like paying more sales commissions are a very good thing, but we're also adding more depth in management, finance, and crucially for growing company like ours, human resources. We have a pretty simple rule at Beam Global, which is that if it doesn't make the product, make the product better or sell the product, we don't invest on it.

顯然，支付更多銷售佣金等成長是一件非常好的事情，但我們也在管理、財務方面增加了更多深度，對於像我們這樣的成長型公司來說，最重要的是人力資源方面。我們在 Beam Global 有一條非常簡單的規則，那就是如果它不能生產產品、不能使產品變得更好或不能銷售產品，我們就不會對其進行投資。

I'm confident that any increase in overhead spending, which is within our control -- so I'm excluding costs like audit and the various other public company expenses that are outside of our control -- any increases which are within our control, are adding value and setting us up for even more efficient and profitable growth.

我相信，任何在我們控制範圍內的管理費用的增加——所以我不包括審計等成本和我們無法控制的各種其他上市公司費用——任何在我們控制範圍內的增加，都是增加價值並幫助我們實現更有效率、更有利可圖的成長。

Remember that both our gross and net profit numbers include quite a lot non-cash items, which do not truly reflect our spending. You can find details of those in our filings.

請記住，我們的毛利和淨利潤數據都包含相當多的非現金項目，這些項目並不能真正反映我們的支出。您可以在我們的文件中找到這些詳細資訊。

We have cash. We're in great shape where that's concerned as well. With around $24 million in cash and over $37 million in working capital, which, as you know, I believe is a better metric for a business like ours, we're in a great position to execute on our future business plans. In case we need further short-term liquidity for significant growth, we still have our eyes yet untapped $100 million line of credit, which is very competitively priced.

我們有現金。就這一點而言，我們的狀態也很好。憑藉大約2400 萬美元的現金和超過3700 萬美元的營運資金（如您所知，我認為這對於像我們這樣的企業來說是一個更好的衡量標準），我們處於執行未來業務計劃的有利位置。如果我們需要進一步的短期流動性來實現顯著成長，我們仍然有尚未動用的 1 億美元信貸額度，該額度的價格非常有競爭力。

Finally, we have no debt, zero debt. Except -- I suppose I should mention that we're making payments on a couple of new trucks, which we've had to add because of the expansion in the number of EV ARCs that we now have to deliver, the good thing.

最後，我們沒有債務，零債務。除了——我想我應該提到，我們正在支付幾輛新卡車的費用，由於我們現在必須交付的 EV ARC 數量增加，我們不得不增加這些卡車，這是一件好事。

I can tell you that from my point of view, the most important of the growth plans that we have is our expansion into Europe. There are about 405 million cars in Europe at the moment compared to just under 300 million in United States and just over 300 million in China. And the European Union has announced a law banning all but zero emission vehicles 12 years from now in 2035.

我可以告訴你，從我的角度來看，我們最重要的成長計畫是向歐洲的擴張。目前歐洲汽車保有量約 4.05 億輛，而美國汽車保有量略低於 3 億輛，中國汽車保有量略高於 3 億輛。歐盟還宣布了一項法律，禁止 12 年後（即 2035 年）除零排放車輛外的所有車輛。

Europe is also very aggressive about tackling climate change and moving towards carbon neutrality in the next couple of decades. This means that they're very focused on integrating renewable energy sources into their energy mix.

歐洲也非常積極地應對氣候變化，並在未來幾十年內實現碳中和。這意味著他們非常注重將再生能源納入其能源結構。

The fires in Greece this year, which are being tragically replicated in Hawaii at the moment, have sharpen European results of zero carbon energy future while increasing their needs for rapidly deployed infrastructure products. At the same time, the war in Ukraine and the worsening relations with Russia, from which Europe refused to buy much of its natural gas used to generate its electricity, has greatly increased the value perception of energy and security sales across Europe. It's even harder to deploy grid-tight EV chargers in Europe than it is in the United States.

今年希臘的火災目前正在夏威夷悲劇性地重演，這加劇了歐洲零碳能源未來的成果，同時增加了他們對快速部署的基礎設施產品的需求。同時，烏克蘭戰爭以及與俄羅斯關係的惡化（歐洲拒絕從俄羅斯購買大量用於發電的天然氣）極大地提高了整個歐洲對能源和安全銷售的價值認知。在歐洲部署電網緊密的電動車充電器比在美國更困難。

When you put all that together, you see that they're going to need an awful lot of electric vehicle chargers deployed rapidly. They don't have enough electricity. What they do have is nowhere near as secure as it should be and they need to transition to sustainable renewable energy and they need to do all of this in the next couple of decades.

當你把所有這些放在一起時，你會發現他們將需要快速部署大量的電動車充電器。他們沒有足夠的電力。他們所擁有的遠沒有應有的安全，他們需要過渡到可持續的可再生能源，他們需要在未來幾十年內完成這一切。

You sort of want to ask yourself, does anyone have a product that could solve all those challenges? Beam Global does. And it's a product with a great deal of credibility and over a decade of reliable service being used by customers like the US Army, the Marine Corps, New York City, State of California, and many others, and a whole host of the best-known global corporations.

您想問自己，是否有人擁有可以解決所有這些挑戰的產品？ Beam Global 做到了。它是一款具有極高可信度和十多年可靠服務的產品，被美國陸軍、海軍陸戰隊、紐約市、加利福尼亞州等許多客戶以及眾多最好的客戶使用。知名的全球企業。

So you can perhaps see why a month ago or so, I was very excited to announce that we're entering into the process to acquire a company in Europe, which will position us to manufacture and sell our products to the biggest of what I think is the most exciting market in the world.

所以你也許可以明白為什麼大約一個月前，我非常興奮地宣布我們正在進入收購歐洲一家公司的過程，這將使我們能夠製造並向我認為最大的公司銷售我們的產品是世界上最令人興奮的市場。

Amiga DOO is a Serbian manufacturer of steel structures with integrated electronics. If you think about it, that's basically what our products are. So it's one of the top manufacturers of smart street lamps in Europe. It's been in business since 1990 and they are profitable.

Amiga DOO 是一家塞爾維亞整合式電子鋼結構製造商。如果你仔細想想，我們的產品基本上就是這樣。所以它是歐洲頂級的智慧路燈製造商之一。該公司自 1990 年開始營業，目前已實現盈利。

They have 210 employees, of which around 30 are exactly the sorts of engineers that we find challenging to recruit in United States. By the way, those engineers cost less than a welder in California. They're great people. They're very well educated. They speak English and they work hard.

他們有 210 名員工，其中約 30 名正是我們在美國很難招募的工程師。順便說一句，這些工程師的成本比加州的焊工還低。他們是很棒的人。他們受過良好的教育。他們說英語並且工作努力。

They have the facilities, the equipment, the experience, and the personnel required to make our EV ARC products, but they don't have our IP. If they did, it would take them very little learning and investment to start making EV ARCs. We intend to get them the IP as soon as the acquisition is complete.

他們擁有製造我們的 EV ARC 產品所需的設施、設備、經驗和人員，但他們沒有我們的智慧財產權。如果他們這樣做了，他們只需要很少的學習和投資就可以開始製造 EV ARC。我們打算在收購完成後立即向他們提供知識產權。

For the last 30 years, they've developed a fantastic reputation for selling quality products through exactly the same customer profile as we've had so much success with in the United States. They sold streetlights, energy infrastructure, communications towers, and security infrastructure to cities, states, militaries, and corporations in 16 different nations, including the United States. It's like if you're in Florida, it's not unlikely that you walk over street lights manufactured by our target, Amiga.

在過去的 30 年裡，他們透過與我們在美國取得的巨大成功完全相同的客戶資料銷售優質產品，從而贏得了良好的聲譽。他們向包括美國在內的 16 個不同國家的城市、州、軍隊和企業出售路燈、能源基礎設施、通訊塔和安全基礎設施。就像如果您在佛羅裡達州，您很可能會走過我們的目標 Amiga 製造的路燈。

So in my list of things that I'm most excited about for this company, right after expanding our business into Europe comes developing the EV standard product. Beam Global is in the process of acquiring one of the top engineering and manufacturing companies in Europe, which develops, manufactures, and sells street lights.

因此，在我對這家公司最感興趣的事情清單中，在將我們的業務擴展到歐洲之後，就開發了電動車標準產品。 Beam Global 正在收購歐洲頂尖的工程和製造公司之一，該公司開發、製造和銷售路燈。

When you combine our intellectual property, our engineering teams, their engineering teams, and their ability to manufacture, you simply can't come up with a more exciting combination where EV standard development and Beam Global growth is concerned.

當您將我們的智慧財產權、我們的工程團隊、他們的工程團隊以及他們的製造能力結合起來時，就電動車標準開發和 Beam Global 成長而言，您根本無法想出更令人興奮的組合。

I've been spending a lot of time in Europe, in particular in Serbia with our new friends at Amiga. I'm increasingly impressed with their capabilities and their enthusiasm for joining with Beam in creating a sustainable EV charging infrastructure powerhouse that we intend to be unrivaled in the biggest electric vehicle market in the world.

我在歐洲度過了很多時間，特別是和 Amiga 的新朋友一起在塞爾維亞。他們的能力以及他們與 Beam 一起創建可持續電動車充電基礎設施強國的熱情給我留下了越來越深刻的印象，我們希望在全球最大的電動車市場上做到無與倫比。

But the benefits from this acquisition will not only impact our European goals. As I've already mentioned, we will absorb a highly qualified and talented engineering team, which has many capabilities that we seek for our US business. A perfect example of that is the fact that we've had the EV standard patented since 2019, but have not yet produced it because our in-house engineering team has been so busy contributing to the phenomenal growth of our EV ARC products.

但這次收購的好處不僅會影響我們的歐洲目標。正如我已經提到的，我們將吸收一支高素質、才華橫溢的工程團隊，他們具備我們在美國業務所尋求的許多能力。一個完美的例子是，我們自 2019 年以來就已獲得 EV 標準專利，但尚未生產它，因為我們的內部工程團隊一直忙於為我們的 EV ARC 產品的驚人成長做出貢獻。

After we close this transaction, we'll be able to send engineering staff to our team in Serbia at the end of any given day and have work product in our inboxes upon our return the following morning, thanks to the difference in time zones. I believe this will dramatically enhance our ability to make improvements to our existing products as well as to continue to bring new and exciting innovations for the field of clean transportation.

完成這筆交易後，由於時區的差異，我們將能夠在任何一天結束時派遣工程人員前往塞爾維亞的團隊，並在第二天早上返回時在我們的收件匣中收到工作產品。我相信這將大大增強我們改進現有產品的能力，並繼續為清潔交通領域帶來令人興奮的新創新。

Beyond that, I think it's likely that at least in the beginning, we'll produce the EV standard product in Serbia, even for the US market. First of all, our cost structure will be much lower in Serbia. And because -- whereas we can only fit two EV ARCs into a 40-foot container, which we'll able to stack many EV standards into the same space, meaning that the cost of shipping will be much less impactful than they are with EV ARC. So much so in fact, but it's likely that at least in the beginning, as I said, it will make a lot more economic sense to manufacture all of EV standards in Serbia, whether they're deployed across Europe, or shipped to the United States.

除此之外，我認為至少在一開始，我們可能會在塞爾維亞生產電動車標準產品，甚至是針對美國市場。首先，我們在塞爾維亞的成本結構會低很多。因為，雖然我們只能將兩個 EV ARC 放入 40 英尺的貨櫃中，但我們能夠將許多電動車標準堆疊到同一空間中，這意味著運輸成本的影響將比電動車小得多弧。事實上，但正如我所說，至少在一開始，在塞爾維亞製造所有電動車標準可能會更具經濟意義，無論它們是部署在歐洲各地，還是運往美國狀態。

I travel a lot in the United States and in Europe; I'm the man. And I can tell you that everywhere I go, I've met with nothing but enthusiasm for EV ARC and nothing improved things for the EV standards. I cannot wait to start to EV ARC in Europe. If you complete the development of EV standard them -- anyways, like I said, I think it's going to make a lot more sense to manufacture EV standards in Serbia whether to deploy across Europe or ship to the United States.

我經常去美國和歐洲旅行；我就是那個男人。我可以告訴你，無論我走到哪裡，我所遇到的只是對 EV ARC 的熱情，而沒有任何改善電動車標準的東西。我迫不及待地想在歐洲開始使用 EV ARC。如果你完成了電動車標準的開發——無論如何，就像我說的那樣，我認為在塞爾維亞制定電動車標準會更有意義，無論是在歐洲部署還是運往美國。

And I'm going on to say that having traveled a lot in the United States and Europe, I've met a lot of enthusiasm for the EV ARC and nothing but in patients where the EV standard is concerned. I can't wait to start selling both of them in Europe and to complete the development of EV standard and to start manufacturing and selling it there, and of course, over here as well in United States.

我接下來要說的是，我在美國和歐洲旅行過很多次，我遇到了很多對 EV ARC 的熱情，除了與 EV 標準有關的患者之外，什麼都沒有。我迫不及待地想開始在歐洲銷售它們，完成電動車標準的開發，並開始在那裡製造和銷售，當然，也在美國。

I'm very confident with the way the due diligence process is doing. We've engaged an excellent and highly professional team in Serbia to assist us in this process, both on the legal and business side. I'm very happy with the way the deal is structured, just as I was with the way we were able to execute on the wholesale transaction.

我對盡職調查流程的方式非常有信心。我們在塞爾維亞聘請了一支優秀且高度專業的團隊，在法律和商業方面協助我們完成這項過程。我對交易的結構方式非常滿意，就像我對我們能夠執行批發交易的方式感到滿意一樣。

This deal is different in that unlike AllCell, which was an all-stock deal, this is a combination of stock and cash. So I'm delighted that we were able to have such success with the offering we completed in June with its minimal dilution, no warrants, and less than 9% this time. That unusually clean structure and pricing along with the incredible demand, the deal was heavily oversubscribed, with not only an excellent move for the future of Beam Global, but also a significant vote of confidence from Wall Street and the investment community in general.

這筆交易的不同之處在於，與 AllCell 的全股票交易不同，這是股票和現金的結合。因此，我很高興我們能夠在 6 月完成的發行中取得如此成功，這次發行的稀釋度最小，沒有認股權證，而且比例低於 9%。異常乾淨的結構和定價，加上令人難以置信的需求，該交易獲得了嚴重超額認購，這不僅對Beam Global 的未來而言是一個極好的舉措，而且也得到了華爾街和整個投資界的重要信任票。

But yes. I'm very excited about this acquisition. Our expansion into Europe and our ability to accelerate the development of EV standard and all future innovative products, which we intend to bring to market.

但是，是的。我對這次收購感到非常興奮。我們向歐洲的擴張以及加速電動車標準和所有未來創新產品開發的能力，我們打算將其推向市場。

So to conclude, record revenues, record production and deliveries, record gross profits, and all of these metrics improving quarter after quarter. Record cash in working capital and a very attractive PAT structure. No debt and a clean balance sheet. The most exciting international expansion I've ever been involved with and the reality of bringing what might be our largest volume selling product to market with a fantastic international team.

總而言之，創紀錄的收入、創紀錄的產量和交付量、創紀錄的毛利，所有這些指標都在逐季改善。營運資金中記錄現金和非常有吸引力的稅後利潤結構。沒有債務，資產負債表乾淨。這是我參與過的最令人興奮的國際擴張，也是透過一支出色的國際團隊將我們銷售量最大的產品推向市場的現實。

The sales team is still bringing in the orders and the markets we're addressing are growing rapidly and yet still at the earliest of stages. And there were certainly other exciting things that happened in the quarter. But I think that for now, what I've shared with you is enough to demonstrate that it is more than ever a great time to be Beam Global.

銷售團隊仍在接收訂單，我們所涉足的市場正在快速成長，但仍處於早期階段。本季當然還發生了其他令人興奮的事情。但我認為，就目前而言，我與您分享的內容足以表明，現在是 Beam Global 的絕佳時機。

And with that, I'll turn it back to the operator and gladly answer any questions that you may have. Thank you. Over to you, operator.

然後，我會將其轉回給接線員，並很樂意回答您可能提出的任何問題。謝謝。交給你了，接線生。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。 （操作員說明）

Craig Irwin, ROTH MKM.

克雷格歐文，羅斯 MKM。

Good afternoon. Hey, Desmond. Thank you for taking my questions. Congratulations. This is where I should start. I mean, another really solid quarter and lots of progress here.

午安.嘿，戴斯蒙德。感謝您回答我的問題。恭喜。這是我應該開始的地方。我的意思是，又是一個非常穩定的季度，並且取得了許多進展。

Thank you, Craig.

謝謝你，克雷格。

Can you maybe update us on the savings per unit? Last quarter, you talked very specifically about $12,000 in savings per unit that you wanted to achieve. It sounded like you had a very clear plan. Can you maybe update us on what's been addressed at this point? How this is likely to taper in over the next couple of quarters?

您能否向我們介紹每單位節省的最新情況？上個季度，您非常具體地談到了您希望實現的每單位節省 12,000 美元的目標。聽起來你有一個非常明確的計劃。您能否向我們介紹目前已解決的最新情況？在接下來的幾個季度中，這種情況可能會如何逐漸減少？

And the larger items on that list, if you could maybe share with us what's been adjusted or what's been changed and what's likely to be changed sort of in the schedule over the next couple of quarters?

以及該清單中較大的項目，您是否可以與我們分享在接下來的幾個季度的時間表中進行了哪些調整或進行了哪些更改以及哪些內容可能會發生變化？

Yes. Okay. An excellent question and one that we give a great deal of thought to, as you can know that much here. So the first thing to say to you is that nothing has changed. I'm still committed to that $12,000 so as the engineering and the operation teams.

是的。好的。這是一個很好的問題，我們對此進行了大量思考，正如您在這裡所知的那樣。所以首先要告訴你的是，一切都沒有改變。我仍然致力於那 12,000 美元，工程和營運團隊也是如此。

The second thing to point out is that as yet, at least in the numbers that we've announced in the second quarter, we have not benefited in any meaningful way from that. So we essentially still have that full $12,000 in our future in terms of cost reduction.

第二件事要指出的是，到目前為止，至少從我們在第二季公佈的數字來看，我們還沒有從中受益。因此，在降低成本方面，我們未來基本上仍然有 12,000 美元的資金。

The gross profit generation in this quarter came purely from fixed overhead absorption and increased efficiencies in our facility, along with, in general, doing a better job of buying from some of our vendors. We got some reduction in cost because of the higher volumes. And again, the sort of plateauing, if not reducing of the inflationary environment.

本季的毛利純粹來自固定管理費用的吸收和我們工廠效率的提高，以及整體上更好地從我們的一些供應商採購。由於產量增加，我們的成本降低。再說一次，通膨環境即使沒有減弱，也會趨於平穩。

As far as when we expect to get those save -- the remainder of the savings that we're looking at here, I am -- but he knows that I'm an optimistic and enthusiastic person. But I think even with my optimism and enthusiasm, it's realistic to suggest that by the beginning of the first quarter of 2024, we should have those changes integrated into the product, and therefore, benefiting from the cost savings.

至於我們期望什麼時候能節省下來——我們在這裡看到的剩餘的節省，我是——但他知道我是一個樂觀和熱情的人。但我認為，即使我很樂觀和熱情，建議到 2024 年第一季初，我們應該將這些變化整合到產品中，從而從成本節省中受益，這是現實的。

Some of them we're already starting to integrate now halfway through this quarter. I expect the remainder of them to be integrated in the product in the fourth quarter, subject to anything that's out of our control. And that would mean that by first quarter of 2024, we'll get the full benefit of that cost reduction.

其中一些我們已經在本季度過半時開始整合。我預計其餘部分將在第四季度整合到產品中，但會受到任何我們無法控制的情況的影響。這意味著到 2024 年第一季度，我們將充分受益於成本降低。

And as I said in my comments, we won't stop there. We think there's a lot of opportunity for other improvements, but those are just the sort of headline things right now we feel comfortable talking about.

正如我在評論中所說，我們不會就此止步。我們認為還有很多其他改進的機會，但這些只是我們現在可以輕鬆談論的頭條新聞。

Excellent. So that's a pretty quick execution plan so I like that. The price increase you discussed previously, 8.25% on May 1. So knowing the timing and the prior commitments in backlog, do you think that it's possible that this helps us during the current quarter? Or is it more likely the December quarter where we start to see the benefit of this price increase lifting gross margins as well?

出色的。這是一個非常快速的執行計劃，所以我喜歡這樣。您之前討論過的價格上漲，即 5 月 1 日上漲 8.25%。因此，了解時間安排和之前積壓的承諾，您認為這可能對我們當前季度有所幫助嗎？或者更有可能是在 12 月季度，我們開始看到價格上漲帶來的好處也提高了毛利率？

Yeah, a good one. Yes. Again, first thing to point out, no benefit from that total in the numbers that we just announced, so that the gross improvement was not as a result of the price increase and thank you for asking me about. I probably should add it in my comments.

是的，很好的一個。是的。再次強調，首先要指出的是，我們剛剛宣布的數字總數並沒有帶來任何好處，因此整體改善並不是價格上漲的結果，感謝您詢問我的問題。我可能應該將其添加到我的評論中。

I think because of the level of backlog that we have, it's likely to be a beginning 2024 before we see any meaningful impact from that. Doesn't mean that few units won't slip through.

我認為，由於我們的積壓程度，很可能要到 2024 年伊始，我們才能看到任何有意義的影響。並不意味著很少有單位不會漏掉。

I'll tell you what happened. Sometimes we will get customers that have very urgent needs. For example, what's going on Hawaii at the moment. I'm not telling you that we're doing anything in Hawaii, but I will tell you this: that if people called us from Hawaii and urgently want EV ARCs right now, we would go back to our existing backlog customers and ask them if it's okay if we slot a few in. And those would likely benefit from the cost increases.

我會告訴你發生了什麼事。有時我們會遇到有非常緊急需求的客戶。例如，夏威夷目前正在發生什麼事情。我並不是告訴你我們在夏威夷正在做什麼，但我會告訴你：如果人們從夏威夷打電話給我們並且現在迫切需要 EV ARC，我們會回到我們現有的積壓客戶那裡並詢問他們是否如果我們插入一些也沒關係。這些可能會從成本增加中受益。

So there are instances where we might slot product into the build queue, but it will be meaning -- it won't be meaningful until the first quarter of 2024.

因此，在某些情況下，我們可能會將產品放入建置佇列，但這將是有意義的——直到 2024 年第一季才會有意義。

Understood. That makes sense. And then last question, if I may. Your adjusted margin discussion is always very useful. Just to understand how we are making real progress, can you maybe share with us what the non-cash amortization for AllCell was in the quarter? And if there were any other one-time items that impacted the GAAP gross margins.

明白了。這就說得通了。最後一個問題，如果可以的話。您的調整保證金討論總是非常有用的。為了了解我們如何取得真正的進展，您能否與我們分享 AllCell 本季的非現金攤銷是多少？是否還有其他一次性項目影響了 GAAP 毛利率。

Kathy, give me the amortization, please.

凱西，請給我攤提費用。

Yes, the amortization.

是的，攤銷。

Just bear with me for a second, Craig. We're just looking at it right now. I'm sorry, it's only the tip of my tongue.

請耐心等待一下，克雷格。我們現在只是在看看它。抱歉，這只是我的舌尖。

No worries. I don't memorize those numbers either myself. It's just useful; it's very important to understand.

不用擔心。我自己也不記得這些數字。它只是有用；理解這一點非常重要。

Agreed. Craig, do you have another question? If not, I'll move to the next one. And then as soon as Kathy posts those numbers up, I'll throw them out.

同意。克雷格，你還有其他問題嗎？如果沒有，我會轉到下一篇。一旦凱西把這些數字公佈出來，我就會把它們丟掉。

That works perfectly. Thanks again for taking my questions and really congratulations on this impressive progress.

效果很好。再次感謝您提出我的問題，並衷心祝賀這項令人印象深刻的進展。

Thanks, Craig. Always a pleasure. $300,000 is what I'm hearing by the way in the quarter for amortization of intangible assets on AllCell.

謝謝，克雷格。總是一種樂趣。順便說一句，我聽說 AllCell 本季的無形資產攤銷額為 30 萬美元。

Fantastic. Thank you so much.

極好的。太感謝了。

Thank you.

謝謝。

Christopher Souther, B. Riley.

克里斯多福‧索瑟，B.萊利。

Hey, thanks for taking my question. Maybe we'll get an update on the pipeline. Last year, the third quarter was big as far as order timing from the customers. And I just want to get any sense of the anticipated pace of order cadence in the second half based on how customer conversations are going. Do you think we'll have similar visibility exiting 2023 as we did to start this year?

嘿，謝謝你回答我的問題。也許我們會得到有關管道的更新。去年第三季客戶的訂單時間很長。我只是想根據客戶對話的進展來了解下半年訂單節奏的預期節奏。您認為 2023 年結束時我們的能見度會與今年開始時相似嗎？

You know, as I've said before, I anticipate that we're going to continue to see lumpiness in order cadence. The good news is that's not being transmitted into lumpiness in revenue growth because we are no more supply constrained than demand. Of course, we're catching up with that every quarter.

你知道，正如我之前所說，我預計我們將繼續看到訂單節奏的混亂。好消息是，這並沒有轉化為營收成長的不穩定，因為我們所受到的供應限制並不比需求更嚴重。當然，我們每季都會趕上這一點。

This quarter, with 33% increase in units produced over last quarter and 100% over the prior year. But I do anticipate that we will continue to see some lumpiness just because of the way the industry is developing at the moment. That's, by the way, one of the good arguments for diversifying our business and our revenue sources, moving to Europe, doing all those, all of these are moves that we're taking. They are not just about growth, but they're also just about creating a nice stable, consistent growth model for the company.

本季產量比上季成長 33%，比去年同期成長 100%。但我確實預計，由於該行業目前的發展方式，我們將繼續看到一些不穩定的情況。順便說一句，這是我們業務和收入來源多元化、搬到歐洲、做所有這些事情的有力論點之一，所有這些都是我們正在採取的舉措。它們不僅關乎成長，還關乎為公司創造一個穩定、一致的成長模式。

Pipeline is still very, very good, way more than backlog. As you know, in the past, we've been quite conservative about our pipeline to backlog conversion ratios, and then we nail that every time with backlog to revenue because we never lose an order, not materially anyway.

管道仍然非常非常好，比積壓的情況要多得多。如您所知，過去，我們對管道與積壓訂單的轉換率相當保守，然後我們每次都會透過積壓訂單與收入來確定這一點，因為我們從來沒有丟失訂單，至少不是實質性的。

So the sales team, as I say, is still selling. They're bringing in orders all the time. We have stopped announcing all the smaller orders that we get because we feel that we've evolved beyond that. Some people are really upset about that. Some people like to see us announcing every purchase order that we get; some people get equally upset when we announce them. We can't make everybody happy.

因此，正如我所說，銷售團隊仍在銷售。他們一直在帶來訂單。我們已經停止宣布我們收到的所有較小訂單，因為我們覺得我們已經超越了這一點。有些人對此感到非常沮喪。有些人喜歡看到我們公佈收到的每一份採購訂單；當我們宣布這些消息時，有些人也會同樣感到不安。我們無法讓每個人都幸福。

But we've, in general, stopped announcing these things but you can do the simple arithmetic. You can see we're still selling a lot just because of the revenue versus our current backlog.

但總的來說，我們已經停止宣布這些事情，但你可以做簡單的算術。您可以看到，由於收入與目前的積壓訂單相比，我們的銷售量仍然很高。

I remain very bullish about our ability to convert our pipeline into backlog into the future. But as I said -- I've said it before, and I'll say it right now, again, we're still going to see some lumpiness in that cadence. The key thing for us is to just maintain a steady growth and bring in all the opportunities that we can to the quarter.

我仍然非常看好我們未來將管道轉化為積壓訂單的能力。但正如我所說的——我以前說過，現在我會再說一遍，我們仍然會看到這種節奏中存在一些混亂。對我們來說，關鍵是保持穩定成長，並為本季帶來所有可能的機會。

Okay. That's helpful. Maybe just on the European expansion. If the acquisition closes in third or first quarter here, what would be, you think, the timeline to get to production for the EV ARC can start to see some sales of EV ARC in Europe after the acquisition? What do you think this goes to potential timelines for the EV standard product to be developed and ready for market here?

好的。這很有幫助。也許只是在歐洲擴張。如果收購在第三季或第一季完成，您認為 EV ARC 投入生產的時間表是多少，收購後 EV ARC 才能在歐洲開始銷售？您認為這對電動車標準產品的開發和上市準備的潛在時間表有何影響？

So I'm having to sort of pinch myself a little bit on this acquisition because you never want to fall in love with a deal and I can assure you, I won't, and it's not close till it's close. We're going to due diligence now. If we find things in due diligence that we don't like it -- but I'm not anticipating that -- but if we do find things that we don't like, we may change the deal or not even proceed with it.

因此，在這次收購中，我不得不有點掐自己，因為你永遠不想愛上一筆交易，我可以向你保證，我不會，而且在交易完成之前它不會關閉。我們現在要進行盡職調查。如果我們在盡職調查中發現我們不喜歡的事情——但我並沒有預料到這一點——但如果我們確實發現我們不喜歡的事情，我們可能會改變交易，甚至不繼續進行。

But I'm not -- at the moment, I'm not hearing any alarm bells. I'm not seeing any red flags at all. And as I say, I have a very, very professional team who's going through that due diligence process alongside us.

但我沒有——目前，我沒有聽到任何警鐘。我根本沒有看到任何危險信號。正如我所說，我有一個非常非常專業的團隊，他們正在與我們一起完成盡職調查過程。

With all of that said, I am still hopeful and planning to close within 2023 the acquisition in Europe. What I like about these guys so much is they have everything that they need to make EV ARCs today. And in fact, I just sat my team, my management team down the middle of this week and took them through a 25-minute walk through, live video walking through our 5 acres, half of the under roof with all the equipment and materials and everything to make products in that market.

儘管如此，我仍然充滿希望，並計劃在 2023 年完成在歐洲的收購。我非常喜歡這些人，因為他們擁有製造 EV ARC 所需的一切。事實上，我剛剛讓我的團隊、我的管理團隊在本周中旬坐下來，帶領他們進行了25 分鐘的步行，透過即時視訊步行穿過我們的5 英畝土地，一半在屋頂下，配備了所有設備和材料，在該市場生產產品的一切。

And I can tell you there was a lot of excitement from the team here. None of them had been there yet. None of it seen it as I have with my own eyes. So there's a great opportunity to get them up to speed. So the fact is they are qualified today to make EV ARCs. They don't have our IP, as I said; that's what makes them so attractive as an acquisition.

我可以告訴你，這裡的團隊非常興奮。他們還沒到那裡。它們都不像我親眼所見。因此，這是一個讓他們加快步伐的絕佳機會。事實上，他們今天有資格製造 EV ARC。正如我所說，他們沒有我們的 IP；這就是它們作為收購如此有吸引力的原因。

Because with our IP, they become a far, far more valuable entity. At the moment, we're only planning on paying about 1 times revenue for them. We're getting all the buildings and all the land and everything else and those buildings and that land have already appraised for about what we're paying for them. Never mind a little bit more actually if you include the equipment and all that extra stuff.

因為有了我們的智慧財產權，他們就成為一個更有價值的實體。目前，我們只計劃為它們支付大約一倍收入的費用。我們正在獲得所有的建築物、所有的土地和其他一切，這些建築物和土地已經評估了我們為它們支付的價格。如果你包括設備和所有額外的東西，實際上沒關係。

So I'm sorry I'm beating the bush a little bit. But to answer your question, they will be able to start making EV ARCs very soon after we acquire them. We may still send them some specialized electronic parts and things that we make in our facility that are harder to take on, but they'll be able to do the lion's share of that very early on.

所以我很抱歉我有點拐彎抹角了。但回答你的問題，在我們拿到 EV ARC 後，他們很快就能開始製造。我們可能仍然會向他們發送一些專門的電子零件以及我們在我們的工廠製造的更難承擔的東西，但他們將能夠很早就完成其中的大部分工作。

As to how quickly we can sell them there, we're already, as you can imagine, testing the waters with that. I have been for a couple of years. I already have customer prospects over there who, as I say, are very enthusiastic about the product.

至於我們能以多快的速度在那裡銷售它們，正如你可以想像的那樣，我們已經在試水了。我已經好幾年了。正如我所說，我在那裡已經有了一些潛在客戶，他們對該產品非常熱情。

It's different. Enthusiasm is different than a purchase order. Nobody knows that better than I do, but we're pretty good at turning enthusiasm into purchase orders. So I don't want to put a date on when we'll start selling them there. But I don't think it will take a long time.

這不一樣。熱情與採購訂單不同。沒有人比我更了解這一點，但我們非常擅長將熱情轉化為採購訂單。所以我不想確定我們何時開始在那裡銷售它們。但我認為這不會花很長時間。

As far as EV standard is concerned, that will be job number one from an engineering point of view. We will commit a team immediately to the development of EV standard. And the great thing is this is what these guys do. They design, engineer, and manufacture street lights and increasingly with smart components integrated into solar panels, sensors, electronics, and all those stuff.

就電動車標準而言，從工程角度來看，這將是首要任務。我們將立即派出一個團隊來制定電動車標準。最棒的是這些人就是這麼做的。他們設計、工程和製造路燈，並越來越多地將智慧組件整合到太陽能電池板、感測器、電子產品和所有這些東西中。

So what we're going to be doing is just adding a bit more than what they're used to doing under our patent, which is good in the United States, Europe, and Asia for that product. It's going to be job number one to get that thing up and running as soon as possible.

因此，我們要做的只是在我們的專利下增加一些比他們習慣做的更多的內容，這對該產品在美國、歐洲和亞洲是有利的。盡快啟動並運行這將是首要任務。

Appreciate that. I'll hop in the queue. Thanks.

感謝。我會插隊。謝謝。

Thank you.

謝謝。

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

Hello, Tate.

你好，泰特。

Desmond, hello, and great to see the gross profit margin of 3%, too. I mean, based on the level of efficiency, it sounds you reached. Will you continue the cadence of production that you currently have? Maybe build up inventory and maybe we'll see some fluctuation in the gross profit margin? How should we look at that, given you mentioned lumpy orders before?

Desmond，你好，很高興看到毛利率達到 3%。我的意思是，根據效率水平，聽起來你已經達到了。你們會繼續目前的生產節奏嗎？也許會增加庫存，也許我們會看到毛利率出現一些波動？鑑於您之前提到過大量訂單，我們應該如何看待這一點？

Yeah. At the moment, we do not intend to build up any inventory. At the moment, we're building as fast as we -- I mean, we're delivering as fast as we can build to customers. I've said before, I'm very keen on the idea of pre-manufacturing certain components and subassemblies so that we can get better.

是的。目前，我們不打算建立任何庫存。目前，我們正在盡可能快地建造——我的意思是，我們正在以盡可能快的速度向客戶交付。我之前說過，我非常熱衷於預先製造某些組件和子組件的想法，以便我們可以做得更好。

And we just, as a matter of fact, had another management meeting about this recently, which is how we can respond more quickly to these larger orders. And so I think a lot of that will be about identifying complex parts of the products, which are often not the most expensive parts, and having those pretty manufactured.

事實上，我們最近剛剛就此召開了另一次管理會議，這就是我們如何能夠更快地回應這些較大訂單的方式。因此，我認為其中很大一部分是要識別產品的複雜部件（這些部件通常不是最昂貴的部件），並將這些部件製造得漂亮。

So we would have sort of whip inventory, if you like, with having completed product inventory. But that's planning right now. That's not what's happening at the moment. At the moment, everything that we're producing, we're shipping directly to customers and we can foresee that continuing certainly for the next couple of quarters. We do intend to get better.

因此，如果您願意的話，我們會有某種鞭打庫存，並擁有完整的產品庫存。但現在正在計劃中。目前情況並非如此。目前，我們生產的所有產品都直接運送給客戶，我們可以預見，這種情況在接下來的幾個季度中肯定會持續下去。我們確實打算變得更好。

As far as the margin is concerned, as I said in my comments, we will never consider -- this is the Golden Gate Bridge. You start thinking at one end; you go to the other. Soon as you're finished, congratulations, you start all over again. That's the instructions to the team here, engineering and operations and purchasing. Figure out how to get cost savings. When you think you're finished, start all over again. We won't stop with that.

就邊際而言，正如我在評論中所說，我們永遠不會考慮——這是金門大橋。你開始從一端思考；你去另一個。當你完成後，恭喜你，你又重新開始了。這是對工程、營運和採購團隊的指示。弄清楚如何節省成本。當你認為你已經完成時，請重新開始。我們不會就此止步。

And as I said before, my goal is to get to 50% gross profit with this product gap. And I believe we can do it and we're going to make some significant steps in that direction. The 3% that we picked up right now, remember, has not come from any changes to the products. Those changes are still in front of us.

正如我之前所說，我的目標是透過這個產品差距獲得 50% 的毛利。我相信我們可以做到，我們將朝這個方向邁出一些重要的步驟。請記住，我們現在獲得的 3% 並不是來自產品的任何變化。這些變化仍然擺在我們面前。

And so we should not lose that 3%. When we add the other cost savings, those will be accretive to those savings. $12,000, we've already mentioned. And then we get [8.25%] increase when we -- when the sales price increase starts to kick in as well.

所以我們不應該損失那 3%。當我們添加其他成本節省時，這些節省將會增加。 12,000 美元，我們已經提到過。然後，當銷售價格也開始上漲時，我們就會獲得 [8.25%] 的成長。

So I think we're -- look, life's hard; business is tricky. As I said before, this is a process, not an event. But we've got a very good team of very intelligent people who are working towards getting this thing better and better. And I think we're going to see some very encouraging improvements through the end of this year and then the first quarter of 2024.

所以我認為我們──看，生活很艱難；生意很棘手。正如我之前所說，這是一個過程，而不是一個事件。但我們有一支非常優秀的團隊，由非常聰明的人組成，他們正在努力讓這件事變得越來越好。我認為，到今年年底以及 2024 年第一季度，我們將看到一些非常令人鼓舞的改進。

And then on Amiga, you gave some comments about the diligence is going well. What are some of the main due diligence steps to close that? Is it doing your own audit of their financials or what are some of the main steps to come?

然後在 Amiga 上，您對盡職調查進展順利發表了一些評論。完成任務的主要盡職調查步驟有哪些？是對他們的財務狀況進行自己的審計還是接下來的一些主要步驟是什麼？

Yes. So I can tell you without a doubt that the biggest milestone and I have not covered or crossed it yet, although we anticipate that that will take place here not too distant from now. We're doing the environmental studies on the property. I mean we're buying 5 acres over there. We're going to own the land; we're going to own the buildings.

是的。因此，我可以毫無疑問地告訴你們，最大的里程碑，我還沒有跨越或跨越它，儘管我們預計這將在不久的將來發生。我們正在對該地產進行環境研究。我的意思是我們要在那裡買 5 英畝土地。我們將擁有這片土地；我們將擁有這些建築物。

Remember that will mean no rent burden. I mean, rent's a big piece of our cost overhead here. We're only paying rent over there. And obviously I didn't want to buy a piece of land and then discover after I bought it. And we've got a $5 billion remediation project because it's hazardous materials or something on the sites. I'm having it screened right now. I'm hoping to get the results of that before too long.

請記住，這意味著沒有租金負擔。我的意思是，租金占我們成本的很大一部分。我們只付那裡的房租。顯然我不想買一塊地，然後買了之後才發現。我們有一個價值 50 億美元的修復項目，因為現場有危險材料或其他東西。我現在正在放映它。我希望不久之後就能得到結果。

And then yes, beyond that, we are going through their financials. We are going through their contracts. We are meeting with their customers. We are doing market studies to see what the future looks like for them. We're validating everything they've told us.

然後是的，除此之外，我們正在檢查他們的財務狀況。我們正在審查他們的合約。我們正在與他們的客戶會面。我們正在進行市場研究，以了解他們的未來。我們正在驗證他們告訴我們的一切。

I will say this: the company was founded by an engineer. He handed it to his son several years ago who's also an engineer. This is a solutions-oriented guy. He's not a salesman, he is an engineer. You never -- I would never dare use that word like trust or anything like that. But as far as M&A work is concerned, I've done a lot in the past.

我會這麼說：公司是由工程師創立的。幾年前，他把它交給了他的兒子，他的兒子也是工程師。這是一個以解決方案為導向的人。他不是推銷員，他是工程師。你永遠——我永遠不敢使用信任這個詞或類似的詞。但就併購工作而言，我過去做了很多工作。

And as I said, I'm not feeling any alarm bells about this right now. I guess I feel confident that the current owners and current management team don't think there's anything wrong. But that doesn't mean that we won't find something. And that's why we're going through a very, very extensive due diligence process to make sure that we've uncovered the skeletons.

正如我所說，我現在對此沒有任何警鐘。我想我有信心目前的所有者和目前的管理團隊不認為有什麼問題。但這並不意味著我們不會找到任何東西。這就是為什麼我們要經歷非常非常廣泛的盡職調查過程，以確保我們已經發現了問題的癥結所在。

There will be some; I don't mind uncovering skeletons. I just want to know where they are. So that we can work with them and make sure that the talk price and everything else is adjusted accordingly.

會有一些；我不介意揭露骷髏。我只是想知道他們在哪裡。這樣我們就可以與他們合作，確保談話價格和其他一切都得到相應調整。

Thank you. And the last for me --

謝謝。對我來說最後一個——

If I may, one thing I'll just add on this. This is a business which cash flows, which has no debt, which does not use credit accounts. I mean, basically, it's a very tightly run, profitable business. They're spending a lot of money improving their facilities right now. And all of it has come out of cash flow.

如果可以的話，我會補充一件事。這是一個有現金流、沒有債務、不使用信用帳戶的企業。我的意思是，基本上，這是一個運作非常嚴格、利潤豐厚的業務。他們現在正在花費大量資金改善設施。而這一切都來自現金流。

So they're disciplined. We're not taking on any debt with acquisition. We're getting a team of people who have demonstrated for 30 years that they can build a business and sell in 16 nations. I like them. So far, I like them.

所以他們很有紀律。我們不會因收購而承擔任何債務。我們的團隊成員在 30 年來一直證明自己可以在 16 個國家開展業務並進行銷售。我喜歡他們。到目前為止，我喜歡他們。

And then just last for me is, I saw that Florida accounted for 20% of revenue in 2Q. Have you called out Florida -- a large customer in Florida before and is it some commercial clients as well?

最後對我來說，我看到佛羅裡達州佔第二季收入的 20%。您曾經打電話給佛羅裡達嗎？以前是佛羅裡達州的一個大客戶，也是一些商業客戶嗎？

I mean, I think I think a lot of it actually -- the concentration is always a little tricky for me, right? We often talked about concentration. For example, we'll say we were concentrated in California. I mean, California is anywhere between the fourth and the eighth largest sovereign economic state in the world where concentrated here is like they were concentrated in a country.

我的意思是，我想我實際上想了很多——集中註意力對我來說總是有點棘手，對吧？我們經常談論專注力。例如，我們會說我們集中在加州。我的意思是，加州位於世界第四和第八大主權經濟國家之間，集中在這裡就像集中在一個國家一樣。

Same thing going on in Florida because it wasn't that Florida was the customer. In that situation, we were delivering product to Veterans Administration. I think large -- I'm just looking to Kathy for a nod or a head shake here.

佛羅裡達州也發生了同樣的事情，因為佛羅裡達州並不是客戶。在這種情況下，我們正在向退伍軍人管理局交付產品。我的想法很大——我只是希望凱西點頭或搖頭。

Miami-Dade County, I mean, it could hardly be any more diverse. It's just that geographically, we were on the other side of the border with Florida, which by the way, is a great state for our products. There's plenty of sunshine there.

我的意思是，邁阿密戴德縣的多元化程度簡直不能再高了。只是從地理位置上來說，我們位於佛羅裡達州邊境的另一邊，順便說一下，佛羅裡達州對我們的產品來說是一個很棒的州。那裡陽光充足。

And don't forget, we are a wind rated to 160 miles an hour, have survived Category 5 hurricane force winds, and are flood proof to 9.5 feet. So we're very well suited to that market. I don't think it's all that surprising that we had such a large number of sales there.

不要忘記，我們的風速可達每小時 160 英里，能夠抵禦 5 級颶風，並且能防 9.5 英尺的洪水。所以我們非常適合這個市場。我認為我們在那裡有如此大的銷量並不令人驚訝。

But again, it's not as though they were all through one contract. I don't view that as concentration any more than I view the federal government as concentration. The US Army, the Marine Corps, Veterans Administration, the labs, whatever, they're all had their own budgets, their own interests, their own guidance. Losing one of them is no indication that we would lose all of them; just as winning one of them is no indication that we'd win all the others.

但話又說回來，他們並不是透過一份合約簽訂的。我不認為這是集中，就像我不認為聯邦政府是集中一樣。美國陸軍、海軍陸戰隊、退伍軍人管理局、實驗室等等，他們都有自己的預算、自己的利益、自己的指導。失去其中一個並不意味著我們會失去全部；正如贏得其中一項並不表明我們會贏得所有其他項目一樣。

Okay. Thank you, Desmond.

好的。謝謝你，德斯蒙德。

Thanks, Tate.

謝謝，泰特。

Abhishek Sinha, Northland.

阿布舍克·辛哈，北國。

Abhishek, how are you?

阿布舍克，你好嗎？

Good call out. This is Kailash on behalf of Abhishek Sinha. So just wanted to know about your European expansion and how -- you guys spoke about manufacturing there as well. So just want to know about your cost competitiveness with your product in Europe and how you're seeing that.

很好的呼喚。我是 Kailash，代表 Abhishek Sinha。所以我只是想知道你們在歐洲的擴張情況以及如何——你們也談到了那裡的製造業。因此，我只想了解您的產品在歐洲的成本競爭力以及您對此有何看法。

Yes. So I think that's a good news thing for us. Because it's actually harder to deploy electric vehicle charging infrastructure in Europe than it is here. It's more expensive to dig trenches and go through the permitting and planning. There's a lot of -- I mean, as I've said before, in Edinburgh where I'm from, if you dig down 6 inches in Edinburgh, you back 300 years. You never know what you're going to encounter when you dig trenches and everything like that.

是的。所以我認為這對我們來說是個好消息。因為在歐洲部署電動車充電基礎設施實際上比在這裡更難。挖掘戰壕並獲得許可和規劃的成本更高。有很多——我的意思是，正如我之前所說，在我來自的愛丁堡，如果你在愛丁堡向下挖掘 6 英寸，你就會回到 300 年前。當你挖戰壕之類的事情時，你永遠不知道會遇到什麼。

So having a product which can be deployed without construction, without electrical work, without any meaningful permitting or anything else like that, I believe going to be an even greater benefit for us in the European market than it is here. Beyond that, the European market is much larger and their needs are much more acute, as I've already mentioned.

因此，擁有一種無需施工、無需電氣工作、無需任何有意義的許可或類似任何東西即可部署的產品，我相信對我們在歐洲市場的好處將比在這裡更大。除此之外，正如我已經提到的，歐洲市場更大，他們的需求也更迫切。

One thing that's nice about Serbia is that it's literally just off the road from Greece. If you think about Greece, if any of you have been to Greece, it's a nation of islands, plentiful sunshine, and under-usable grid infrastructure and it's going to be electrifying in the next couple of decades. So just that one nation alone, never mind all the fires and everything that they've had, our products are absolutely ideally suited for it.

塞爾維亞的一大優點是它離希臘不遠。如果你想到希臘，如果你們中有人去過希臘，你會發現這是一個島嶼國家，陽光充足，電網基礎設施利用率低下，並且在未來幾十年內將變得電氣化。因此，僅就一個國家而言，不管所有的火災和他們所經歷的一切，我們的產品絕對是理想的選擇。

As far as cost competitiveness is concerned, of course, there's no competing product over there, so I don't know what to bear it against except the cost of traditional infrastructure deployments. And as I said I think we'll be more competitive in Europe than we are in the United States, and we're not doing too badly here.

就成本競爭力而言，當然，那裡沒有競爭產品，所以除了傳統基礎設施部署的成本之外，我不知道還要承受什麼。正如我所說，我認為我們在歐洲將比在美國更具競爭力，而且我們在這裡做得還不錯。

Awesome. Just as a follow-up, just want to know where you see the OpEx as a percentage of revenue in the next coming quarters.

驚人的。作為後續行動，我只想知道您認為營運支出佔未來幾季收入的百分比是多少。

I think we still have a lot of operating leverage. We are going to add more people; there's no doubt about it. We have to. You just you can't have the type of levels of growth that we have here and expect everybody just to somehow be able to absorb all of that. But we're very judicious about how we go about that.

我認為我們仍然有很大的營運槓桿。我們將增加更多人員；毫無疑問。我們必須。你只是不能擁有我們這裡的成長水平，並期望每個人都能以某種方式吸收所有這些。但我們對於如何做到這一點非常明智。

I mean, we do intend to make more sales investments, more government relations investments, because certainly a lot of expending is going to be coming from both government side of things as well as corporate. We're seeing corporate spending coming back and our numbers prove that.

我的意思是，我們確實打算進行更多的銷售投資、更多的政府關係投資，因為肯定大量支出將來自政府方面以及企業方面。我們看到企業支出正在回升，我們的數據證明了這一點。

And on the European side of things, the good news is I've asked the management team over there if they think that we need to hire an EV infrastructure sales team. Because, of course, that hasn't been what they've done in the past. They want to try and do it with our existing sales team because if you think about it, they have all the relationships.

在歐洲方面，好消息是我已經詢問了那裡的管理團隊是否認為我們需要雇用電動車基礎設施銷售團隊。當然，因為他們過去並沒有這樣做過。他們想嘗試與我們現有的銷售團隊合作，因為如果你仔細想想，他們擁有所有的關係。

They've already been selling street lights, street furniture, and other stuff to cities, to municipalities -- it's the same thing, I apologize, but states and nations that we -- the first thing we're going to do is go back to their existing customer list and say we now have EV-charging products off grid, renewable, energized, made in Europe, would that be interesting to you?

他們已經在向城市、市政當局出售路燈、街道設施和其他東西——這是同一件事，我很抱歉，但我們要做的第一件事就是回去他們現有的客戶名單，並說我們現在擁有離網、可再生、通電、歐洲製造的電動車充電產品，您對此感興趣嗎？

So we've got this tremendous pool of customer opportunities with whom we have a great deal of credibility already, because they're already buying the product from Amiga, what will be Beam Europe. We're just going to go back to them and tell them we've got a whole new exciting product set.

因此，我們擁有大量客戶機會，我們已經與他們建立了很高的信譽，因為他們已經從 Amiga（即 Beam Europe）購買產品。我們只是要回去告訴他們我們已經有了一套全新的令人興奮的產品。

I mean, really, the way all of that works, I -- if we had to add more sales people over there, we'll do it. But it's very, very well aligned with what we're doing at the moment, which is part of the reason I'm so enthusiastic about it.

我的意思是，真的，所有這些工作的方式，我 - 如果我們必須在那裡增加更多的銷售人員，我們會這樣做。但這與我們目前正在做的事情非常非常一致，這也是我對此如此熱情的部分原因。

Okay. Thanks.

好的。謝謝。

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hi, Chris.

嗨，克里斯。

Hi, Desmond. Just one. $18 million in revenues, give or take, and backlog down $18 million. I know we've talked about pipeline to backlog. Can you kind of just refresh us kind of -- what's kind of -- I guess, I'd love to get some color on the pipeline and when that pipeline might convert to backlog. And then talked about lapping in the third quarter last year. Somebody asked about it. Were there any one timers in the third quarter of last year? Was any -- anything that drove government agencies or your customers to kind of purchase in the third quarter last year? Or was just you guys kind of knocking down doors? Just want to get a sense of what you're kind of competing against.

嗨，戴斯蒙德。只有一個。收入為 1800 萬美元，給予或接受，積壓金額為 1800 萬美元。我知道我們已經討論過待辦事項的管道。你能否讓我們刷新一下——我想，我很想了解一下管道的情況，以及管道何時可能會轉為積壓。然後談到了去年第三季的圈速。有人問起此事。去年第三季有沒有計時器？去年第三季有什麼因素促使政府機構或您的客戶購買嗎？還是只是你們在敲門？只是想了解一下您的競爭對手是什麼。

Yeah. So I think you said $18 million in revenue and backlog came down $18 million. So I want to be absolutely clear, that did not happen. Our backlog didn't come down anywhere near as much as our revenue went up. And that's because we have been selling during the quarter. So we have been converting pipeline into backlog during the quarter and the reduction in backlog is not commensurate with the increase in our revenues.

是的。所以我想你說過收入為 1800 萬美元，積壓訂單減少了 1800 萬美元。所以我想絕對清楚，那並沒有發生。我們的積壓訂單下降幅度遠不及我們營收的上升幅度。那是因為我們在本季一直在銷售。因此，本季我們一直在將管道轉化為積壓訂單，而積壓訂單的減少與我們收入的成長不相稱。

But to answer other part of your question, yes, we had some very significant large orders at the end of the third quarter of last year, federal government orders, and that's not a coincidence. The federal budget year ends September 30. And we do see more activity at that time of the year than other times of the year. Although, I actually think some of that might diminish in the coming quarters just because of the urgency amongst the federal government to get EV charging deploy them.

但要回答你問題的其他部分，是的，我們在去年第三季末有一些非常重要的大訂單，聯邦政府的訂單，這不是巧合。聯邦預算年度於 9 月 30 日結束。我們確實看到一年中這個時候的活動比一年中其他時間更多。儘管如此，我實際上認為其中一些可能會在未來幾季減少，因為聯邦政府迫切需要部署電動車充電設施。

Two or three weeks ago, I was in Washington, DC, met with the Department of Transportation, Department of Energy, met with representatives from the White House and several senators and congressmen. And I can tell you that all of the focus right now on electrification is about getting infrastructure in the ground.

兩三週前，我在華盛頓，會見了交通部、能源部，會見了白宮代表和幾位參眾兩院議員。我可以告訴你，目前電氣化的所有焦點都是基礎建設。

We're very well known; our product solutions are very well known. As I say, the White House already knows about us. So I think some of that -- the September 30 thing might become less important moving forward. It certainly was significant last year, but I'm not going to guess right now on the -- on what pipeline to backlog conversion we'll get this year.

我們非常有名；我們的產品解決方案眾所周知。正如我所說，白宮已經了解我們。所以我認為，9 月 30 日的事情在未來可能會變得不那麼重要。去年這確實很重要，但我現在不會猜測今年我們將獲得哪些積壓轉換管道。

Except to say that historically, we've had a very good record of converting pipeline to backlog. I think it was over 70% last year, or more than that, actually. It was more than that. I think we converted something like -- we started the year with an $80 million pipeline and converted $76 million of it to backlog in the year. That's pretty much unheard of in any business, but it's a good goal for us to keep going after.

值得一提的是，從歷史上看，我們在將管道轉化為待辦事項方面有著非常好的記錄。我認為去年這一比例超過了 70%，甚至更多。不僅如此。我認為我們進行了類似的轉換——年初我們有 8000 萬美元的管道，並將其中的 7600 萬美元轉換為當年的積壓訂單。這在任何行業中都是聞所未聞的，但這是我們繼續追求的一個很好的目標。

Okay. Perfect. Appreciate the details. Thank you.

好的。完美的。欣賞細節。謝謝。

Thanks, Chris.

謝謝，克里斯。

James [McCulloch], a private investor.

詹姆斯[麥卡洛克]，一位私人投資者。

Hi, James.

嗨，詹姆斯。

Yes, hi, Desmond. Congratulations on a good quarter on the strategic move into Europe. A couple of questions. First one on the backlog. It looks like you've got about a two-month backlog based on the second-quarter production rate. Are you still planning on increasing your production rate going into third quarter?

是的，嗨，德斯蒙德。恭喜您在策略進軍歐洲方面取得了良好的季度業績。有幾個問題。積壓的第一個。根據第二季的生產率，您似乎有大約兩個月的積壓。您是否仍計劃在第三季提高生產力？

Not to be combative, James, but I think you mean a two-quarter run rate based on our --

不是好鬥，詹姆斯，但我認為你的意思是基於我們的——

Second quarter.

第二季度。

Yeah.

是的。

Are you still contemplating increasing the production rate?

您還在考慮提高生產力嗎？

As I said, at the moment, we are still supply constrained. So we still have customers who would like us to be getting the product to them faster than we're getting it to them. We're going to continue to do what we've done all along, which is be sober in our approach to that. There were people who asked me last year, why don't you just convert all of that backlog to revenue right now, and everybody will get really excited. And we could have done that.

正如我所說，目前我們仍然面臨供應緊張。因此，我們仍然有客戶希望我們能夠比我們更快地將產品交付給他們。我們將繼續做我們一直以來所做的事情，即保持清醒的態度。去年有人問我，為什麼不立即將所有積壓訂單轉化為收入，每個人都會感到非常興奮。我們本來可以做到的。

We could have thrown money at it. We could have thrown human beings at it and everything else. We would not have done it as efficiently. We wouldn't have got the long-term fundamental gains from that. So you will see us continue to execute on the backlog in the best and most profitable way that we can.

我們本來可以砸錢的。我們本來可以把人類丟向它和其他一切。我們不會這麼有效率地完成這件事。我們不會從中獲得長期的基本利益。因此，您將看到我們繼續以最好、最有利可圖的方式處理積壓的訂單。

It's not realistic to expect that we're going to continue to have quarter-over-quarter percentage growth increases like we have, if no other reason, simply because the previous quarter numbers are so much higher than they used to be. It's hard to have those types of multiples on top of them, but also I don't believe sustainable.

如果沒有其他原因，僅僅因為上一季的數字比以前高得多，就期望我們繼續保持季度環比增長的百分比增長是不切實際的。很難將這些類型的倍數置於其之上，而且我也不認為可持續。

So we're not planning on cutting back or doing anything else right now. We're planning on continuing to do what we do, which is take a sober approach to growing the business in a safe and sustainable way.

因此，我們現在不打算削減開支或做任何其他事情。我們計劃繼續做我們所做的事情，即採取冷靜的方法以安全和永續的方式發展業務。

Got it. There's no imminent plans to increase their production rate over the second quarter?

知道了。沒有近期計劃提高第二季的生產力嗎？

We're still increasing the production rates. I didn't say we're not going to do it. I just said -- it's not -- increasing the production rates is more of it in response to customer requirements than it is just some sort of goal that we have. We still expect that there's going to be a tremendous amount of growth in front of us, and so being able to produce more product faster is, of course, very important to us.

我們仍在提高生產力。我並沒有說我們不會這樣做。我只是說——事實並非如此——提高生產力更多的是為了滿足客戶的要求，而不僅僅是我們的某種目標。我們仍然預期我們面前將會有巨大的成長，因此能夠更快地生產更多產品當然對我們來說非常重要。

Okay. Second question related to the backlog on the price increase. Any resistance on new orders from customers, and are you bound on some of the larger government contracts that you have by the old pricing?

好的。第二個問題涉及漲價積壓。客戶對新訂單有任何阻力嗎？您是否會受到舊定價下一些較大的政府合約的約束？

Those are two very good questions. So far, we have not received any pushback from customers. And as I mentioned, when we first announced this price increase, believe me, there was a lot of hair tugging, especially on my part. I was really disinclined to do that because I think it's so important to grow our place in the market. The reason I ended up doing it after.

這是兩個非常好的問題。到目前為止，我們還沒有收到客戶的任何反對意見。正如我所提到的，當我們第一次宣布漲價時，請相信我，有很多人感到不安，尤其是對我來說。我真的不願意這麼做，因為我認為擴大我們在市場中的地位非常重要。我後來這樣做的原因。

We review the same thing every quarter and have done for a long time, for years, in fact. What should we be doing with pricing? It wasn't until the sales team could just look me in the eye and say we will see no negative impact as a result of this price increase because people's urgency is such that they want the product and not even worried about that part of it.

我們每季都會審查同樣的事情，而且事實上已經做了很長時間、很多年了。我們該如何定價？直到銷售團隊看著我的眼睛，說我們不會因為這次價格上漲而看到任何負面影響，因為人們的緊迫感是如此強烈，他們想要產品，甚至不擔心其中的那一部分。

And so far, I have to say, nobody's making liars of them. So I think -- especially with the amount of inflation. Remember, we've increased our prices by much less than our vendors have increased their prices to us. So we can very easily justify these price increases. And the reason we've done it less than the amount that the vendors have increased their prices to us is because I still feel that so much opportunity rests in our ability to just get better at what we're doing. And that has been demonstrated and will continue to be demonstrated.

到目前為止，我不得不說，沒有人欺騙他們。所以我認為——尤其是考慮到通貨膨脹的程度。請記住，我們提高的價格遠低於供應商向我們提高的價格。因此，我們可以很容易地證明這些價格上漲是合理的。我們所做的事情低於供應商向我們提高價格的數量的原因是因為我仍然認為有很多機會取決於我們能夠更好地完成我們正在做的事情。這已經得到證明，並將繼續證明。

As far as your question about the larger government contract, yes, when we have a contract with larger government, it's priced. We're not able to arbitrarily just sort of increase prices whenever we want to. However, there is a process to do that. And we have gone through and are going through that process to adjust our major government contracts. So that moving forward, they will be reflective of the new price. But again, I doubt that any of that will be in any way material impactful to us before the first quarter of 2024.

至於你關於更大的政府合約的問題，是的，當我們與更大的政府簽訂合約時，它是定價的。我們不能隨心所欲地提高價格。然而，有一個過程可以做到這一點。我們已經並且正在經歷調整我們主要政府合約的過程。因此，今後，它們將反映新的價格。但我再次懷疑，在 2024 年第一季之前，這些都會對我們產生任​​何實質影響。

And then two specific questions on the due diligence process in Europe. I'm not sure about Serbia versus Western Europe. But today, do they have a similar social structure, especially for that management group? So that if you have got to lay somebody off a downturn, there's usually a pretty significant liability that you would be purchasing. Is that -- could you give us some clarity on that?

然後是關於歐洲盡職調查流程的兩個具體問題。我不確定塞爾維亞與西歐的情況。但今天，他們是否有類似的社會結構，特別是對於那個管理群體來說？因此，如果你在經濟低迷時期不得不解僱某人，那麼你通常需要承擔相當大的負債。那是——你能給我們澄清一下嗎？

Yes. So one of the things I really like about Serbia is that it is not as yet in the European Union. All indications are that it will be in 2030. But as yet, it is not in the European Union. However, it has the right-to-trade as though it is. So tariff-free trading in Europe, but without any of the compliance that comes along with being a European Union member state. I think we've got a little honeymoon period ahead of us of some six or so years where that will be the case.

是的。因此，我真正喜歡塞爾維亞的一件事是它尚未加入歐盟。所有跡像都表明它將在 2030 年實現。但到目前為止，它還不是在歐盟。然而，它實際上擁有交易權。因此，歐洲實行零關稅貿易，但沒有任何作為歐盟成員國所帶來的合規性。我認為我們還有一段大約六年左右的蜜月期，情況確實如此。

Nevertheless, you are right to point out that it is not as easy as it's supposed to be, and I underline supposed to be, in the United States, particularly in California. California is a state where we, as an employer, were supposed to have the right to terminate somebody's employment without much ado about channeling. But of course, the reality is quite different.

儘管如此，你正確地指出，在美國，尤其是在加州，這並不像想像的那麼容易，而且我強調應該是這樣。在加州，我們身為雇主應該有權終止某人的僱傭關係，而不必花費太多的精力。但當然，現實完全不同。

So those -- what you're pointing to will exist. However, the other side of that coin is that the cost basis for what we pay people is so much lower over there. As I mentioned in my comments, they're fully qualified and very excellent engineers making less money than a welder in California. And so the price that we might have to pay, covering somebody for two or three months after they're laid off or whatever, will be more than, in my opinion, certainly much more than offset by the very much less that we will be paying them in the first place.

所以那些——你所指的將會存在。然而，硬幣的另一面是，我們支付給人們的成本基礎在那裡要低得多。正如我在評論中提到的，他們是完全合格且非常優秀的工程師，他們的收入比加州的焊工還少。因此，在我看來，我們可能需要支付的費用，即為某人下崗後兩三個月或其他什麼費用提供保險，肯定會遠遠超過我們將要支付的費用所抵消的金額。首先付錢給他們。

Okay. We just had an issue with it. It was the legacy costs. If you ever had to terminate for any reason three times the cost in the US so I didn't -- and that's a liability looks like you'll be purchasing if it's an outright. Just plain purchase and sale.

好的。我們只是遇到了一個問題。這是遺留成本。如果你因為任何原因不得不終止合同，費用是美國的三倍，所以我沒有——而且如果是直接購買的話，這似乎是一種責任。只是簡單的購買和銷售。

Next question. On the due diligence, on the environmental due diligence, are you starting out with a Phase 1? Or are you going to start out with a little bit more significant environmental review, pulling core samples, that kind of thing?

下一個問題。關於盡職調查，關於環境盡職調查，您是否從第一階段開始？還是你打算開始進行更重要的環境審查，提取核心樣本之類的事情？

We're doing samples.

我們正在做樣品。

That can get fairly expensive, especially if you find anything. But --

這可能會變得相當昂貴，尤其是如果你找到任何東西的話。但 -

James, it's not going to. We've already got a quote from the team. And again, it goes back to the things, things are just much less expensive in Serbia than they are here. Thank you very much.

詹姆斯，不會的。我們已經收到了團隊的報價。再說一遍，塞爾維亞的東西比這裡便宜得多。非常感謝。

Noel Augustus Parks, Tuohy Brothers.

諾埃爾·奧古斯塔斯·帕克斯，圖伊兄弟。

Hello, Noel.

你好，諾埃爾。

Hi, good afternoon. Just had a couple of questions. I was wondering if you could talk a little bit about -- as far as the new order pace, can you give a feel for maybe what the breakout is between new customers versus repeat orders?

嗨，下午好。只是有幾個問題。我想知道您是否可以談談 - 就新訂單速度而言，您能否感受一下新客戶與重複訂單之間的突破是什麼？

And I'm just curious at the moment which customer type or vertical is most aggressive in terms of -- well, I guess in terms of what you're seeing today with the deployments from past transactions and now in terms of new orders. Any particular trends you're seeing?

我只是好奇目前哪種客戶類型或垂直領域最具侵略性——嗯，我想就您今天所看到的過去交易的部署和現在的新訂單而言。您看到了什麼特別的趨勢嗎？

Yes. So actually a lot of new customers, although some of them might be coming through the existing contracts that we have in place. As I mentioned to you before, this goes back to this concentration thing.

是的。因此，實際上有很多新客戶，儘管其中一些可能是透過我們現有的合約來的。正如我之前向你提到的，這又回到了集中註意力的問題。

For example, last year, the state of California issued a new contract to us. In a way, it was a bit like replacing an old one, but they're not allowed to do that. So it was a new competitively let contract. One of the things that they did was they made that available to any other governmental entity across the United States or America.

例如，去年，加州向我們頒發了一份新合約。在某種程度上，這有點像更換舊的，但他們不被允許這樣做。所以這是一份新的競爭性出租合約。他們所做的一件事就是將其提供給美國或美國的任何其他政府實體。

Right.

正確的。

And as a result, we have seen -- and the GSA did the same thing. The General Services Administration at the federal level has made their contract available to any governmental entity that cites disaster preparedness as one reason for buying our product.

結果，我們看到 GSA 也做了同樣的事情。聯邦總務管理局已向任何將防災作為購買我們產品的原因之一的政府實體提供合約。

And, of course, our product is very well suited to that because we continue to charge vehicles during blackouts, and we have the emergency power and we're flood-proof and hurricane-proof and all that -- I take that back. We're not hurricane-proof. Proof up to 160 mile-an-hour winds, but survive 100 hurricane winds.

當然，我們的產品非常適合這一點，因為我們在停電期間繼續為車輛充電，我們有緊急電源，我們可以防洪和防颶風等等——我收回這一點。我們不能抵禦颶風。可抵禦高達 160 英里每小時的風速，但能抵禦 100 次颶風。

So we have had a lot of new customers, but often they've come through existing contract vehicles. That's simply because our sales team is good at steering them to those contract vehicles. It's a very good idea for us.

因此，我們有了很多新客戶，但他們通常是透過現有的合約工具來的。這只是因為我們的銷售團隊擅長引導他們購買這些合約車輛。這對我們來說是一個非常好的主意。

So if somebody comes along, they can either go through a lengthy process of doing an RFP or something like that. But our sales team is saying, hey, why do that? Just buy it through the California contract or buy it through the GSA contract if you can. And we've had quite a lot of instances of that.

因此，如果有人出現，他們可以經歷一個漫長的 RFP 過程或類似的過程。但我們的銷售團隊說，嘿，為什麼要這麼做？如果可以的話，只需透過加州合約購買或透過 GSA 合約購買即可。我們已經遇到很多這樣的例子。

I think -- again, as I said, we continue to see a pickup of commercial customers. We were very government-heavy there for a while during the COVID period. But we've seen a continued pickup in commercial customers. Otherwise, across the board, federal, state, municipal, from the government side and across the board on commercial customers and quite a lot of new customers, but also quite a lot of continued customers. So I would say a healthy mix.

我認為，正如我所說，我們繼續看到商業客戶的增加。在新冠疫情期間，我們有一段時間政府的影響力非常大。但我們看到商業客戶數量持續增加。另外，全線，聯邦、州、市、政府方面和全線商業客戶以及相當多的新客戶，但也有相當多的持續客戶。所以我想說的是健康的組合。

Great. And just a question about Amiga. As far as their particular revenue mix, do they have a higher-service cost component? And I wonder if that has any advantages for you, if they have a sort of larger service organization, sort of like servicing their legacy equipment out there?

偉大的。還有一個關於 Amiga 的問題。就他們特定的收入組合而言，他們的服務成本部分是否較高？我想知道這對您來說是否有任何優勢，如果他們有更大的服務組織，有點像為他們的遺留設備提供服務？

You mean from a recurring revenue point of view?

您的意思是從經常性收入的角度來看？

Yeah, exactly.

是的，完全正確。

Yes. So they do get recurring revenue from service, although it has to be said it's minimal. They have a pretty good service organization. But, again, much like us, much of what they're making does not require a lot of service. And so that's not been a major area of focus for them.

是的。因此，他們確實從服務中獲得了經常性收入，儘管不得不說這是微不足道的。他們有一個相當好的服務組織。但是，就像我們一樣，他們生產的大部分產品不需要太多服務。因此，這並不是他們關注的主要領域。

I'll tell you one area of shift that they were already focusing on prior to my becoming interested in them, and I'm going to continue to enthusiastically pursue this. Previously in their history, they've done some very large projects. For example, they built a stadium, a sporting stadium in Africa, an incredible project logistically and everything else from the ground up.

我將告訴你在我對他們感興趣之前他們已經關注的一個轉變領域，我將繼續熱情地追求這一目標。在此之前，他們曾完成過一些非常大的專案。例如，他們在非洲建造了一個體育場，一個體育場，一個令人難以置信的後勤項目以及其他一切從頭開始。

That sounds fun to do, but it's not the business we want to be in. We do not want to be doing construction projects. We want to be doing products, not projects. And as I say, serendipitously, they had already made that decision themselves, although their revenue numbers are very high from those things, it's incredibly risky.

這聽起來很有趣，但這不是我們想要從事的行業。我們不想做建築專案。我們想做產品，而不是專案。正如我所說，很偶然的是，他們自己已經做出了這個決定，儘管他們的收入非常高，但風險卻非常大。

The margins are generally not that great. They're much better just sitting in their factory and pumping out products. That's what we want them to do moving forward. And then we will go after recurring revenue in a whole host of different ways. I mean, the street light product, it's not impossible that we offer that as a service at some point in the future.

利潤一般不會那麼大。他們坐在工廠裡生產產品要好得多。這就是我們希望他們繼續前進的方向。然後我們將以多種不同的方式追求經常性收入。我的意思是，路燈產品，我們在未來某個時候將其作為服務提供並非不可能。

By the way, I'm not suggesting we have plans in the works to do that right now, but I've had that discussion with the management team over there. It just would be fantastic, particularly to the point that street lights are renewably energized, where we could offer something like that as a service. Because, of course, we wouldn't have a utility bill to recapture. So there are lots of opportunities there. But at the moment, it's mostly making products and selling it.

順便說一句，我並不是說我們現在有計劃這樣做，但我已經與那邊的管理團隊進行了討論。這真是太棒了，尤其是路燈是可再生能源的，我們可以提供類似的服務。因為，當然，我們不會有水電費需要收回。所以那裡有很多機會。但目前，它主要是生產產品並銷售。

Okay, great. That's all for me.

好的，太好了。這就是我的全部。

Thank you. We're coming up here on time, operator. Happy to take another one if there is one. Otherwise, I think we should wrap up.

謝謝。我們準時到達這裡，接線生。如果有的話，很樂意再拿一份。否則的話，我想我們應該結束了。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Desmond Wheatley for any closing remarks.

我們的問答環節到此結束。我想將會議轉回德斯蒙德惠特利 (Desmond Wheatley) 發表閉幕詞。

Thank you, operator. And, again, thank you, everybody, for listening and also for the excellent questions. I mean, I can't do better than just the recap that I gave. Fantastic growth in revenues, strong balance sheet still have an incredibly attractive capital structure. Just look at how few shares outstanding we have and how low our flow is. Great support from Wall Street, a great thumbs up and vote of confidence from Wall Street, and then this expansion into Europe.

謝謝你，接線生。再次感謝大家的聆聽以及提出的精彩問題。我的意思是，我無法比我所做的回顧更好。收入的驚人成長、強勁的資產負債表仍然具有極其有吸引力的資本結構。只要看看我們流通在外的股票有多少以及我們的流量有多低就知道了。來自華爾街的大力支持，來自華爾街的大力豎起大拇指和信任票，然後是向歐洲的擴張。

As I mentioned earlier, I've spent a lot of time in Europe and in the Middle East over the last months. All the growth that you've seen take place at Beam Global has been taking place without my active input. I'm very proud of the team. They've done a fantastic job.

正如我之前提到的，過去幾個月我在歐洲和中東度過了很多時間。您在 Beam Global 所看到的所有成長都是在沒有我的積極投入的情況下發生的。我為這個團隊感到非常自豪。他們做得非常出色。

And if any of you are worried about me riding a motorcycle, what they've demonstrated is that they can grow this business without me being around, which is just fantastic. I intend to go out and aggressively grow us in every way that I can and let them continue to do the great work they're doing. So thank you all for being involved and looking forward for more great stuff from us because we're only just getting started. It's a great time to be at Beam Global.

如果你們中有人擔心我騎摩托車，他們已經證明他們可以在沒有我在場的情況下發展這項業務，這真是太棒了。我打算走出去，盡我所能，積極地讓我們成長，讓他們繼續做他們正在做的偉大工作。感謝大家的參與，並期待我們推出更多精彩的作品，因為我們才剛開始。現在是加入 Beam Global 的美好時光。

The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.

會議現已結束。非常感謝您參加今天的演講。現在您可以斷開線路。