Blink Charging Co (BLNK) 2022 Q3 法說會逐字稿

Good afternoon and welcome to Blink Charging's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded. A replay of this call will be available on the Investor Relations page of the company's website.

下午好，歡迎參加 Blink Charging 的 2022 年第三季度收益電話會議。 （操作員說明）請注意此會議正在錄製中。該電話的重播將在公司網站的投資者關係頁面上提供。

At this time, I'd like to turn the presentation over to Vitalie Stelea, Vice President of Investor Relations. Please go ahead.

在這個時候，我想把演示文稿交給投資者關係副總裁 Vitalie Stelea。請繼續。

Thank you, Kelly, and welcome everyone to Blink's Third Quarter 2022 Earnings Call. On this call today, we have Michael D. Farkas, Chairman and Chief Executive Officer; Brendan Jones, President; and Michael Rama, Chief Financial Officer.

謝謝你，凱利，歡迎大家參加 Blink 的 2022 年第三季度財報電話會議。在今天的電話會議上，我們有主席兼首席執行官 Michael D. Farkas；布倫丹·瓊斯，總裁；和首席財務官邁克爾·拉瑪。

Today's discussion will include non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website.

今天的討論將包括非 GAAP 參考。這些與我們收益表附錄中最具可比性的美國公認會計原則措施相一致。您可以在 Blink 的投資者關係網站上找到該套牌以及我們的其他收益材料和其他重要內容。

Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated and the most significant factors that could cause actual results to differ are included on Page 2 of the third quarter earnings deck. Unless otherwise noted, all comparisons are year-over-year.

今天的討論還可能包括關於我們預期的前瞻性陳述。實際結果可能與所述結果不同，可能導致實際結果不同的最重要因素包含在第三季度收益表的第 2 頁中。除非另有說明，否則所有比較均為同比。

Now regarding the Investor Relations calendar, Blink will be hosting investors at the upcoming Consumer Electronic Show, CES, between the 5th of January and the 8th of January 2023 in Las Vegas. In addition, Blink management will be participating in the Annual Needham Growth Conference in January of 2023.

現在關於投資者關係日曆，Blink 將於 2023 年 1 月 5 日至 1 月 8 日在拉斯維加斯舉行的即將舉行的消費電子展 CES 上接待投資者。此外，Blink 管理層將參加 2023 年 1 月的年度李約瑟成長會議。

I will now turn the call over to Michael D. Farkas, Founder and CEO of Blink Charging. Go ahead, Michael.

我現在將把電話轉給 Blink Charging 的創始人兼首席執行官 Michael D. Farkas。來吧，邁克爾。

Good afternoon, everyone. Thank you for joining us. As you can see, we delivered an extremely strong third quarter of 2022 highlighted by record revenue of $17.2 million, an increase of 169% over the third quarter of 2021. During the third quarter, our product sales grew by 177%, an increase of $10.8 million compared to Q3 of 2021. Service revenue grew by 123%. Within service revenue, Blink's network fees grew by over 600%, I repeat over 600%. And this is our recurring revenue model with very, very strong gross margins.

大家下午好。感謝您加入我們。如您所見，我們在 2022 年第三季度實現了極其強勁的業績，收入達到創紀錄的 1720 萬美元，比 2021 年第三季度增長 169%。第三季度，我們的產品銷售額增長了 177%，增長了與 2021 年第三季度相比，為 1080 萬美元。服務收入增長了 123%。在服務收入中，Blink 的網絡費用增長超過 600%，我重複超過 600%。這是我們的經常性收入模式，毛利率非常非常高。

Our record third quarter results are reflective of our strong fundamentals driven by organic and strategic opportunities. In the third quarter, we contracted, sold or deployed 7,834 commercial and residential chargers, an increase of 160% compared to the same quarter of last year. Most of our competitors don't even have that many units on their entire network, let alone deployed last Q. Our success in part is rooted in our ability to fulfill customer orders relatively quickly. Our goal is to establish Blink as a reliable provider of choice, able to comply with our customers tight deadlines even though world is still impacted by supply chain issues.

我們創紀錄的第三季度業績反映了我們在有機和戰略機遇推動下的強勁基本面。第三季度，我們簽約、銷售或部署了7,834個商用和住宅充電器，與去年同期相比增長了160%。我們的大多數競爭對手甚至在他們的整個網絡上都沒有那麼多設備，更不用說在最後一個 Q 部署了。我們的成功部分源於我們能夠相對快速地完成客戶訂單的能力。我們的目標是將 Blink 打造成一個可靠的首選供應商，即使世界仍然受到供應鏈問題的影響，也能夠遵守我們的客戶緊迫的最後期限。

To that end, in Q3, we strategically, substantially increased the investment in our inventory levels to ensure that we had the components, equipment and products on hand to meet current and future customer and market demand.

為此，在第三季度，我們戰略性地大幅增加了對庫存水平的投資，以確保我們手頭有組件、設備和產品來滿足當前和未來的客戶和市場需求。

Subsequent to the end of the quarter, we had 2 major announcements. On October 11th, we announced our all-new Blink Network and Blink Charging Mobile apps, completely redesigned from the ground up. It's there to power our next generation best-in-class EV charging experience. More on that later. And on October 18th, in conjunction with the secretary of Labor's visit to Blink headquarters, we announced our current plans to increase Blink's U.S. manufacturing capabilities to up to 100,000 chargers per year, just for the U.S. We are very excited about these announcements as these are important building blocks in our future success here in the United States and globally.

在本季度末之後，我們發布了 2 個主要公告。 10 月 11 日，我們發布了全新的 Blink Network 和 Blink Charging Mobile 應用程序，從頭開始完全重新設計。它可以為我們下一代一流的電動汽車充電體驗提供動力。稍後再談。 10 月 18 日，在工黨部長訪問 Blink 總部的同時，我們宣布了我們目前的計劃，即僅針對美國將 Blink 在美國的製造能力提高到每年 100,000 個充電器。我們對這些公告感到非常興奮，因為這些是我們未來在美國和全球取得成功的重要組成部分。

Turning to Slide 5. Blink has sold, deployed or installed nearly 59,000 chargers since the inception of the company. We have over 440,000 active users on Blink's networks, a number that has been consistently growing. Blink today has global manufacturing capabilities in the U.S., India and Taiwan, and most importantly, our advanced hardware and our networks are compatible with the standards adopted by the majority of countries around the globe.

轉到幻燈片 5。自公司成立以來，Blink 已銷售、部署或安裝了近 59,000 個充電器。我們在 Blink 的網絡上擁有超過 440,000 名活躍用戶，這個數字一直在增長。 Blink 今天在美國、印度和台灣擁有全球製造能力，最重要的是，我們先進的硬件和網絡與全球大多數國家採用的標準兼容。

A recent study from McKinsey published in April of this year shows that the United States alone could have 48 million EVs on the road by 2030. And globally, Bloomberg New Energy Finance recently pointed to the need for between 340 and 490 million chargers by 2040. Remember, the entire global market today has a few million viable chargers deployed at best and almost 500 million units are estimated to be needed. We view this as a massive growth trend in the marketplace and a tremendous opportunity for Blink.

麥肯錫最近在今年 4 月發表的一項研究表明，到 2030 年，僅美國就有 4800 萬輛電動汽車上路。而在全球範圍內，彭博新能源財經最近指出，到 2040 年，需要 340 到 4.9 億個充電樁。請記住，當今整個全球市場最多部署了幾百萬個可行的充電器，估計需要近 5 億個。我們認為這是市場的巨大增長趨勢，也是 Blink 的巨大機遇。

Turn to Slide 6, please. At Blink, we are dedicated to providing the best in EV charging and we're proud of the new completely redesigned Blink Network and Blink Charging mobile apps. Our state-of-the-art infrastructure, tech stack and user-centric approach allowed us to create a technology platform that can be augmented quickly and efficiently without disrupting our customers. The mobile apps put EV drivers in control by giving them improved search capabilities for nearby amenities and chargers by zip code, city, business, category or address and it seamlessly integrates EV charging into everyday life. Drivers can see favorite charge locations and manage payment information as well as new payment history and real-time charging status.

請轉到幻燈片 6。在 Blink，我們致力於提供最好的電動汽車充電服務，我們為全新設計的 Blink Network 和 Blink Charging 移動應用程序感到自豪。我們最先進的基礎設施、技術堆棧和以用戶為中心的方法使我們能夠創建一個技術平台，該平台可以在不影響客戶的情況下快速有效地增強。移動應用程序通過改進按郵政編碼、城市、企業、類別或地址搜索附近便利設施和充電器的能力，讓電動汽車司機能夠掌控一切，並將電動汽車充電無縫集成到日常生活中。司機可以看到最喜歡的充電地點和管理支付信息以及新的支付歷史和實時充電狀態。

I encourage everyone on this call to experience new Blink Charging apps and network for yourselves and that's by downloading it at the iOS app store or the Google Android app store.

我鼓勵參加本次電話會議的每個人都親自體驗新的 Blink Charging 應用程序和網絡，那就是在 iOS 應用程序商店或 Google Android 應用程序商店下載。

On Slide 7, when it comes to host benefits, the entire experience has been redesigned with ease of use in mind. The new cloud-based Blink Network allows site host to manage their EV charging business in multiple languages that include English, French, Greek, Hebrew and Spanish across 25 countries with additional languages to be added. Site host will also have expanded functionality in creating dynamic pricing protocols responsive to various use cases, locations and schedules. Our new infrastructure will allow for the faster integration of our recent acquisitions, which we'll outline in our next slide.

在幻燈片 7 上，當談到主機福利時，整個體驗都經過重新設計，並考慮到易用性。新的基於雲的 Blink 網絡允許站點主機以多種語言管理其電動汽車充電業務，包括 25 個國家/地區的英語、法語、希臘語、希伯來語和西班牙語，還可以添加其他語言。站點主機還將在創建響應各種用例、位置和時間表的動態定價協議方面具有擴展功能。我們的新基礎設施將允許更快地整合我們最近的收購，我們將在下一張幻燈片中概述。

Our legacy businesses currently operate on 4 separate networks. In the near future, all of our chargers globally will operate on 1 network. Four networks consolidated to 1 should translate into major savings and technological innovations.

我們的傳統業務目前在 4 個獨立的網絡上運營。在不久的將來，我們在全球的所有充電器都將在 1 個網絡上運行。四個網絡合併為 1 應轉化為重大節約和技術創新。

Turning to Slide 8, a recap of our recent acquisitions. In June of 2022, we completed the acquisition of SemaConnect, significantly expanding our charging networks in the United States. This provides vertical integration and manufacturing capabilities in the U.S. and globally and allows Blink to comply with Buy American mandates. In April of 2022, we acquired the U.K.-based Electric Blue, giving us access to the U.K. and Ireland's fast-growing markets and adding nearly 1,200 chargers to our global footprint. So overall, as you can see, in Q3, we continue to position Blink for significant current and future growth. Our equipment, our new and updated networks and apps will serve as the foundations to launch new services and functionality in the future.

轉到幻燈片 8，回顧我們最近的收購。 2022 年 6 月，我們完成了對 SemaConnect 的收購，顯著擴展了我們在美國的充電網絡。這在美國和全球範圍內提供了垂直整合和製造能力，並使 Blink 能夠遵守“購買美國貨”的要求。 2022 年 4 月，我們收購了總部位於英國的 Electric Blue，使我們能夠進入英國和愛爾蘭快速增長的市場，並為我們的全球業務增加近 1,200 個充電器。因此，總體而言，如您所見，在第三季度，我們繼續將 Blink 定位為當前和未來的顯著增長。我們的設備、我們新的和更新的網絡和應用程序將作為未來推出新服務和功能的基礎。

With that, I'll turn the call over to Brendan Jones, President of Blink to discuss some of our recent developments.

有了這個，我將把電話轉給 Blink 總裁 Brendan Jones 討論我們最近的一些發展。

Thank you, Michael, and good afternoon, everyone. If we now go to Slide 10, within the last 12 months, Blink has contracted, sold, deployed or acquired over 30,000 chargers both domestically and internationally, bringing the total charger count for the company to over 58,000 chargers since Blink's inception. We have a diverse mix of deployments in the United States and abroad with 74% of the total company-wide chargers deployed in North America and 26% deployed internationally.

謝謝你，邁克爾，大家下午好。如果我們現在轉到幻燈片 10，在過去的 12 個月內，Blink 在國內和國際上已經簽約、銷售、部署或收購了 30,000 多個充電器，自 Blink 成立以來，該公司的充電器總數已超過 58,000 個。我們在美國和國外進行了多種部署，74% 的全公司充電器部署在北美，26% 部署在國際上。

If you now flip to Slide 11, this is a partial list of our customers. But as you can see from the logos and verticals we operate in, this speaks to the breadth and depth of our products and services. We've won numerous multiyear contracts with a variety of well-respected commercial enterprises, health care facilities, multifamily complexes, planned communities, fleets and municipalities. We are especially seeing strong demand from fleet customers. In fact, we were selected as a preferred provider by one of the world's largest delivery service companies, which we are very, very excited about. Overall, customers choose Blink because of our flexible business model and superior products. We are the only fully integrated charging provider in the U.S. market.

如果您現在翻到幻燈片 11，這是我們客戶的部分列表。但正如您從我們經營的徽標和垂直行業中看到的那樣，這說明了我們產品和服務的廣度和深度。我們已與各種備受尊敬的商業企業、醫療保健機構、多戶住宅區、規劃社區、車隊和市政當局贏得了許多多年期合同。我們尤其看到車隊客戶的強勁需求。事實上，我們被世界上最大的送貨服務公司之一選為首選供應商，對此我們感到非常非常興奮。總體而言，客戶選擇 Blink 是因為我們靈活的商業模式和卓越的產品。我們是美國市場上唯一一家完全集成的充電供應商。

Now if we go onto Slide 12, we had a great visit from U.S. Secretary of Labor, Marty Walsh, and we subsequently announced that we are planning to expand our U.S. manufacturing footprint by adding another facility to produce chargers. This new facility is targeting about 10,000 DC fast chargers and approximately 20,000 to 40,000 L2 chargers per year. Our current target, which includes the approximately 40,000 unit expansion at our Bowie Maryland facility allows Blink's annual U.S. charger production capacity to increase to up to 100,000 units. In fact, we've already visited 4 different potential locations and held discussions with the local municipality there and we've shared and discussed our plans.

現在，如果我們進入幻燈片 12，美國勞工部長馬蒂沃爾什（Marty Walsh）對我們進行了一次精彩的訪問，我們隨後宣布，我們計劃通過增加另一家生產充電器的設施來擴大我們在美國的製造業足跡。這個新設施的目標是每年大約 10,000 個直流快速充電器和大約 20,000 到 40,000 個 L2 充電器。我們目前的目標包括在我們的鮑伊馬里蘭工廠擴建約 40,000 台設備，使 Blink 在美國的年充電器生產能力增加到多達 100,000 台。事實上，我們已經訪問了 4 個不同的潛在地點，並與那裡的當地市政當局進行了討論，我們已經分享並討論了我們的計劃。

In the meantime, as Michael mentioned earlier, our team has focused on securing additional inventory in order to keep up with demand. Earlier this year, it became abundantly clear to us that the supply chain constraints would persist. We decided to proactively increase inventory to ensure we could meet our customers' needs and demands.

與此同時，正如邁克爾之前提到的，我們的團隊一直專注於確保額外的庫存以跟上需求。今年早些時候，我們非常清楚供應鏈的限制將持續存在。我們決定積極增加庫存，以確保我們能夠滿足客戶的需求。

On Slide 13, it details what we believe are industry-leading software and manufacturing capabilities. We leverage our manufacturing engineering competencies to meet all EV charging needs, a unique advantage in our competitive landscape that Blink has. Our approach has multiple benefits; 1, it allows us to test and identify hardware and software capability early in the design process; and 2, it gives us significantly more control over the supply chain inputs and manufacturing planning in our facilities in the U.S. and globally.

在幻燈片 13 上，它詳細介紹了我們認為行業領先的軟件和製造能力。我們利用我們的製造工程能力來滿足所有電動汽車充電需求，這是 Blink 在我們競爭格局中的獨特優勢。我們的方法有很多好處； 1、它允許我們在設計過程的早期測試和識別硬件和軟件能力； 2，它使我們能夠更好地控制我們在美國和全球工廠的供應鏈投入和製造計劃。

Now if we move to Slide 14, you can see examples of our innovative product portfolio. This includes our network HQ 200 charger, which provides up to 50 amps of Level 2 charging for homeowners. This charger is already on sale with more information to be released within the coming weeks. The network MQ design are growing commercial and fleet applications and the Series 8 charger is one of the only fully integrated chargers with credit card capabilities that complies with the credit card swipe requirements in the State of California. Notably, this is not a bolt-on solution but a fully integrated charger that we specifically designed with this functionality in mind.

現在，如果我們轉到幻燈片 14，您可以看到我們創新產品組合的示例。這包括我們的網絡 HQ 200 充電器，它為房主提供高達 50 安培的 2 級充電。這款充電器已經開始銷售，更多信息將在未來幾週內發布。網絡 MQ 設計正在不斷增長的商業和車隊應用，而 Series 8 充電器是僅有的具有信用卡功能且符合加利福尼亞州信用卡刷卡要求的完全集成充電器之一。值得注意的是，這不是一個固定的解決方案，而是一個完全集成的充電器，我們專門設計了這個功能。

Next, you can see the picture of our Vision IQ 200 charger with a new design to take advantage of advertising opportunities in urban and retail locations. And the Blink EQ series is an intelligent, affordable and scalable charging solution that fits in any location. It's compact design and it supports technologies like OCPP 2.0, bi-directional charging and V2G. The EQ 200 will be used in our European and Israeli markets.

接下來，您可以看到我們的 Vision IQ 200 充電器的圖片，該充電器採用全新設計，可充分利用城市和零售場所的廣告機會。 Blink EQ 系列是一款智能、經濟且可擴展的充電解決方案，適用於任何地點。它設計緊湊，支持 OCPP 2.0、雙向充電和 V2G 等技術。 EQ 200 將用於我們的歐洲和以色列市場。

On Slide 15, you can see our current DC fast charger offerings. What is notable here is that we have products to satisfy many applications in North America, Europe, South America and even Asia markets. These range anywhere from a 30-kilowatt wall mounted charger to a 350-kilowatt stationary charger. And that's not it. We are working diligently to introduce a more advanced DC charger to satisfy the expanding DC fast charging landscape. You can see that we have a wide-ranging portfolio of charging solutions to fit the needs of any customer, public or private, small or large, with the ability to penetrate numerous end markets.

在幻燈片 15 上，您可以看到我們當前的直流快速充電器產品。值得注意的是，我們的產品可以滿足北美、歐洲、南美甚至亞洲市場的許多應用。這些範圍從 30 千瓦壁掛式充電器到 350 千瓦固定式充電器。不是這樣的。我們正在努力推出更先進的直流充電器，以滿足不斷擴大的直流快速充電領域。您可以看到，我們擁有範圍廣泛的充電解決方案組合，可以滿足任何客戶（無論是公共還是私人、小型或大型）的需求，並能夠滲透到眾多終端市場。

Also before I conclude, on Slide 16, I'd like to just touch on our progress with the integration and synergies of our recent acquisitions of Blue Corner, Electric Blue and SemaConnect. All are going according to plan. On the revenue side, this is something that we addressed in the early days after the acquisition. For example, both Blink and SemaConnect sales teams starting working together on lead generation, complementing each other's efforts and product offerings. In addition, we've been working diligently on converting some of SemaConnect's largest customers to the owner-operator model. Among them are large property management companies as well as large multifamily apartment owners. One example that comes to mind is Crow Holdings.

同樣在結束之前，在幻燈片 16 上，我想談談我們在最近收購 Blue Corner、Electric Blue 和 SemaConnect 的整合和協同效應方面取得的進展。一切都在按計劃進行。在收入方面，這是我們在收購後的早期解決的問題。例如，Blink 和 SemaConnect 銷售團隊開始在潛在客戶開發方面開展合作，相互補充彼此的努力和產品供應。此外，我們一直在努力將 SemaConnect 的一些最大客戶轉變為所有者-運營商模式。其中既有大型物業管理公司，也有大型多戶公寓業主。想到的一個例子是 Crow Holdings。

Crow is a leading real estate investment firm with over $20 billion in assets under management. We just secured our second order of chargers for a property in Denver under the owner-operator model. Customers appreciate this flexibility in our offerings as they chose to deploy critical capital and allow Blink to own and operate the chargers at their location.

Crow 是一家領先的房地產投資公司，管理著超過 200 億美元的資產。我們剛剛在業主-運營商模式下為丹佛的一處房產獲得了第二批充電器。客戶很欣賞我們產品的這種靈活性，因為他們選擇部署關鍵資本並允許 Blink 在其所在地擁有和運營充電器。

Additionally, on the cost side of the equation, we are also on track. We have completed a comprehensive study and are in the implementation phase now. Our management team is conscientious about controlling costs and maximizing synergies. We are hiring very strategically as we are implementing G&A efficiencies and optimizing our sales and customer service functions. The newly launched network and mobile application would be a tremendous component of our integration process as we bring legacy acquisition chargers onto the new network and tech infrastructure, thus reducing our overall IT and support cost spend.

此外，在等式的成本方面，我們也步入正軌。我們已經完成了一項全面的研究，現在正處於實施階段。我們的管理團隊非常注重控製成本和最大化協同效應。我們正在非常戰略性地招聘，因為我們正在實施 G&A 效率並優化我們的銷售和客戶服務職能。新推出的網絡和移動應用程序將成為我們集成過程的重要組成部分，因為我們將傳統的採購充電器引入新的網絡和技術基礎設施，從而減少我們的整體 IT 和支持成本支出。

All in all, we are very, very proud with the performance in the third quarter. Our fundamentals are strong as we delivered record, and I'd say that again, record results in Q3, even without realizing the full benefits and synergies from our recent acquisitions. We are positioning Blink for current and future growth, driven by the fast adoption of electric vehicles and favorable regulatory environments, this includes the administration's $7.5 billion infrastructure plan and the Inflation Reduction Act in the U.S. and numerous government programs in Europe and elsewhere. We are very, very, very excited of what's next for Blink.

總而言之，我們對第三季度的表現感到非常非常自豪。我們的基本面強勁，因為我們實現了創紀錄的業績，我要再說一遍，第三季度的業績創紀錄，即使我們沒有意識到我們最近收購的全部好處和協同效應。在電動汽車的快速普及和有利的監管環境的推動下，我們將 Blink 定位為當前和未來的增長，這包括政府 75 億美元的基礎設施計劃和美國的《通脹降低法案》以及歐洲和其他地方的眾多政府計劃。我們對 Blink 的下一步發展感到非常、非常、非常興奮。

I will now turn it over to our CFO, Michael Rama, to run through some of the specific financial results for the quarter. Go ahead, Michael.

現在，我將把它交給我們的首席財務官 Michael Rama，以介紹本季度的一些具體財務結果。來吧，邁克爾。

Thank you, Brendan, and good afternoon, everyone. Turning to Slide 18. Total revenue in the third quarter of 2022 grew to $17.2 million, another record for the company and an increase of $10.8 million or 169% compared to the third quarter of 2021. The solid performance in the quarter was driven by organic growth, underlying by the strong fundamentals in our business and the results from acquisitions of Electric Blue and SemaConnect. Year-to-date through September 30, 2022, our total revenues were $38.5 million compared to $13 million for the first 9 months of 2021. With an increase of $25.5 million, we have nearly tripled our revenue for the first 3 quarters when compared with the same period in 2021.

謝謝你，布倫丹，大家下午好。轉到幻燈片 18。2022 年第三季度的總收入增長至 1720 萬美元，創下該公司的新紀錄，與 2021 年第三季度相比增加了 1080 萬美元或 169%。本季度的穩健表現是由有機驅動的增長，這得益於我們業務的強勁基本面以及收購 Electric Blue 和 SemaConnect 的結果。年初至今，截至 2022 年 9 月 30 日，我們的總收入為 3850 萬美元，而 2021 年前 9 個月的總收入為 1300 萬美元。與 2021 年前三個季度相比，我們的收入增加了 2550 萬美元，幾乎翻了三倍2021年同期。

Product sales in the third quarter of 2022 were at $13.4 million, an increase of $8.5 million or 177% over the same period in 2021, as customers purchased greater volumes of our commercial, DC, fast chargers and residential chargers. Third quarter 2022 service revenues, which consist of charging service revenues, network fees and ridesharing revenues were $3.1 million, an increase of 123% compared to the third quarter of 2023. The year-over-year growth is primarily due to the increased utilization of our chargers and an increased number of chargers on Blink's networks.

2022 年第三季度的產品銷售額為 1340 萬美元，比 2021 年同期增長 850 萬美元或 177%，因為客戶購買了我們的商用、直流、快速充電器和住宅充電器的數量增加。 2022 年第三季度服務收入（包括收費服務收入、網絡費用和拼車收入）為 310 萬美元，與 2023 年第三季度相比增長 123%。同比增長主要是由於使用率增加我們的充電器和 Blink 網絡上越來越多的充電器。

We combined these 3 service revenue line items into one amount to differentiate between the product and service aspects of our business, and this approach also aligns with our company's strategic goal of increasing the service component of our revenue mix and growing our recurring revenue base. In time, as EV adoption accelerates and utilization of our charging stations improves, we anticipate seeing a larger mix of revenues come from services.

我們將這 3 個服務收入項目合併為一個項目，以區分我們業務的產品和服務方面，這種方法也符合我們公司的戰略目標，即增加收入組合中的服務部分並擴大我們的經常性收入基礎。隨著電動汽車的採用加速和充電站利用率的提高，我們預計會看到更多的收入來自服務。

Gross profit for the third quarter of 2022 was approximately $4.8 million or 28% of revenue. This compares to about $900,000 or 14% of revenue in the third quarter of 2021. As you can see, our gross profit doubled year-over-year as a percentage of revenues, primarily driven by stronger performance in product sales, service revenues and improved performance in ridesharing and warranty. As we expand our in-house production capacity, we expect continued improvements in our gross profit.

2022 年第三季度的毛利潤約為 480 萬美元，佔收入的 28%。相比之下，2021 年第三季度的收入約為 900,000 美元，佔收入的 14%。如您所見，我們的毛利潤佔收入的百分比同比翻了一番，這主要是由於產品銷售、服務收入的強勁表現和改進在拼車和保修方面的表現。隨著我們擴大內部生產能力，我們預計毛利潤將持續改善。

Operating expenses in the third quarter of 2022 were $29.3 million compared to $16.7 million in the prior-year period. This increase is primarily due to higher expenses in the areas of accounting, legal, marketing, investor relations and consulting. Also included in the operating expenses for the third quarter of 2022 is increased amortization of intangible assets associated with the acquisitions of SemaConnect and EB. This is an expense that will continue but is non-cash in nature. Furthermore, the increase in operating expenses includes operating expenses from both SemaConnect and EB that were not included in the results for the third quarter of 2021.

2022 年第三季度的運營費用為 2930 萬美元，而去年同期為 1670 萬美元。這一增長主要是由於會計、法律、營銷、投資者關係和諮詢領域的費用增加。 2022 年第三季度的運營費用還包括與收購 SemaConnect 和 EB 相關的無形資產攤銷增加。這是一項將繼續存在的費用，但本質上是非現金的。此外，運營費用的增加包括 SemaConnect 和 EB 的運營費用，這些費用未包含在 2021 年第三季度的業績中。

Adjusted EBITDA for the third quarter of 2022 was a loss of $17.6 million compared to a loss of $8.4 million in the prior-year period due to the previously mentioned higher operating expenses. Adjusted EBITDA as a percentage of revenues for the third quarter and for the first 9 months of 2022, both improved by about 1/3 when compared to the same periods in 2021. This performance was achieved without the impact of synergies that we expect to realize going forward.

2022 年第三季度調整後的 EBITDA 虧損 1760 萬美元，而去年同期虧損 840 萬美元，原因是之前提到的較高運營費用。第三季度和 2022 年前 9 個月的調整後 EBITDA 佔收入的百分比，與 2021 年同期相比均提高了約 1/3。這一業績是在沒有我們預期實現的協同效應影響的情況下實現的往前走。

Adjusted earnings per share for the third quarter of 2022 was a loss of $0.47 compared to a loss of $0.36 in the prior-year period. Non-GAAP adjusted EPS is defined as adjusted net income, which excludes significant non-cash items such as amortization of intangible assets and non-recurring expenses such as acquisition related expenses divided by the number of shares outstanding.

2022 年第三季度調整後的每股收益為虧損 0.47 美元，而去年同期為虧損 0.36 美元。非公認會計原則調整後每股收益被定義為調整後的淨收入，其中不包括重大非現金項目，如無形資產攤銷和非經常性費用，如收購相關費用除以流通股數。

Now turning to Slide 19. Our revenues and gross profit performed very well in the third quarter of 2022, continuing the upward trend that we've seen over the past several quarters now, in part boosted by results from recent acquisitions. As we execute on our flexible solutions of owner operated strategy, sell hardware or facilitate the installation of chargers and continue to further vertically integrate the key components such as hardware design and manufacturing, we believe that we are well positioned to continuing to capture market share and drive revenue growth. I have to say that in today's inflationary environment, customers appreciate our flexible business model as customers themselves can decide on how to deploy their capital.

現在轉向幻燈片 19。我們的收入和毛利潤在 2022 年第三季度表現非常出色，延續了我們在過去幾個季度中看到的上升趨勢，部分原因是最近收購的結果。隨著我們執行自主經營戰略的靈活解決方案、銷售硬件或促進充電器的安裝，並繼續進一步垂直整合硬件設計和製造等關鍵組件，我們相信我們有能力繼續佔領市場份額和帶動收入增長。我不得不說，在當今通脹環境下，客戶欣賞我們靈活的商業模式，因為客戶自己可以決定如何部署他們的資金。

Moving to our cash position. At September 30, 2022, the company had approximately $57 million of cash. It is notable here that we have been proactive in increasing our inventory levels in the third quarter by nearly $7 million sequentially to ensure proper levels of product on hand to mitigate supply chain risks and to support our rapid growth in demand.

轉移到我們的現金頭寸。截至 2022 年 9 月 30 日，該公司擁有約 5700 萬美元現金。值得注意的是，我們一直在積極主動地將第三季度的庫存水平連續增加近 700 萬美元，以確保現有產品的適當水平，以減輕供應鏈風險並支持我們需求的快速增長。

We are very pleased with the results for the third quarter. Not only did we achieve record revenues, we also showed significant improvements in our operating results. These are testament to our flexible operating model and the strong demand for products that satisfy a wide variety of customers from homeowners, renting residents and multiple multifamily units, the sophisticated Fortune 50 fleet customers as we continue to integrate the recent acquisitions and leverage the operating efficiencies to drive continued growth.

我們對第三季度的結果非常滿意。我們不僅實現了創紀錄的收入，而且我們的經營業績也有了顯著改善。這些證明了我們靈活的運營模式以及對滿足各種客戶的產品的強烈需求，這些客戶包括房主、出租居民和多個多戶單元，以及財富 50 強車隊客戶，因為我們將繼續整合最近的收購併利用運營效率以推動持續增長。

I will now turn the call back over to Michael Farkas for a few final comments. Go ahead, Michael.

我現在將把電話轉回給 Michael Farkas 以徵求最後的意見。來吧，邁克爾。

The third quarter of 2022 was another monumental quarter for Blink. We achieved significant year-over-year top line growth, driven by organic and strategic opportunities. We launched a newly completely redesigned network in apps and we announced plans to increase manufacturing in the United States.

2022 年第三季度對 Blink 來說是另一個具有里程碑意義的季度。在有機和戰略機遇的推動下，我們實現了顯著的同比收入增長。我們在應用程序中推出了一個全新設計的網絡，並宣布了增加美國製造的計劃。

Blink is unique in our industry, because we are the only fully vertically integrated EV charging provider in the U.S. While our competitors typically offer products or charging services, Blink designs, manufacturers, owns the network that operates our chargers, deploys the hardware and we also own a substantial amount of our equipment in the field. In addition, we offer a modern tech stack and we provide business models that best serve our customers. We have a hardware solution for every type of location, whether single or multifamily residential, fleet and workplace, retail, commercial and even high traffic travel corridors and with multiple deployment methodologies to get those chargers out there, giving us unparalleled optionality to property owners that none of our competitors can't match. For example if a property owners simply wants to buy equipment, we'll certainly do that. However, we prefer the value added structure provided by our owner-operator model, creating a substantial long-term exclusive recurring revenue model for Blink.

Blink 在我們的行業中是獨一無二的，因為我們是美國唯一一家完全垂直整合的電動汽車充電供應商。雖然我們的競爭對手通常提供產品或充電服務，但 Blink 設計、製造商、擁有運營我們的充電器、部署硬件的網絡，我們還在該領域擁有大量我們的設備。此外，我們提供現代技術堆棧，並提供最能為客戶服務的商業模式。我們為每種類型的位置提供硬件解決方案，無論是單戶住宅還是多戶住宅、車隊和工作場所、零售、商業甚至是高流量的旅行走廊，並通過多種部署方法將這些充電器放在那裡，為業主提供了無與倫比的選擇權我們的競爭對手都無法匹敵。例如，如果業主只是想購買設備，我們當然會這樣做。然而，我們更喜歡我們的所有者-運營商模式提供的增值結構，為 Blink 創造了一個可觀的長期獨家經常性收入模式。

Before I conclude, there's one last thing I'd like to share with you. As Blink has done with Level 2 chargers in the past, Blink and the combined Sema are going to do with DC fast chargers in the future. I'm very proud to show you the current design of our new DC supercharger that is under development. In addition to having superior esthetics, this will be our best-in-class type charger, compatible with the highest voltage vehicle architectures like the 800-volt architecture you see in some of the most advanced EV being released. Pricing and availability will be off the charts. We can't wait to tell you more about it in the future.

在結束之前，我想和大家分享最後一件事。正如 Blink 過去對 2 級充電器所做的那樣，Blink 和組合的 Sema 將在未來使用 DC 快速充電器。我很自豪地向您展示我們正在開發的新型直流增壓器的當前設計。除了具有卓越的美感之外，這將是我們同類最佳的充電器，與最高電壓的車輛架構兼容，例如您在發布的一些最先進的電動汽車中看到的 800 伏架構。定價和可用性將不在圖表之列。我們迫不及待地想在未來告訴你更多關於它的信息。

With that, we will now open the call for questions.

有了這個，我們現在開始提問。

(Operator Instructions) Your first question is coming from Stephen Gengaro with Stifel.

（操作員說明）您的第一個問題來自 Stephen Gengaro 和 Stifel。

I think there's 2 things from me. The first would be around the product margins. You delivered I think about 35% product margins. They were up, I don't know, 700, 800 points sequentially. When we think about the product side of the business and obviously you have integrated here a Sema business, SemaConnect business, how should we think about the progress in those margins going forward? Was there any anomalies here or is this a trend that we should see improvements? I understand the supply chain issues, inflation et cetera. But how should we think about those margins going forward?

我認為我有兩件事。首先是圍繞產品利潤。你交付了我認為大約 35% 的產品利潤率。他們依次上漲，我不知道，700、800 點。當我們考慮業務的產品方面，顯然您已經在這裡整合了 Sema 業務、SemaConnect 業務，我們應該如何考慮這些利潤率的進展？這裡是否有任何異常情況，或者這是我們應該看到改進的趨勢？我了解供應鏈問題、通貨膨脹等。但是我們應該如何看待這些利潤？

Very simply, we're going from a path of us having a third parties manufacturer equipment for us to doing it internally. So it's going to be very impactful to the Blink business moving forward.

很簡單，我們將從讓第三方製造商設備為我們內部做的路徑。因此，這將對 Blink 業務的發展產生非常大的影響。

And when we think about the --

當我們想到——

And by the way, I just wanted to be very clear that's not happening overnight. As you mentioned, there are issues with the supply chain. So we're looking to get equipment from all of our different vendors today. But the ultimate goal is for us to produce our own goods and that brings us up a couple of notches when it comes to having to procure equipment and components and so on and will ultimately to -- we believe higher margins in the future.

順便說一句，我只是想非常清楚這不是一夜之間發生的。正如你所提到的，供應鏈存在問題。因此，我們今天希望從我們所有不同的供應商那裡獲得設備。但最終目標是讓我們生產自己的商品，這使我們在必須採購設備和組件等方面提高了幾個檔次，並最終將——我們相信未來的利潤率會更高。

And then the other one -- and I've asked you this before and I'm trying to get a sense of, when we think about the services revenue line and the traction there and I understand EV adoption is a big driver too, but how should we think about the number of units that are driving that business? Because like as we -- as it evolves, I mean, imagine those margins get better and the utilization goes up. But is there any way to think about sort of the -- whether the numbers are going up because you're getting more throughput at your existing installed base or if it's just simply a function of the installed base going up?

然後是另一個——我之前問過你這個問題，我想了解一下，當我們考慮服務收入線和那裡的牽引力時，我知道電動汽車的採用也是一個很大的驅動力，但是我們應該如何考慮推動該業務的單位數量？因為就像我們一樣——我的意思是，隨著它的發展，想像這些利潤會變得更好，利用率也會上升。但是有什麼辦法可以考慮——數字是否在上升，因為你在現有的安裝基礎上獲得了更多的吞吐量，或者它只是安裝基礎上升的一個函數？

It's actually a combination of both. We're seeing higher utilization at our current chargers and we're getting more -- obviously a lot more chargers out in the field.

它實際上是兩者的結合。我們看到當前充電器的利用率更高，而且我們正在獲得更多——顯然，現場有更多的充電器。

And any guidance on how to sort of model that going forward? It's obviously a high margin business, so I'm trying to get a sense for how to think about that number.

以及有關如何對未來進行建模的任何指導？這顯然是一項高利潤的業務，所以我試圖了解如何考慮這個數字。

Michael, do you want to maybe give a better visibility on that?

邁克爾，你想更好地了解一下嗎？

Yes. I will give you color. No, we're expecting -- as EV penetration continues to expand, we expect (technical difficulty) because remember that that number services not only -- it's charging revenues but also network connectivity, right, so as well as some other ancillary services. So as more units are connected, more online, more connected to the networks and as well as more EV adoption and penetration in service revenue -- utilization increases. We expect that to continue to increase and go higher. As we've always said, that's our sweet spot and owner-operator really generating revenues -- high gross profit revenues from the service side of the business.

是的。我會給你顏色。不，我們期待——隨著電動汽車的普及率繼續擴大，我們預計（技術難度），因為請記住，這個數字服務不僅——它收取收入，而且還收取網絡連接，對，以及其他一些輔助服務。因此，隨著更多單元的連接、更多的在線、更多的網絡連接以及更多的電動汽車採用和服務收入的滲透——利用率增加。我們預計這一數字將繼續增加並走高。正如我們一直所說的那樣，這是我們真正產生收入的最佳點和所有者運營商——來自業務服務方面的高毛利收入。

Your next question is coming from Matt Summerville with D.A. Davidson.

您的下一個問題來自與 D.A. 的 Matt Summerville。戴維森。

Couple of questions. First, just with respect to capacity, can you remind us what your current in-house capability is between Maryland, India and I think you mentioned Taiwan? And how this new capacity comes online, will it be in waves, will it be all at once, just remind around the timing of it and then what the ultimate run rate is and how quickly you think you can be actually producing at capacity? And then I have a follow-up.

幾個問題。首先，就產能而言，您能否提醒我們您目前在馬里蘭州、印度和我認為您提到台灣之間的內部產能是多少？以及這個新產能是如何上線的，是否會一波三折，會不會一下子上線，只要提醒一下它的時間安排，然後最終的運行速度是多少，以及你認為你能以多快的速度實際生產？然後我有一個跟進。

Okay. So let's start first with U.S.-based capacity and what it looks like today. So right now, we're between 10,000 and 11,000 units out of the Bowie facility and that's the current state. As we mentioned during the acquisition, the plan is to increase that to upwards of 50,000. Those plans are in (technical difficulty). The first phase of that plan is increasing the shifts, from what they are now at a standard 1 shift to up to 2 shifts and then moving to 3 shifts to up the capacity there. The subset of that plan is a little bit more spinners added to that facility to get us up to that 50,000 mark. When you think about the relationship between Bowie and then India, India becomes the parts manufacturer of all the components that are needed and all those components, for instance, subsystems put together in Bowie and the finished product is shifted out from there. So that's how we get to the 50,000. Those plans are, as I said, in play.

好的。因此，讓我們首先從美國的產能以及今天的情況開始。所以現在，我們的鮑伊工廠有 10,000 到 11,000 個單位，這就是目前的狀態。正如我們在收購過程中提到的，計劃將其增加到 50,000 以上。這些計劃在（技術難度）。該計劃的第一階段是增加班次，從現在的標準 1 個班次增加到 2 個班次，然後轉移到 3 個班次以提高那裡的產能。該計劃的子集是在該設施中添加更多的紡紗機，以使我們達到 50,000 大關。當您考慮 Bowie 和印度之間的關係時，印度成為所有所需組件的零件製造商，所有這些組件，例如，在 Bowie 中組裝的子系統，成品從那裡轉移出去。這就是我們達到 50,000 的方式。正如我所說，這些計劃正在發揮作用。

The second or Phase 2 of the big master plan is to acquire some additional land within the United States. Then once we acquire that land, go ahead and build or buy a parcel with the building on it. And then in that facility, we'll begin to construct the DC fast chargers and add additional L2 capacity to meet the expected market demand, as Michael outlined in his original comments.

大總體規劃的第二階段或第二階段是在美國境內獲得一些額外的土地。然後，一旦我們獲得了那塊土地，就可以繼續建造或購買帶有建築物的地塊。然後在該設施中，我們將開始建造直流快速充電器並增加額外的 L2 容量以滿足預期的市場需求，正如邁克爾在他最初的評論中所概述的那樣。

Now [Lydon], in parallel, everything is not going to happen at once, so we'd have to maintain our global manufacturing presence through third-party contract suppliers such as Lydon our third-party partners in Europe simultaneously. So, those are the high level on all of that. Let me know if you need any clarity as we move forward.

現在 [Lydon]，與此同時，所有事情都不會立即發生，因此我們必須同時通過第三方合同供應商（例如我們在歐洲的第三方合作夥伴 Lydon）來維持我們的全球製造業務。所以，這些是所有這些的高水平。在我們前進的過程中，如果您需要任何澄清，請告訴我。

No, that's helpful. And then just a housekeeping item. Relative to the $17.2 million in revenue that you guys generated this quarter, Michael can you disclose what the acquisitive contribution was, we can get to an organic growth number for Blink?

不，這很有幫助。然後只是一個家務用品。相對於你們本季度產生的 1720 萬美元的收入，Michael 你能透露一下收購貢獻是什麼，我們可以得到 Blink 的有機增長數字嗎？

Yes, I'll provide. We -- between Sema and EB for the quarter, it generated about $6.5 million in revenues. So it was the contribution and it was -- so but we still had good organic growth as well for the quarter.

是的，我會提供。我們 - 本季度在 Sema 和 EB 之間產生了約 650 萬美元的收入。所以這是貢獻，它是 - 但我們在本季度仍然有良好的有機增長。

Your next question is coming from Chris Souther with B. Riley.

您的下一個問題來自 Chris Souther 和 B. Riley。

Maybe just a bit more on parsing out some of the acquisitions. Are any of the services revenue coming from either EB Charging or SemaConnect or is that mostly in the product side?

也許只是更多地分析一些收購。是否有任何服務收入來自 EB Charging 或 SemaConnect，還是主要來自產品方面？

We're getting both. We're getting service as well as product with the network fees as well as the charging revenues from EB. It also has an owner-operator model that also produces charging revenues as well.

我們得到了兩者。我們從 EB 獲得網絡費用和收費收入的服務和產品。它還有一個所有者-運營商模式，也可以產生收費收入。

So the charging services revenue, that's coming from company-owned stations and networks could be --

因此，來自公司擁有的充電站和網絡的充電服務收入可能是——

Network and all that, so yes.

網絡和所有這些，所以是的。

Yes, okay. So you're getting network from them as well and potentially networks from ones that you don't own as well would be kind of a way to parse it out?

是的，好的。因此，您也從他們那裡獲得網絡，並且可能從您不擁有的網絡中獲得網絡將是一種解析它的方法？

That's correct.

這是正確的。

The other one we didn't mention there, but it's in there is a service contract revenue you get on non-Blink owned equipment that applies. So all the different iterations, so it's networking services and service contract revenue.

另一個我們沒有在那裡提到，但它有一個服務合同收入，你可以在非 Blink 擁有的設備上獲得適用。所以所有不同的迭代，所以它是網絡服務和服務合同收入。

Okay. That all makes sense. Can you provide maybe an update on the size of the Blink-owned station footprint and any rough ballpark of where the utilization is today if you're discussing improvements that we're seeing lately?

好的。這一切都說得通。如果您正在討論我們最近看到的改進，您能否提供有關 Blink 擁有的車站佔地面積的大小以及今天利用率的任何大致情況的更新？

Michael?

邁克爾?

Yes, we're seeing on the network, as we mentioned in our comments, there's 4 networks now. There's close to 44,000 units on all the combined networks between Blink, SemaConnect and all the networks that we have from the various companies that we've acquired. And utilization, we continue to see increases in utilization. There is more EV penetration, still similar to how the adoption of the EV is penetrating from a EV vehicle standpoint, but also we're seeing even higher utilization in Europe still. So all is trending, like I said, it's trending in the positive direction and we're encouraged what the third quarter produced.

是的，正如我們在評論中提到的，我們在網絡上看到，現在有 4 個網絡。在 Blink、SemaConnect 和我們從我們收購的各個公司擁有的所有網絡之間的所有組合網絡上，有近 44,000 台設備。和利用率，我們繼續看到利用率增加。電動汽車的滲透率更高，仍然類似於從電動汽車的角度來看電動汽車的普及，但我們看到歐洲的利用率仍然更高。所以一切都是趨勢，就像我說的那樣，它正朝著積極的方向發展，我們對第三季度的成果感到鼓舞。

Okay. Maybe just my last one, I think last call you talked about working with your consultants around synergies with Sema, just wanted to see if any update on quantifying the cost that you think you can get there and timelines around the broader roadmap of the combined, which I think was part 2 of that engagement?

好的。也許只是我的最後一個，我想你上次電話談到與你的顧問就與 Sema 的協同效應進行合作，只是想看看是否有任何關於量化你認為你可以到達那裡的成本以及圍繞合併的更廣泛路線圖的時間表的任何更新，我認為這是訂婚的第二部分？

Yes, so I'll pick up that that part. So in terms of realizing synergies, we're at -- on the sales side of it, we're already actively involved in combining the organizations together. That activity is already happening. As we outlined in the call, we're already exposing both businesses and sales teams, which now are becoming one sales team with a multiple group of products. We've already started to cross population of them selling -- Sema team selling the Blink owner-operator model. And of that is where we're really positioning long-term revenue streams. Because as you are aware, the model that we put together is a learning model, so it keeps refreshing itself and getting more data on where the most optimum sites are for the owner-operator model. We're able to cross supply that data and look at the SemaConnect portfolio and find those sites where the return on investment is going to be quite good over time and we've already started to capture business as we outlined as a result of that.

是的，所以我會拿起那部分。因此，在實現協同效應方面，我們在 - 在銷售方面，我們已經積極參與將組織合併在一起。該活動已經在進行。正如我們在電話會議中概述的那樣，我們已經公開了業務和銷售團隊，它們現在正在成為一個擁有多組產品的銷售團隊。我們已經開始跨人群銷售——Sema 團隊銷售 Blink 所有者-運營商模型。這就是我們真正定位長期收入流的地方。因為如您所知，我們整合的模型是一個學習模型，因此它會不斷自我更新並獲取更多數據，了解對於所有者-運營商模型而言最佳站點的位置。我們能夠交叉提供這些數據並查看 SemaConnect 產品組合，並找到那些隨著時間的推移投資回報將非常好的站點，並且我們已經開始捕獲業務，正如我們所概述的那樣。

So sales synergies moving on, operational synergies are moving forward right now. We have a dedicated team after an initial analysis put forth which is combining all those operations as they relate to support call center, network operations center, service and maintenance. All those are underway and we'll realize the true benefit synergies of them as we move into 2023.

因此，銷售協同效應在繼續，運營協同效應正在向前發展。在提出初步分析後，我們有一個專門的團隊，將所有與支持呼叫中心、網絡運營中心、服務和維護相關的操作結合起來。所有這些都在進行中，隨著我們進入 2023 年，我們將實現它們真正的利益協同效應。

Your last question is coming from Sameer Joshi with H.C. Wainwright.

您的最後一個問題來自與 H.C. 的 Sameer Joshi。溫賴特。

Yes. So just a couple of questions on the actual results. The network fees you were pointing out, substantially higher. Was this mainly because of the acquisition or was there some organic growth in the network fees as well?

是的。所以只是關於實際結果的幾個問題。您指出的網絡費用要高得多。這主要是因為收購還是網絡費用也有一些有機增長？

So, it's -- it was actually both and we've seen the SemaConnect acquisition but also the organic growth that's driving the network connectivity and the expansion of our more chargers and more adoption into the -- of the networks.

所以，事實上，我們既看到了 SemaConnect 的收購，也看到了推動網絡連接的有機增長，以及我們更多充電器的擴展和更多網絡的採用。

Yes. And then between the -- in the operating expenses, we see compensation and general administrative costs sort of swap. The compensation went up and the general and G&A costs went down during the quarter sequentially. Is there something that you want to point out there what's going on?

是的。然後在 - 在運營費用中，我們看到補償和一般管理成本有點互換。薪酬上漲，一般和 G&A 成本在本季度環比下降。你有什麼想指出的嗎？

Yes, in the comp, what's included in the compensation expense is share-based compensation. So sequentially, we had higher share-based comp that got accounted for during the third quarter because of grant and equity that was granted during the -- I think was in the second quarter, but certain achievements were accomplished in those programs. So a majority of that is going to be the share-based comp that went up, not cash, if you will. And it's good to see that the G&A -- so we're working hard, so it's showing. So we're working on the G&A and we're trying to get a sense of -- we're working to integrate and see where we could be more scalable and start to see some of those reflected early on.

是的，在補償中，補償費用中包含的是基於股份的補償。因此，由於在第二季度授予的贈款和股權，我們在第三季度獲得了更高的基於股票的薪酬，但在這些計劃中取得了某些成就。因此，如果你願意的話，其中大部分將是上漲的基於股票的薪酬，而不是現金。很高興看到 G&A - 所以我們正在努力工作，所以它正在展示。因此，我們正在研究 G&A，我們正在嘗試了解——我們正在努力整合，看看我們可以在哪些方面更具可擴展性，並開始看到其中一些在早期得到反映。

Understood. So we can see some operating leverage, not just by increase its revenues but also by reduced costs?

明白了。所以我們可以看到一些經營槓桿，不僅是通過增加收入，還通過降低成本？

That's the expectation. Yes, as we move forward, our OpEx as a percentage of revenues is expected to decrease just as we expand and penetrate and really integrate the acquisitions into Blink, so.

這就是期望。是的，隨著我們向前發展，隨著我們擴展和滲透並將收購真正整合到 Blink 中，我們的運營支出佔收入的百分比預計會下降，所以。

Got it. And then just stepping back, the $7.5 billion of which is coming through the States, what visibility do you have on individual stage programs and how they are implementing it or planning to implement it, if you have any insight that we may not know about, that would be great.

知道了。然後退一步說，其中 75 億美元來自美國，你對各個舞台節目有什麼知名度以及他們如何實施或計劃實施它，如果你有任何我們可能不知道的見解，那很好啊。

Yes. So all states now have been approved under the federal program. So the NEVI plans they submitted are approved. Now it's back to the states to move forward with their implementation program. No state has moved forward with RFP yet. Most are in the very beginning stages of RFI. So it is what they're going to -- how they're going to define who the players that are active in the state and are going through that analysis and then individually they're adjusting and being additive to the NEVI scorecard on what they want for the state. No state can reduce the requirements as outlined by NEVI or the scorecard. We are in conversations with the multiplicity of states as they're asking preliminary information. We're meeting with as many states as possible to discuss the Blink and Blink's capabilities under NEVI and we continue making progress on that. But as of yet, we're not seeing anything being issued yet and we'll see how aggressive it is in Q1 of next year.

是的。因此，所有州現在都已根據聯邦計劃獲得批准。所以他們提交的NEVI計劃被批准了。現在回到各州繼續推進他們的實施計劃。尚未有任何州推進 RFP。大多數都處於 RFI 的初始階段。所以這就是他們將要做的——他們將如何定義在該州活躍並正在經歷分析的球員，然後他們單獨調整併添加到 NEVI 記分卡上想為國家。沒有一個州可以減少 NEVI 或記分卡中概述的要求。我們正在與多個州進行對話，因為他們正在詢問初步信息。我們正在與盡可能多的州會面，討論 Blink 和 Blink 在 NEVI 下的能力，我們將繼續在這方面取得進展。但到目前為止，我們還沒有看到任何發行，我們將在明年第一季度看到它的積極性。

We're anticipating the bulk of NEVI to be played out as you get into Q3 and then into Q4 and then indeed into 2024 as well. And as you know, the program is deemed to stretch further out and the funding is available further out. So we'll -- we're being aggressive keeping up the speed, working with the states and we'll continue do so amongst months and quarters that follow.

我們預計 NEVI 的大部分將在您進入第三季度，然後進入第四季度，然後甚至進入 2024 年時發揮出來。如您所知，該計劃被認為延伸得更遠，並且資金可用得更遠。所以我們將——我們正在積極地跟上速度，與各州合作，我們將在接下來的幾個月和幾個季度中繼續這樣做。

Yes, that's good to know. Thanks for that insight and glad that you are at the forefront. Just one last question about this new supercharger design. Will it be ready for CES at least in a conceptual form or something?

是的，很高興知道。感謝您的洞察力，很高興您站在最前沿。關於這種新的增壓器設計的最後一個問題。它至少會以概念形式或其他形式為 CES 做好準備嗎？

Most likely not.

很可能不是。

Okay -- sorry go ahead.

好的 - 對不起，請繼續。

I said most likely not but we may surprise you.

我說很可能不會，但我們可能會讓你大吃一驚。

Okay. Good to know. Congrats on all the progress over the last several quarters.

好的。很高興知道。祝賀過去幾個季度取得的所有進展。

We have a follow-up question coming from Stephen Gengaro with Stifel.

我們有一個來自斯蒂芬·根加羅（Stephen Gengaro）和 Stifel 的後續問題。

Just could you remind me as we think about the fourth quarter and just sort of the moving pieces on the top line, can you just remind us about sort of seasonality and different puts and takes we should be thinking about that impact the fourth quarter?

當我們考慮第四季度時，你能提醒我嗎？只是頂線上的移動部分，你能提醒我們一些季節性和不同的看跌期權，我們應該考慮第四季度的影響嗎？

Go ahead, Michael.

來吧，邁克爾。

No, no. Obviously, look, as we saw with the sales that got reported over 7,800, we expect that's an indicator where we think the quarter could start at. But obviously, the unknown is going to be the weather. So some areas could be impacted and it just depends. So it could be a little variable that we're unsure of at this point. But Michael, you might have more color on that.

不，不。顯然，看，正如我們看到的銷售額超過 7,800，我們預計這是我們認為本季度可以開始的指標。但顯然，未知數將是天氣。因此，某些領域可能會受到影響，這取決於。所以這可能是一個我們目前不確定的小變量。但是邁克爾，你可能對此有更多的色彩。

Yes. Other than that again, the industry is growing and there is a lot of incentives nationwide and even areas globally to get the charging equipment deployed. There's also mandates in certain areas now, new construction and so on. So we're staying on top of all of that and the industry is growing. And if you heard what I said earlier, Bloomberg predicts that by 2040 you're going to need about 0.5 billion charging stations globally. So we've got to get from where we are today which is only a couple of million chargers that are deployed today, viable chargers and get to that almost 500 million number to be able to really support eMobility globally. So we're seeing tremendous growth. We're seeing tremendous demand. We expect that growth to continue for the foreseeable future.

是的。除此之外，該行業正在發展，並且在全國乃至全球範圍內都有很多激勵措施來部署充電設備。現在在某些領域也有規定，新建築等等。因此，我們將始終處於領先地位，並且該行業正在發展。如果你聽到我之前所說的話，彭博社預測到 2040 年，全球將需要大約 5 億個充電站。因此，我們必須從目前僅部署幾百萬個充電器、可行的充電器並達到近 5 億個數量，才能真正支持全球電動汽車。所以我們看到了巨大的增長。我們看到了巨大的需求。我們預計這種增長將在可預見的未來繼續。

But about from a seasonality -- from a fourth quarter perspective, are there -- can you please talk about whether I think of us of new car sales may be rising, is there any sort of normal seasonal patterns in the fourth quarter or is it just over one --

但是從季節性來看——從第四季度的角度來看，是否存在——你能談談我認為我們的新車銷量是否會上升，第四季度是否有任何正常的季節性模式？一個多一點——

Sometimes. Remember, we're installing the equipment out in the elements. There are certain areas where it's very, very difficult if the ground is very, very cold. So the seasons do impact deployments. So again, it could impact negatively. And if we have a really mild winter, it could allow us to accelerate our growth. But yes, typically in these times, because it is a lot of outdoor work and these units are deployed and the elements it could impact things based on weather.

有時。請記住，我們是在元素中安裝設備。如果地面非常非常冷，在某些區域會非常非常困難。所以季節確實會影響部署。同樣，它可能會產生負面影響。如果我們有一個真正溫和的冬天，它可以讓我們加速成長。但是，是的，通常在這些時候，因為這是大量的戶外工作，並且這些單元被部署並且它可能會根據天氣影響事物的元素。

Great. That's helpful color. Just trying to think about the fourth quarter, but I appreciate the color.

偉大的。這是有用的顏色。只是想想想第四節，但我很欣賞這種顏色。

Other than that, we see massive growth. Again, there's a lot of amazing automobiles on the road today that really satisfy a lot of different consumers' needs and desires. You're seeing the highest end of the market being electrified and you're seeing the lowest end of the market being electrified now. It is the future of mobility and we need to make sure that there's enough charging infrastructure available to fuel all these cars that are coming into the marketplace. It's that simple.

除此之外，我們看到了巨大的增長。同樣，今天路上有很多令人驚嘆的汽車，它們真正滿足了許多不同消費者的需求和願望。您正在看到市場的最高端正在電氣化，而您正在看到市場的最低端正在電氣化。這是移動性的未來，我們需要確保有足夠的充電基礎設施為所有這些進入市場的汽車提供燃料。就是這麼簡單。

Excellent. Thank you everyone for your time.

出色的。謝謝大家的時間。