Blink Charging Co (BLNK) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Blink Charging First Quarter 2023 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，歡迎來到 Blink Charging 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。此次通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, over to you.

現在，我想將演示文稿轉交給投資者關係副總裁 Vitalie Stelea，再轉交給您。

Thank you, Jenny. Welcome to Blink's first quarter 2023 earnings call. On the call today, we have Brendan Jones, President and CEO; and Michael Rama, Chief Financial Officer.

謝謝你，珍妮。歡迎來到 Blink 的 2023 年第一季度財報電話會議。在今天的電話會議上，我們有總裁兼首席執行官 Brendan Jones；和首席財務官 Michael Rama。

The discussion today 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 參考資料。這些與我們收益平台附錄中最具可比性的美國公認會計原則指標相一致。您可以在 Blink 的投資者關係網站上找到我們的其他收益材料和其他重要內容。

Today's discussion may also include forward-looking statements about our expectations. Actual results may be different from those stated. The most significant factors that could cause actual results to differ are included on Page 2 of the first quarter 2023 earnings deck. Unless otherwise noted, all comparisons are year-over-year.

今天的討論還可能包括有關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 2023 年第一季度財報的第 2 頁。除非另有說明，否則所有比較均為同比。

Now regarding the Investor Relations calendar, Blink Charging will be participating in the Cowen's Sustainability Week fireside chat and investor meeting on the 6th of June, Needham Automotive Technology Conference on the 7th of June, the ROTH MKM 9th Annual London Conference on June 21 and 22, and at the same time the JPMorgan Energy Power Renewables Conference also on June 21 and 22. Please follow our announcements for additional investor events in the future.

現在關於投資者關係日曆，Blink Charging 將參加 6 月 6 日的 Cowen 可持續發展週爐邊談話和投資者會議，6 月 7 日的 Needham 汽車技術會議，6 月 21 日和 22 日的 ROTH MKM 第九屆年度倫敦會議，同時 JPMorgan Energy Power 可再生能源會議也在 6 月 21 日和 22 日舉行。請關注我們的公告，了解未來的其他投資者活動。

And now, I will turn the call over to Brendan Jones, President and CEO of Blink Charging. Please go ahead, Brendan.

現在，我將把電話轉給 Blink Charging 總裁兼首席執行官 Brendan Jones。請繼續，布倫丹。

Sure, thanks Vitalie, and good afternoon, everyone, and thank you for joining us. So before I dive into our first quarter 2023 accomplishments and financial results, I'd like to say a few things. First, I'm honored to be appointed as the President and CEO of Blink Charging. I'm also proud of the incredible team at Blink and all of that we have been able to accomplish for our customers, our hosts, our clients as well as our shareholders and employees.

當然，謝謝 Vitalie，大家下午好，感謝您加入我們。因此，在我深入探討我們 2023 年第一季度的成就和財務業績之前，我想說幾句話。首先，我很榮幸被任命為 Blink Charging 的總裁兼首席執行官。我也為 Blink 令人難以置信的團隊以及我們能夠為我們的客戶、房東、我們的客戶以及我們的股東和員工完成的所有工作感到自豪。

As a company and management team, we would also like to thank Michael Farkas for his time serving as our Founder and our CEO. His commitment and forward thinking have helped shape Blink to become the company it is today, and that is a leader in the EV charging industry. We look forward to having Michael on our Board and continue to work with him in the future. And with that, let's get on with the earnings call.

作為公司和管理團隊，我們還要感謝 Michael Farkas 擔任我們的創始人和首席執行官。他的承諾和前瞻性思維幫助 Blink 成為今天的公司，並且是 EV 充電行業的領導者。我們期待邁克爾加入我們的董事會，並在未來繼續與他合作。就這樣，讓我們繼續財報電話會議。

So if we now allow everybody to go to Slide 4, I would like to provide a quick refresher on Blink and our capabilities. Blink is the only fully integrated charging company in the U.S. market today. We offer the most flexible business models available to property owners. We control our own design, manufacturing, and network services. Our products have been designed to meet the charging needs of EV drivers, fleet companies, municipalities, auto OEMs, commercial real estate owners, and property managers.

因此，如果我們現在允許所有人轉到幻燈片 4，我想快速回顧一下 Blink 和我們的功能。 Blink 是當今美國市場上唯一一家完全整合的充電公司。我們為業主提供最靈活的商業模式。我們控制自己的設計、製造和網絡服務。我們的產品旨在滿足電動汽車司機、車隊公司、市政當局、汽車原始設備製造商、商業地產所有者和物業經理的充電需求。

We provide a diverse choice of business models. We own and operate chargers. And of course, we sell chargers and services to our hosts. We offer hybrid options where Blink provides hardware and software, and we split the revenue with the host and they provide the capital for installation. Our flexibility and our vertical integration of advanced software -- hardware and software is what differentiates Blink from our competitors in the EV space today.

我們提供多樣化的商業模式選擇。我們擁有並經營充電器。當然，我們向房東出售充電器和服務。我們提供混合選項，其中 Blink 提供硬件和軟件，我們與主機分享收入，他們提供安裝資金。我們的靈活性和我們對高級軟件（硬件和軟件）的垂直整合是 Blink 在當今 EV 領域與競爭對手的區別。

Now let's transition to some highlights on Slide 6. Our first quarter total revenue increased to 121% to $21.7 million when compared with the first quarter of 2022. Now the service revenue increased by 216% and very importantly, our network fees, which are recurring in nature, increased by an impressive 911%, now that's a really big number. So I'll say it again, that was an increase of 911% and we are very excited about these positive developments.

現在讓我們轉到幻燈片 6 的一些亮點。與 2022 年第一季度相比，我們第一季度的總收入增長了 121%，達到 2170 萬美元。現在服務收入增長了 216%，非常重要的是，我們的網絡費用是經常性的在自然界中，增長了令人印象深刻的 911%，現在這是一個非常大的數字。所以我再說一遍，增長了 911%，我們對這些積極的發展感到非常興奮。

In the first quarter, we contracted, sold, or deployed 6,461 chargers, and that represents an increase of 103% compared to the first quarter of 2022. Additionally, in Q1, Blink Charging dispersed 14 gigawatts of energy across all Blink networks globally. And a key thing is most of the chargers that provided this level of energy were all Level 2, and they did not have demand charges associated, which increases the cost of doing business.

第一季度，我們簽約、銷售或部署了 6,461 個充電器，與 2022 年第一季度相比增長了 103%。此外，在第一季度，Blink Charging 在全球所有 Blink 網絡中分散了 14 吉瓦的能源。關鍵是大多數提供這種能量水平的充電器都是 2 級，它們沒有相關的需求費用，這增加了做生意的成本。

Subsequent to the close of the first quarter, in fact, a little over a week ago, I believe, we announced the acquisition of Envoy, an EV car-sharing company, by our subsidiary, Blink Mobility. Previously we announced that Blink was awarded a $7 million grant by the State of New Jersey to implement ride share services and charging for electric vehicles in underserved communities. We are pleased to welcome Envoy into the Blink Mobility family, and we'll have more announcements about this synergy of this acquisition as we move forward.

在第一季度結束後，事實上，一個多星期前，我相信，我們宣布我們的子公司 Blink Mobility 收購電動汽車共享公司 Envoy。此前我們宣布 Blink 獲得了新澤西州 700 萬美元的撥款，用於在服務欠缺的社區實施拼車服務和電動汽車充電。我們很高興歡迎 Envoy 加入 Blink Mobility 大家庭，隨著我們的前進，我們將發布更多關於此次收購協同效應的公告。

If we jump on to Slide 7 now. On March 16, we announced an IDIQ contract with the United States Postal Service to provide up to 41,500 EV charging stations and network services provided by Blink and others. We are very proud of the Blink team. To date, this is one of the largest fleet contracts for chargers and services in North America and the selection process was extremely rigorous.

如果我們現在跳到幻燈片 7。 3 月 16 日，我們宣布與美國郵政總局簽訂 IDIQ 合同，提供多達 41,500 個 EV 充電站和 Blink 等公司提供的網絡服務。我們為 Blink 團隊感到非常自豪。迄今為止，這是北美最大的充電器和服務車隊合同之一，選擇過程極其嚴格。

This successful contract win is a testament not only to our products and our network, but also to our talented team. We have already shipped the first order in April, and we look forward to continue collaboration with the United States Post Office and other government entities.

此次成功贏得合同不僅證明了我們的產品和網絡，也證明了我們才華橫溢的團隊。我們已經在 4 月份發貨了第一批訂單，我們期待與美國郵政局和其他政府實體繼續合作。

So now let's shift gears to Slide 8. You will see the growth to date and forecasted growth for electric vehicles and EV chargers that power them. The transition to EVs is accelerating. And with our comprehensive portfolio of charging products and solutions and our unique approach to providing flexible business models to meet all preferences, we are ideally situated to capitalize on the expected exponential demand for EV charging as more EVs-- more and more EVs hit the road.

那麼現在讓我們換檔到幻燈片 8。您將看到電動汽車和為其提供動力的 EV 充電器的迄今為止和預測的增長。向電動汽車的過渡正在加速。憑藉我們全面的充電產品和解決方案組合，以及我們提供靈活商業模式以滿足所有偏好的獨特方法，我們處於理想的位置，可以利用隨著越來越多的電動汽車——越來越多的電動汽車上路而對電動汽車充電的預期指數需求—— .

Now let's look at Slide 9. Within the last 12 months, Blink has contracted, sold, deployed or acquired over 38,000 charges, both domestically and internationally, bringing the total charger account for the company to nearly 73,000 chargers since Blink's inception. Now right now 78% of the total company-wide chargers were deployed in North America and 22% have been deployed internationally with the majority being in Europe.

現在讓我們看看幻燈片 9。在過去的 12 個月內，Blink 在國內和國際上簽訂、銷售、部署或收購了超過 38,000 個充電器，自 Blink 成立以來，公司的充電器總數達到近 73,000 個。現在，全公司範圍內 78% 的充電器部署在北美，22% 部署在國際上，其中大部分在歐洲。

On Slide 10, you will see just a partial sampling of our customers. They represent well-established commercial entities, multifamily complexes, planned communities, healthcare facilities, fleets, and municipalities around the world. Our advanced chargers combined with flexible business models position us very well to attract new customers and long-term contracts. For example, in addition to the United States Post Office, we signed a contract with one of the largest car dealership groups in the nation for a large number of DC fast chargers.

在幻燈片 10 上，您將看到我們客戶的部分樣本。他們代表世界各地成熟的商業實體、多戶住宅區、規劃社區、醫療保健設施、車隊和市政當局。我們先進的充電器與靈活的商業模式相結合，使我們能夠很好地吸引新客戶和長期合同。例如，除了美國郵局，我們還與美國最大的汽車經銷商集團之一簽訂了大量直流快速充電器的合同。

And overall, the Automotive segment is very strong for Blink. In Q1, we entered into agreements to provide chargers for over 600 different dealerships that span a variety of owners and brands. And this is out of more than 3,000 dealerships that we've already installed to date. Some of the other notable customers in this quarter include one of the largest parking structure operators in Belgium called APCOA.

總的來說，汽車領域對 Blink 來說非常強大。在第一季度，我們簽訂了協議，為 600 多家不同的經銷商提供充電器，這些經銷商涵蓋各種所有者和品牌。這是迄今為止我們已經安裝的 3,000 多家經銷商中的一部分。本季度其他一些著名客戶包括比利時最大的停車場運營商之一 APCOA。

And we continue to evaluate sales and installation opportunities with CBRE property management company in Europe and Asia. In addition, we continue to provide chargers to our long-term partner, InterEnergy. In fact, in Q1, we shipped over $1 million worth of chargers to InterEnergy.

我們將繼續與 CBRE 物業管理公司在歐洲和亞洲評估銷售和安裝機會。此外，我們繼續為我們的長期合作夥伴 InterEnergy 提供充電器。事實上，在第一季度，我們向 InterEnergy 運送了價值超過 100 萬美元的充電器。

Now let's go and look at Slide 11. You can see examples of our innovative product portfolio. Now we have a wide variety of projects, ranging from residential L2 chargers to high-powered DC fast chargers as well as our Vision charger. With these offerings, we service both residential and a variety of commercial customers. The ETA for our innovative Vision charger is the end of Q3.

現在讓我們看一下幻燈片 11。您可以看到我們創新產品組合的示例。現在我們有各種各樣的項目，從住宅 L2 充電器到大功率直流快速充電器以及我們的 Vision 充電器。通過這些產品，我們為住宅和各種商業客戶提供服務。我們創新的 Vision 充電器的預計到達時間是第三季度末。

Now let's go and look at Slide 12. You can see our current selection of DC fast chargers. We think it is important to reiterate that Blink is a global company addressing the demand for power and different DC installation settings that vary around the world. In Q1, we contracted for the sale of approximately 300 DC chargers, and our backlog to date includes approximately another 400 chargers that we expect to be on the Blink network once launched. This makes it a minimum of 700 DC chargers that we expect to commercialize during 2023, and that's the minimum.

現在讓我們看一下幻燈片 12。您可以看到我們當前選擇的直流快速充電器。我們認為有必要重申 Blink 是一家全球性公司，致力於解決世界各地對電力和不同直流安裝設置的需求。在第一季度，我們簽訂了大約 300 個 DC 充電器的銷售合同，迄今為止我們的積壓訂單包括大約另外 400 個充電器，我們預計這些充電器一旦啟動就會出現在 Blink 網絡上。這使得我們預計在 2023 年將至少有 700 個 DC 充電器商業化，這是最低限度。

Now let's go look at Slide 13. In 2022, we completely redesigned and launched our Blink network and Blink charging mobile apps. The strength of our network is another competitive advantage as it allows drivers to find chargers, book sessions faster and easier while enabling our site host more flexibility in managing their stations with added features, seamlessly integrating chargers into everyday life. And as we've said before, this is available on both iOS and the Android platform.

現在讓我們看一下幻燈片 13。在 2022 年，我們完全重新設計並推出了我們的 Blink 網絡和 Blink 充電移動應用程序。我們強大的網絡是另一個競爭優勢，因為它使司機能夠更快、更輕鬆地找到充電器、預訂會議，同時使我們的站點主機能夠更靈活地管理他們的站點，增加功能，將充電器無縫集成到日常生活中。正如我們之前所說，這在 iOS 和 Android 平台上都可用。

Now let's look at another topic, synergies. We announced in Q4, just to remind you, and we did this with the help of McKinsey Consulting. We performed an extensive analysis to discover and outline synergies with a focus on our acquisition of SemaConnect. Now as a result of this analysis, we identified, are now targeting a total of $28 million in synergies related to this acquisition.

現在我們來看另一個話題，協同效應。我們在第四季度宣布，只是為了提醒您，我們是在麥肯錫諮詢公司的幫助下完成的。我們進行了廣泛的分析，以發現和概述協同效應，重點是我們對 SemaConnect 的收購。現在，作為這項分析的結果，我們確定，現在的目標是與此次收購相關的協同效應總計 2800 萬美元。

This includes an additional $1.3 million in revenue synergies we identified during Q1 of 2023. Today we have captured $5.3 million of operating expense synergies as of March 31, 2023. We expect to begin realizing these expense reductions and revenue synergies in Q2 and Q3 of this year.

這包括我們在 2023 年第一季度確定的額外 130 萬美元的收入協同效應。今天，截至 2023 年 3 月 31 日，我們已經獲得了 530 萬美元的運營費用協同效應。我們預計將在今年第二季度和第三季度開始實現這些費用削減和收入協同效應年。

Now while we realize the synergies from the SemaConnect acquisition. In addition, we expect to achieve incremental synergies globally from integrating the acquired networks into the state-of-the-art Blink Network. This summer we will have all Blink entities combined under one network. This will eliminate expenses related to engineering and maintenance of legacy networks today.

現在，當我們意識到收購 SemaConnect 的協同效應時。此外，我們希望通過將收購的網絡整合到最先進的 Blink Network 中，在全球範圍內實現增量協同效應。今年夏天，我們將把所有 Blink 實體合併到一個網絡下。這將消除與當今遺留網絡的工程和維護相關的費用。

With this, I will pass the presentation on to Michael Rama, our CFO. Michael?

有了這個，我會將演示文稿傳遞給我們的首席財務官 Michael Rama。邁克爾？

Thank you, Brendan, and good afternoon, everyone.

謝謝 Brendan，大家下午好。

Turning to Slide 16, total revenue in the first quarter of 2023 grew 121% year-over-year to $21.7 million. Product sales in the first quarter of 2023 were $16.4 million, an increase of 104% over the same period in 2022 as customers purchased greater volumes of our commercial chargers, DC fast chargers, and residential chargers. Product sales for the first quarter of 2023 also include revenues generated from the 2022 acquired companies of SemaConnect and EB.

轉到幻燈片 16，2023 年第一季度的總收入同比增長 121% 至 2170 萬美元。 2023 年第一季度的產品銷售額為 1640 萬美元，比 2022 年同期增長 104%，因為客戶購買了更多我們的商用充電器、直流快速充電器和家用充電器。 2023 年第一季度的產品銷售額還包括 2022 年收購的 SemaConnect 和 EB 公司產生的收入。

First quarter 2023 service revenues, which consists of charging service revenues, network fees and ridesharing revenues were $4.8 million, an increase of 216% compared to the first quarter of 2022. The year-over-year growth was primarily driven by greater utilization of our chargers, the increased number of chargers on Blink networks, revenues associated with the Blink Mobility rideshare program and incremental service revenues from acquisitions.

2023 年第一季度的服務收入（包括充電服務收入、網絡費用和拼車收入）為 480 萬美元，比 2022 年第一季度增長 216%。同比增長主要是由於我們的利用率提高所致充電器、Blink 網絡上充電器數量的增加、與 Blink Mobility 拼車計劃相關的收入以及來自收購的增量服務收入。

Gross profit in the first -- for the first quarter of 2023 was approximately $4.5 million, an increase of 186% over the same period last year. As a percentage of revenue, gross margin was 21% in the first quarter of 2023, about 4,800 basis points improvement when compared with Q1 2022.

2023 年第一季度的毛利約為 450 萬美元，比去年同期增長 186%。 2023 年第一季度毛利率佔收入的百分比為 21%，與 2022 年第一季度相比提高了約 4,800 個基點。

Operating expenses in the first quarter of 2023 were $35.4 million compared to $16.6 million in the prior year period. The year-over-year increase reflects the increase in non-cash share-based compensation of $5.8 million in Q1 2023 versus Q1 2022, increases in non-cash amortization of intangible assets of $1.8 million as well as operating expenses associated with the Q2 2022 acquisitions of SemaConnect and EB.

2023 年第一季度的運營費用為 3540 萬美元，而去年同期為 1660 萬美元。同比增長反映了與 2022 年第一季度相比，2023 年第一季度非現金股權薪酬增加了 580 萬美元，無形資產的非現金攤銷增加了 180 萬美元，以及與 2022 年第二季度相關的運營費用收購 SemaConnect 和 EB。

We remain vigilant about cost reduction opportunities and additional synergies, as mentioned by Brendan earlier. Adjusted EBITDA for the first quarter of 2023 was a loss of $17.8 million compared to a loss of $12.4 million in the prior year period, largely due to the higher operating expenses, as I just mentioned. Year-over-year, Q1 adjusted EBITDA improved by over 4,400 basis points as a percentage of revenues compared to the first quarter of 2022.

正如布倫丹之前提到的，我們對降低成本的機會和額外的協同效應保持警惕。 2023 年第一季度調整後的 EBITDA 虧損 1780 萬美元，而去年同期虧損 1240 萬美元，這主要是由於運營費用增加，正如我剛才提到的。與 2022 年第一季度相比，第一季度調整後的 EBITDA 佔收入的百分比提高了 4,400 多個基點。

Adjusted earnings per share for the first quarter of 2023, was a loss of $0.49 per share compared to a loss of $0.34 per share 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 nonrecurring acquisition-related expenses divided by the weighted average shares outstanding.

2023 年第一季度調整後每股收益為每股虧損 0.49 美元，而去年同期為每股虧損 0.34 美元。非 GAAP 調整後每股收益定義為調整後淨收入，其中不包括重要的非現金項目，例如無形資產攤銷和非經常性收購相關費用除以加權平均流通股。

Now turning to Slide 18, you will see that sequentially, we saw a decline in gross margin when compared with Q4, 2022. This is primarily due to Blink selling significantly more contract manufactured chargers, which carry a lower overall contribution margin compared to the units manufactured in-house. As we've discussed, we've been expanding our manufacturing capabilities to replace all contract manufactured chargers with in-house produced units.

現在轉到幻燈片 18，您會看到，與 2022 年第四季度相比，我們的毛利率依次下降。這主要是由於 Blink 銷售的合同製造充電器明顯更多，與單位相比，這些充電器的總體貢獻率較低內部製造。正如我們所討論的，我們一直在擴大我們的製造能力，以用內部生產的裝置取代所有合同製造的充電器。

This will result in a significantly improved gross margin profile of our products. We expect gross margins for the remainder of 2023 to meet or exceed gross margins realized in the second half of 2022.

這將顯著改善我們產品的毛利率。我們預計 2023 年剩餘時間的毛利率將達到或超過 2022 年下半年實現的毛利率。

Moving to our cash position, as of March 31, 2023, cash and cash equivalents totaled $103.2 million. All in all, Q1 was another strong quarter for Blink. We saw a record Q1 product revenues and service revenues. We continue to execute on our strategy and we believe the foundation is strong. We see robust demand for our products and services in North America and internationally.

轉到我們的現金狀況，截至 2023 年 3 月 31 日，現金和現金等價物總計 1.032 億美元。總而言之，第一季度是 Blink 的另一個強勁季度。我們看到了創紀錄的第一季度產品收入和服務收入。我們繼續執行我們的戰略，我們相信基礎是強大的。我們看到北美和國際上對我們的產品和服務的強勁需求。

Before I conclude, I would like to welcome our new Board member, Kristina Peterson, who is an experienced public and private company Board member and infrastructure investor with over 25 years of operating experience in the finance, electric power generation, and tech sectors.

在結束之前，我要歡迎我們的新董事會成員 Kristina Peterson，她是一位經驗豐富的上市和私營公司董事會成員和基礎設施投資者，在金融、發電和科技領域擁有超過 25 年的運營經驗。

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

我現在將把電話轉回給 Brendan Jones，請他作最後的評論。去吧，布倫丹。

Thanks, Michael. So clearly, Blink 2023 is off to a strong start. We delivered another record, Q1 revenues for Blink and growth in recurring revenue is 9x larger than the first quarter of 2022. But what is particularly exciting to me is the strength of the Blink operating model. Now when we look at the industry, we appreciate that the industry is under some pressure and that there are hard questions starting to be asked about the path to profitability across the entire EV space, including Blink.

謝謝，邁克爾。很明顯，Blink 2023 有了一個良好的開端。我們創造了另一個記錄，Blink 第一季度的收入和經常性收入的增長是 2022 年第一季度的 9 倍。但讓我特別興奮的是 Blink 運營模式的實力。現在，當我們審視這個行業時，我們意識到該行業正承受著一些壓力，並且開始對包括 Blink 在內的整個電動汽車領域的盈利路徑提出棘手的問題。

There are a few points here to make about Blink. We are growing at a very rapid rate, and this industry is still in the very early innings. We have carefully built the structure and capabilities to support a larger company. And as anticipated, we are very quickly growing into that structure we have created and continue to adjust.

關於 Blink，這裡有幾點需要說明。我們正在以非常快的速度增長，而這個行業仍處於早期階段。我們精心打造了結構和能力來支持更大的公司。正如預期的那樣，我們正在迅速成長為我們創建並繼續調整的結構。

In the coming quarters, our operating losses will progressively come down as our business model scales and revenues grow faster than our operating costs. Well, I don't want to pinpoint an exact timing, given we have a lot of moving parts, including such things as acquisition, integration, additional synergies, new product launches. What I can share is that achieving sustained and positive free cash flow is our priority.

在未來幾個季度，隨著我們的商業模式規模和收入增長快於我們的運營成本，我們的運營虧損將逐步下降。好吧，我不想確定確切的時間，因為我們有很多變動的部分，包括收購、整合、額外的協同效應、新產品發布等。我可以分享的是，實現持續和積極的自由現金流是我們的首要任務。

And let me make sure everybody understands that. This is our priority. We have a clear path to get there, and we will scale, and we will continue to keep you appraised of our progress as we move forward. As we look to where the industry was and where it is headed, we are very excited about the opportunity that lies ahead and extremely optimistic that we have the right team in place, building on our success to not only be a player in the energy transition, but to lead it on strength of our innovation, experience and continued leadership development.

讓我確保每個人都明白這一點。這是我們的首要任務。我們有一條清晰的道路可以到達那裡，我們將擴大規模，並且在我們前進的過程中，我們將繼續讓您評估我們的進展。當我們展望這個行業的過去和未來時，我們對未來的機會感到非常興奮，並且非常樂觀地認為我們擁有合適的團隊，在我們成功的基礎上，不僅要成為能源轉型的參與者，而是依靠我們的創新、經驗和持續的領導力發展來領導它。

And as we implement our forward moving strategy, we are well positioned to continue and accelerate growth and bring electrification to more markets and more communities than ever before. I take this role with great confidence in our dedicated and passionate employees around the world to build the future of the companies.

隨著我們實施向前發展的戰略，我們有能力繼續並加速增長，並將電氣化帶入比以往任何時候都多的市場和社區。我對我們在世界各地敬業和熱情的員工建設公司的未來充滿信心。

Now before I conclude and hand over for the closing remarks, I would like to share a new Blink charger for the European global markets. This goes hand-in-hand with our comments that we are working to replace higher cost contract manufactured chargers with our own built in-house.

現在，在我結束並發表閉幕詞之前，我想分享一款適用於歐洲全球市場的新型 Blink 充電器。這與我們的評論密切相關，我們正在努力用我們自己內置的內部產品替換成本更高的合同製造充電器。

So on Slide 19, you all are the first to see this. You can see the final design of our EQ 300 Connected Charger that will come with single and dual mounted plugs capable with our latest network functions. This charger fits the needs for most applications and has vast addressable markets in many -- all EU countries and other international countries throughout the world. With this, I'm going to conclude, we are excited about the future, about what the future holds for Blink.

所以在幻燈片 19 上，你們都是第一個看到這個的人。您可以看到我們的 EQ 300 Connected Charger 的最終設計，它將配備具有我們最新網絡功能的單安裝和雙安裝插頭。這款充電器適合大多數應用的需求，並且在許多歐盟國家和世界其他國際國家擁有廣闊的潛在市場。有了這個，我要得出結論，我們對未來感到興奮，對 Blink 的未來充滿期待。

With that, we will now open it up for questions. And remember, this is my first time. So be easy on me now. Questions?

有了這個，我們現在將打開它來提問。請記住，這是我的第一次。所以現在對我放輕鬆。問題？

Operator, please proceed with the questions.

接線員，請繼續提問。

(Operator Instructions) Our first question is coming from Craig Irwin from ROTH MKM.

（操作員說明）我們的第一個問題來自 ROTH MKM 的 Craig Irwin。

First, Brendan, I'd like to say welcome to the role of Chief Executive. We all look forward to working with you and to your leadership. Michael did an amazing job founding the company, and we look forward to watching you bring Blink to the next level. So I wanted to ask just a big picture question really around the leadership change. So you've been a key person in helping the team execute the strategy over the last couple of years and played a role in helping form the strategy that's in place?

首先，布倫丹，我想對擔任首席執行官一職表示歡迎。我們都期待著與您合作並期待您的領導。邁克爾在創立公司方面做得非常出色，我們期待看到您將 Blink 提升到一個新的水平。所以我想問一個真正圍繞領導層變動的大局問題。那麼，在過去的幾年中，您一直是幫助團隊執行戰略的關鍵人物，並在幫助形成現有戰略方面發揮了作用？

Is this change in leadership? Is your assumption of the role of CEO potentially going to lead to a pivot or an alteration of the strategy as far as diversification to international, captive manufacturing a portfolio approach to serving your customers and the other major items in the business strategy at length that we've all been used to and follow the growth and success with?

這是領導層的變化嗎？你擔任 CEO 的角色是否有可能導致戰略的轉變或改變，就多元化到國際化、專屬製造、服務客戶的組合方法以及我們認為的業務戰略中的其他主要項目而言是否都習慣並追隨著成長與成功？

Yes, so there's no major departures. I mean we're going to continue as we have been under Michael's leadership, to evaluate the marketplace and see what the market is doing. And this includes in the manufacturing of product, new features and benefits that need to be added to our network strategy. And we're going to look at that both in the U.S. and globally. I mean we are a global company.

是的，所以沒有重大偏離。我的意思是，我們將繼續在邁克爾的領導下，評估市場，看看市場在做什麼。這包括在產品製造中，需要添加到我們的網絡戰略中的新功能和優勢。我們將在美國和全球範圍內進行研究。我的意思是我們是一家全球性公司。

We're expanding in the Latin America right now, which on a percentage basis is one of our hottest markets. We're going to continue to adjust the product strategy to fit all these markets combined, whether it's the charger we just showed you and that's predominantly for Europe or other chargers that we're going to have in development that might suit some of the needs in Latin America where they have a little bit of a different standard, because they follow the Chinese standard.

我們現在正在拉丁美洲擴張，按百分比計算，這是我們最熱門的市場之一。我們將繼續調整產品策略以適應所有這些市場的結合，無論是我們剛剛向您展示的主要用於歐洲的充電器，還是我們將要開發的可能滿足某些需求的其他充電器在拉丁美洲，他們有一點不同的標準，因為他們遵循中國標準。

So, we're going to continue on a product and network basis to follow the path and pivot where necessary based on customer and market demand. Now also, we're going to continue to focus on the sustainability of revenue that we get from the owner operator model, where we put a charger in the ground and especially when you consider that with L2 charging, because L2 charging is 10:1 at a minimum of the cost of installing a DC fast charger.

因此，我們將繼續在產品和網絡的基礎上，根據客戶和市場需求，在必要時遵循路徑和支點。現在，我們將繼續關注我們從業主運營商模式中獲得的收入的可持續性，我們將充電器放在地上，尤其是當你考慮 L2 充電時，因為 L2 充電是 10:1以最低的成本安裝直流快速充電器。

And when we install one of those, we look at our portfolio today and 50% of our chargers on the owner-operator model that are installed are producing in the double-digits of utilization today. We're going to keep doing that, but we're also going to be fully exploitive of the sales model where we can provide sales, get network fees provide better margins for Blink, so they have a better return and also continue to innovate for the fleet space and other spaces where they don't want to be an operator.

當我們安裝其中一個時，我們看看我們今天的產品組合，我們安裝的所有者運營商模型中 50% 的充電器今天的利用率達到了兩位數。我們將繼續這樣做，但我們也將充分利用銷售模式，我們可以提供銷售，獲得網絡費用，為 Blink 提供更好的利潤，因此他們有更好的回報，並繼續創新他們不想成為運營商的車隊空間和其他空間。

They just want to buy the chargers, but we can provide network services, fleet services and maintenance contracts to have sustainable and reoccurring revenue on that model as well. So that's the basic strategy that we set out. We're going to continue to maintain that and improve upon it and flex where needed as the market develops.

他們只想購買充電器，但我們可以提供網絡服務、車隊服務和維護合同，以在該模型上獲得可持續和經常性的收入。這就是我們制定的基本戰略。我們將繼續保持並改進它，並隨著市場的發展在需要的地方靈活調整。

So I really like that you highlighted the European Level 2 charger, because my next question was going to be about gross margins. Obviously, it's an important item to understand the sequential progression here. And I was wondering if you could maybe give us a little bit more color on the mix we would need to see for gross margins above 30%, as you indicated in your guidance. Is it just this Level 2 charger -- or are there possibly other chargers that we should expect vertical integration to benefit margins in…

所以我真的很喜歡你強調歐洲 2 級充電器，因為我的下一個問題是關於毛利率。顯然，了解這裡的順序進展是一個重要的項目。我想知道你是否可以給我們更多的顏色，我們需要看到超過 30% 的毛利率，正如你在你的指導中指出的那樣。僅僅是這個 2 級充電器——還是可能有其他充電器我們應該期待垂直整合來提高利潤……

It's across the board. So as we've talked about before in the previous quarter, so we're developing 2 different versions of a DC fast charger. We have the Series 9, which is the low kilowatt DC, which we'll have on the market within the next 30 days. And that's an in-house produced charger at a leading margin in the industry. Then simultaneous to that, we're also in full development of the DC fast charger starting at 180 kilowatts and going up from there.

這是全面的。因此，正如我們在上一季度之前談到的那樣，我們正在開發 2 種不同版本的直流快速充電器。我們有 Series 9，這是低千瓦直流電，我們將在未來 30 天內投放市場。這是一款業內領先的自製充電器。與此同時，我們還在全面開發 DC 快速充電器，從 180 千瓦開始，然後再提高。

That will be manufactured out of the facility that will have open and operating as of July of 2024. So both of those products will allow us to scale, innovate new products from there and have greater margins on the DC fast charger market. Then let's look at L2s. So in the U.S., we previously had to dominate it -- we designed and contract manufactured the majority of our L2s. That is shifting now where 50% plus are going to be non-contract manufactured.

這將由將於 2024 年 7 月開放和運營的工廠生產。因此，這兩種產品將使我們能夠從那裡擴展、創新新產品，並在直流快速充電器市場上獲得更大的利潤。然後讓我們看看L2s。所以在美國，我們以前不得不主導它——我們設計和承包製造了我們大部分的 L2。現在這種情況正在發生變化，其中 50% 以上將是非合同製造的。

And by the end of the year, as we up capacity in our Bowie facility, we'll be able to increase that to 60%, 70%, and 80% of the chargers sold in the U.S. market are produced by Blink at a greater margin. We have some inventory that we have to play out, which you saw occur in Q1 and some sell-down strategies on some legacy products, both in Europe and the United States. We're going to continue to push through all, of that inventory in the coming quarter.

到今年年底，隨著我們提高 Bowie 工廠的產能，我們將能夠增加到 60%、70% 和 80% 在美國市場上銷售的充電器是由 Blink 以更高的速度生產的利潤。我們有一些我們必鬚髮揮作用的庫存，您在第一季度看到了這些庫存，並且在歐洲和美國對一些遺留產品採取了一些拋售策略。我們將在下一季度繼續完成所有這些庫存。

But based on the bookings that we're looking at, we have a great influx of bookings, and that's new sales order that are on the newer higher-margin products. So as Michael indicated in his comments, we expect much improvement on margins as we move into Q2. And indeed, that should manifest fully in Q3.

但根據我們正在查看的預訂，我們有大量預訂湧入，這是新的高利潤產品的新銷售訂單。因此，正如邁克爾在他的評論中所指出的那樣，我們預計隨著我們進入第二季度，利潤率會有很大改善。事實上，這應該在第三季度充分體現出來。

Excellent. And then last question, if I may this 700 DC chargers that you expect in 2023 is a pretty solid number. Can you maybe talk to us about the diversity of customers and installations you expect there? Do we need to see any of those customers announced for you to have backlog and deployment visibility?

出色的。然後是最後一個問題，如果我可以的話，您期望在 2023 年推出的這 700 個直流充電器是一個非常可靠的數字。您能否與我們談談您期望那裡的客戶和安裝的多樣性？我們是否需要看到這些客戶中的任何一個宣佈為您提供積壓和部署可見性？

And then other companies in the space have faced margin headwinds from their steps into DC fast charging, I know you're vertically integrated. I assume this is a vertically integrated product. Should this be something that has margins consistent with the targets that you're pursuing?

然後該領域的其他公司因進入直流快速充電而面臨利潤逆風，我知道你們是垂直整合的。我認為這是一個垂直整合的產品。這應該是利潤與您追求的目標一致的東西嗎？

Okay. So it's a great question because when you look at DC fast chargers, they're much higher in gross profit than your L2, but they're lower in margin, right? So while we continue to increase and most of these chargers are going in to grant programs that we have won in the U.S., they're going into dealerships. They're going into municipal developments that we've won contracts for, et cetera.

好的。所以這是一個很好的問題，因為當你看直流快速充電器時，它們的毛利潤比你的 L2 高得多，但它們的利潤率較低，對吧？因此，雖然我們繼續增加，並且這些充電器中的大多數都將進入我們在美國贏得的贈款計劃，但它們將進入經銷商。他們正在進入我們已經贏得合同的市政開發項目，等等。

So -- but on DC, what you're going to get is higher revenue, but lower margin as a rule, right? L2, you're going to -- you have the ability to get that margin up on a consistent basis above 30% on a per unit retail basis. But DC is a little harder there. As we shift the contract to our own away from contract into our own manufacturing, we're going to see significant margin improvement on it right now.

所以 - 但在 DC 上，你將獲得更高的收入，但通常利潤率較低，對嗎？ L2，你將 - 你有能力在每單位零售的基礎上持續將利潤率提高到 30% 以上。但是DC那裡有點難。當我們將合同從合同轉移到我們自己的製造中時，我們現在將看到它的利潤率顯著提高。

So we are doing third-party contract manufacturing on most of the DCs right now that will begin to transition with the Series 9 charger. And then by next summer, we'll fully transition out of that.

因此，我們現在正在對大多數 DC 進行第三方合同製造，這些 DC 將開始與 Series 9 充電器一起過渡。然後到明年夏天，我們將完全擺脫這種狀態。

Great, well, congratulations on the expanded role, I'll go and hop back in the queue.

太好了，恭喜你獲得了擴展的角色，我會回到隊列中。

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

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

It's also same sentiment, Brendan. I want to talk about, again, kind of the gross margin sort of issue. I mean, if I look at product sales, I'm just rounding $16 million this quarter, $16 million last quarter. Why would there be such a change in mix of units sold that were manufactured by contract manufacturers?

這也是同樣的情緒，布倫丹。我想再次談談毛利率問題。我的意思是，如果我看一下產品銷售額，我本季度的銷售額僅為 1600 萬美元，上季度為 1600 萬美元。為什麼合同製造商製造的銷售單位組合會發生這樣的變化？

That's not just readily apparent to me. Are you having manufacturing issues in-house? Are there transitory sort of things playing out as you're trying to ramp capacity. Can you help us understand that a little bit more?

這對我來說不僅僅是顯而易見的。您是否在內部遇到製造問題？當您嘗試提高容量時，是否會出現一些暫時性的事情？你能幫助我們多了解一點嗎？

Yes, sure I mean one of it is we had a bit of an overstock situation in contract manufacturing chargers. We put an emphasis on the sales team to sell those down to clear the warehouse of those units, and that are on the legacy units. Simultaneously, the bookings were all basically loaded into -- the bookings and shippings were loaded into the March and the April time frame of the higher-margin product.

是的，當然我的意思是其中之一是我們在合同製造充電器中遇到了一些積壓情況。我們強調銷售團隊將其出售以清理這些單位的倉庫，以及遺留單位。同時，預訂基本上都加載到 - 預訂和發貨都加載到利潤率較高的產品的 3 月和 4 月的時間範圍內。

When we look at on a per month basis, we had one of our best revenue months in March, which is indicative of the trend that Michael Rama pointed out. And most of those were built in the U.S. chargers that we built out of the Bowie facility. So it was a bit of seasonality, a bit of a push on getting rid of the legacy product in the beginning of the quarter and which we did a great job on.

當我們按月查看時，我們在 3 月份的收入最好的月份之一，這表明了邁克爾拉瑪指出的趨勢。其中大部分是在我們從 Bowie 工廠建造的美國充電器中建造的。所以這有點季節性，有點推動在本季度初擺脫遺留產品，我們在這方面做得很好。

We reduced that inventory by 50% and the same thing in Europe, where we were pushing to get rid of a lot of the legacy product there, and we were able to do that in Q1 as well. We still have a little bit to go. But yes, it was seasonality availability. At the same time, keep in mind, we're increasing capacity. So in Bowie, Maryland, we were able to get up to 12,000 to 13,000 units out of that facility.

我們將庫存減少了 50%，在歐洲也是如此，我們在那裡努力擺脫那裡的許多遺留產品，我們也能夠在第一季度做到這一點。我們還有一點路要走。但是，是的，這是季節性可用性。同時，請記住，我們正在增加容量。因此，在馬里蘭州鮑伊，我們能夠從該設施中獲得多達 12,000 到 13,000 個單位。

We have now signed a lease or we're about -- I'm about to sign it to improve the capacity out of that. We'll get to by the end of this year, up to 30,000 units per annual out of that facility just this year, and we're leasing enough space right now to be able to get that up to 50,000. So you got a little bit of availability mixed in there as we've sold out some of the Series 7 and 8 chargers.

我們現在已經簽署了一份租約，或者我們即將 - 我即將簽署它以提高其能力。到今年年底，我們將在今年從該設施中達到每年 30,000 個單位，我們現在正在租用足夠的空間，以便能夠達到 50,000 個。因此，由於我們已經售罄了部分 7 系列和 8 系列充電器，因此您可以獲得一些可用性。

You have a little bit of legacy in that we sold down on. When we crank the numbers and look at bookings, what the bookings will come in and bookings, our best leading indicator of future revenue, we see that the revenue and the margin improves over time.

你有一點我們賣掉的遺產。當我們計算數字並查看預訂量、預訂量和預訂量（我們未來收入的最佳領先指標）時，我們看到收入和利潤率隨著時間的推移而提高。

And then is result to your point, it might be useful to cite a book-to-bill metric for product if you have that available similarly. I heard you make a comment on utilization. I was wondering if you could sort of frame up utilization rates now maybe versus a year ago? And what the uptime in the field is for your installed base now maybe versus where it was a year ago?

然後是您要點的結果，如果您有類似的可用產品，則引用產品的訂單到賬單指標可能會很有用。我聽說你對利用率發表了評論。我想知道您是否可以將現在的利用率與一年前的利用率相比較？與一年前相比，現在您的安裝基礎的現場正常運行時間可能是多少？

Yes, so to go back to the comment that we made earlier, that comment specifically looked at 50% of our installed owner-operator chargers. And of those 50%, the current utilization is they're generating revenue, and it's in the double-digits. We're going to have the exact number for you. We've committed to releasing next quarter. It's a good number. It's higher possibly than what some of our competitors have just recently released.

是的，回到我們之前發表的評論，該評論專門研究了我們安裝的 50% 的業主運營商充電器。在這 50% 中，當前的利用率是他們正在創造收入，而且是兩位數。我們將為您提供確切的號碼。我們已承諾在下個季度發布。這是一個很好的數字。它可能比我們的一些競爭對手最近發布的要高。

Now simultaneously, when you look at our overall portfolio, if you go back 3 years, we started instituting a much rigorous process inside identification for the owner-operator model, and we will look at those group of chargers that have installed in say, the last 3.5 years -- the overwhelming majority of them are in that 50% that are in double-digits in utilization and revenue.

現在，同時，當您查看我們的整體產品組合時，如果您回到 3 年前，我們開始為所有者運營商模型製定非常嚴格的內部識別流程，我們將查看那些已安裝的充電器組，例如過去 3.5 年——其中絕大多數在利用率和收入方面都處於兩位數的 50%。

So, we're confident now in the systems we put together to identify high utilization properties and then the cost of insulation, which we've been able to reduce. And that all corresponds to when you're looking at the owner-operator model for L2, it's a quick return on investment and then it's sustainable revenue for the future as a result of the utilization of those chargers. And we will continue to sharpen the tool.

因此，我們現在對我們組合在一起的系統充滿信心，以確定高利用率特性以及我們已經能夠降低的絕緣成本。這一切都對應於當您查看 L2 的所有者運營商模型時，它是一種快速的投資回報，然後由於使用這些充電器，它是未來可持續的收入。我們將繼續磨礪工具。

We use a combination of [RGAS] with some home-built software appended with a lot of other data sources in there to make sure we're accurately pinpointing locations that will be accretive to high utilization. And we've been doing that for about 3 years, and it's working.

我們將 [RGAS] 與一些自製軟件結合使用，並在其中附加了許多其他數據源，以確保我們準確地查明可以提高利用率的位置。我們已經這樣做了大約 3 年，而且很有效。

And I was also asking about uptime and then book-to-bill?

我還詢問了正常運行時間，然後是預訂到賬單？

You just broke up? Can somebody you hear it, repeat the question?

你剛分手？你能聽到有人重複這個問題嗎？

I'm sorry, I was also just asking about uptime and book-to-bill?

抱歉，我也只是想問一下正常運行時間和預訂到賬單？

Yes, so uptime right now on our chargers is in the 90s. And what we're doing now is we're working with other groups on a quality initiative 97.5% is the minimum uptime you want to get for your chargers, both DC fast chargers and L2 chargers combined together. But you also want to make sure that you're building in redundancy and all your builds. We're not going to build 1 charger or even 2 chargers anymore.

是的，所以我們的充電器現在的正常運行時間是 90 年代。我們現在正在做的是，我們正在與其他團體合作開展一項質量計劃 97.5% 是您希望充電器獲得的最短正常運行時間，DC 快速充電器和 L2 充電器組合在一起。但是您還想確保您正在構建冗餘和所有構建。我們不會再製造 1 個充電器甚至 2 個充電器。

We're going to make sure that we install 4 plus as many spots as possible. So that way, if a charger is down, we've got redundancy in every station we have across it. We're going on a lot of quality measures to improve quality. A lot of previous quality issues have been, in fact, related to legacy chargers that we had in the market. And in 2022, the sunset of the 2G and 3G networks, old legacy chargers that didn't have upgraded systems.

我們將確保安裝 4 個以及盡可能多的位置。這樣一來，如果充電器出現故障，我們在它所擁有的每個站點都有冗餘。我們正在採取許多質量措施來提高質量。事實上，之前的很多質量問題都與我們在市場上使用的傳統充電器有關。而在 2022 年，2G 和 3G 網絡的日落，沒有升級系統的舊遺留充電器。

They, of course, went online and customers were unable to charge as a result. We've replaced most, but not all of those chargers. The ones that are site owned, there's not a lot we can do if the site owners does not want to upgrade and replace his charger. He has to be convinced to do that over time.

當然，他們上網了，結果客戶無法收費。我們已經更換了大部分但不是全部的充電器。對於站點擁有的那些，如果站點所有者不想升級和更換他的充電器，我們無能為力。隨著時間的推移，他必須被說服這樣做。

And book-to-bill?

預訂到賬單？

Book-to-bill I don't have that metric in front of me, but we'll get it for you.

Book-to-bill 我手邊沒有這個指標，但我們會為您提供。

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

你的下一個問題來自 B. Riley 的 Chris Souther。

Just on the charging margins looked down sequentially. Any color you can provide there on the puts and takes this past quarter? I assume the lower sequential revenue and seasonality, but the charging costs and (inaudible) both increased. So any insight you could provide on the quarter and kind of the trend there would be helpful?

只是在充電利潤率上依次向下看。您可以在上個季度的看跌期權上提供任何顏色嗎？我假設較低的連續收入和季節性，但充電成本和（聽不清）都增加了。那麼，您可以提供有關該季度的任何見解以及那裡的趨勢會有所幫助嗎？

Okay. Michael, do you want to take that one?

好的。邁克爾，你要拿那個嗎？

Yes, you're right. On the revenue side, it is a function of seasonality. As you know, obviously, in the winter months, at least in the U.S. and West Coast had a lot of rain early in the first quarter. So that caused a lot of -- I'll call it, charging revenue seasonality, if you will, and don't free hail.

你是對的。在收入方面，它是季節性的函數。如您所知，很明顯，在冬季，至少在美國和西海岸在第一季度早些時候下了很多雨。所以這導致了很多 - 我會稱之為，如果你願意的話，收取收入季節性，並且不要免費冰雹。

So that but -- there's also a function or part of the charging costs that are going to be cost regardless to be using the charge station or not, right? So they're still live active. And some of the costs that we're seeing in Europe are starting to increase. So that's what we see coming through -- in Q1.

所以，但是——還有一個功能或部分充電成本，無論是否使用充電站，都會產生成本，對吧？所以他們仍然活躍。我們在歐洲看到的一些成本開始增加。這就是我們在第一季度看到的情況。

And then on the DC rollout, are all those product sales or are there plans to use the ownership model for DC fast as well. Obviously, those are higher ticket items so curious how we should think about?

然後在 DC 推出時，是所有這些產品銷售還是計劃快速使用 DC 的所有權模型。顯然，這些都是高價項目，所以好奇我們應該怎麼想？

Yes, there's a little bit of a mix -- there's a mix in there, but the majority are sales where the Blink Network and a Blink service contract is on the majority of it. So we're going to get the network revenue on that. We'll get some service revenue on those and the ones that are owner-operated will, of course, get the revenue.

是的，有一點混合——那裡有混合，但大部分是銷售，其中大部分是 Blink 網絡和 Blink 服務合同。所以我們將獲得網絡收入。我們將獲得一些服務收入，而所有者經營的服務當然會獲得收入。

Where the owner-operators are mixed in there, the overwhelming majority, maybe with a few exceptions and these would be -- and they're not included in the sales total that we gave you. But there are some chargers that we're acquiring for replacement of existing chargers that need to be ripped out of the ground, but those are in there. We have, in most instances grant money tends to offset the installation of the DCs, where we're going on the owner-operator model.

在業主經營者混雜的地方，絕大多數，可能有一些例外，這些都是——他們不包括在我們給你的銷售總額中。但是我們正在購買一些充電器來替換需要從地下挖出的現有充電器，但它們就在那裡。在大多數情況下，我們的撥款往往會抵消 DC 的安裝，我們將採用所有者-運營商模型。

And how should we just think about maybe kind of the overall CapEx for the owner operated -- for the Blink ownership model for the full year, I'd be curious?

我們應該如何考慮所有者運營的整體資本支出——對於全年的 Blink 所有權模型，我很好奇？

Yes, so let's segment it out and I'll have Michael see if he has numbers to complement. When we look at DC fast charging, so we're going to have an initial outlay in cash to get the chargers installed, but up to about 80% on average of that money is going to come back so -- because they're under grant programs. And we have a whole bunch of chargers that are going to be installed in those.

是的，讓我們把它分割開來，我會讓邁克爾看看他是否有數字可以補充。當我們考慮 DC 快速充電時，我們將有一筆初始現金支出來安裝充電器，但平均高達 80% 左右的錢會回來，所以——因為它們低於撥款計劃。我們有一大堆充電器將安裝在這些充電器中。

There is some one-offs and we'll need the capital, but not full capital for a new site. It's where we're replacing existing chargers with new and upgraded chargers. We don't have to put all the work into the ground on those. It's basically a rip and replace where there's available power. That's going to be a lower cost, mostly what it takes to remove and refit the site, but not bringing in a transformer, no more trenching, none of the high-cost items in the installation will occur on that.

有一些一次性的，我們需要資金，但不是新站點的全部資金。這是我們用新的和升級的充電器替換現有充電器的地方。我們不必將所有工作都放在這些基礎上。它基本上是在有可用電源的地方進行拆卸和更換。這將是一個較低的成本，主要是拆除和改造現場所需的費用，但不引入變壓器，不再挖溝，安裝中的高成本項目都不會出現在上面。

Now on L2, it's all in our forecasted budget in terms of the capital needed to do to install our forecasted amount for the L2 model. And it's all very reasonable based on the much lower cost of installation. But for details, if those are available, I'll turn it to Michael.

現在在 L2 上，就安裝我們預測的 L2 模型所需的資金而言，這一切都在我們的預測預算中。由於安裝成本低得多，這一切都非常合理。但有關詳細信息，如果有的話，我會轉給 Michael。

Yes and I'll just give a little color. Obviously, as you could see in the quarter, we had a purchase of property and equipment of about $1 million, $1.5 million. But remember, that's not just all installation. That also includes we had some new vehicles for the rideshare program, but also we had another increase in inventory of about another $5 million.

是的，我只是給一點顏色。顯然，正如您在本季度看到的那樣，我們購買了大約 100 萬美元、150 萬美元的財產和設備。但請記住，這不僅僅是所有安裝。這還包括我們為拼車計劃購買了一些新車，但我們的庫存又增加了約 500 萬美元。

So right there, I do want to take that on the linear between the 2, you're looking at about $25 million to $30 million to $40 million, say of CapEx, I include inventory because that's really capital in nature. It comes to the cash flow statement as operating, but we could see that type of profile going for the remainder of the year.

所以就在那裡，我確實想把它放在 2 之間的線性關係上，你正在尋找大約 2500 萬到 3000 萬到 4000 萬美元，比如資本支出，我包括庫存，因為這實際上是資本。現金流量表是經營性的，但我們可以看到今年剩餘時間會出現這種情況。

And as Brendan mentioned, some of these dollars that are being spent this year already are for the grant money programs that we'll expect to see come back probably into latter power of 23% and probably early part to mid-part of '24.

正如 Brendan 所提到的，今年花費的這些美元中有一些已經用於我們預計會看到的贈款項目，這些項目可能會回到 23% 的後期力量，並且可能在 24 世紀的早期到中期。

And the other thing to add to that is the significant percentage of our L2 chargers that we're putting in the ground are under the hybrid model. And under the hybrid model, we provide the chargers, we provide maintenance. We provide upgrades as the charger breaks down. The site house pays for the installation of that charger. So under the hybrid, we don't pay and don't need to upfront capital for installation. They do that. We pay for everything else, and we split the revenue.

另一件要補充的是，我們投入地面的 L2 充電器中有很大一部分是在混合模式下。在混合模式下，我們提供充電器，我們提供維護。當充電器出現故障時，我們會提供升級服務。現場房屋支付安裝該充電器的費用。所以在混合模式下，我們不需要支付也不需要前期安裝資金。他們這樣做。我們支付其他所有費用，並分享收入。

Your next question is coming from Sameer Joshi of H.C. Wainwright.

您的下一個問題來自 H.C. 的 Sameer Joshi。溫賴特。

Once again, Brendan congratulations on your appointment.

Brendan 再次祝賀您的任命。

Thanks.

謝謝。

Could you just give us a little bit of update on the integration of the network in Europe and other -- at other places, have you faced any difficulties? Is it on track? Any color would be helpful?

您能否向我們介紹一下歐洲和其他地方網絡整合的最新情況——在其他地方，您是否遇到過任何困難？它走上正軌了嗎？任何顏色都會有幫助嗎？

Yes, it's an interesting question. If you ask a developer, if there's any difficult? They'll tell me it's all on track, but you ask a business person, you're going to get a different answer. So it's a Herculean task to take 4 networks and actually 5 and combine them under 1, right? But we're fortunate Blink when we made the move 2 years ago to bring Harjinder Bhade over from his endeavor at that time and to build a network that is equal or better to what ChargePoint has.

是的，這是一個有趣的問題。如果你問開發者，有什麼困難嗎？他們會告訴我一切都在進行中，但你問一個商人，你會得到不同的答案。因此，將 4 個網絡（實際上是 5 個）組合到 1 個網絡之下是一項艱鉅的任務，對吧？但我們很幸運，兩年前我們採取行動將 Harjinder Bhade 從他當時的努力中帶走，並建立一個與 ChargePoint 擁有的網絡相同或更好的網絡。

They've built the network with this in mind. So we have the final SemaConnect integration is going to take place in less than 30 days. And then Blue Corner will take place 30 days after that. The rest of Europe, the rest of chargers we have in Greece, South America and all others, we'll switch over at that time as well. So we've had some minor delays in the development process as we looked at certain functionality and needs that had to be in different countries.

他們考慮到這一點建立了網絡。因此，我們將在不到 30 天內完成最終的 SemaConnect 集成。然後 Blue Corner 將在 30 天后舉行。歐洲其他地區，我們在希臘、南美洲和所有其他國家擁有的其他充電器，我們也會在那個時候進行轉換。所以我們在開發過程中有一些小的延遲，因為我們研究了必須在不同國家的某些功能和需求。

And that was predominantly the big delay. We had different specifications and different rules. In Europe, you need what's called a billing engine, because they don't use credit cards like we do. So you had a little bit of separate development there. But overall, the emphasis and the slowdown has been to ensure that we do the right usability testing and the quality is there, and we do it as bug-free as possible.

這主要是大延遲。我們有不同的規範和不同的規則。在歐洲，您需要所謂的計費引擎，因為他們不像我們那樣使用信用卡。所以你在那裡有一些單獨的開發。但總的來說，重點和放緩一直是確保我們進行正確的可用性測試並且質量在那裡，我們盡可能做到無錯誤。

So, we are very much looking forward in the U.S. Fab1 network of 30 days. And then throughout the summer, we'll have one network globally and will be one Blink. And all of that will be nothing, but savings for us as we move forward, and we redeploy those engineering assets or take the save to the bottom line.

所以，我們非常期待在美國Fab1網絡的30天。然後整個夏天，我們將在全球範圍內擁有一個網絡，並且將成為一個 Blink。所有這些都不算什麼，但在我們前進的過程中為我們節省了資金，我們重新部署這些工程資產或將節省的資金用於底線。

My next question is on the IDIQ contract. What is the revenue potential and bottom line impact or a positive impact of this in 2023 and maybe 2024?

我的下一個問題是關於 IDIQ 合同。 2023 年甚至 2024 年的收入潛力和底線影響或積極影響是什麼？

It's to be determined. The margins of those products, I'll give you a little bit of feedback on that. The margins are good. So they're above our target. And our target -- our minimum target is 30%. Our goal is 35%. So they're above that on the individual product margins today. The volume of the contract is being released over time, and it's a little bit of performance.

這是要確定的。這些產品的利潤率，我會給你一些反饋。利潤率很好。所以他們超出了我們的目標。我們的目標——我們的最低目標是 30%。我們的目標是 35%。所以他們今天在單個產品的利潤率上高於這個水平。隨著時間的推移，合約的數量正在釋放，這是一點點的表現。

So how well you performed you could up your share of the overall bucket? And I will say this. We've received positive feedback from United States Post Office. We came in on time and earlier than any other provider. We made sure that our network passed the tests that are hardware pass the firmware and hardware test, and they all did it and fly in colors, and we shipped out the order and got it to them in record time.

那麼你的表現有多好，你可以增加你在整體桶中的份額？我會這樣說。我們收到了美國郵政局的積極反饋。我們準時到達，比任何其他供應商都早。我們確保我們的網絡通過了硬件測試，通過了固件和硬件測試，他們都做到了並且表現出色，我們發出訂單並在創紀錄的時間內將其交付給他們。

So we're in great position to be able to reap higher revenues and more of our unfair share of the total of the 41,000 chargers. And I believe we're really well positioned, and we'll continue to put the emphasis on delivering quality and timeliness to this very important client.

因此，我們處於有利地位，能夠獲得更高的收入和更多我們在 41,000 個充電器總數中的不公平份額。而且我相信我們確實處於有利地位，我們將繼續強調為這個非常重要的客戶提供質量和及時性。

Good luck on that. My last question is just if you can share any update on the rideshare spinoff. Have you -- I mean I know Blink Mobility is a wholly-owned subsidiary, but how easy is it to cleave it out and integrate the Envoy acquisition into it?

祝你好運。我的最後一個問題是您是否可以分享有關拼車分拆的任何更新。你有沒有 - 我的意思是我知道 Blink Mobility 是一家全資子公司，但將其拆分並將 Envoy 收購整合到其中有多容易？

Sure. So what we're doing right now is we're looking at both the Blue LA platform and the Envoy platform. We're going through another synergy exercise on that as we speak. We kicked that off last week. So we're looking at everything from customer service to IT support to development to how many agents you have there in the field, both sales and customer support agents.

當然。所以我們現在正在做的是我們正在研究 Blue LA 平台和 Envoy 平台。我們正在就此進行另一項協同練習。我們上週開始了。因此，我們正在研究從客戶服務到 IT 支持再到開發，再到現場有多少代理人，包括銷售和客戶支持代理人。

So we're going to keep separate business units in Envoy and Blue LA, but yet have shared services beneath the scene, so we reduced the overall expenses. And from there, we get an overall pro forma on the business, and then we'll start the road show on the spin-off once we put the business plan together. It really helps that we have additional grant money coming in from L.A. We have the new grant money is $7 million coming in from the state of New Jersey.

因此，我們將在 Envoy 和 Blue LA 保留獨立的業務部門，但在後台共享服務，因此我們減少了總體開支。從那裡，我們得到了關於業務的整體預估，然後一旦我們將業務計劃放在一起，我們將開始分拆的路演。我們從洛杉磯獲得了額外的撥款，這真的很有幫助。我們從新澤西州獲得了 700 萬美元的新撥款。

We have other grant applications that want that. So with the spin-off, with the grant money, with the synergies, we really believe that we're going to put together a very, very good product for the market. So look for more details on this as we get through the month of May and into June. Michael, do you have any additional comments to be on line on those?

我們還有其他需要的撥款申請。因此，通過分拆、贈款和協同效應，我們真的相信我們將為市場提供非常非常好的產品。因此，在我們度過 5 月和 6 月時，請尋找更多詳細信息。邁克爾，您對這些有任何其他在線評論嗎？

No, I think that's accurate, good.

不，我認為這是準確的，很好。

Your next question is coming from Oliver Huang from TPH.

你的下一個問題來自 TPH 的 Oliver Huang。

Just a couple of quick ones at this point. First one being a follow-up, is there any color that you all are able to provide with respect to how margins at the Bowie facility will ramp once it's kind of fully ramped to that 30,000 and 50,000 unit benchmarks on the Level 2 chargers?

在這一點上只有幾個快速的。第一個是後續行動，關於 Bowie 設施的利潤率在 2 級充電器上完全達到 30,000 和 50,000 單位基准後將如何增加，你們是否可以提供任何顏色？

So, I can't provide this. And I'll see if Michael, if he has some additional color to add that. So Bowie, when we did the SemaConnect deal, we had wanted the manufacturing footprint when we acquired them, right? And that's been excellent thus far. But also on pure product sales, they had one of the best margins in the industry. It hovered between 40% and 50%. So that same product is the one that we're innovating upon now.

所以，我不能提供這個。我會看看邁克爾，如果他有一些額外的顏色來添加它。所以 Bowie，當我們進行 SemaConnect 交易時，我們在收購它們時想要製造足跡，對嗎？到目前為止，這一直非常好。但就純產品銷售而言，他們的利潤率也是業內最高的之一。它徘徊在40%到50%之間。所以同樣的產品就是我們現在正在創新的產品。

And we're using that product in place of lower margin products that we've been selling for the last 4 or 5 years. So as we continue to have this shift from link contract manufacturing to those higher margin products coming out of our Bowie facility, you're going to see this improvement in margin. And Michael can elaborate further, but when we look at the company as a whole, we like the chargers. We like the manufacturing, both in the U.S. and India.

我們正在使用該產品代替過去 4 或 5 年我們一直在銷售的低利潤產品。因此，隨著我們繼續從鏈接合同製造轉向我們 Bowie 工廠生產的利潤率更高的產品，您將看到利潤率的提高。 Michael 可以進一步闡述，但當我們從整體上看公司時，我們喜歡充電器。我們喜歡美國和印度的製造業。

We like the margins and we really love the customer base that they had. And those now are all proving very opportunistic as a combined company as we move forward. Michael, any other color around that?

我們喜歡利潤率，我們真的很喜歡他們擁有的客戶群。隨著我們的前進，這些現在都被證明是一家合併後的公司的機會主義。邁克爾，周圍還有其他顏色嗎？

Yes, no, I'll add a little more color as we saw in the second half of 2022. And even prior to the acquisition that we saw in due diligence and even in the -- financials that were filed the margin profile overall, not just on the product side, but on the total gross margin on Sema, including the network fees, they have a high network capacity, and they drive a bit of large -- margin on the network side of it as well.

是的，不，我會添加一些顏色，正如我們在 2022 年下半年看到的那樣。甚至在我們在盡職調查中看到的收購之前，甚至在提交的財務報告中，整體利潤率概況，而不是就產品方面而言，但就 Sema 的總毛利率而言，包括網絡費用，他們具有很高的網絡容量，並且他們在網絡方面也帶來了一些大利潤。

And that was in excess of 50%. So the product might be at the 40% to 50%, but there's additional margin that came from that part of their business. So as we see more of the product, I don't want there to expectation we're going to start seeing 50% to 60% margin because remember, we're still own and operate.

這超過了 50%。因此，該產品可能佔 40% 到 50%，但他們的這部分業務還有額外的利潤。因此，隨著我們看到更多的產品，我不希望期望我們會開始看到 50% 到 60% 的利潤率，因為請記住，我們仍然擁有並經營。

And until utilization gets to a higher level, we'll still have a little bit of cost run on there, plus as we put more units in the ground, depreciation and amortization affects the gross margin. So I just wanted to give that expectation. But we're confident with the manufactured product is going to -- like the profile that we saw in the second half of 2022, will bring those margins up.

在利用率達到更高水平之前，我們仍然會有一點成本，而且隨著我們在地下放置更多的單位，折舊和攤銷會影響毛利率。所以我只是想給出這種期望。但我們對製成品充滿信心——就像我們在 2022 年下半年看到的情況一樣，將提高這些利潤率。

Awesome. And just for my second question, just on the cost side, given some of the cost reduction initiatives, such as the $5 million from the SemaConnect synergies and just some other noise whether from recent acquisitions and stock-based comp, any sort of guidepost that you all are able to provide in terms of compensation and G&A run rates relative to the $30 million or so that we're seeing per quarter over the last couple?

驚人的。關於我的第二個問題，就成本方面而言，考慮到一些降低成本的舉措，例如來自 SemaConnect 協同效應的 500 萬美元以及來自最近收購和基於股票的補償的一些其他噪音，任何類型的路標你們都能夠提供相對於我們在過去幾個季度每季度看到的 3000 萬美元左右的補償和 G&A 運行率？

Yes I'll add. Obviously, we haven't seen the full impact of the synergies that we started in Q1. We'll start realizing those and seeing those come into play in second -- and more towards the end of second quarter and to the third quarter of '23. I think on OpEx compensation levels, we are very conscious of compensation levels. Our share-based comp, if you recall, there is an award in the second half of 2022.

是的，我會補充。顯然，我們還沒有看到我們在第一季度開始的協同效應的全部影響。我們將開始意識到這些，並看到它們在第二節發揮作用——更多是在第二季度末和 23 年的第三季度。我認為在 OpEx 補償水平上，我們非常清楚補償水平。如果您還記得的話，我們的股票補償金將在 2022 年下半年頒發。

That is just about fully expensed through right now. So we'll start seeing the share-based comp come down and what you get -- we're very conscious on the cash part of compensation expense and we're really monitoring hires and integrations and synergies and to ensure that the integrations and the synergies are taking effect.

現在，這幾乎已經全部支出。因此，我們將開始看到基於股份的薪酬下降以及你得到的——我們非常關注薪酬支出的現金部分，我們真的在監控招聘、整合和協同效應，並確保整合和協同效應正在發揮作用。

Yes, so the only comment that I'd say it's a major focus, right? We'll continue to go through all the various entities of the companies, both here and in Europe and look for these opportunities of redundancies and synergies that have been achieved as a result of an efficiency gain. We'll also continue to look for these opportunities of where the best cost of labor is going to be for a particular function. And we're doing a lot of that work right now.

是的，所以我要說的唯一評論是一個主要焦點，對吧？我們將繼續考察公司的所有不同實體，無論是在這裡還是在歐洲，並尋找因效率提高而實現的冗餘和協同增效的機會。我們還將繼續尋找這些機會，以了解特定功能的最佳勞動力成本。我們現在正在做很多這樣的工作。

As many of you know, we have 3, 4 different facilities in the United States that are in operations. We got Phoenix. We got Bowie, we've got the Miami office. We have the office in Los Angeles. We have 3 offices in Europe and we have a major manufacturing facility and the development center in India. So we will shift jobs to get the best bang for our dollars. We'll continue to eat efficiencies out of that.

正如你們許多人所知，我們在美國有 3、4 個不同的設施正在運營。我們得到了鳳凰。我們有 Bowie，我們有邁阿密辦公室。我們在洛杉磯設有辦事處。我們在歐洲設有 3 個辦事處，在印度設有主要製造工廠和開發中心。因此，我們將轉移工作以獲得最大的收益。我們將繼續從中提高效率。

We still have some G&A reductions that are going to happen within the U.S., in Europe that we haven't yet taken action on, they will hit later this year. But then also, we're going to have some upticks as we add more manufacturing and technician to build and develop more chargers as well. So overall, we're going to continue to get more efficient, reduce redundancy, go to more system-based process away from manual processes as we continue to move forward and improve the company on all access points.

我們仍有一些 G&A 削減將在美國發生，在歐洲我們尚未採取行動，它們將在今年晚些時候實施。但是，隨著我們增加更多的製造和技術人員來製造和開發更多的充電器，我們也會有一些增長。因此，總的來說，隨著我們繼續前進並在所有接入點上改進公司，我們將繼續提高效率，減少冗餘，從手動流程轉向更多基於系統的流程。

Thank you very much. That appears to be our last question. So that concludes our question-and-answer session. I will now turn the call back over to Vitalie Stelea, VP of Investor Relations.

非常感謝。這似乎是我們的最後一個問題。我們的問答環節到此結束。我現在將把電話轉回給投資者關係副總裁 Vitalie Stelea。

Thank you, Jenny. And we thank you all for your interest in Blink Charging. This concludes our call today, and you may disconnect now.

謝謝你，珍妮。我們感謝大家對 Blink Charging 的關注。我們今天的通話到此結束，您現在可以斷開連接。