Blink Charging Co (BLNK) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Blink Charging Company's Second Quarter 2023 Earnings Call. (Operator Instructions) And please note, this conference is being recorded. I will now turn the conference over to your host, Vitalie Stelea, Vice President of Investor Relations. Sir, the floor is yours.

您好，歡迎參加 Blink Charging Company 2023 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我將會議交給東道主投資者關係副總裁維塔莉·斯特萊亞 (Vitalie Stelea)。先生，地板是你的了。

Thank you, Ali. Welcome to Blink's second quarter 2023 earnings call. Today on the call, we have Brendan Jones, President and CEO; and Michael Rama, Chief Financial Officer.

謝謝你，阿里。歡迎參加 Blink 2023 年第二季度財報電話會議。今天的電話會議由總裁兼首席執行官布倫丹·瓊斯 (Brendan Jones) 主持。和首席財務官邁克爾·拉瑪。

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公認會計準則參考。這些數據與我們收益表附錄中最具可比性的美國公認會計準則衡量標准進行了調整。您可以在 Blink 的投資者關係網站上找到該演示文稿以及我們其餘的盈利材料和其他重要內容。

Today's discussions may also include forward-looking statements about our expectations. Actual results may be different from those stated. The most significant factors could cause actual results to differ are included on Page 2 of the second 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期望的前瞻性陳述。實際結果可能與所述有所不同。可能導致實際結果出現差異的最重要因素已包含在 2023 年第二季度收益報告的第 2 頁中。除非另有說明，所有比較均為逐年比較。

Now regarding the Investor Relations calendar, Blink will be participating in the JPMorgan Automotive Conference in New York City on August 10; Barclays' CEO Energy Power Conference on September 5 through September 7 in New York City and HC Wainwright 25th Annual Global Investment Conference on September 11 through September 13, and please follow our announcements for additional investor events in the future.

現在關於投資者關係日曆，Blink 將於 8 月 10 日參加在紐約市舉行的摩根大通汽車會議；巴克萊銀行首席執行官能源電力會議將於9 月5 日至9 月7 日在紐約舉行，HC Wainwright 第25 屆年度全球投資會議將於9 月11 日至9 月13 日舉行，請關注我們關於未來其他投資者活動的公告。

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

我現在將把電話轉給 Blink Charging 總裁兼首席執行官布倫丹·瓊斯 (Brendan Jones)。請繼續，布倫丹。

Thanks, Vitalie. Good afternoon, everyone, and thanks for joining us today. Before we get into the good results from Q2, I would like to provide a quick refresher on Blink and our capability. Now Blink is the only fully integrated U.S. full-service EV infrastructure provider. And what that means is we control our own design, our own manufacturing, our network services. Our products have been designed to meet any charging needs and with best-in-class reliability.

謝謝，維塔莉。大家下午好，感謝您今天加入我們。在我們獲得第二季度的良好結果之前，我想快速回顧一下 Blink 和我們的能力。現在，Blink 是美國唯一一家完全集成的全方位服務電動汽車基礎設施提供商。這意味著我們控制我們自己的設計、我們自己的製造、我們的網絡服務。我們的產品旨在滿足任何充電需求並具有一流的可靠性。

Now in addition to all that, we are unique in the marketplace because we have diverse and synergistic revenue streams. Not only do we sell a variety of chargers and network services, but we also own and operate chargers with flexible offerings. In fact, whether we sell or operate them, there is virtually no difference from an operational standpoint. We use the same processes and contractual relationships to undertake commissioning, deployment, service, maintenance and uptime monitoring. Overall, we believe that our vertical integration and ability to drive synergistic revenue streams provides us with a competitive advantage and positions Blink for sustained growth and improve profitability as we continue to scale the business.

除此之外，我們在市場上是獨一無二的，因為我們擁有多元化和協同的收入來源。我們不僅銷售各種充電器和網絡服務，而且還擁有並運營提供靈活產品的充電器。事實上，無論我們是出售還是經營它們，從經營角度來看幾乎沒有區別。我們使用相同的流程和合同關係來進行調試、部署、服務、維護和正常運行時間監控。總體而言，我們相信，我們的垂直整合和推動協同收入流的能力為我們提供了競爭優勢，並使 Blink 在我們不斷擴大業務的過程中實現持續增長並提高盈利能力。

So now let's transition and let's talk about the performance during Q2. If we move to Slide 6, we are pleased to say that we delivered a record quarter, far exceeding any previous quarters in Blink's performance history for the company. Our second quarter 2023 revenues increased nearly threefold to $32.7 million when compared with $11.5 million in the second quarter of 2022. Our second quarter revenue growth of more than 100% was almost exclusively organic and was driven by strong demand for our products and an unprecedented growth in services.

那麼現在讓我們過渡一下，我們來談談第二季度的表現。如果我們轉到幻燈片 6，我們很高興地說我們實現了創紀錄的季度業績，遠遠超過了 Blink 公司歷史上任何一個季度的業績。與2022 年第二季度的1150 萬美元相比，我們2023 年第二季度的收入增長了近三倍，達到3270 萬美元。我們第二季度超過100% 的收入增長幾乎完全是有機的，是由對我們產品的強勁需求和前所未有的增長推動的在服務方面。

Our service revenue increased by 211% to $7 million, and our charging service revenue increased almost 200% to $4.4 million compared to $1.5 million in the second quarter of 2022. Now that is nearly a $3 million increase in revenue at a 68% gross margin, which includes the depreciation expense. And importantly, our network fees, which are reoccurring in nature, increased by an impressive 253% to $1.7 million. Blink's ability to generate high-margin revenue that is reoccurring in nature is another solid building block as we move towards achievable -- towards achieving profitability.

我們的服務收入增長了211%，達到700 萬美元，充電服務收入增長了近200%，達到440 萬美元，而2022 年第二季度為150 萬美元。現在，收入增長了近300 萬美元，毛利率為68% ，其中包括折舊費用。重要的是，我們的網絡費用（本質上是重複發生的）增加了 253%，達到 170 萬美元，令人印象深刻。 Blink 產生本質上重複出現的高利潤收入的能力是我們邁向可實現的目標（實現盈利）的另一個堅實的基石。

Now Blink's company-wide gross margin in the second quarter of 2030 was another absolute record coming in at 37% compared to 17% gross margin in the second quarter of 2022. Our strong revenue margins and service definitely helped here. However, the majority of the positive margin came from Blink manufactured chargers sold during the quarter and our efforts in the areas of expense management, cost avoidance in our manufacturing process. As we scale our business and increase volumes, we believe we can do even better, our margins will continue to improve as we move forward.

現在，Blink 在 2030 年第二季度的全公司毛利率再創新高，達到 37%，而 2022 年第二季度的毛利率為 17%。我們強勁的收入利潤率和服務無疑對此有所幫助。然而，大部分正利潤來自本季度銷售的 Blink 製造的充電器以及我們在費用管理和製造過程中避免成本方面的努力。隨著我們擴大業務並增加銷量，我們相信我們可以做得更好，我們的利潤率將隨著我們的前進而不斷提高。

In the second quarter, we contracted, sold or deployed 5,830 chargers globally. And this is important to mention here that DC fast chargers are increasingly becoming a larger portion of our revenue mix. Blink chargers disbursed during this quarter, 16 gigawatts of energy across all of Blink's networks globally.

第二季度，我們在全球簽約、銷售或部署了 5,830 個充電器。在這裡值得一提的是，直流快速充電器正日益成為我們收入組合中更大的一部分。 Blink 充電器在本季度為 Blink 全球所有網絡支付了 16 吉瓦的能源。

Now if we look even deeper, as you can see, the second quarter was Blink's strongest ever and another record-setting quarter for the company. We have been laying the groundwork to build our footprint and capture market share and customers for more than 3 years. This quarter is a testament to the success of our strategy and the strength of our business model. We believe that these positive results demonstrate that our strategy is working. Importantly, we are optimistic that as the focus on building EV infrastructure intensified, the momentum in our industry and our ability to capitalize on favorable market conditions will continue. We don't view the results of this quarter as a one-off, rather we believe there is a tremendous opportunity to continue this momentum.

現在，如果我們更深入地觀察，正如您所看到的，第二季度是 Blink 有史以來最強勁的季度，也是該公司另一個創紀錄的季度。三年多來，我們一直在為擴大影響力、佔領市場份額和客戶奠定基礎。本季度證明了我們戰略的成功和業務模式的優勢。我們相信，這些積極的結果表明我們的戰略正在發揮作用。重要的是，我們樂觀地認為，隨著對電動汽車基礎設施建設的關注力度加大，我們行業的勢頭以及我們利用有利市場條件的能力將持續下去。我們並不認為本季度的業績是一次性的，而是相信有巨大的機會來延續這一勢頭。

With that in mind, if we flip over to Slide 6, you can see that we are increasing our revenue target for 2023. We are now targeting revenue in the range of $110 million to $120 million versus our previously stated target range of $100 million to $110 million. This new target is based on our current visibility of the marketplace, our pipeline and our sales backlog. We are also reiterating our annual gross margin target in excess of 30% for the full year of 2023, with expected margin accretion in 2024.

考慮到這一點，如果我們翻到幻燈片6，您可以看到我們正在提高2023 年的收入目標。我們現在的目標收入範圍為1.1 億至1.2 億美元，而之前設定的目標範圍為1 億至1 億美元。 1.1 億美元。這個新目標是基於我們當前的市場知名度、我們的管道和我們的銷售積壓。我們還重申 2023 年全年毛利率目標超過 30%，預計 2024 年利潤率將增加。

Now let's move over to Slide 7, and this is a big topic. It's achieving profitability and how this is a key priority for this management team. Today, we are announcing that we are targeting positive adjusted EBITDA run rate by December of 2024. We've waited to provide this target until we had visibility to provide a target as realistic and as attainable as possible. We have seen and are seeing the demonstrated success of synergies, vertical integration, proactive cost-saving actions, comprehensive product portfolio and positive trends in the revenue backlog.

現在讓我們轉到幻燈片 7，這是一個大話題。實現盈利以及如何實現盈利是該管理團隊的首要任務。今天，我們宣布，我們的目標是到 2024 年 12 月實現正調整 EBITDA 運行率。我們一直在等待提供這一目標，直到我們有能力提供盡可能切合實際且可實現的目標。我們已經看到並且正在看到協同效應、垂直整合、積極的成本節約行動、全面的產品組合以及收入積壓的積極趨勢所取得的成功。

We had a very positive second quarter, but we are not done yet. This team remains focused on further reducing our operating expense and burn rate through expense management, cost avoidance and revenue enhancement actions. In the second quarter of 2023, our operating expense increase related to significant growth since the second quarter of last year and also due to significant onetime chargers, which Michael Rama will detail for you later in this call.

我們的第二季度業績非常積極，但我們還沒有完成。該團隊仍然專注於通過費用管理、成本規避和收入增加行動進一步降低我們的運營費用和燒錢率。 2023 年第二季度，我們的運營費用增加與去年第二季度以來的顯著增長有關，同時也由於大量的一次性充電器，邁克爾·拉瑪(Michael Rama) 稍後將在本次電話會議中為您詳細介紹這一點。

Over the past 3 years, Blink has acquired 6 companies. Since the beginning of 2023, we have identified and moved forward more than $8 million in operating expense reductions. We will see additional reductions as we continue combining the functions and integrating the acquired entities into Blink. For 2023, we also expect additional ongoing expense savings for sunsetting legacy networks and leveraging the newly launched Blink Network. Not only are we eliminating legacy networks like we just did with SemaConnect network in June, but our new Blink Network is expected to require less maintenance and ongoing costs than some of our competitors with older and more fragmented systems.

過去3年，Blink收購了6家公司。自 2023 年初以來，我們已確定並推進了超過 800 萬美元的運營費用削減。隨著我們繼續合併功能並將收購的實體集成到 Blink 中，我們將看到更多的削減。到 2023 年，我們還預計將繼續節省更多費用，以淘汰舊網絡並利用新推出的 Blink 網絡。我們不僅像 6 月份對 SemaConnect 網絡那樣消除了遺留網絡，而且與一些擁有較舊且分散系統的競爭對手相比，我們的新 Blink 網絡預計需要更少的維護和持續成本。

In addition, we have more opportunities in the G&A area, especially when it comes to streamlining functions under one ERP system in implementing shared service services for core functions.

另外，我們在G&A領域有更多的機會，特別是在一個ERP系統下精簡職能，實現核心職能的共享服務。

Over the last few months, we have adopted a culture of continuous improvement. And this approach is becoming the mindset across our organization. We do not look at this approach as just a onetime solution, but as the embrace of a data-driven, continuous, methodical and sustainable improvement plan throughout all aspects of our business. In fact, we have been working with one of the leading global consulting firms and identified numerous actions with a (inaudible) disciplined plan to achieve additional business savings and revenue enhancement strategies.

在過去的幾個月裡，我們採用了持續改進的文化。這種方法正在成為我們整個組織的思維方式。我們並不認為這種方法只是一次性的解決方案，而是將數據驅動的、持續的、有條理的和可持續的改進計劃納入我們業務的各個方面。事實上，我們一直在與全球領先的諮詢公司之一合作，並通過（聽不清）嚴格的計劃確定了許多行動，以實現額外的業務節省和收入增加戰略。

We remain intent on our goal to focus on our core competencies, which include our intent to unlock the potential value provided by the spin-off of our car sharing business. We acquired Envoy in the second quarter and already identified over $1 million of ongoing yearly synergies from combining the 2 entities of Envoy and Blink Mobility. We continue to execute on our plan to IPO Blink Mobility by the end of this year.

我們仍然專注於我們的目標，即專注於我們的核心競爭力，其中包括我們旨在釋放汽車共享業務分拆所提供的潛在價值。我們在第二季度收購了 Envoy，並通過合併 Envoy 和 Blink Mobility 兩個實體，確定了每年超過 100 萬美元的持續協同效應。我們將繼續執行今年年底前 Blink Mobility 首次公開募股的計劃。

Next, let's jump over to Slide 8, and we can see the growth to date and the forecasted growth for electric vehicles and the EV chargers globally. We believe we are only at the beginning of this long runway. There are over 1 billion vehicles in the world today with the auto industry adding anywhere from 70 million to 90 million vehicles every year. If less than half of those become electric by 2044, then the forecasted charger numbers are nearly 500 million chargers by 2040, and that seems very reasonable. And this represents global growth in excess of 30x.

接下來，讓我們跳到幻燈片 8，我們可以看到全球電動汽車和電動汽車充電器的迄今為止的增長以及預測的增長。我們相信，我們還只是處於這條漫長跑道的起點。當今世界有超過 10 億輛汽車，汽車行業每年增加 7000 萬至 9000 萬輛汽車。如果到 2044 年只有不到一半的充電樁變成電動充電樁，那麼預計到 2040 年充電樁數量將接近 5 億個，這似乎非常合理。這意味著全球增長率超過 30 倍。

When it comes to the U.S. market, you'll see on Slide 9, you can see that the market is projected to grow to over 30 million charges by 2030 and over 90 million charges by 2040. This is approximately $100 billion in investment by 2040. We think it is especially important to note that according to McKinsey PricewaterhouseCoopers or Bloomberg New Energy Finance. The vast majority of chargers, over 90% of them are forecasted to be Level 2 chargers, and we agree with this assessment.

說到美國市場，你會在幻燈片9中看到，到2030年，該市場預計將增長到超過3000萬個收費，到2040年將超過9000萬個收費。到2040年，這大約是1000億美元的投資我們認為特別需要注意的是，根據麥肯錫、普華永道或彭博新能源財經的數據。絕大多數充電器（其中 90% 以上預計為 2 級充電器），我們同意這一評估。

The industry is still developing, and it's changed greatly over the last 15 years, and it's growing. A new debate now has started in which charging standards will become the predominant one in the U.S. Is it CCS? Or is it NACS? This question has been in the news recently as we saw significant numbers of OEMs commit to that. Now as it relates to Blink, we are happy to say that we are agnostic, and we are able to provide and support whichever standard becomes predominant. We view the adoption of NACS as a positive development for Blink.

這個行業仍在發展，在過去 15 年裡發生了很大的變化，而且還在不斷增長。現在已經開始一場新的爭論，充電標準將成為美國的主導標準。是 CCS 嗎？或者是NACS？這個問題最近出現在新聞中，因為我們看到大量 OEM 廠商對此做出了承諾。現在，就 Blink 而言，我們很高興地說我們是不可知論者，我們能夠提供和支持任何占主導地位的標準。我們認為 NACS 的採用是 Blink 的積極發展。

We look at our customers and our segmentation by OEM. Tesla drivers are our #1 customer group for Level 2 chargers today. And this is partially due to the fact that Tesla has by far the largest market share of EVs in the United States. With our newly unveiled 240-kilowatt DC fast charger, which will support both NACS and CCS standards, we believe Blink is in position to capture additional sales and service revenue.

我們根據 OEM 來審視我們的客戶和細分。 Tesla 駕駛員是當今 2 級充電器的第一大客戶群。部分原因是特斯拉迄今為止在美國電動汽車市場份額第一。憑藉我們新推出的 240 千瓦直流快速充電器（將支持 NACS 和 CCS 標準），我們相信 Blink 能夠獲得額外的銷售和服務收入。

Now if you put a little to DC fast chargers on Slide 10, you can see that DC fast chargers are a growing part of our business with about 987 DC fast chargers contracted sold in the first half of 2023 and about $10 million in revenue this year so far can be attributed to DC fast chargers sales.

現在，如果您在幻燈片10 上放一點直流快速充電器，您可以看到直流快速充電器是我們業務中不斷增長的一部分，2023 年上半年簽約銷售了約987 個直流快速充電器，今年的收入約為1000 萬美元迄今為止可歸因於直流快速充電器的銷售。

Now let's jump over to Slide 11. You can see examples of our innovative product portfolio, which has advanced and flexible solutions for both Level 2 chargers and high-powered DC fast chargers. With these offerings, we service both residential and a variety of commercial customers and are prepared for the increased demand, whether it be due to NEVI or natural inflections of customer preference for EVs.

現在讓我們跳到幻燈片 11。您可以看到我們創新產品組合的示例，該產品組合為 2 級充電器和高功率直流快速充電器提供了先進且靈活的解決方案。通過這些產品，我們為住宅和各種商業客戶提供服務，並為不斷增長的需求做好準備，無論是由於 NEVI 還是客戶對電動汽車偏好的自然變化。

Let's jump to Slide 12. Within the last 12 months, Blink has contracted, sold, deployed or acquired over 5,830 charges, both domestically and internationally, bringing the total charger count for the company to nearly 79,000 chargers since Blink's inception. 78% of the total company-wide chargers is attributed to North America and 22% to international locations.

讓我們跳到幻燈片 12。在過去 12 個月內，Blink 已在國內外承包、銷售、部署或收購了超過 5,830 個充電樁，使公司自 Blink 成立以來的充電樁總數達到近 79,000 個。全公司充電器總數的 78% 來自北美，22% 來自國際地區。

Now on Slide 13, we show a partial sampling of our customers. They represent well-established commercial entities, multifamily complexes, planned communities, health care facilities, fleets and municipalities around the world. We are very proud of our contract with the United Postal Service. And as a reminder, the contract goes up to volume of 41,500 charges over the next 3 years, and Blink has been quite successful, and these numbers are reflected in our financial results.

現在，在幻燈片 13 上，我們展示了部分客戶樣本。他們代表了世界各地成熟的商業實體、多戶綜合體、規劃社區、醫療保健設施、車隊和市政當局。我們對與聯合郵政服務公司簽訂的合同感到非常自豪。提醒一下，未來 3 年合同量將達到 41,500 筆費用，Blink 非常成功，這些數字反映在我們的財務業績中。

Fleets are becoming a wider segment of our business as government and commercial enterprises are converting to EV to save on operating costs.

隨著政府和商業企業轉向電動汽車以節省運營成本，車隊正在成為我們業務的更廣泛部分。

So with that, I'm going to turn it over to Michael Rama, our CFO. Michael, take it from there.

因此，我將把它交給我們的首席財務官邁克爾·拉瑪 (Michael Rama)。邁克爾，從那裡拿走。

Thank you, Brendan, and good afternoon, everyone. Turning to Slide 15. Total revenue in the second quarter of 2023 grew 186% year-over-year to $32.8 million. In the 6 months ended June 30, 2023, total revenue grew 156% to $54.5 million. Product sales in the second quarter of 2023 were $24.6 million, an increase of 179% over the same period in 2022.

謝謝布倫丹，大家下午好。轉向幻燈片 15。2023 年第二季度的總收入同比增長 186%，達到 3280 萬美元。截至 2023 年 6 月 30 日的 6 個月中，總收入增長 156% 至 5,450 萬美元。 2023年第二季度產品銷售額為2460萬美元，較2022年同期增長179%。

In the 6 months ended June 30, 2023, product sales were $41 million, a growth of 143% over the same period in 2022. This was due to customers purchasing greater volumes of our L2 chargers and DC fast chargers. Second quarter 2023 service revenues, which consists of charging service revenues, network fees and car sharing revenues were $7 million, an increase of 211% compared to the second quarter of 2022. For the 6 months ended June 30, 2023, service revenues were $11.8 million, an increase of 213%. The year-over-year growth was primarily driven by greater utilization of our chargers in the U.S. and internationally. The increased number of chargers on Blink's networks revenues associated with Blink Mobility car share program and incremental service revenues from the acquisitions.

截至2023年6月30日的6個月中，產品銷售額為4100萬美元，比2022年同期增長143%。這是由於客戶購買了更多我們的L2充電器和直流快速充電器。 2023年第二季度服務收入（包括充電服務收入、網絡費用和汽車共享收入）為700萬美元，較2022年第二季度增長211%。截至2023年6月30日的6個月，服務收入為11.8美元萬元，增長213%。同比增長主要是由於我們的充電器在美國和國際上的使用率提高所致。 Blink 網絡上充電樁數量的增加與 Blink Mobility 汽車共享計劃相關，以及收購帶來的增量服務收入。

Gross profit for the second quarter of 2023 was approximately $12.3 million, an increase of 528% over the same period last year. As a percentage of revenue, gross margin was 37% in Q2 2023 compared to 17% in the same period of the prior year. For the 6 months ended June 30, 2023, gross profit was approximately $16.8 million, an increase of 375% over the same period last year. As a percentage of gross revenue, gross margin was 31% compared to 17% in the same period of the prior year.

2023年第二季度毛利潤約為1230萬美元，較去年同期增長528%。按佔收入的百分比計算，2023 年第二季度的毛利率為 37%，而上年同期為 17%。截至2023年6月30日的6個月，毛利潤約為1680萬美元，較去年同期增長375%。毛利率佔總收入的百分比為 31%，而上年同期為 17%。

As Brendan mentioned earlier, our strategy of vertical integration and in-sourcing of manufacturing as well as cost avoidance and cost optimization efforts have contributed to the continuous increases in our gross margins. Now operating expenses in the second quarter of 2023 were $52.4 million compared to $23.9 million in the prior year period. The year-over-year increase reflects the increase in noncash share-based compensation of $10.6 million in Q2 2023 versus Q2 2022, increases in noncash amortization of intangible assets of $900,000 as well as operating expenses associated with the Q2 2022 acquisition of SemaConnect.

正如Brendan之前提到的，我們的垂直整合和製造內包策略以及成本規避和成本優化努力促進了我們毛利率的持續增長。目前，2023 年第二季度的運營費用為 5240 萬美元，而上年同期為 2390 萬美元。同比增長反映了2023 年第二季度與2022 年第二季度相比，非現金股票薪酬增加了1060 萬美元，無形資產非現金攤銷增加了90 萬美元，以及與2022 年第二季度收購SemaConnect 相關的運營費用。

Operating expenses in the 6 months ended June 30, 2023, were $87.7 million compared to $40.5 million in the same period of the prior year. Please note, included in operating expenses for the 3 and 6 months ended June 30, 2023, are impact -- are the impact of additional noncash share-based compensation and a onetime nonrecurring payment to our former CEO as well as the nonrecurring bonus payment expense related to the performance milestones achieved by our CTO. The milestones relate to the design and launch of Blink's recently implemented new network.

截至 2023 年 6 月 30 日的 6 個月運營費用為 8,770 萬美元，而上年同期為 4,050 萬美元。請注意，截至2023 年6 月30 日的3 個月和6 個月的運營費用中包含的影響是額外的非現金股份薪酬和向我們的前首席執行官一次性非經常性付款以及非經常性獎金支付費用的影響與我們的 CTO 實現的績效里程碑相關。這些里程碑與 Blink 最近實施的新網絡的設計和啟動有關。

We believe Blink's new network will be beneficial well into the future as we sunset the legacy networks and onboard a significant number of new chargers. Our investment in the development of the Blink Network has already started to pay off with the elimination of the legacy SemaConnect network in June of 2023, and with European networks currently in process of migrating.

我們相信，隨著我們淘汰傳統網絡並安裝大量新充電器，Blink 的新網絡將在未來受益匪淺。隨著 2023 年 6 月淘汰舊的 SemaConnect 網絡以及目前正在遷移的歐洲網絡，我們對 Blink 網絡開發的投資已經開始得到回報。

The key takeaway here is we incurred these expenses now. And by doing that, we reduced the ongoing operating expense moving forward. That will directly benefit our bottom line and bring us closer to profitability and positive free cash flow generation. As Brendan mentioned earlier, we are focused and committed to further reducing our operating expenses and burn rate through expense management, cost avoidance and revenue enhancement actions.

這裡的關鍵要點是我們現在產生了這些費用。通過這樣做，我們減少了未來的持續運營費用。這將直接有利於我們的利潤，並使我們更接近盈利能力和正自由現金流的產生。正如布倫丹之前提到的，我們專注並致力於通過費用管理、成本避免和增加收入的行動進一步降低我們的運營費用和燒錢率。

Adjusted EBITDA for the second quarter of 2023 was a loss of $13.5 million compared to a loss of $15.6 million in the prior year period. This is an improvement of $2.1 million year-over-year as we expect this trend to continue, and we -- as we realize more business savings as we mentioned earlier. In the 6 months ended June 30, 2023, adjusted EBITDA was a loss of $31.3 million, an increase from a loss of $28 million in the same period of the prior year. The slight increase in the first half loss is attributable to the results in the first quarter of 2023. The adjusted EBITDA for the 3 and 6 months ended June 2023 excludes the impact of stock-based compensation, acquisition-related expenses and onetime nonrecurring expenses, as I mentioned earlier.

2023 年第二季度調整後 EBITDA 虧損 1,350 萬美元，而上年同期虧損 1,560 萬美元。這比去年同期增加了 210 萬美元，因為我們預計這一趨勢將持續下去，而且正如我們之前提到的，我們意識到更多的業務節省。截至 2023 年 6 月 30 日的 6 個月，調整後 EBITDA 虧損 3130 萬美元，較上年同期虧損 2800 萬美元有所增加。上半年虧損小幅增加歸因於2023年第一季度的業績。截至2023年6月的3個月和6個月調整後EBITDA不包括股票薪酬、收購相關費用和一次性非經常性費用的影響，正如我之前提到的。

Now adjusted earnings per share for the quarter -- for the second quarter of 2023 was a loss of $0.44 per diluted share compared to a loss of $0.41 per diluted share in the prior year period. In the 6 months ended June 30, 2023, the adjusted earnings per share was a loss of $0.92 per diluted share compared to a loss of $0.76 per diluted share in the same period in the prior year.

現在調整後的本季度每股收益——2023 年第二季度稀釋後每股虧損 0.44 美元，而去年同期稀釋後每股虧損 0.41 美元。截至 2023 年 6 月 30 日的 6 個月，調整後每股攤薄收益為每股攤薄虧損 0.92 美元，而上年同期攤薄每股虧損為 0.76 美元。

Non-GAAP adjusted EPS is defined as adjusted net income, which excludes significant noncash items such as amortization of intangible assets, nonrecurring acquisition-related and onetime nonrecurring expenses divided by the weighted shares outstanding.

非公認會計準則調整後每股收益定義為調整後淨利潤，不包括無形資產攤銷、非經常性收購相關費用和一次性非經常性費用除以已發行加權股票等重大非現金項目。

Now turning to Slide 16. You can see that sequentially, we saw a significant increase in gross margins when compared with our historic results. This is primarily due to the high demand for our products, our ability to meet the demand and generally increased utilization. We previously shared our commitment to expanding our manufacturing capabilities to replace contract manufactured chargers with in-house produced units. That strategy is starting to pay off now.

現在轉向幻燈片 16。您可以看到，與歷史結果相比，我們的毛利率連續顯著增加。這主要是由於對我們產品的高需求、我們滿足需求的能力以及普遍提高的利用率。我們之前曾承諾擴大我們的製造能力，用內部生產的設備取代合同製造的充電器。這一策略現在開始得到回報。

We have outlined a detailed road map to reduce operating expenses even further. In [next] G&A alone, we see further opportunities resulting from the combination of the 4 legacy companies that make up Blink today, anywhere from IT and network support to streamlining the ERP systems and processes around the globe, we have a well-defined plan, and the team is laser-focused on executing methodically in order to ensure sustained profitability and the target of achieving positive adjusted EBITDA run rate in December of 2024.

我們已經制定了詳細的路線圖，以進一步減少運營費用。僅在 [next] G&A 中，我們就看到了今天組成 Blink 的 4 家傳統公司的合併帶來的更多機會，從 IT 和網絡支持到簡化全球 ERP 系統和流程，我們都有一個明確的計劃，團隊專注於有條不紊地執行，以確保持續的盈利能力以及在2024 年12 月實現正調整EBITDA 運行率的目標。

There is still a lot of work ahead of us, but we are excited as we finally are seeing the positive financial results from our strategy and recent actions. And now I will turn the call back over to Brendan Jones for a few final comments. Go ahead, Brendan.

我們還有很多工作要做，但我們很興奮，因為我們終於看到我們的戰略和最近的行動取得了積極的財務成果。現在我將把電話轉回給布倫丹·瓊斯，徵求一些最後的意見。繼續吧，布倫丹。

Mr. Jones, I think your line might be muted, sir.

瓊斯先生，我想您的線路可能被靜音了，先生。

Sorry about that, folks. So to add to Michael's point, we had a great quarter. We had maybe a monumental quarter with our strategy and our growth initiatives we put in place as we see them starting to be reflected in our financial and operating results. We knew this was not going to be easy and would require vision, significant investment, and I will say, some difficult decisions. We have taken concrete actions in; as Michael and I outlined; expense reductions, plus avoidance strategies and revenue enhancements. And we will continue to do so with a commitment to methodical and continuous improvement.

抱歉，伙計們。因此，為了補充邁克爾的觀點，我們度過了一個很棒的季度。我們制定的戰略和增長計劃可能是一個具有里程碑意義的季度，因為我們看到它們開始反映在我們的財務和運營業績中。我們知道這並不容易，需要遠見、大量投資，我想說，還需要一些艱難的決定。我們已採取具體行動：正如邁克爾和我概述的那樣；費用減少，加上規避策略和收入增加。我們將繼續這樣做，並致力於有條不紊和持續改進。

As many of you know, this is the tough industry, and we believe there is no other way than focusing on the fundamentals while also growing revenue and being innovative. That's truly the success, build the basics, focus on fundamentals, bring new products to market, increase revenue. And we truly think that our advantage is in our people and in our teams, and we are willing to go against anyone in the industry with this team that is behind Blink.

正如你們許多人所知，這是一個艱難的行業，我們相信除了關注基本面、同時增加收入和創新之外，別無他法。這才是真正的成功，建立基礎，專注於基礎，將新產品推向市場，增加收入。我們確實認為我們的優勢在於我們的人員和團隊，我們願意與 Blink 背後的團隊一起對抗業內的任何人。

So with that, that ends our formal conference. And I think we're now ready to take some questions.

我們的正式會議到此結束。我想我們現在已經準備好回答一些問題了。

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

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

So the revenue is obviously really impressive. But I would say the gross margins are even more impressive. Can you maybe unpack gross margins a little bit for us? I'm going to guess there'll be some naysayers out there saying, "Oh, one time, not going to happen again." Was there anything onetime in there that gave us such a solid number? And can it get better from here? There are products in the market that I believe do actually have 50% gross margin, like they're sold in much larger volumes these days than they were many years ago. Anything you can give us to help us understand the sustainability of margins and the potential for continued progress from this impressive level you met this quarter.

所以收入顯然非常可觀。但我想說的是，毛利率更令人印象深刻。您能為我們稍微解釋一下毛利率嗎？我猜會有一些反對者說：“哦，一次，不會再發生了。”那裡曾經有什麼東西給了我們如此可靠的數字嗎？從這裡開始情況會變得更好嗎？我相信市場上有些產品的毛利率實際上是 50%，就像它們現在的銷量比很多年前要大得多。您可以向我們提供的任何信息都可以幫助我們了解利潤率的可持續性以及從您本季度達到的令人印象深刻的水平繼續取得進展的潛力。

Yes. I mean, really, as we stated in the previous quarter and we've continued to state as we control more of our own manufacturing, we're starting to see margins improve. And on our network services, when we own and operate the station, that is simply adding to the good news because the margin is considerably higher than what our target is of 30% for the full year. So what we have to make sure is we continue our efforts to sunset legacy products and reduce expenses associated with bringing on more and more of our Blink field products, whether it is from India or a buoy facility or coming out of our facility in Phoenix. So the key there to really maintain and make this sustainable is not to say, a, well, all that focus on reducing costs, that was a onetime thing. No, that's a permanent part. Expense reduction is a permanent part of Blink. Making sure that we're efficient in everything we do is continuously important. And then building our own chargers, having a reduced cost on network fees, not paying expensive software development costs because we have it all outsourced. It's all in-sourced at Blink. We have to double down on all of that. And as we continue all of those efforts, you're going to see our margins continue to improve. We're going to stick with our 30% because we -- as you saw in Q1, we had a lot of legacy products we have to get through. We still had some of that. But so far, so good, and this is a disciplined approach. So I think all that wrapped together contributed to it, and it's also contributed to our success moving forward.

是的。我的意思是，實際上，正如我們在上一季度所說的那樣，並且我們繼續指出，隨著我們控制更多自己的製造，我們開始看到利潤率有所改善。在我們的網絡服務上，當我們擁有並運營該電台時，這簡直就是好消息，因為利潤率大大高於我們全年 30% 的目標。因此，我們必須確保的是，我們將繼續努力淘汰傳統產品，並減少與引入越來越多的 Blink 現場產品相關的費用，無論是來自印度、浮標設施還是來自我們鳳凰城的設施。因此，真正維持並使其可持續發展的關鍵並不是說，所有專注於降低成本的事情都是一次性的。不，那是永久的部分。減少開支是 Blink 的永久組成部分。確保我們所做的每件事都高效始終很重要。然後構建我們自己的充電器，降低網絡費用成本，無需支付昂貴的軟件開發成本，因為我們將其全部外包。這一切都是 Blink 內部採購的。我們必須加倍努力。當我們繼續所有這些努力時，您將看到我們的利潤率繼續提高。我們將堅持 30%，因為正如您在第一季度所看到的，我們有很多遺留產品必須完成。我們仍然有一些。但到目前為止，一切都很好，這是一種有紀律的方法。因此，我認為所有這些因素共同促成了這一結果，也為我們前進的成功做出了貢獻。

And then a question directly related to the revenue side. The NEVI funding is starting to find its way into the market. Can you maybe shape for us what your participation is likely to be as far as subsidy funding over the next several quarters? Do you expect this to continue to support your growth rate and the overall level of demand for your products out there?

然後是與收入方面直接相關的問題。 NEVI 資金開始進入市場。您能否為我們規劃一下您在未來幾個季度的補貼資金方面可能的參與情況？您預計這會繼續支持您的增長率和產品的總體需求水平嗎？

Yes, we've been successful with and without NEVI funding, and we're going to continue to be successful with or without that. However, we are targeting a number of states. We're not going to go after all 50 states. We're targeting other states. We're targeting routes that we believe are highly accretive to high utilization. And we're targeting states where they're sticking and maintaining closer to the 80% funding level. Some states are electing to go lower because the NEVI guidance only says you have -- you can do up to 80%, but some states are going lower. We like DC fast charging, but also we're -- we understand the costs associated with and the breakeven point and the long-term return on seed that is associated with DC fast charging even if you get 80% funding from NEVI. So we're going to pick and choose and take what works for Blink. And right now, you've got 6, 7 states in on (inaudible) only one state out with winners, and they still have another round to do out of Ohio. So we're at the very, very beginning of it.

是的，無論有沒有 NEVI 資助，我們都取得了成功，無論有沒有資助，我們都將繼續取得成功。然而，我們的目標是一些州。我們不會遍歷所有 50 個州。我們的目標是其他州。我們的目標是我們認為能夠高度提高利用率的路線。我們的目標是堅持並維持接近 80% 資金水平的州。有些州選擇降低，因為 NEVI 指南只說你可以做到 80%，但有些州正在降低。我們喜歡直流快速充電，但我們也了解與直流快速充電相關的成本、盈虧平衡點以及種子的長期回報，即使您從 NEVI 獲得 80% 的資金。因此，我們將挑選適合 Blink 的方法。現在，有 6、7 個州（聽不清）只有一個州有獲勝者，而且他們在俄亥俄州還有另一輪比賽要做。所以我們正處於非常非常開始的階段。

Well, congratulations, guys. This is a really impressive quarter.

好吧，恭喜你們，伙計們。這是一個非常令人印象深刻的季度。

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

我們的下一個問題來自馬特·薩默維爾和 D.A.戴維森。

Nice quarter. A couple of questions. Can you maybe talk about -- I mean, you've discussed kind of all these things you're doing from a cost standpoint, from a structural standpoint. Can you talk about savings realized to date, how much incremental you should realize in the back half of '23. And just based on what you've identified at present, what that roll forward should look like into '24? And then I have a follow-up.

不錯的季度。有幾個問題。你能否談談——我的意思是，你已經從成本的角度、結構的角度討論了你正在做的所有這些事情。您能談談迄今為止實現的節省嗎？在 23 年下半年您應該實現多少增量。根據您目前所確定的情況，24 世紀的前滾應該是什麼樣子？然後我有一個後續行動。

Yes. I mean we -- as you saw, we talked about, so just in 2023, we set some additional synergy savings that came in, in the back end of 2022. So when we focus on G&A, we did about another $8 million already, and those are going to take effect -- some of them have been slightly realized. You'll see some of them have severance associated. So they'll -- the net effect will come in, in Q3 and then in Q4. But then we have additional targets to get through. And that's both from a G&A perspective and then from a vendor related. So every time we combine a network or reduce, we're also sunsetting vendors. Now sometimes we have to clean those vendors from our different business entities because they hold on to them like a security blanket. But what we're doing is using universal systems for the globe and having the same system in England as we use in the U.S., the same in England as we use in Blue Corner in Belgium, in The Netherlands and India and everywhere else throughout the world. So that is going to go on. I'm not going to give you a dollar amount because we're actually just getting into the forecasting phase on how much more we have to go on synergies, but it's going to be a continuation. Cost avoidance and cost reduction is going to be a theme in the company, and I think that's the big takeaway. It's not something we do when we're trying to hit a number. It's something we do as a business now. We're going to have to do continuous improvement every day, every week, every month, every quarter in order to make this company one of the best in the industry.

是的。我的意思是，正如您所看到的，我們談到了，所以就在2023 年，我們在2022 年底設定了一些額外的協同節省。因此，當我們專注於一般管理費用時，我們已經又做了大約800 萬美元，這些都將要生效——其中一些已經稍微實現了。您會看到其中一些人有遣散費。因此，淨效應將在第三季度和第四季度顯現。但我們還有其他目標需要實現。這既是從一般管理費用的角度來看，也是從供應商相關的角度來看。因此，每次我們合併網絡或減少網絡時，我們也在淘汰供應商。現在，有時我們必須將這些供應商從我們不同的業務實體中清除，因為他們像安全毯一樣緊緊抓住他們。但我們正在做的是在全球範圍內使用通用系統，在英國使用與美國相同的系統，在英國與在比利時的藍角、荷蘭、印度以及全球其他地方使用相同的系統。世界。所以這種情況將會繼續下去。我不會給你具體的金額，因為我們實際上剛剛進入預測階段，我們還需要多少協同效應，但這將是一個延續。避免成本和降低成本將成為公司的一個主題，我認為這是最大的收穫。當我們試圖達到某個數字時，這不是我們所做的事情。這是我們現在作為企業所做的事情。我們必須每天、每週、每月、每個季度不斷改進，以使這家公司成為業內最好的公司之一。

Then as a follow-up, I'm curious, you talked about reaching EBITDA -- adjusted EBITDA positivity on a run rate basis by the end of next year. Could that also coincide with free cash positivity? And in that regard, how should we be thinking about your capital needs between now and when you achieve those milestones.

然後，作為後續行動，我很好奇，您談到了在明年年底之前達到 EBITDA——根據運行率調整後的 EBITDA 正值。這是否也與自由現金的積極性相一致？在這方面，從現在到您實現這些里程碑，我們應該如何考慮您的資本需求。

Yes. So it's a great question. We see free cash flow manifesting later in 2025. We're not going to give guidance on that yet. But there will be a need for some additional cash raises as we move forward. As we've stated many times, we're looking at all instruments available for Blink from funding, whether it be debt, equity raises, convertibles, et cetera. Michael Rama, the CFO, is focused with the tally on that every day on where additional capital is going to come from. But also, we're going to get a lot of that capital simultaneously from continuing to increase revenue. If you look at revenue, we keep increasing revenue by over 100% over the last 3 years, and we see that trend continue. So as we continue to reduce expenses, continue to bring new products and increase revenue and bring in some additional capital. As we said with EBITDA, we see that in December 2024. Then we'll see a tax rate positive flowing right after that, there will be a raise. That helps us get there.

是的。所以這是一個很好的問題。我們預計自由現金流將在 2025 年晚些時候顯現。我們目前不會就此提供指導。但隨著我們的前進，將需要一些額外的現金籌集。正如我們多次說過的，我們正在研究 Blink 可用的所有融資工具，無論是債務、股權融資、可轉換債券等等。首席財務官邁克爾·拉瑪 (Michael Rama) 每天都專注於統計額外資本的來源。而且，我們還將通過繼續增加收入同時獲得大量資本。如果你看一下收入，就會發現過去 3 年我們的收入持續增長超過 100%，而且我們看到這種趨勢仍在繼續。因此，隨著我們繼續減少開支，繼續推出新產品，增加收入並帶來一些額外的資本。正如我們在 EBITDA 中所說，我們會在 2024 年 12 月看到這一點。之後我們將看到稅率呈正值流動，稅率將會提高。這有助於我們實現這一目標。

Our next question is coming from Sameer Joshi with H.C. Wainwright.

我們的下一個問題來自 Sameer Joshi 和 H.C.溫賴特。

Brendan, Michael, congrats on all the progress. Just getting a little bit granular on the 5,800-plus units installed. What proportion of these were DC fast chargers? And also what proportion of these were owned versus deployed at other locations?

布蘭登、邁克爾，祝賀你們取得的所有進展。只是稍微了解一下已安裝的 5,800 多個設備。其中直流快速充電器所佔比例是多少？以及其中擁有的比例與部署在其他地點的比例是多少？

Yes. So I'll tell you on DC fast chargers it's significantly less than 5% of the total. When you look at the 5,000 number for the quarter and then you look at the 10,000 -- I mean, roughly 1,000, I'll average it up DC fast chargers that have been sold and deployed this year. It's a fractional number at best. So it continues to be a small percent. What we're goaled right now is we want to get DC to 5% of the portfolio and then push it up from there. But when we do DC, as an owner-operator model, we want to continue to make sure we get funding to put them in the ground. When we do it as a sales model, it's a different thing. We -- again, a high margin on the product and it also contributes greatly to revenue.

是的。所以我會告訴你，在直流快速充電器上，這個比例明顯低於總數的 5%。當你查看本季度的 5,000 個數字，然後查看 10,000 個數字時——我的意思是，大約 1,000 個，我會將其平均為今年已銷售和部署的直流快速充電器。它充其量只是一個小數。所以它仍然是一個很小的百分比。我們現在的目標是讓 DC 佔投資組合的 5%，然後再將其提高。但當我們以業主-運營商模式開展 DC 時，我們希望繼續確保獲得資金將其投入運營。當我們將其作為銷售模式時，情況就不同了。我們再次強調，該產品的利潤率很高，而且它也對收入做出了巨大貢獻。

Michael, do you have the split for last quarter on owner-operated versus sales?

邁克爾，您是否了解上個季度自營與銷售的情況？

Yes. We're still tracking where -- I don't have the specific numbers, but we're still tracking where we still -- the product is still outpacing obviously the own and operate. But own and operate still is hanging tough. It's a good area to be in. We're still -- obviously, you see our own and operate charging revenues continue to increase in Europe, especially. So our split on revenue is 80:20, we're still -- we're not in that proportion in selling the units. I'd say we're still closer to 60% versus 65% to say, 35% on the product sales side of it.

是的。我們仍在追踪——我沒有具體數字，但我們仍在追踪——該產品仍然明顯超過了自己和運營的產品。但擁有和經營仍然困難重重。這是一個很好的領域。顯然，我們的收費收入仍然在持續增長，尤其是在歐洲。所以我們的收入分配是 80:20，但我們在銷售單位方面仍然沒有達到這個比例。我想說，在產品銷售方面，我們仍然接近 60%，而 65% 則為 35%。

No, we want to -- just to add to this point, because I think it's a great question. We want to make sure that everybody understands; to a degree, it makes no difference. The support structure, whether it's owner operate or we sell a charger is the same. So there's no duplicated systems. If we sell it, we follow the same process, if we own and operate it, we sell it. Now the capital distribution is different on it. But the system is the same. So we're going to take revenue in the space where revenue exists. And we're never going to say no to our customers, whether they want to buy a charger or own or operate a charger. And I think that is our uniqueness. We'll be exploitive to both models, owner operated or sales.

不，我們想——只是補充這一點，因為我認為這是一個很好的問題。我們希望確保每個人都能理解；在某種程度上，這沒有什麼區別。無論是業主操作還是我們銷售的充電器，支撐結構都是一樣的。所以不存在重複的系統。如果我們出售它，我們會遵循相同的流程，如果我們擁有並經營它，我們會出售它。現在資本分配就不同了。但係統是一樣的。因此，我們將在有收入的領域獲取收入。我們永遠不會拒絕我們的客戶，無論他們是想購買充電器還是擁有或操作充電器。我認為這就是我們的獨特之處。我們將剝削這兩種模式，業主經營或銷售。

In terms of the onetime charges or expenses this quarter, I just wanted to understand the 11.663%, that's the stock-based component and then the 11.632% is the onetime recurring expense. The onetime recurring expenses are also stock related but for the previous year. Is that correct?

就本季度的一次性費用或支出而言，我只想了解 11.663%，這是基於股票的部分，然後 11.632% 是一次性經常性費用。一次性經常性費用也與庫存相關，但針對的是上一年。那是對的嗎？

Michael?

邁克爾？

In the stock based yes, the stock-based comp includes about close to $6 million in the -- I'll call it, there's part of the separate settlement, there were shares that had to be issued. There was acceleration of share-based expense that had to be accelerated into the quarter. So that is reflected in the -- actually in the share-based comp line. And then the 11.6% is relative to, I'll call it, the cash portion of the consideration that had to be done in Q2.

在股票基礎上，是的，基於股票的補償包括大約接近 600 萬美元——我稱之為，這是單獨和解的一部分，有必鬚髮行的股票。股票費用的增加必須加速到本季度。這實際上反映在基於股票的補償中。然後，11.6% 是相對於（我稱之為）第二季度必須支付的對價中的現金部分而言的。

So once you exclude these onetime costs, the OpEx, what is the OpEx level? Is it closer to the 1Q number with some inflation? Or -- but the question I'm getting at is, when you say Q4 2024 EBITDA breakeven, are the costs at that level going to be comparable to today's costs?

那麼，一旦排除這些一次性成本（即運營支出），運營支出水平是多少？是否更接近第一季度的數字，並且存在一定的通貨膨脹？或者 - 但我要問的問題是，當您說 2024 年第四季度 EBITDA 盈虧平衡時，該水平的成本是否與今天的成本相當？

Yes. I'll add that if you look at our Q1 operating expenses versus Q2, when you strip out the -- when you strip out, I'll call it, the several one-timers, plus included in Q2 was Envoy, the new acquisition. When you strip those out to be on apple-to-apple's basis, our OpEx expenses for the Q2 was probably about $0.5 million or so less than Q1. Remember, as Brendan mentioned, we still had about -- we saw some severance and synergies that we're flushing through in Q2. So -- and we continue to rightsize those areas as we move forward. So I would look at not -- we continue to monitor each one of those areas. And I think I don't want to say we want to look at Q4 as a proxy. We want to look at the business as a whole and continue to scale in the appropriate areas and makes sense that the duplication of efforts right size and the right expense profile is adequate for the size company we're expected to be as we keep going forward.

是的。我要補充一點，如果你看一下我們第一季度的運營支出與第二季度的情況，當你剔除掉幾個一次性支出時，我會稱之為幾個一次性支出，再加上第二季度包括新收購的Envoy 。當你根據蘋果公司之間的情況剔除這些費用時，我們第二季度的運營支出可能比第一季度少 50 萬美元左右。請記住，正如布倫丹提到的，我們仍然看到了一些遣散費和協同效應，我們正在第二季度沖刷。因此，隨著我們的前進，我們將繼續調整這些領域的規模。所以我認為我們會繼續監控這些領域中的每一個領域。我想我不想說我們想以第四季度為代表。我們希望將業務視為一個整體，並繼續在適當的領域進行擴展，並且合理的重複努力、正確的規模和正確的費用狀況足以滿足我們不斷前進的預期規模的公司。

I think second part of my question was just trying to get to, is there operating leverage in this -- with the current cost structure and that your adjusted EBITDA breakeven in December of 2024 takes that into account or not?

我認為我的問題的第二部分只是想問，在當前的成本結構下，這是否存在運營槓桿，以及您在 2024 年 12 月調整後的 EBITDA 盈虧平衡點是否考慮到了這一點？

Yes, there's definitely leverage in there. And obviously, that's part of the -- what we're looking at as part of the leverage come -- is going to come from the consolidation of the networks, 4 networks down to 1, and then the vendor related to that support of that system. So there's definitely going to be scale in one ERP system and a shared service that we're going to be able to imply and push through to the entirety of the company not here just in the U.S. but internationally as well.

是的，這裡面肯定有槓桿作用。顯然，這就是我們所看到的槓桿作用的一部分，這將來自網絡的整合，從 4 個網絡減少到 1 個，然後是與該支持相關的供應商系統。因此，一個 ERP 系統和共享服務肯定會擴大規模，我們將能夠將其推廣到整個公司，不僅在美國，而且在國際上也是如此。

Congrats once again on all the progress.

再次祝賀所有的進展。

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

我們的下一個問題來自 Chris Souther 和 B. Riley。

Can you give us a sense as to the revenue came to the rest of the year? I mean, if you put up the same revenue you had in 2Q for third and fourth quarter, it seems like you'd already at kind of the high end and typically, revenue has kind of grown throughout the year. I just wanted to get a sense of how you guys were thinking about the (inaudible) cadence for this year, if there's anything different going on.

您能給我們介紹一下今年剩餘時間的收入嗎？我的意思是，如果你將第三季度和第四季度的收入與第二季度的收入相同，那麼你似乎已經處於高端狀態，並且通常情況下，收入全年都會有所增長。我只是想了解一下你們如何看待今年的（聽不清）節奏，是否有什麼不同的情況發生。

Michael, you want to hit it first because I couldn't hear all the question.

邁克爾，你要先點擊它，因為我聽不到所有的問題。

No. But yes, the -- to start out, obviously, as you do the math, you're right, it seems to be closer to the top. We're being conservative, right? Because obviously, as we move forward, we're reflecting anything that certain unknowns that we're not aware of, but we see a strong pipeline. We see a strong backlog. And we're just -- like to be a bit conservative, to be honest, right? And we feel that this is the appropriate level to come out with at this time.

不。但是，是的，顯然，當你進行數學計算時，你是對的，它似乎更接近頂部。我們很保守，對嗎？因為顯然，隨著我們前進，我們正在反映任何我們不知道的未知因素，但我們看到了一個強大的管道。我們看到大量積壓。老實說，我們只是有點保守，對吧？我們認為此時提出這個水平是合適的。

And then can you give us a sense as to how much of the legacy products you still need to burn through product gross margins in the mid-40% range. I'm just kind of curious if there are any reasons that should come down in the back half of the year here, if that's kind of a new good run rate kind of as we go forward?

然後，您能否讓我們了解一下，您還需要消耗多少傳統產品才能將產品毛利率維持在 40% 左右的範圍內。我只是有點好奇是否有任何原因應該在今年下半年下降，這是否是我們前進過程中新的良好運行率？

Yes. The estimates are a bit around 20% of the overall portfolio is going to be legacy products we want to work through. But what we didn't do is rest on our laurels and just said: Okay, we're going to have to get it. We're going to have a margin impact where possible. And we already achieved one result. We renegotiated some of the prices on the third-party contracted charters. We successfully did one significant group out of Europe. So they're in there. But instead of as we begin to play through that remaining inventory net use case, it's going to have less of a negative impact and even to some degree, a positive impact on margin as we play through that inventory. In the U.S., we are beginning to really start to play out of all third party now. We have some remaining in-home chargers and some remaining L2s that came from our contract manufacturer, but we're going to see most of those wiped out by the end of the year, and they're less than 10% right now of the overall inventory that's coming through. So we feel pretty good there. There's still some work to do, but we're focused on it where we can renegotiate and get a lower price. We're working on that as well. But you're going to -- our goal is to get clean on all legacy equipment moving into 2024.

是的。據估計，整個產品組合的 20% 左右將是我們想要解決的遺留產品。但我們並沒有固步自封，只是說：好吧，我們必須得到它。我們將盡可能對利潤產生影響。我們已經取得了一項成果。我們重新協商了第三方合同包機的一些價格。我們成功地在歐洲之外完成了一組重要的工作。所以他們就在那裡。但是，當我們開始研究剩餘的庫存淨用例時，它不會對我們的庫存產生負面影響，甚至在某種程度上對利潤率產生積極影響。在美國，我們現在開始真正開始發揮所有第三方的作用。我們有一些剩餘的家用充電器和一些來自合同製造商的剩餘 L2，但我們將看到其中大部分在今年年底前被淘汰，而且目前它們所佔比例還不到 10%正在通過的總體庫存。所以我們在那裡感覺很好。還有一些工作要做，但我們的重點是可以重新談判並獲得更低的價格。我們也在努力解決這個問題。但我們的目標是到 2024 年清理所有舊設備。

And then just last one. Last earnings call, you provided some color around the top 50% of your Blink-owned charging network, the utilization being double-digit percentage and you talked about more metrics for the full fleet forthcoming. I just want to see if there's any update you could provide there?

然後就是最後一張。上次財報電話會議上，您對 Blink 擁有的充電網絡的前 50% 進行了一些說明，利用率為兩位數百分比，並且您談到了即將推出的整個車隊的更多指標。我只是想看看您是否可以提供任何更新？

Well, I mean, yes, it continues to be good. And on the owner operating model, especially on the L2 side, 3 years ago, we reinvented the system in which we placed chargers on the owner-operated model. And ever since we did that and undertook that very methodical data-driven approach. The overwhelming majority are in 15% or higher of utilization of those, and that is showing in the charging revenue that we're happy. We use that same model in Europe to predict optimum locations as well. And as you can see by the numbers, the utilization numbers are increasing there. And when you talk to an owner operator, that's the key thing. We don't believe in a philosophy where you have an obligation to put a charger in where you're not going to get the utilization. If we own and operate it, we're only going to place it in where some -- we know that it's 15% or better. And we're breakeven at 10% utilization on every L2 installation. On DC, you got to get 20% or better to start getting into positive station economics. But on L2, we're starting to hit home runs. We're going to continue to drive that as we move forward.

嗯，我的意思是，是的，它仍然很好。而在業主運營模式上，特別是在L2方面，3年前，我們重新發明了系統，在業主運營模式上放置了充電器。從那時起，我們就這樣做了，並採取了非常有條理的數據驅動方法。絕大多數人的利用率都在 15% 或更高，這從收費收入中可見一斑，我們對此感到滿意。我們在歐洲也使用相同的模型來預測最佳位置。正如您從數字中看到的那樣，那裡的利用率正在增加。當您與業主經營者交談時，這就是關鍵。我們不相信您有義務將充電器放在您不會使用的地方的理念。如果我們擁有並經營它，我們只會把它放在一些地方——我們知道它是 15% 或更好。每個 L2 安裝的利用率為 10%，我們就實現了盈虧平衡。在 DC，你必須獲得 20% 或更高的分數才能開始進入積極的車站經濟。但在 L2 上，我們開始打出全壘打。我們將在前進的過程中繼續推動這一目標。

Our next question is coming from Stephen Gengaro with Stifel.

我們的下一個問題來自 Stephen Gengaro 和 Stifel。

So curious your sort of updated thoughts on this. When we think about charging in general, just kind of from a big picture perspective, when you think about Level 2 versus DC fast, how do you think the market evolves? And everybody's talking NEVI, but how do you think sort of the habits of drivers evolve as far as demand for DC charging versus the demand for Level 2 charging in urban areas, et cetera?

很好奇你對此的最新想法。當我們考慮一般充電時，從大局角度來看，當您考慮 2 級與 DC 快速充電時，您認為市場會如何發展？每個人都在談論 NEVI，但您認為駕駛員的習慣在直流充電需求與城市地區 2 級充電需求等方面如何演變？

Yes. I mean it's a great question, and it's been out there in the industry for a long time. But the one thing that hasn't changed is the percentages when you look at driver experience and you come back with, well, 80% of my charger is on an L2 and we were 90%. And then you look at the use cases when you include commercial fleet and 90% of the charging is predicted to be L2. The driver experience becomes if they're going on a trip, DC fast charger, if there's somehow in the major metros and they didn't charge, they need a DC fast charger. But the economics, and if you were going to hit the 30 million chargers that need to be installed by 2030, the most economical way to do it is L2 and take advantage of where the cars sit. And that math proves true in the ownership experience. they go, "Well, I much prefer to plug in when I'm sitting at the doctor's office, and I'm there for 2 hours. And the expense, the kilowatt expense is at a cheaper cost. When you look at what it takes to charge a Porsche Taycan on a 350-kilowatt charger and you're talking 90-plus percent a kilowatt hour, the economics don't work out. That person is only going to want to use that charger, if it's the last resort. And that's on a trip, going to grandmother's house, do whatever. But if they got a charger in their multifamily dwelling, that's a Blink charger and it's at $0.39 a kilowatt hour they're going to go to that and charge them overnight people.

是的。我的意思是，這是一個很好的問題，而且這個問題在業界已經存在很長時間了。但有一點沒有改變的是，當你觀察駕駛員體驗時，你會發現，我的充電器 80% 是 L2，而我們是 90%。然後，您可以查看包含商業車隊的用例，並且 90% 的充電預計為 L2。司機的體驗變成瞭如果他們要去旅行，直流快速充電器，如果在主要地鐵裡有某種東西並且他們沒有充電，他們需要直流快速充電器。但從經濟角度來看，如果你打算到 2030 年安裝 3000 萬個充電器，那麼最經濟的方法是 L2 並充分利用汽車所在的位置。在擁有體驗中，這一數學結果被證明是正確的。他們說，“嗯，我更喜歡在醫生辦公室時插上電源，而且我在那裡待了 2 個小時。而且費用，千瓦的費用更便宜。當你看看它是什麼時用350 千瓦的充電器為保時捷Taycan 充電，而你說的是每千瓦時90% 以上，這在經濟上是行不通的。只有在萬不得已的情況下，那個人才會想使用該充電器.那是在旅行中，去祖母家，做任何事情。但如果他們的多戶住宅中有一個充電器，那就是Blink 充電器，每千瓦時0.39 美元，他們會去那裡給他們過夜充電。

That's helpful color. Just as we think about that, how do you think about Blink's strategy sort of behind that sort of a world we are living in now?

這是有用的顏色。正如我們思考的那樣，您如何看待 Blink 在我們現在生活的世界背後的策略？

I think what we need to do is continue to innovate and provide chargers and provide network service, expand as we move forward into more energy management, more load-shedding opportunities as we expand into multifamily dwelling, as we do more fleet business, et cetera. The ecosystem is going to expand in L2. And you're going to see L2 starting to use battery backed systems, which we're doing in Florida on the DC level and in Philadelphia in a project. So we keep saying we need to innovate, we need to keep the COGS low on our chargers and continue to reduce the cost of producing these, whether we're producing them in India or whether we're producing them in the United States. But that's the key to us is that vertical integration, I don't have added expense. I'm not going to a change order if I have a third-party manufacturer and I say, "I want this feature on it, and I'm paying 40% more because it's a third-party manufacturer. I just go and get my guys to do it. And we price it out and we make it happen. That is going to be what sets us apart. We can stay in front of commoditization where others cannot.

我認為我們需要做的是繼續創新，提供充電器並提供網絡服務，隨著我們向更多的能源管理邁進，隨著我們擴展到多戶住宅，隨著我們開展更多的車隊業務等，我們會提供更多的減載機會。 。該生態系統將在 L2 領域擴展。你將看到 L2 開始使用電池支持系統，我們正在佛羅里達州的直流電層面和費城的一個項目中這樣做。因此，我們一直說我們需要創新，我們需要保持充電器的銷貨成本較低，並繼續降低生產成本，無論我們是在印度生產還是在美國生產。但這對我們來說關鍵是垂直整合，我沒有增加費用。如果我有第三方製造商，我不會更改訂單，我會說：“我想要此功能，而且我要多付 40%，因為它是第三方製造商。我只是去獲取我的人去做這件事。我們定價並實現它。這將是我們與眾不同的地方。我們可以在其他人無法做到的商品化方面保持領先地位。

Thank you. We have reached the end of our question-and-answer session. So I will now turn the call back over to Mr. Stelea for any closing remarks.

謝謝。我們的問答環節已經結束。因此，我現在將把電話轉回給 Stelea 先生，讓其發表結束語。

Thank you all for your interest in Blink Charging. At this time, we're going to end the call. You may disconnect.

感謝大家對眨眼充電的關注。這個時候我們就要結束通話了。您可以斷開連接。

Thank you. This concludes today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的會議到此結束，此時您可以掛斷電話了，感謝您的參與。