Blink Charging Co (BLNK) 2024 Q3 法說會逐字稿

Greetings, welcome to the Blink Charging third quarter 2024 earnings call.

大家好，歡迎參加 Blink Charging 2024 年第三季財報電話會議。

A question-and-answer session will follow the formal presentation (Operator Instructions) Please note this conference is being recorded.

正式演示之後將進行問答環節（操作員說明） 請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Vitalie Stelea, VP of Capital Markets and FPMA.

現在我將會議交給東道主、資本市場和 FPMA 副總裁 Vitalie Stelea。

You may begin.

你可以開始了。

Thank you, Holly.

謝謝你，霍莉。

And welcome everyone to Blink's third quarter 2024 earnings call.

歡迎大家參加 Blink 2024 年第三季財報電話會議。

With us today we have Brendan Jones, President and CEO; Michael Battaglia, our Chief Operating Officer and CEO elect; and Michael Rama, Blink's Chief Financial Officer.

今天與我們在一起的有總裁兼執行長布倫丹瓊斯 (Brendan Jones)； Michael Battaglia，我們的營運長兼候任執行長；以及 Blink 財務長 Michael Rama。

The discussion today will include non-GAAP references.

今天的討論將包括非公認會計準則參考。

These are reconciled to the most comparable US GAAP measures in the appendix of our Earnings Deck.

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準進行了調整。

You may find the deck along with the rest of our earnings materials and other important content on Blink's investor relations website.

您可以在 Blink 的投資者關係網站上找到該簡報以及我們其餘的獲利資料和其他重要內容。

Today's discussions may also include forward-looking statements about our expectations.

今天的討論也可能包括有關我們期望的前瞻性陳述。

Actual results may be different from those stated.

實際結果可能與所述有所不同。

The most significant factors that could cause actual results to differ are included on page two of the third quarter 2024 earnings deck.

可能導致實際結果差異的最重要因素包含在 2024 年第三季財報的第二頁。

Unless otherwise noted, all comparisons are year-over-year.

除非另有說明，所有比較均為逐年比較。

Please follow our announcements in Blink's investor relations website for future events for investors.

請關注我們在 Blink 投資者關係網站上發布的公告，以了解未來為投資者舉辦的活動。

And now I'd like to turn the call over to Brendan Jones, Blink's President and CEO.

現在我想將電話轉給 Blink 總裁兼執行長 Brendan Jones。

Brendan, please go ahead.

布蘭登，請繼續。

Thanks, Vitalie and good afternoon for everyone.

謝謝維塔莉，大家下午好。

And thanks for joining us here today.

感謝您今天加入我們。

During the third quarter of 2024 we continued to execute on our strategic priorities and initiatives.

2024 年第三季度，我們繼續執行我們的策略重點和措施。

Our total company revenue was $25.2 million with service revenue representing $8.8 million or approximately 35% of the total company revenue.

我們公司的總收入為 2,520 萬美元，其中服務收入為 880 萬美元，約占公司總收入的 35%。

Gross margin in the third quarter was 36%, significantly exceeding our full year 2024 target guidance of 33%.

第三季毛利率為 36%，大大超過我們 2024 年全年 33% 的目標指引。

Now, during the third quarter we contracted, sold or deployed 6,978 chargers globally, representing a 17% increase year-over-year and a 70% increase sequentially.

現在，第三季我們在全球簽約、銷售或部署了 6,978 個充電器，年增 17%，季增 70%。

What is notable here is that the majority of this growth comes from L2 chargers built by Blink, where we command higher margins than third party manufacturing units, further validating our vertically integrated model.

值得注意的是，這種成長的大部分來自 Blink 製造的 L2 充電器，我們比第三方製造單位獲得更高的利潤，進一步驗證了我們的垂直整​​合模型。

On the energy side, blink dispersed nearly 37 gigawatts of energy across all Blink networks globally compared to 16 gigawatts in Q3 of 2023.

在能源方面，Blink 在全球所有 Blink 網路中分散了近 37 吉瓦的能源，而 2023 年第三季為 16 吉瓦。

This is 126% year-over-year.

較去年同期成長 126%。

Growth is largely driven by demand for charging in our markets and the increased number of units deployed on our networks.

成長主要是由我們市場的充電需求以及我們網路上部署的設備數量的增加所推動的。

Sequentially, we saw energy disbursement grow 12% in just one quarter, compared to 33 gigawatts dispersed in Q2 of 2024.

隨後，我們看到能源支出在短短一個季度內成長了 12%，而 2024 年第二季的支出為 33 吉瓦。

But what we think is most important to highlight is the progress we've made and continue to make to establish Blink as a more profitable and better positioned company for future growth.

但我們認為最需要強調的是我們已經取得並將繼續取得的進展，將 Blink 打造成一家利潤更高、定位更佳的公司，以實現未來的成長。

In Q3 we reduced our cash burn by $3.6 million or a reduction of 27% compared to Q3 of last year.

第三季度，我們的現金消耗減少了 360 萬美元，與去年第三季相比減少了 27%。

Year-to-date we reduced our cash burn by $45 million or 50%.

年初至今，我們的現金消耗減少了 4,500 萬美元，即 50%。

And let me repeat this again, we reduced our cash burn by $45 million from last year's cash spend and this excludes financing activities.

讓我再說一遍，我們的現金消耗比去年的現金支出減少了 4500 萬美元，這還不包括融資活動。

So, the efficiency and cost control initiatives we've outlined and began implementing over a year ago are delivering meaningful cost reductions and we are pursuing additional opportunities to drive continued efficiencies moving forward.

因此，我們一年多前概述並開始實施的效率和成本控制措施正在顯著降低成本，我們正在尋求更多機會來推動持續提高效率。

Now, if we jump to slide five, you will see that what makes Blink unique is our owner operated portfolio of chargers that so strongly contribute to our gross margin in 2024.

現在，如果我們跳到第五張投影片，您會發現 Blink 的獨特之處在於我們所有者經營的充電器產品組合，它們對我們 2024 年的毛利率做出了巨大貢獻。

As of September 30, we had 6,442 owned and operated chargers and that is 28% growth versus the same period last year.

截至 9 月 30 日，我們擁有並營運 6,442 個充電樁，較去年同期成長 28%。

As a reminder, in our owner operator model, we install, maintain and also receive the lion's share of the revenue generated by our charters.

提醒一下，在我們的業主運營商模式中，我們負責安裝、維護，並獲得包機產生的大部分收入。

This substantial increase in owner-operated units is one of the main drivers of service revenue growth in the third quarter.

自營單位的大幅增加是第三季服務收入成長的主要動力之一。

Among these numbers, DC fast chargers have been gaining more and more momentum.

其中，直流快速充電器的勢頭越來越強勁。

In fact, revenue generated by Blink owned and operated DC fast chargers went up 544% year-over-year.

事實上，Blink 擁有和營運的直流快速充電器產生的收入年增了 544%。

That is a huge number.

這是一個龐大的數字。

As of September 30, and across all our networks now, we had a total of 1,278 DC fast chargers which provide important data on location, pricing and utilization.

截至 9 月 30 日，我們所有網路中共有 1,278 個直流快速充電器，可提供有關位置、定價和利用率的重要數據。

We use this data to inform Blink on how to successfully deploy Blink owned DC fast chargers across the US and in Europe.

我們使用這些數據來告知 Blink 如何在美國和歐洲成功部署 Blink 自有的直流快速充電器。

Now if we look at product sales on our first and second quarter earnings calls, we noted lower product revenues and we stated that this would continue through the third quarter.

現在，如果我們看看第一季和第二季財報電話會議上的產品銷售情況，我們會注意到產品收入下降，並且我們表示這種情況將持續到第三季。

As expected, our third quarter product net revenues reflected muted delivery activity.

正如預期的那樣，我們第三季的產品淨收入反映了交付活動的疲軟。

That said, product sales were faced with a very challenging comp in 2024 as we saw significantly stronger DC fast charger sales, particularly to automotive dealerships in 2023 compared to this year.

也就是說，2024 年的產品銷售面臨著非常具有挑戰性的競爭，因為我們看到 2023 年直流快速充電器的銷售明顯強勁，尤其是汽車經銷商的銷售與今年​​相比。

Most dealers who wanted to acquire chargers have them now.

大多數想要購買充電器的經銷商現在都有了。

So, we have been replacing dealership sales by focusing on other sales verticals such as multifamily dwellings, commercial fleet, local and state governments, offices, hospitals and schools, which provide Blink with a more profitable and sustainable revenue stream.

因此，我們一直在取代經銷商銷售，轉而專注於其他垂直銷售領域，例如多戶住宅、商業車隊、地方和州政府、辦公室、醫院和學校，這為Blink 提供了更有利可圖和可持續的收入來源。

Given the shift in product sales, as you can see on page six, we're now adjusting our full year overall guidance to $125 million to $135 million.

鑑於產品銷售的變化（如您在第六頁看到的），我們現在將全年整體指引調整為 1.25 億至 1.35 億美元。

We are maintaining our gross margin target of approximately 33%, and we expect to achieve positive adjusted EBITDA in the second half of 2025.

我們維持約 33% 的毛利率目標，預計在 2025 年下半年實現正向調整 EBITDA。

As we examine the first three quarters of '24, Blink is encouraged by the improving EV sales trends, especially in September and October.

當我們審視 24 年前三個季度時，Blink 對電動車銷售趨勢的改善感到鼓舞，尤其是在 9 月和 10 月。

We believe the EV sales increases will create future sales opportunities for Blink.

我們相信電動車銷量的成長將為 Blink 創造未來的銷售機會。

According to Kelley Blue Book, EV sales in the US grew 11% year-over-year in the third quarter and reached record highs in terms of both sales volume and share of the US auto market.

根據凱利藍皮書的數據，第三季美國電動車銷量年增11%，銷量和美國汽車市佔率均創歷史新高。

An estimated 346,000 EVs were sold in Q3 in the US, which is an increase of 5% from Q2 of 2024.

美國第三季預計售出 346,000 輛電動車，比 2024 年第二季成長 5%。

Globally, EVs accounted for 8.9% of all new car sales in the third quarter, up from a previous high of 7.8% in Q3 of 2023.

在全球範圍內，第三季電動車佔所有新車銷量的 8.9%，高於 2023 年第三季 7.8% 的歷史高點。

With this promising EV industry data, we are energized about capturing the corresponding potential demand for EV charging infrastructure as clients look to provide charging services for their growing fleets, employees, customers and constituents.

憑藉這些充滿前景的電動車產業數據，我們有動力捕捉電動車充電基礎設施的相應潛在需求，因為客戶希望為其不斷成長的車隊、員工、客戶和選民提供充電服務。

For the last several quarters, as promised, we have focused on optimizing Blink to establish systems and processes to ensure that Blink is resilient when faced with charging market conditions.

過去幾個季度，我們按照承諾，重點優化 Blink，建立系統和流程，確保 Blink 在面對充電市場狀況時具有彈性。

Now, while the job is not done, our team has made excellent progress towards that goal, as evidenced by the significantly reduced cash burn compared with the reduction in compensation and G&A.

現在，雖然工作尚未完成，但我們的團隊在實現這一目標方面取得了巨大進展，與薪酬和一般行政費用的減少相比，現金消耗顯著​​減少就證明了這一點。

Now, with that stated, I'm now going to pass it on to Mike Battaglia and he will go over some additional details for the third quarter.

現在，話雖如此，我現在將把它轉交給邁克·巴塔利亞，他將討論第三季度的一些額外細節。

Mike?

麥克風？

Great.

偉大的。

Thanks Brendan.

謝謝布倫丹。

Let's start with our operational results for this quarter.

讓我們從本季的營運業績開始。

So, on slide eight you can see that cumulatively as of the end of Q3 of 2024, Blink has contracted, sold or deployed over 105,000 chargers since the company's inception, with 76% of these deployed in North America.

因此，在投影片 8 中您可以看到，自公司成立以來，截至 2024 年第三季末，Blink 已累積承包、銷售或部署了超過 105,000 個充電器，其中 76% 部署在北美。

As Brendan mentioned, in this quarter alone we added 6,978 contracted, sold or deployed chargers to our cumulative number.

正如 Brendan 所提到的，僅在本季度，我們就在累積數量上增加了 6,978 個簽約、銷售或部署的充電器。

What's important to mention here is that not all of these contracted chargers have been recognized into revenue yet due to revenue recognition rules, so a portion of the contracted chargers will be reflected in product revenues in future quarters.

這裡值得一提的是，由於收入確認規則，並非所有這些簽約充電器都已計入收入，因此部分簽約充電器將在未來幾季的產品收入中得到體現。

Furthermore, on slide nine, we continue to take advantage of our scale and geographical presence to grow our pipeline.

此外，在幻燈片九中，我們繼續利用我們的規模和地理影響力來擴大我們的管道。

According to the US Department of Energy, Blink is the third largest charging network in the United States.

據美國能源部稱，Blink 是美國第三大充電網路。

We are also one of the leading providers in Western Europe.

我們也是西歐領先的供應商之一。

And we believe that as the number of EVs grow, so will the demand for Blink's chargers and network services.

我們相信，隨著電動車數量的成長，對 Blink 充電器和網路服務的需求也會隨之成長。

And so far we're seeing encouraging news from auto OEMs.

到目前為止，我們從汽車原始設備製造商那裡看到了令人鼓舞的消息。

For example, Tesla recently reported that it expects 2025 sales growth of more than 20%.

例如，特斯拉最近報告稱，預計2025年銷量成長將超過20%。

That's significant considering Tesla represents about half of EV market share in the US And Tesla drivers represent our number one population plugging into Blink charging stations.

考慮到特斯拉佔據了美國電動車市場約一半的份額，而特斯拉駕駛者代表了我們使用 Blink 充電站的第一大人口，這一點意義重大。

On a similar note, General Motors has reported that it is finally reaching scale on EV production.

同樣，通用汽車也報告稱，其電動車生產終於達到了規模。

GM is now America's second best-selling EV brand behind Tesla with Q3 deliveries up 60% year-over-year.

通用汽車目前是美國第二暢銷的電動車品牌，僅次於特斯拉，第三季交車量年增 60%。

And further, an increasing number of affordable pre owned EVs are also making their way onto US and European streets.

此外，越來越多價格實惠的二手電動車也出現在美國和歐洲的街道上。

So, on slide 10 we continue to offer a full suite of hardware, network and support products and services that reflect our core competency of vertical integration capabilities.

因此，在投影片 10 中，我們持續提供全套硬體、網路和支援產品及服務，反映我們垂直整合能力的核心競爭力。

Our blink manufactured Series 7 and 8 chargers are our best-selling level two models which are produced here in the USA at our Bowie, Maryland production facility.

我們的 Blink 製造的系列 7 和 8 充電器是我們最暢銷的二級型號，在美國馬裡蘭州鮑伊的生產工廠生產。

We have one of the newest networks in the industry that was built on microservices tech stack that is very adaptable to our fleet customers and our service and warranty offerings increase uptime and improved experiences for our customers and hosts.

我們擁有業界最新的網路之一，該網路基於微服務技術堆疊構建，非常適合我們的車隊客戶，我們的服務和保固產品可以增加正常運行時間並改善我們的客戶和主機的體驗。

Now if we move over to slide 11, you can see a representative group of our customer base including many recognizable names across multiple vertical markets.

現在，如果我們轉到投影片 11，您可以看到我們客戶群的代表性群體，其中包括跨多個垂直市場的許多知名品牌。

And as we've said before, we deploy the right charger at the right place at the right time.

正如我們之前所說，我們在正確的時間、正確的地點部署正確的充電器。

And to that end, turning to slide 12 during the third quarter we announced our collaboration with WEX to enhance the integration of EV charging into mixed energy fleets.

為此，請參閱第三季的幻燈片 12，我們宣布與 WEX 合作，以加強電動車充電與混合能源車隊的整合。

This initiative will improve fleet management as commercial drivers will experience enhanced access to dependable and convenient EV charging solutions as WEX’s services are accepted at 95% of retail fuel locations nationwide.

該舉措將改善車隊管理，因為全國 95% 的零售加油站都接受 WEX 的服務，商業駕駛員將能夠更好地獲得可靠、便捷的電動車充電解決方案。

Additionally, we formed a strategic alliance with Create Energy to establish a one stop shop for innovative grid management products that utilized things like solar and battery storage into charging deployments.

此外，我們與 Create Energy 結成策略聯盟，建立創新電網管理產品的一站式商店，將太陽能和電池儲存等技術用於充電部署。

And following the close of the quarter, Blink was awarded a $2 million grant by the State of Illinois for the deployment of our owned and operated EV Level two and DC fast chargers.

本季結束後，Blink 獲得了伊利諾伊州 200 萬美元的撥款，用於部署我們擁有和營運的電動車二級充電器和直流快速充電器。

And our subsidiary Envoy Technologies, a provider of car sharing services and community based electric vehicles, teamed with Unlimited Real Estate Group to bring car sharing at Fiat House, a new collection of luxury residences in New Jersey.

我們的子公司 Envoy Technologies 是一家汽車共享服務和社區電動車供應商，它與 Unlimited Real Estate Group 合作，在新澤西州的全新豪華住宅系列 Fiat House 推出汽車共享服務。

Envoy also introduced the option for Lucid Air EVs as part of its broader car share program.

Envoy 還推出了 Lucid Air 電動車選項，作為其更廣泛的汽車共享計劃的一部分。

Finally, a few days ago we announced the establishment of a 100-million-pound special purpose vehicle in the UK for the deployment of Blink charging infrastructure in conjunction with UK Government Levy incentive funds.

最後，幾天前我們宣布聯合英國政府徵稅激勵基金在英國建立一個耗資 1 億英鎊的專用工具，用於部署 Blink 充電基礎設施。

So, Levy is very similar to the US NEVI program.

所以，Levy與美國的NEVI計畫非常相似。

We see this as a tremendous opportunity to grow our business in the UK and Europe and eventually in the US.

我們認為這是在英國和歐洲以及最終在美國發展業務的巨大機會。

In the United Kingdom we started to make progress on acquiring Levy funded contracts.

在英國，我們開始在收購徵稅資助合約方面取得進展。

For example, the West Yorkshire Combined Authority ranked blink as number one out of 25 applicants, which we're certainly very proud of.

例如，西約克郡聯合管理局將 Blink 在 25 名申請者中排名第一，我們對此感到非常自豪。

So, we made a great deal of business development progress this quarter and we continue to aggressively pursue contracts and strategic partnerships to enhance our market position.

因此，本季我們在業務發展方面取得了很大進展，我們將繼續積極尋求合約和策略合作夥伴關係，以增強我們的市場地位。

And I'd also like to discuss the efforts we've taken to restructure Blink in our continuously evolving market.

我還想討論一下我們在不斷發展的市場中為重組 Blink 所做的努力。

Before the start of this year, we established and communicated our company wide optimization and process improvement strategy and we've been executing on these initiatives throughout the year.

今年年初之前，我們制定並傳達了公司範圍內的優化和流程改進策略，並且我們全年都在執行這些舉措。

A key indicator of our successful efforts is our cash burn rate which excluding any financing activities the first nine months of the year was reduced by 54, excuse me, $45 million.

我們努力成功的關鍵指標是我們的現金消耗率，不包括任何融資活動，今年前 9 個月減少了 54，對不起，減少了 4500 萬美元。

That is a reduction of 50% over the same period last year.

這比去年同期減少了 50%。

Said differently, we've reduced our year-to-date cash burn by half.

換句話說，我們今年迄今的現金消耗減少了一半。

Another KPI related to our optimization efforts is our improved total operating expenses which saw a 22% year-to-date reduction excluding non-cash impairment charges.

與我們的最佳化工作相關的另一個關鍵績效指標是我們的總營運費用有所改善，年初至今減少了 22%（不包括非現金減損費用）。

The key drivers of this improvement were a 37% reduction in compensation expenses and a 10% reduction in G&A expenses.

這項改善的主要驅動因素是薪資費用減少 37%，一般管理費用減少 10%。

But we're not done yet.

但我們還沒完成。

So in September we announced planned cost reduction activities designed to further position Blink for both short term and long term success.

因此，我們在 9 月宣布了計劃中的成本削減活動，旨在進一步定位 Blink 的短期和長期成功。

These actions anticipate reducing global personnel count by 14% which is expected to be completed during the first quarter of 2025.

這些行動預計將導致全球人員數量減少 14%，預計將於 2025 年第一季完成。

We anticipate that this action will result in annualized savings of about $9 million.

我們預計這項行動每年將節省約 900 萬美元。

We are also proactive in deploying new and innovative ways to increase revenue and further reduce costs.

我們也積極採用新的創新方法來增加收入並進一步降低成本。

For example, we're very excited about our cooperative agreement with Stable Auto to employ their artificial intelligence and machine learning technology to improve utilization and efficiencies among our existing Blink owned stations and future deployments.

例如，我們非常高興與 Stable Auto 達成合作協議，利用他們的人工智慧和機器學習技術來提高我們現有 Blink 擁有的站點和未來部署的利用率和效率。

The potential benefits are impressive.

潛在的好處是令人印象深刻的。

For example, if AI predicts substantial upticks in demand and utilization, we will enhance revenue opportunities through competitive pricing or increased throughput by adding high power DC fast chargers to those sites.

例如，如果人工智慧預測需求和利用率大幅上升，我們將透過有競爭力的價格或透過在這些站點添加高功率直流快速充電器來增加吞吐量來增加收入機會。

The model has already proven effective by increasing our revenue across more than 60 locations to date.

事實證明，該模式是有效的，迄今為止，我們在 60 多個地點增加了收入。

And as Brendan said earlier, we've been disciplined in our approach to adopting practices and processes that will improve Blink's agility in responding to changes in our industry and markets.

正如 Brendan 之前所說，我們在採用實踐和流程方面一直遵守紀律，這將提高 Blink 應對產業和市場變化的敏捷性。

We've made excellent progress to date and we'll continue to execute on the strategies and priorities that will make Blink an even stronger company.

到目前為止，我們已經取得了巨大進展，我們將繼續執行策略和優先事項，使 Blink 成為更強大的公司。

So, with that, I'll turn it over to Michael Rama, our CFO, to go over financial results.

因此，我將把它交給我們的財務長 Michael Rama 來審查財務表現。

Michael?

麥可？

Thank you, Mike and good afternoon, everyone.

謝謝麥克，大家下午好。

Turning to slide 15 total revenue in the third quarter of 2024 was $25.2 million, compared to $43.4 million in the same period 2023.

轉向投影片 15，2024 年第三季的總收入為 2,520 萬美元，而 2023 年同期為 4,340 萬美元。

Product sales in the third quarter of 2024 were $13.4 million compared to $35.1 million in the same period in 2023.

2024 年第三季的產品銷售額為 1,340 萬美元，而 2023 年同期為 3,510 萬美元。

Third quarter 2024 service revenue, which consists of charging service revenues, network fees and car sharing revenues, was $8.8 million, an increase of 30% for the first nine months of 2024 service revenue was $25 million, a 35% increase compared with the same period of 2023.

2024年第三季服務收入（包括充電服務收入、網路費用和汽車共享收入）為880萬美元，年增30% 2024年前九個月服務收入為2500萬美元，年成長35% 2023 年期間。

Gross profit for the third quarter of 2024 was $9.1 million, or 36%, compared to $12.8 million or 29% for the same period last year.

2024 年第三季的毛利為 910 萬美元，即 36%，而去年同期為 1,280 萬美元，即 29%。

Gross profit for the first nine months of 2024 was $33.3 million, or 35%, compared to $29.6 million, or 30% for the same period last year.

2024 年前 9 個月的毛利為 3,330 萬美元，即 35%，而去年同期為 2,960 萬美元，即 30%。

The increase in Q3 and year-to-date 2024 gross margin is primarily due to Blink's shift in product mix towards L2 chargers when compared to 2023.

2024 年第三季和年初至今毛利率的成長主要是由於與 2023 年相比，Blink 產品組合向 L2 充電器的轉變。

Our Blink built L2 chargers command a lower average transaction price than DC Fast Chargers, but a higher margin.

我們的 Blink 內建 L2 充電器的平均交易價格低於直流快速充電器，但利潤率更高。

Based on our analysis today, we believe Blink generates the highest GAAP gross margin in the industry among comparable peers and competitors.

根據我們今天的分析，我們相信 Blink 在同類同業和競爭對手中產生了業內最高的 GAAP 毛利率。

In addition, as Brendan and Mike emphasized earlier on the call, we continue to significantly reduce our total operating expenses.

此外，正如布倫丹和麥克早些時候在電話會議中所強調的那樣，我們將繼續大幅減少總營運費用。

Operating expenses in the third quarter of 2024 were $97.3 million compared to $123.3 million in the prior year period.

2024 年第三季的營運費用為 9,730 萬美元，而去年同期為 1.233 億美元。

Operating expenses in the nine months ended September 30, 2024 were $159.6 million compared to $210.3 million in the same period in the prior year.

截至 2024 年 9 月 30 日的九個月營運費用為 1.596 億美元，而去年同期為 2.103 億美元。

Operating expenses in Q3 and year-to-date include non-cash goodwill impairment charges of $69.1 million.

第三季和年初至今的營運支出包括 6,910 萬美元的非現金商譽減損費用。

It is very important it is very important that I mentioned here that the impairment charges are non-cash and they do not, I repeat, they do not impact the operations of our business in any shape or form, excluding these impairment charges from our operating results from the third quarter, our total business operating expenses decreased year-over-year to $28.2 million.

非常重要的是，我在這裡提到的減損費用是非現金的，我再說一遍，它們不會以任何形式影響我們業務的運營，將這些減損費用排除在我們的營運之外是非常重要的。

For the nine months ended September 30, 2024, Blink total operating expenses, excluding non-cash impairment charges were $90.5 million.

截至 2024 年 9 月 30 日的九個月，Blink 總營運費用（不包括非現金減損費用）為 9,050 萬美元。

A year-to-date, year-over-year reduction of $25.6 million or 22% comparison with the same period in 2023.

年初至今，與 2023 年同期相比，年減 2,560 萬美元，即減少 22%。

Our cash burn for the third quarter of 2024 excluding financing activities was $10.1 million, a reduction of $3.6 million or 27% compared to the third quarter of 2023.

不包括融資活動的 2024 年第三季我們的現金消耗為 1,010 萬美元，比 2023 年第三季減少了 360 萬美元，即 27%。

As mentioned before, year-to-date we reduced our cash burn by $45 million or 50%.

如前所述，今年迄今為止，我們的現金消耗減少了 4,500 萬美元，即 50%。

We view this as the most significant metric in our cost avoidance and optimization efforts.

我們認為這是我們避免成本和優化工作中最重要的指標。

Adjusted EBITDA for the third quarter of 2024 was a loss of $14 million compared to a loss of $11.7 million in the prior year period.

2024 年第三季調整後 EBITDA 虧損 1,400 萬美元，而上年同期虧損 1,170 萬美元。

Adjusted EBITDA for the first nine months of 2024 was a loss of $38.9 million compared to a loss of $43 million for the same period of 2023.

2024 年前 9 個月調整後 EBITDA 虧損 3,890 萬美元，而 2023 年同期虧損 4,300 萬美元。

Earnings per share for the third quarter of 2024 is a loss of $0.86 per share compared to a loss of $1.74 per share in the prior year period.

2024 年第三季每股收益為每股虧損 0.86 美元，去年同期為每股虧損 1.74 美元。

In the nine months ended September 30, 2024, the earnings per share was a loss of $1.24 per share compared to a loss of $3.02 per share in the same period of the prior year.

截至2024年9月30日的九個月，每股盈餘為每股虧損1.24美元，而去年同期為每股虧損3.02美元。

Please note that the impact of the non-cash impairment charges to our Goodwill negatively impacted Q3 and year-to-date earnings per share by $0.68 and $1.54 respectively.

請注意，非現金減損費用對我們商譽的影響對第三季和年初至今的每股盈餘分別產生了 0.68 美元和 1.54 美元的負面影響。

Now adjusted earnings per share for the third quarter of 2024 was a loss of $0.16 compared to $0.16 in the prior year period.

目前，2024 年第三季調整後每股收益為虧損 0.16 美元，而去年同期為 0.16 美元。

In the nine months ended September 30, 2024, the adjusted earnings per share was a loss of $0.47 per share compared to a loss of $1.15 per share in the same period of the prior year.

截至2024年9月30日的九個月，調整後每股盈餘為每股虧損0.47美元，而去年同期為每股虧損1.15美元。

As for the balance sheet cash and cash agreements at September 30, 2024 was $64.6 million compared to $73.9 million at the end of the second quarter of 2024.

截至 2024 年 9 月 30 日的資產負債表現金和現金協議為 6,460 萬美元，而 2024 年第二季末為 7,390 萬美元。

This concludes my prepared remarks.

我準備好的發言到此結束。

I'd like to turn the call back over to Brendan for a few final comments.

我想將電話轉回布倫丹以徵求一些最後的意見。

Go ahead, Brendan.

繼續吧，布倫丹。

Thanks, Michael.

謝謝，麥可。

This quarter Blink has continued to deliver on our promise to structurally adjust the company.

本季Blink持續兌現了我們對公司進行結構調整的承諾。

We continued our shift towards vertical integration and taking advantage of the scale and higher margins of the products that are built and manufactured by Blink.

我們繼續轉向垂直整合，並利用 Blink 製造和製造的產品的規模和更高的利潤率。

We continue to increase reoccurring service revenue by 30% year-over-year this quarter and 35% year-to-date.

本季我們的經常性服務收入持續年增 30%，今年迄今年增 35%。

With service revenue representing nearly one third and growing of our total revenue.

服務收入占我們總收入的近三分之一，而且還在持續成長中。

Our Blank owned and operated charger count grew by 28% year-over-year to enable this shift to higher margin and sustainable service revenue.

我們的 Blank 自有和營運的充電器數量年增 28%，以實現向更高利潤和永續服務收入的轉變。

And when it comes to product revenues, we transition our product sales from one-time lower margin sales to longer term sustainable and more profitable sales.

在產品收入方面，我們將產品銷售從一次性較低利潤的銷售轉變為長期可持續且利潤更高的銷售。

As we respond and adjust to changing market conditions, significantly reduced cash burn and focus on continuous improvement combined with revenue enhancement will position Blink as a truly prosperous company.

隨著我們對不斷變化的市場狀況做出反應和調整，大幅減少現金消耗並專注於持續改善和收入成長，將使 Blink 成為一家真正繁榮的公司。

We have what we believe is the best team in the industry and with our vertically integrated go to market model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders.

我們擁有我們認為是業界最好的團隊，並且憑藉我們垂直整合的市場模式，我們相信 Blink 處於有利位置，可以為我們的利害關係人推動長期成長和價值。

We'd like to thank our team across the globe who is implementing our plan and taking care of our customers.

我們要感謝我們在全球的團隊，他們正在實施我們的計劃並照顧我們的客戶。

And we also want to thank our customers and drivers for trusting Blink with their charging needs and being part of this transportation and energy revolution.

我們也要感謝我們的客戶和駕駛者信任 Blink 來滿足他們的充電需求，並成為這場交通和能源革命的一部分。

Now with that, I believe you're ready to engage in some questions, so let's transition to that.

現在，我相信您已經準備好回答一些問題了，所以讓我們轉向這個問題。

Yeah.

是的。

Hey.

嘿。

Hey Brendan.

嘿布倫丹。

Before we go into questions, I just want to jump in for a quick moment and for everyone on the call, I just want to acknowledge that today is Brendan's last Blink earnings call as he moves toward his very much well-deserved retirement at the end of 2025.

在我們開始提問之前，我想快速插話一下，對於參加電話會議的每個人，我只想承認，今天是 Brendan 的最後一次 Blink 財報電話會議，因為他最終將迎來他當之無愧的退休生活2025 年。

And while he'll stay involved as a board member and advisor, the entire Blink team would like to thank him for his leadership during the past five years.

雖然他將繼續作為董事會成員和顧問參與其中，但整個 Blink 團隊仍要感謝他在過去五年中的領導。

And Brendan is certainly a well-respected expert in the EV and EV charging industries and the company and team here have all benefited immensely from his knowledge and mentorship, including me personally.

布倫丹無疑是電動車和電動車充電行業備受尊敬的專家，這裡的公司和團隊都從他的知識和指導中受益匪淺，包括我個人。

So, thank you, Brendan.

所以，謝謝你，布倫丹。

We wish you all the best in your retirement and now we can.

我們祝福您退休後一切順利，現在我們可以做到。

With that we can go ahead with questions.

這樣我們就可以繼續提問了。

(Operator Instructions)

（操作員說明）

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥人。

Good evening and thanks for taking my questions.

晚上好，感謝您提出我的問題。

First, I should say, Brendan, it's been a real pleasure to work with you.

首先，我應該說，布倫丹，與你一起工作真的很愉快。

Good luck in your retirement.

祝您退休生活順利。

And Mr. Battaglia, I'm sure you're going to do a fantastic job as CEO of this company.

巴塔利亞先生，我相信您作為這家公司的執行長將會做得非常出色。

So very happy to have a smooth transition.

非常高興能夠順利過渡。

My first question is really, I guess, a two-part question.

我想我的第一個問題其實是一個由兩個部分組成的問題。

Can you maybe just update everybody on the mix of level two versus level three chargers that you're selling and the amount of federal subsidies versus state subsidies that have contributed to the sales of these products over the course of the last year?

您能否向大家介紹一下您所銷售的二級充電器與三級充電器的組合情況，以及去年對這些產品銷售做出貢獻的聯邦補貼與州補貼金額？

Yeah, thanks.

是的，謝謝。

Thanks, Craig.

謝謝，克雷格。

And thanks for the kind words to start.

感謝您開頭的客氣話。

So, regarding the mix of L2 to L3, let me talk about 2023 just a little bit and then I'll talk about 2024.

所以，關於 L2 和 L3 的混合，讓我先談談 2023 年，然後再談談 2024 年。

So 2023 was a very unique year in terms of the markets that we were serving.

因此，對於我們所服務的市場而言，2023 年是非常獨特的一年。

And the single biggest market that wound up being excellent for us was the Automotive Channel as it related to dealer infrastructure programs that were rolled out by the OEMs.

對我們來說非常有利的單一最大市場是汽車通路，因為它與原始設備製造商推出的經銷商基礎設施計畫相關。

Now, all of those programs had both an L2 and an L3 component to them, and it was very heavily weighted to L3 as well.

現在，所有這些程式都包含 L2 和 L3 元件，而且 L3 的權重也非常大。

So, our mix last year was, it's not from a revenue standpoint, it was actually much, much higher on the L3 side.

所以，我們去年的組合是，不是從收入的角度來看，實際上 L3 方面要高得多。

From the unit side, it obviously is still higher on the, on the level two side given the average selling prices.

從單位方面來看，鑑於平均售價，二級方面顯然仍然較高。

So, we had a much larger mix of DC fast charger sales last year than we did this year.

因此，去年我們的直流快速充電器銷售量比今年大得多。

So, when you look at our Q3 and you look at the product sales number that was primarily impacted by lower DC fast charging sales.

因此，當您查看第三季的產品銷售時，您會發現主要受到直流快速充電銷售下降影響的產品銷售。

So, the mix of product is actually healthier for Blink from a margin perspective because we're selling more L2, it's more blink manufactured product.

因此，從利潤角度來看，產品組合實際上對 Blink 來說更健康，因為我們銷售了更多的 L2，而更多的是 Blink 製造的產品。

The margins are higher than when we sell a DC fast charger, but obviously the revenue gets impacted.

利潤比我們銷售直流快速充電器時要高，但顯然收入受到了影響。

So, the challenge before us and what the team is working on is obviously to fill that gap more so that we can make up the full amount and beyond of that revenue.

因此，我們面臨的挑戰以及團隊正在努力的工作顯然是更多地填補這一空白，以便我們能夠彌補全部收入並超越收入。

Now, regarding federal and state subsidies, one of the, I would say, strengths of Blink is that we don't heavily rely on federal and state subsidies.

現在，關於聯邦和州補貼，我想說，Blink 的優勢之一是我們不嚴重依賴聯邦和州補貼。

So, the vast majority of our revenue on a quarterly basis is through what I'll call non supportive channels, through federal and state or non-governmental channels.

因此，我們每季的絕大多數收入都是透過我所謂的非支援性管道，即聯邦和州或非政府管道。

So, we can follow up and certainly provide a, a mixed number on that, but I can tell you it's pretty low.

因此，我們可以跟進並提供一個混合數字，但我可以告訴你這個數字相當低。

Yeah, and just to elaborate a bit for you on that, Craig.

是的，克雷格，我只是為您詳細說明。

So, when we're talking about government programs we have engaged in, right.

所以，當我們談論我們參與的政府項目時，對吧。

And there's been, a few, but they're not the majority.

確實有一些，但他們不是大多數。

You know, we're going to collect, somewhere around $7 million next quarter.

你知道，下個季度我們將籌集大約 700 萬美元。

But that doesn't get counted as revenue.

但這並不算作收入。

You know, we invested the capital in prior years and last year to put those charters in the ground in different market.

你知道，我們在前幾年和去年投入了資金，將這些特許權投入到不同的市場。

Most of them are DC fast chargers.

其中大多數是直流快速充電器。

But we're just going to recapture the capital we put in.

但我們只是要收回我們投入的資本。

And we can't count that as revenue on the books.

我們不能將其算作帳面上的收入。

But it does give us a reduced amount of cash we need or additional cash on the books for more capital products.

但它確實減少了我們所需的現金數量，或為更多資本產品提供了額外的帳面現金。

But, and we continue to do well with or without federal product programs.

但是，無論有沒有聯邦產品計劃，我們都繼續做得很好。

Excellent.

出色的。

Thank you for that.

謝謝你。

So, my next question, I guess, driving around, I observe a lot of Blink chargers in front of places like Dunkin Donuts and Starbucks.

所以，我想，我的下一個問題是，在開車四處走動時，我觀察到鄧肯甜甜圈和星巴克等地方前面有很多 Blink 充電器。

Right.

正確的。

You know, you're there serving customers in places where people will stop and wait and maybe just relax for a few minutes as they move about their days.

您知道，您在為顧客提供服務的地方，人們會停下來等待，也許只是在日常生活中放鬆幾分鐘。

Those corporate partnerships seem to be benefiting the development of your network.

這些企業合作關係似乎有利於您人脈的發展。

Can you maybe talk us through, the funnel that you've developed over the last couple years and whether or not political changes are likely to impact the commitment of these different corporations?

您能否向我們介紹一下您在過去幾年中開發的管道以及政治變化是否可能影響這些不同公司的承諾？

These different, obviously not government, not state entities that have supported the deployment of your products.

這些不同的、顯然不是政府、不是國家實體支持您的產品的部署。

Yeah, so Craig, you talked about it, so I'm going to take the second part of the question first.

是的，克雷格，你談到了這個問題，所以我將首先回答問題的第二部分。

Are you talking specifically about the election, change in administration, things like that?

你是在具體談論選舉、政府更迭之類的事情嗎？

Well, no, what I'm pointing to is that, hey, there's a lot of brands out there that you may or may not have announced.

嗯，不，我指的是，嘿，有很多你可能已經宣布或尚未宣布的品牌。

But we see the new Blink product installed outside, right?

但我們看到新的 Blink 產品安裝在外面，對嗎？

And these corporate entities have long term mandates for environmental responsibility that are unimpacted by the changes or anticipated changes in D.C. and we can see them continuing to be actually very good customers here going forward.

這些企業實體對環境責任有長期的要求，不受華盛頓特區的變化或預期變化的影響，我們可以看到他們實際上仍然是未來非常好的客戶。

So, can you maybe just elaborate on that and talk a little bit about the breadth of customers that you're reaching and whether or not the number of those customers and adoption rates are actually grow-thing over the next quarters and years?

那麼，您能否詳細說明一下這一點，並談談您所接觸的客戶的廣度，以及這些客戶的數量和採用率在未來幾個季度和幾年內是否真正會增長？

Yeah, okay, got it.

是的，好的，明白了。

So, first of all, not to go into too much detail, but our sales team is kind of structured in two different ways.

因此，首先，不要討論太多細節，但我們的銷售團隊是以兩種不同的方式建構的。

One is we have a dedicated business development team and then we have a territory sales team.

一是我們有專門的業務開發團隊，然後我們有區域銷售團隊。

And the business development team specifically is dedicated to exactly what you're talking about.

業務開發團隊專門致力於您所談論的內容。

So, we identify the vertical markets that we believe are strong, are strong areas for EV charging.

因此，我們確定了我們認為強勁的垂直市場，即電動車充電的強勁領域。

And we have a strategic account plan and obviously the business development team goes after those.

我們有一個策略客戶計劃，顯然業務開發團隊也在追求這些計劃。

So, whether it is big hotel chains or whether it is C stores like you kind of pointed out, and retail like Dunkin Donuts and things like that.

所以，無論是大型連鎖飯店，還是像你指出的那樣的 C 店，以及 Dunkin Donuts 之類的零售店。

So, we have an existing book of business that is really quite strong in terms of the logos and we have obviously had that up on the screen during the presentation.

因此，我們現有的商業手冊在徽標方面確實非常強大，而且我們顯然在演示過程中已將其顯示在螢幕上。

And so, our objective is to do more with our existing customer base at the same time that we're looking for opportunities to expand into large scale organizations.

因此，我們的目標是為現有客戶群提供更多服務，同時尋找擴展到大型組織的機會。

So, our objective is always to approach a brand that has, that really has a strong footprint around the country and then present to them our multiple business models that fit whatever it is they're looking to do.

因此，我們的目標始終是接觸一個在全國範圍內擁有強大影響力的品牌，然後向他們展示我們的多種商業模式，以滿足他們想要做的任何事情。

Now, one of the things that's been really encouraging for us this year is the increased number of DC fast chargers that we've deployed under our owner operator model.

現在，今年對我們來說真正令人鼓舞的事情之一是我們在業主運營商模式下部署的直流快速充電器數量增加。

So, we've always historically been a level two focused company with owner operator chargers and we will continue to be focused in that area.

因此，我們歷來都是一家專注於擁有業主運營商充電器的二級公司，我們將繼續專注於該領域。

But we have a pretty substantial core number of charging stations right now on the D.C. side that we're very encouraged by the results.

但目前我們在華盛頓特區擁有相當數量的核心充電站，我們對結果感到非常鼓舞。

And you mentioned Dunkin Donuts it's actually a great example of we have a few stores with DC fast chargers, Dunkin, and they're doing really, really well.

你提到 Dunkin Donuts，這實際上是一個很好的例子，我們有幾家商店提供直流快速充電器，Dunkin，他們做得非常非常好。

So, our pipeline continues to grow among those larger corporate accounts at the same time that our territory sales teams are looking for those more local opportunities in their areas.

因此，我們的管道在這些較大的企業客戶中持續成長，同時我們的區域銷售團隊也在其所在地區尋找更多的本地機會。

Yeah.

是的。

So let me, if I may add a couple comments to that because I think it's a great question, Craig.

因此，請允許我對此添加一些評論，因為我認為這是一個很好的問題，克雷格。

You know, when we look at, what we call additionality, and that's the existing base of customers we have today we had last year, and we keep growing into the future.

你知道，當我們看到我們所說的額外性時，這就是我們去年擁有的現有客戶群，並且我們不斷向未來發展。

You know, there definitely was an impact this year as it related to, the declines we saw in EV vehicle sales that started, in late Q1 were definitely prevalent in Q2 for sure because that was decreased sales year-over-year.

你知道，今年肯定會產生影響，因為我們看到第一季末開始的電動車銷量下降肯定在第二季普遍存在，因為銷量年減。

And what happens with the commercial side as different from the residential side?

商業方面與住宅方面有何不同？

There's a bit of a lag effect when they start seeing the news that EV sales are increasing, they're much more resonant to then engage in more commercial contracts to add to the amount of chargers they have at their workplace, at their retail locations, along the highway, et cetera.

當他們開始看到電動車銷售成長的消息時，會產生一些滯後效應，他們會更強烈地參與更多的商業合同，以增加他們在工作場所、零售店的充電器數量，高速公路沿線等。

So that's why it's really, really important right now that Blink is on point as all the good news happens right now around sales and the Projections, because you're going to see an uptick in the installation of commercial chargers, which is our sweet spot.

因此，這就是為什麼現在 Blink 真的非常重要，因為所有好消息都圍繞著銷售和預測發生，因為你會看到商用充電器的安裝量增加，這是我們的最佳點。

You know, we do in home chargers, but in home chargers, the margin is much looser.

你知道，我們做家用充電器，但家用充電器的利潤要寬鬆得多。

That's more of a direct impact when you sell the car and then you see an increase in home.

當你賣掉汽車然後看到房屋價格上漲時，這會產生更直接的影響。

Commercial, it waits for the units to operate to increase.

商業化，待營運單位增加。

It looks at the sales trend.

它著眼於銷售趨勢。

Then our customers and clients, they say, okay, we need to add chargers or we need new chargers.

然後我們的客戶和客戶說，好吧，我們需要添加充電器，或者我們需要新的充電器。

And that's what we're expecting now as we move forward.

這就是我們現在所期待的。

Perfect.

完美的。

Perfect.

完美的。

Last question, if I may.

最後一個問題，如果可以的話。

Is around cash?

周圍有現金嗎？

You got about 65 on the balance sheet and you guys have made huge progress this year.

你們的資產負債表上大約有 65，你們今年取得了巨大的進步。

In your release, you say a $45 million reduction in cash use, this year versus last year.

在您的新聞稿中，您表示今年的現金使用量比去年減少了 4,500 萬美元。

Can you maybe talk us through the key things for everyone to look at as we look at the continued progress you make on reducing cash needs into the end of the year and over the next few quarters?

當我們審視你們在年底和未來幾季減少現金需求方面取得的持續進展時，您能否向我們介紹一下每個人都需要關注的關鍵事項？

Yeah.

是的。

So, Craig, as Michael Rama mentioned, we burned about $9 million in cash in Q3, which was down significantly not just from last year, but from prior quarters.

因此，克雷格，正如邁克爾·拉馬（Michael Rama）提到的那樣，我們在第三季度消耗了約900 萬美元的現金，這不僅比去年大幅下降，而且比前幾季度也大幅下降。

And that was a result of, really of the cost reduction and aggressive cost reduction actions that we employed.

這實際上是我們採取的成本削減和積極的成本削減行動的結果。

And they came from two areas, and one was compensation expense, which was down 37%, and other GNA expenses, which were down 10%.

它們來自兩個領域，一是補償費用，下降了 37%，二是其他 GNA 費用，下降了 10%。

So, when you look at our $9 million cash burn and you look at the cash that we have on hand, we have a nice runway ahead of us that we don't have to tap the markets for any capital in the short run.

因此，當你看到我們 900 萬美元的現金消耗和我們手頭上的現金時，我們前面有一條良好的跑道，我們不必在短期內利用市場獲取任何資本。

So, we feel pretty good about where we are.

所以，我們對自己所處的位置感覺很好。

And the good news is that we have options.

好消息是我們有選擇。

We have options in the future should we need to raise more capital?

未來我們有選擇是否需要籌集更多資金？

Excellent.

出色的。

Well, I'll say congratulations on the gross margins.

好吧，我要要祝賀毛利率。

That really is a bright spot and it points to you guys showing discipline in the market.

這確實是一個亮點，它表明你們在市場上表現出了紀律。

Thanks for taking my questions.

感謝您回答我的問題。

Sameer Joshi with H.C. Wainwright

Sameer Joshi 與 H.C.溫賴特

Hey, good afternoon.

嘿，下午好。

And Brendan, thanks for all you have done for the company.

布蘭登，感謝你為公司所做的一切。

It has been good to have worked with you.

很高興與您合作。

And of course, Mike, welcome to the new role.

當然，麥克，歡迎擔任新角色。

I just have a few questions.

我只有幾個問題。

The announcement on the Axxeltrova GBP100 million SPV being set up.

關於Axxeltrova 1億英鎊SPV設立的公告。

Can you just explain a little bit how it will work and is there a way or is there a chance that you would do something like that in other geographies?

您能簡單解釋一下它是如何運作的嗎？

Yeah, So thanks, Sameer.

是的，謝謝，薩米爾。

So, I'll start and then allow Michael Rama to jump in as you'd like.

那麼，我將開始，然後允許邁克爾·拉瑪（Michael Rama）按照您的意願加入。

So this SPV with Axxeltrova is an off balance sheet legal entity that is funded a couple of different ways.

因此，這個與 Axxeltrova 合作的 SPV 是一個資產負債表外的法人實體，其資金來源有很多。

In this instance, its purpose is to support the Levy program in the UK.

在這種情況下，其目的是支持英國的徵稅計劃。

And again, as I kind of briefly mentioned in the comments, that the Levy program in the UK is very, very similar to the NEVY program in the US.

再次，正如我在評論中簡要提到的，英國的 Levy 計劃與美國的 NEVY 計劃非常非常相似。

So there are, there is funding that is coming from Levy which will populate the SPV and then Axxeltrova and investors will fund the balance and then it gives us the ability to sell charging stations into the SPV, recognize that revenue and then also to recognize ongoing network services, things like that, potentially some revenue from utilization, things like that.

因此，來自 Levy 的資金將填充 SPV，然後 Axxeltrova 和投資者將為餘額提供資金，然後它使我們能夠向 SPV 出售充電站，確認收入，然後也確認持續的收入網絡服務，諸如此類的事情，可能會從使用中獲得一些收入，諸如此類的事情。

So, Michael, anything to add to that?

那麼，邁克爾，還有什麼要補充的嗎？

I'd also add that, obviously this is, we're using this program to kick it off.

我還要補充一點，顯然，我們正在使用這個程式來啟動它。

We're evaluating other opportunities within Europe as well as seeing how this could play out in the US as well.

我們正在評估歐洲的其他機會，並看看這在美國也能發揮作用。

So, kind of a test pilot run to see how this runs through.

因此，我們可以進行一次試運行，看看這是如何進行的。

But I think it's an additional way to finance with no dilution and being able to still recognize, like I said, the revenues and build on and minimize the risk, if you will.

但我認為這是一種額外的融資方式，不會稀釋，並且仍然能夠識別收入，就像我說的，如果你願意的話，可以建立並最小化風險。

Right, right.

對，對。

So the SPB will be the owner operator of this and.

因此 SPB 將成為該專案的所有者運營商。

You think it will be a sale.

你認為這會是一筆銷售。

Just a quick follow up.

只需快速跟進即可。

Is there any option for financing customers buy and install the systems or this is purely for the SPVs financing of owner-on-owner operator modeling.

是否有任何選項可以為購買和安裝系統的客戶提供融資，或者這純粹是為業主對業主運營商模型的 SPV 提供融資。

So, in this initial SPV it's dedicated to the owner operator model for selling into the SPV and then running this program with Levy.

因此，在這個最初的 SPV 中，它致力於所有者經營者模式，將產品出售給 SPV，然後與 Levy 一起運行該計劃。

But it certainly could be in future SPVs.

但它肯定可能出現在未來的 SPV 中。

It certainly could be used to what you said.

確實可以用你說的。

Right, right.

對，對。

Okay, thanks for that.

好的，謝謝。

For the outlook for the year, there's a 10 million delta which implies fourth quarter 10 million delta.

對於今年的展望，有 1000 萬增量，這意味著第四季有 1000 萬增量。

What are some of the puts and takes that would make it go to the lower end versus the high end.

有哪些看跌期權和看跌期權會使其走向低端而不是高端。

Just like to understand what is at play here between the low end to the high end.

只是想了解低端到高端之間的作用。

Yeah,it's actually very straightforward, Sameer.

是的，這實際上非常簡單，Sameer。

It is all concentrated in the product sales side.

全部集中在產品銷售端。

So, we see a good trajectory on the owner operator model as we demonstrated in Q3.

因此，正如我們在第三季所展示的那樣，我們在所有者經營者模型上看到了良好的軌跡。

And really throughout this year, our services revenue has increased very, very nicely throughout the year.

事實上，今年以來，我們的服務收入全年都成長得非常非常好。

We expect that to continue.

我們預計這種情況會持續下去。

So, the Delta as you say, is really concentrated in the product sales side.

所以，正如你所說，台達實際上是集中在產品銷售方面。

We have some opportunities that could swing that to either end of that range.

我們有一些機會可以將其轉向該範圍的任一端。

Understood.

明白了。

And then just a quick one on OpEx.

然後簡單介紹一下營運支出。

I think if we take out the one-time charges, the OpEx is sort of sequentially a little bit lower also compared to the previous two quarters actually.

我認為，如果我們除去一次性費用，實際上與前兩個季度相比，營運支出也略有下降。

What is the operating expense level expected going forward and how should we be looking at it?

預計未來的營運費用水準是多少？

Yeah, Michael, do you want to jump?

是的，邁克爾，你想跳嗎？

Yes.

是的。

No, obviously in Q3 it was sequentially lower in Q3 than the other quarters.

不，顯然在第三季度，它連續低於其他季度。

We're also, however, it was mitigated a little bit by some severance and severance accruals that we had to record and pay during the quarter as we announced the cost cutting measures.

然而，當我們宣布成本削減措施時，我們必須在本季度記錄和支付一些遣散費和應計遣散費，這也使情況有所緩解。

So, the expectation is to still continue to see declines or definitely declines in the operating expenses.

因此，預計營運費用仍將繼續下降或肯定下降。

And we already came out where we talked about a $9 million annual OpEx savings in the plan.

我們已經談到了該計劃中每年可節省 900 萬美元的營運支出。

So, we expect to see that push through on a move forward basis, especially as we enter 2025.

因此，我們預計這一趨勢將會向前推進，尤其是在進入 2025 年之際。

Oh, okay.

哦好的。

So, the third quarter also included some of those severance payments as well?

那麼，第三季也包括了其中一些遣散費？

As well.

也是如此。

That's correct.

這是正確的。

Yeah, it did.

是的，確實如此。

I would add to that as we're still executing on some of our priorities.

我想補充一點，因為我們仍在執行一些優先事項。

So as Michael and Michael outlined, we saw the overall cost go down and the cash burn go significantly down.

正如邁克爾和邁克爾所概述的那樣，我們看到總體成本下降了，現金消耗也顯著下降。

We then add in those cost savings at the 14% reduction.

然後，我們將節省的成本加上 14%。

We then add off as everybody lose sight of sometimes is the spin of mobility, which is right now on track.

然後我們補充一下，因為每個人有時都忽略了移動性的旋轉，而移動性現在已經步入正軌。

And it looks like we're going to be able to execute that either at the end of December or into Q1.

看起來我們將能夠在 12 月底或第一季執行該計劃。

That takes an additional amount of expenses off the books as well.

這也從帳簿中扣除了額外的費用。

So, we have other activities.

所以，我們還有其他活動。

We also have additional synergies that we still haven't closed down on that it takes a long time to combine six companies.

我們還有其他的綜效尚未結束，因為合併六家公司需要很長時間。

We are almost done with it, but there are still some opportunities there.

我們已經快完成了，但仍然有一些機會。

When we look at this topic, it really is about how do you establish a culture of continuous improvement that as we move forward we look for more efficient systems, more efficient ways to do business, more global in our mentality to cut cost and cut duplication across the board.

當我們看待這個主題時，它實際上是關於如何建立一種持續改進的文化，隨著我們的前進，我們尋求更有效率的系統、更有效的開展業務的方式、更全球化的心態來削減成本和減少重複全面。

And that emphasis is going to continue well into the future because now we've made it at blink.

這種重視將持續到未來，因為現在我們已經做到了這一點。

It's part of our culture, it's our identity.

這是我們文化的一部分，是我們的身分。

Now you got to bounce back and you got to enhance revenue simultaneously or the equation doesn't work.

現在你必須反彈，同時提高收入，否則這個等式就行不通。

And we're certainly working on both.

我們當然正在這兩方面努力。

Understood.

明白了。

Thanks a lot for taking my questions and good luck.

非常感謝您回答我的問題，祝您好運。

Jawad Bhuiyan with Stifel.

賈瓦德·布伊揚 (​​Jawad Bhuiyan) 與斯蒂菲爾 (Stifel)。

Hey, thanks for the question, Jawad.

嘿，謝謝你的提問，賈瓦德。

We want to hear on first Stephen Gengaro.

我們想先聽聽史蒂芬·根加羅的情況。

I just had a quick question surrounding trying to get a better sense of product margins, the impact of the new Maryland facility and kind of how we should think about these margins over the next several quarters and then just had a quick follow up after that.

我只是有一個簡短的問題，試圖更好地了解產品利潤、馬裡蘭州新工廠的影響以及我們應該如何考慮未來幾個季度的這些利潤，然後進行了快速跟進。

Thanks.

謝謝。

Yeah, thanks Jawad.

是的，謝謝賈瓦德。

Good question.

好問題。

So, there's really two elements to this.

所以，這其實有兩個要素。

One, obviously in the third quarter we reported 36% gross margins.

第一，顯然第三季我們的毛利率為 36%。

I'm sure you probably noticed that what we have maintained for full year is 33%.

我相信您可能已經注意到，我們全年保持的是 33%。

So, we think that there is potentially some upside to that.

因此，我們認為這可能有一些好處。

But as we go into the future, we feel comfortable with where our margin profile sits at the moment.

但當我們展望未來時，我們對目前的利潤狀況感到滿意。

So we feel like we're going to continue to maintain what we achieved in the third quarter and then we're going to look at, hey, what are some of the margin expansion opportunities and one of them is what I had mentioned in my comments with Stable Auto and as we get smarter about efficiencies in Blink owned stations and where are the revenue enhancement opportunities and those translating directly into margin and so there's certainly more things that we can do.

因此，我們覺得我們將繼續保持第三季度取得的成就，然後我們將看看，嘿，有哪些利潤擴張機會，其中之一就是我在我的報告中提到的。著我們對Blink 擁有的加油站的效率越來越了解，收入增加的機會在哪裡，以及那些直接轉化為利潤的機會，所以我們當然可以做更多的事情。

We've actually done a very, very good job of paring down our third-party product, third party product sales.

事實上，我們在削減第三方產品銷售方面做得非常非常好。

So, it's, it was very, very heavily skewed in the third quarter towards Blink manufactured product and that will just, that will continue.

因此，第三季的情況非常非常嚴重地偏向 Blink 製造的產品，而這種情況將會持續下去。

So, there's probably a little more room in there on the product sales side as we really try to transition away from third party products nearly completely as well as some of those other things I mentioned with like Stable Auto.

因此，在產品銷售方面可能還有更多的空間，因為我們確實嘗試幾乎完全擺脫第三方產品以及我提到的其他一些產品，例如穩定汽車。

That makes sense.

這是有道理的。

Thank you.

謝謝。

The follow up was I was wondering if you could talk a little bit more about the current charger uptime across the installed base.

接下來，我想知道您是否可以多談談目前已安裝的充電器的正常運行時間。

I know a lot of people talk about the charger uptime and so just kind of curious about the steps you take to ensure uptime, I guess, remain tight.

我知道很多人都在談論充電器的正常運行時間，因此我想知道您為確保正常運行時間保持緊張的措施。

Thanks.

謝謝。

Yeah. great.

是的。偉大的。

So, there's two aspects to maintaining uptime and it's somewhat unique to Blink in that we have a population of chargers, again over 6,000, that we own and operate directly.

因此，維持正常運作時間有兩個方面，Blink 的獨特之處在於我們擁有大量充電器，同樣超過 6,000 個，我們擁有並直接運作。

And the responsibility for the uptime of those chargers falls out Blink.

Blink 負責這些充電器的正常運作時間。

We can very proactively service those chargers, replace them, whatever we need to do in order to keep them up and running.

我們可以非常主動地維修這些充電器，更換它們，無論我們需要做什麼，以保持它們的正常運作。

And again, because we own and operate them and because we derive revenue from electricity sales from those chargers, we're inherently motivated to keep those up and running.

再說一遍，因為我們擁有並經營它們，並且因為我們從這些充電器的電力銷售中獲得收入，所以我們本質上有動力保持它們的正常運作。

So, our uptime on Blink owned chargers is excellent.

因此，我們 Blink 自有充電器的正常運作時間非常好。

The challenge comes when you have a population and this is an industry issue, this is not unique to Blink.

當你擁有一定數量的人口時，就會面臨挑戰，這是一個行業問題，這並不是 Blink 獨有的。

The issue comes when you have a population of chargers and it's thousands of chargers out in the wild, so to speak, and they're owned by whoever bought them.

當你有大量充電器時，問題就出現了，可以說，有數千個充電器在野外，而且它們歸購買者所有。

And so while our network and our systems identify which of those chargers are up, are down, need maintenance, whatever it might be, we can't force a site host to either fix a charger or replace a charger.

因此，雖然我們的網路和系統可以識別哪些充電器已啟動、已關閉、需要維護（無論是什麼），但我們不能強迫網站主機修復充電器或更換充電器。

So, what we do is we focus our efforts on awareness.

因此，我們所做的就是將精力集中在意識上。

We try to be proactive in bringing the situation to that site host and providing them options.

我們嘗試主動將情況告知該網站託管商並為他們提供選擇。

If they're not going to invest in keeping that charger up and running, oftentimes we can provide them an option for Blink to take over that charger.

如果他們不打算投資保持該充電器的正常運行，我們通常可以為他們提供一個選項，讓 Blink 接管該充電器。

And if it's an appropriate site that passes through our analytical models, we can say, you know what, we'll replace the charger for no cost and we will take over the revenue on that charger as well.

如果這是一個通過我們的分析模型的合適網站，我們可以說，你知道嗎，我們將免費更換充電器，並且我們還將接管該充電器的收入。

So that is also a key initiative within the company is to do things like that.

因此，公司內部的一項關鍵措施就是做類似的事情。

Got it.

知道了。

I appreciate that.

我很欣賞這一點。

Thanks for the call.

感謝您的來電。

I'll pass it on.

我會把它傳遞下去。

Noel Parks with Tuohy Brothers.

諾埃爾·帕克斯和圖伊兄弟。

Hi, good afternoon.

嗨，下午好。

You know, one general question.

你知道，這是一個普遍問題。

Thinking about your owner operated model versus your other delivery methods, is there an appreciable difference in sales cycle that you're seeing between those types of business?

考慮一下您的所有者經營模式與其他交付方式，您發現這些類型的業務之間的銷售週期是否有明顯差異？

Yeah, good question.

是的，好問題。

You know, generally speaking the owner operator model has a shorter sales cycle because whether it is an opportunity through what we call our hybrid model where we co invest with the site host, or it's even faster if through our turnkey model where Blink funds the full capex so it's a bit shorter on the owner operator side versus the sales side.

你知道，一般來說，業主經營者模式的銷售週期較短，因為無論是透過我們所謂的混合模式（我們與網站託管商共同投資）的機會，還是透過我們的統包模式（Blink 提供全額資金），它的速度都會更快。

Again, I'd only add to that.

再說一次，我只想補充一點。

You've got what we call side host dynamics at play.

你有我們所謂的側主機動態在起作用。

So if we have a big side host and he's agreed to buy chargers, right, and we can ship him those chargers, but it's truly up to the site host while he engages with his own installation companies, if he doesn't use one and get those in the ground and get them in operational and actually decide when he's going to receive the chargers and so that we can, we can get revenue recognition when it's an owner operated model.

因此，如果我們有一個大型側主機，並且他同意購買充電器，對吧，我們可以向他運送這些充電器，但這實際上取決於站點主機，而他與自己的安裝公司合作，如果他不使用充電器並將它們埋入地下並投入運行，並實際決定何時收到充電器，這樣我們就可以在業主運營的模型中獲得收入確認。

Once we ink the deal with the site host agreement with the site, we have complete control to Mike's point and we can install the chargers in as fast as we can get them permitted installed up and operating and turn them into revenue generators.

一旦我們與網站簽署了網站託管協議，我們就可以完全控制麥克的觀點，我們可以盡快安裝充電器，讓它們獲得安裝和運行許可，並將它們轉化為收入來源。

So, the dynamic really shifts on the model and the lead time shifts dramatically.

因此，模型的動態確實發生了變化，交貨時間也發生了巨大的變化。

And, you know what, I'm just going to add one thing to that because it's actually a good segue.

而且，你知道嗎，我只想添加一件事，因為它實際上是一個很好的延續。

I want to just remind everyone that the core of Blink and our stated strategy that we've been consistent with is to continue to grow the owner operator aspect of our business so that it becomes the dominant revenue model for the company.

我想提醒大家的是，Blink 的核心以及我們一貫堅持的既定策略是繼續發展我們業務的業主經營者方面，使其成為公司的主導收入模式。

And the reason why we want to do that is because that is typically high margin, consistent, recurring revenue that we believe adds a lot of value to the company.

我們之所以要這樣做，是因為這通常是高利潤、持續的經常性收入，我們相信這會為公司增加很多價值。

So, we're going to continue to move in that direction.

因此，我們將繼續朝這個方向前進。

In fact, we may continue or in fact, we may move more aggressively into that, in that direction.

事實上，我們可能會繼續，或者事實上，我們可能會更積極地朝這個方向邁進。

We'll continue to do both.

我們將繼續兩者兼而有之。

But the goal of the company is to move in that direction and is to continue each year for the revenue mix between owner operator and sales to tilt more towards the owner operator model.

但該公司的目標是朝著這個方向前進，並且每年繼續使業主運營商和銷售之間的收入組合更加向業主運營商模式傾斜。

Great.

偉大的。

Thanks a lot.

多謝。

There appear to be no further questions in queue.

隊列中似乎沒有其他問題了。

I would like to turn the floor back to Vitalie for closing remarks.

我想請維塔利做結束語。

Well, thank you, Holly.

嗯，謝謝你，霍莉。

And thank you all for joining us today on the call and for your interest in Blink charging and the latest quarter that we've reported.

感謝大家今天參加我們的電話會議，感謝大家對 Blink 充電和我們報告的最新季度的興趣。

For additional questions or any other requests to meet with management or learn more about our products or facilities, please feel free to e-mail us at ir@blinkcharging.com and we look forward to engaging with you in the future.

如果有其他問題或任何其他要求與管理層會面或了解有關我們產品或設施的更多信息，請隨時發送電子郵件至 ir@blinkcharging.com，我們期待將來與您聯繫。

Thanks again.

再次感謝。

Thanks, everybody.

謝謝大家。

Bye bye.

再見。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，此時您可以掛斷電話了。

Thank you for your participation.

感謝您的參與。