Blink Charging Co (BLNK) 2024 Q4 法說會逐字稿

Greetings. Welcome to the Blink Charging fourth-quarter 2024 earnings call. (Operator Instructions)

問候。歡迎參加 Blink Charging 2024 年第四季財報電話會議。（操作員指示）

I will now turn the conference over to your host, Vitalie Stelea, VP of Capital Markets and FP&A. You may begin.

現在，我將會議交給主持人、資本市場和 FP&A 副總裁 Vitalie Stelea。你可以開始了。

Thank you, John, and welcome to Blink's fourth quarter 2024 earnings call. Apologies for the slight delay due to a technical difficulty. But with us today on the call, have Mike Battaglia, President and Chief Executive Officer; and Michael Rama, Chief Financial Officer.

謝謝你，約翰，歡迎參加 Blink 2024 年第四季財報電話會議。因技術問題導致稍有延遲，敬請諒解。但今天與我們一起參加電話會議的還有總裁兼執行長 Mike Battaglia；以及財務長 Michael Rama。

Today's discussions will include non-GAAP references, which are reconciled to the most comparable US 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 (non-GAAP) 參考，這些參考與我們收益表附錄中最具可比性的美國公認會計準則 (US GAAP) 指標相協調。您可以在 Blink 的投資者關係網站上找到該簡報以及我們的其他收益資料和其他重要內容。

Today's presentation may also include forward-looking statements about our expectations. Actual results may differ from those stated, and the most significant factors for those differences are included on page 2 of the fourth quarter 2024 earnings deck. Unless otherwise noted, all comparisons are year over year.

今天的演示可能還包括有關我們期望的前瞻性陳述。實際結果可能與所述結果不同，造成這些差異的最重要因素包含在 2024 年第四季財報的第 2 頁。除非另有說明，否則所有比較都是同比的。

And now, regarding the investor relations calendar, Blink will be participating in the ROTH Capital Investor Conference in Dana Point, California on March 17. In addition, please follow our announcements on our website for other events in the future.

現在，關於投資者關係日程，Blink 將於 3 月 17 日參加在加州達納角舉行的 ROTH Capital 投資者會議。此外，請關注我們網站上的公告，以了解未來的其他活動。

And at this point, I will turn the call over to Mike Battaglia, President and CEO of Blink Charging. Go ahead, Mike.

現在，我將把電話轉給 Blink Charging 總裁兼執行長 Mike Battaglia。繼續吧，麥克。

All right. Great. Thanks, Vitaly. Good afternoon, everyone, and thank you for joining us today. As most of you know, I officially assumed the CEO role on February 1, after my tenure as COO. And so far, a month and half into it, I'm even more excited about where our company is headed in the future for Blink. We are moving very fast as an organization to build a winning global EV infrastructure company.

好的。偉大的。謝謝，維塔利。大家下午好，感謝大家今天的參與。大家應該都知道，我在擔任營運長之後，於 2 月 1 日正式擔任執行長一職。到目前為止，已經過了一個半月了，我對 Blink 公司未來的發展方向更加興奮。作為一個組織，我們正在迅速行動，打造一家成功的全球電動車基礎設施公司。

2024 had its challenges, but we made solid progress on many fronts. For example, in 2024, Blink continued to significantly grow its service revenue, delivering record full year results and increasing our footprint of Blink-owned chargers, which is the future of Blink.

2024 年面臨挑戰，但我們在許多方面取得了堅實的進展。例如，2024 年，Blink 繼續大幅增加其服務收入，實現創紀錄的全年業績，並擴大了 Blink 自有充電器的覆蓋範圍，這是 Blink 的未來。

With respect to hardware and product sales, we intensified our efforts to successfully develop alternative sales channels. And while there's still work to be done, we have established a solid foundation to build from. And as we relentlessly pursue profitability, we initiated a variety of cost reduction actions that resulted in significant savings in operating expenses and lower cash consumption.

在硬體和產品銷售方面，我們加強成功開發替代銷售管道。儘管還有很多工作要做，但我們已經建立了堅實的基礎。在我們堅持不懈地追求獲利的同時，我們採取了各種降低成本的措施，從而大幅節省了營運費用並降低了現金消耗。

So with that, please turn to slides 4 and 5. Our fourth quarter 2024 consolidated revenue was $30 million, a sequential increase of 20% when compared to the third quarter of 2024. Service revenues grew 24% in the quarter to $9.8 million compared to the fourth quarter of 2023, and network fees increased 9% to $2.4 million year over year. During the quarter, We dispersed 42.5 gigawatt hours of energy across all Blink networks, a year over year increase of over 100% and a new Blink record.

那麼，請翻到投影片 4 和 5。我們 2024 年第四季的綜合營收為 3,000 萬美元，與 2024 年第三季相比季增 20%。與 2023 年第四季相比，本季服務收入成長 24%，達到 980 萬美元，網路費用年增 9%，達到 240 萬美元。本季度，我們在所有 Blink 網路中分配了 42.5 千兆瓦時的能源，年成長超過 100%，創下了 Blink 的新紀錄。

For the full year, our total revenues were $126 million. We had mentioned last quarter, and I want to note again that 2024 product sales were faced with a challenging comp as we had significant decent fast charger sales to auto dealerships in 2023. However, throughout 2024, we focused on other sales verticals such as large electrical distributors, multifamily properties, commercial fleets, local and state governments, offices, hospitals, and schools, just to name a few, which provide blank with profitable and sustainable revenue.

全年我們的總收入為 1.26 億美元。我們在上個季度提到過，我想再次指出，2024 年的產品銷售面臨嚴峻的挑戰，因為我們在 2023 年向汽車經銷商銷售了相當可觀的快速充電器。然而，在整個 2024 年，我們將重點放在其他銷售垂直領域，例如大型電力分銷商、多戶住宅物業、商業車隊、地方和州政府、辦公室、醫院和學校等等，這些領域為空白帶來了可盈利且可持續的收入。

Service revenue for the year was $35 million, also a Blink record. driven by increased utilization, a greater number of Blink-owned chargers in the field, and an increasing mix of DC fast chargers, which is another key focus area for us. Gross margin for the full year was 32%, and we continue to have confidence in our margin profile going forward.

全年服務收入為 3500 萬美元，也創下了 Blink 的最高紀錄。這得益於利用率的提高、現場 Blink 擁有的充電器數量的增加以及直流快速充電器組合的增加，這是我們關注的另一個重點領域。全年毛利率為 32%，我們持續對未來的利潤率狀況充滿信心。

Before I move to the next slide to discuss growth of our service revenues, I want to spend a minute on current market conditions surrounding electric vehicles and charging. Electric vehicles are seeing strong demand from consumers as Cox Automotive reported that new electric vehicle sales in the month of January 2025 were up nearly 30% compared to January 2024.

在我轉到下一張投影片討論我們的服務收入成長之前，我想花一點時間討論一下當前電動車和充電的市場狀況。電動車受到消費者的強勁需求，考克斯汽車公司報告稱，2025 年 1 月新電動車銷量與 2024 年 1 月相比增長了近 30%。

In fact, January 2025 marked the 10th consecutive month of more than 100,000 EVs sold in the United States. This was following the month of December where US EV sales reached the highest level ever. As the market matures, are confident that the proliferation of lower cost EVs and used secondhand EVs that are entering the market will continue to drive the wider transition to electric vehicles in both the mid and long term.

事實上，2025 年 1 月是美國電動車銷量連續第 10 個月超過 10 萬輛。此前，12 月美國電動車銷量創下歷史新高。隨著市場的成熟，我們相信，低成本電動車和二手電動車的大量湧入將在中長期繼續推動向電動車的更廣泛轉變。

In addition to the increase in new electric vehicles on the road, another major factor that is driving demand for charging services are used EVs. Cox Automotive reported that used EV sales grew by nearly 31% year over year in January 25. These sales results for both new and used electric vehicles are encouraging as they form the foundation of EV charging demand.

除了道路上新電動車數量的增加外，推動充電服務需求的另一個主要因素是二手電動車。Cox Automotive 報告稱，1 月 25 日二手電動車銷量年增近 31%。新電動車和二手電動車的銷售業績令人鼓舞，因為它們構成了電動車充電需求的基礎。

Another point that is important to address is the recent tariff announcements and their effect on Blink. In short, we do not expect tariffs to be a significant burden on our gross margin as we primarily source components and third-party finished goods within the United States and from India, where our two production facilities are located. But this is obviously a moving target, so we need to continue to monitor political developments and market conditions, and we'll adjust accordingly.

另一個需要解決的重要問題是最近的關稅公告及其對 Blink 的影響。簡而言之，我們預計關稅不會對我們的毛利率造成重大負擔，因為我們主要從美國國內和我們的兩個生產設施所在地印度採購零件和第三方成品。但這顯然是一個不斷變化的目標，因此我們需要繼續關注政治發展和市場狀況，並進行相應調整。

So with that, let's move to slide 6, which ties into what we just described earlier. Blink ended 2024 with 6,867 company-owned chargers, which is a 33% increase compared to 2023 year end. These chargers were the primary reason driving Blink's 2024 service revenue to nearly a 32% increase year over year to almost $35 million.

因此，讓我們轉到投影片 6，它與我們剛剛描述的內容相關。截至 2024 年，Blink 擁有 6,867 家公司自有充電器，與 2023 年底相比成長了 33%。這些充電器是推動 Blink 2024 年服務收入年增近 32% 至近 3,500 萬美元的主要原因。

We saw record charging revenue which grew 37% to $21.4 million. This impressive growth is due to the increased number of Blink-owned units, better site selection, and inclusion of more DC fast chargers into our portfolio. Again, this is the future of Blink and it's a bright spot.

我們的充電收入創下了歷史新高，成長了 37%，達到 2,140 萬美元。這一令人印象深刻的成長歸功於 Blink 擁有的單位數量的增加、更好的選址以及在我們的產品組合中納入更多的直流快速充電器。再說一遍，這就是 Blink 的未來，是一個亮點。

As we've highlighted, we are increasingly focused on growing our DC fast charger Blink-owned portfolio. In fact, revenue from our DC Blink-owned chargers went up nearly 500% in 2024 when compared with 2023. This focus is evident in our recent announcements, such as our agreement with World Farms, a mid-Atlantic regional fueling and convenience store chain where Blink owns and operates 76 DC fast charging ports. This exemplifies the type of partnerships and revenue growth that will drive our focus into the future.

正如我們所強調的，我們越來越專注於擴大 Blink 擁有的直流快速充電器產品組合。事實上，與 2023 年相比，2024 年我們 DC Blink 旗下充電器的營收成長了近 500%。這項重點在我們最近的公告中有所體現，例如我們與 World Farms 達成的協議，World Farms 是一家大西洋中部地區的加油和便利商店連鎖店，Blink 在其中擁有並運營 76 個直流快速充電端口。這體現了合作夥伴關係和收入成長的類型，將推動我們專注於未來。

Looking at slide 8, Link has the third largest EV charging network in the United States, according to the US Department of Energy. Our scale is important, especially now as we see industry consolidation in both the US and European charging industries. This consolidation represents an attractive growth opportunity for Blink, either through organic benefits or through acquiring assets.

從第 8 張投影片可以看出，根據美國能源部的數據，Link 擁有美國第三大電動車充電網路。我們的規模很重要，尤其是現在我們看到美國和歐洲充電產業都在進行產業整合。此次合併對 Blink 來說是一個頗具吸引力的成長機會，無論是透過有機收益還是透過收購資產。

Across the pond in Europe, we are one of the leading providers of charging services with significant operations in the United Kingdom and Belgium. This is a corporate strength as our operations there provide revenue and profitability diversification, especially with the consistent transition to electrified transportation across the continent.

在歐洲，我們是領先的充電服務供應商之一，在英國和比利時擁有大量業務。這是企業的優勢，因為我們在那裡的業務提供了收入和盈利多樣化，特別是隨著整個非洲大陸向電氣化交通的持續轉變。

In the UK, example, almost one out of five vehicles sold in 2024 were electric. And the used electric vehicle market saw a 57% increase in sales. Similarly, in Belgium, 2024 was a record-breaking year for EV sales, where electric vehicles made up nearly 30% of new car sales, resulting in a 36% increase in registrations. The growing adoption of EVs was primarily driven by corporate fleets, which accounted for nearly 87% of new fully electric registrations in 2024.

例如，在英國，2024 年售出的汽車中幾乎有五分之一都是電動車。二手電動車市場銷量成長了57%。同樣，在比利時，2024 年是電動車銷量創紀錄的一年，電動車佔新車銷量的近 30%，註冊量增加了 36%。電動車的日益普及主要得益於企業車隊，到 2024 年，企業車隊將佔新註冊純電動車的近 87%。

And we continue to make progress enhancing the capabilities of our global network. We are nearly complete with the consolidation of our European software networks into our global Blink 2.0 network, which will provide operational and cost efficiencies.

我們將繼續在增強全球網路能力方面取得進展。我們已接近完成將歐洲軟體網路整合到全球 Blink 2.0 網路的工作，這將提高營運和成本效率。

We are also taking actions to improve network throughput. For example, we replaced a number of legacy DC and L2 chargers this past quarter with more advanced equipment. This action will not only improve the customer experience, but will also lead to increased charging revenues.

我們也正在採取措施提高網路吞吐量。例如，上個季度我們用更先進的設備取代了許多傳統的 DC 和 L2 充電器。此舉不僅將改善客戶體驗，還將增加充電收入。

And now, before I turn it over to Michael Rama, I wanted to emphasize the progress that Blink made in 2024 in reducing our cash burn and operating expenses. Through cost avoidance and optimization actions, total operating expenses as adjusted for non-cash items were reduced by 24% in 2024.

現在，在將時間交給 Michael Rama 之前，我想強調 Blink 在 2024 年在減少現金消耗和營運費用方面取得的進展。透過成本避免和優化措施，2024 年調整非現金項目後的總營運費用減少了 24%。

Sequentially, our Q4 operating expenses were down 17% when compared with Q3 of 2024. This was primarily driven by a $4.3 million or 28% reduction in compensation expense. Compensation expense for full year 2024 was reduced by 37 % compared to prior year. And most importantly, our cash firm was reduced by 51 % in 2024.

與 2024 年第三季相比，我們的第四季營運費用下降了 17%。這主要是由於薪酬費用減少了 430 萬美元或 28%。2024年全年薪資支出較前一年減少37%。最重要的是，我們的現金公司在 2024 年減少了 51%。

On a quarterly basis, we reduced operating cash firm from $18 million per quarter at the close of 2023 to $9 million per quarter at the end of 2024. We reduced our cash firm by half and we're definitely not done yet. I will come back at the end of the presentation with more details about some of the current actions we're taking. to position Blink for profitability and long-term success.

以季度計算，我們將經營現金流從 2023 年底的每季 1,800 萬美元減少到 2024 年底的每季 900 萬美元。我們的現金公司規模已減少了一半，但我們肯定還沒完成。演講結束後，我將詳細介紹我們目前正在採取的一些行動。使 Blink 獲得盈利並取得長期成功。

But for now, I will turn the presentation over to our CFO, Michael Rama. Michael?

但現在，我將把演講交給我們的財務長 Michael Rama。麥可？

Thank you, Mike, and good afternoon, everyone.

謝謝你，麥克，大家下午好。

Now turning to slide 11, our Q4 2024 revenues were $30.2 million. Total revenues for 2024 were $126.2 million compared to $140.6 million for the full year 2023. Product revenues for the fourth quarter were $17.2 million and $81.7 million for the full year.

現在翻到第 11 張投影片，我們 2024 年第四季的營收為 3,020 萬美元。2024 年總收入為 1.262 億美元，而 2023 年全年總收入為 1.406 億美元。第四季產品收入為 1,720 萬美元，全年產品收入為 8,170 萬美元。

Fourth quarter service revenues, which consists of charging service revenues, network fees, and car sharing revenues were $9.8 million, an increase of 24 % compared to the fourth quarter of 2023. Full year 2024 service revenues were $34.8 million, representing a a year-over-year growth of 31.8%.

第四季服務收入（包括充電服務收入、網路費和汽車共享收入）為 980 萬美元，與 2023 年第四季相比成長 24%。2024 年全年服務收入為 3,480 萬美元，年增 31.8%。

Gross profit was $7.5 million, or 25% of revenues, compared to gross profit of $10.6 million, or 25% of revenues in the fourth quarter of 2023. Q4 gross profit was impacted by an asset adjustment of $2.9 million, which was primarily related to product upgrades, as Mike mentioned earlier. Without the impact of this charge, gross margins would have been over 35% in the fourth quarter of 2024.

毛利為 750 萬美元，佔營收的 25%，而 2023 年第四季的毛利為 1,060 萬美元，佔營收的 25%。第四季毛利受到 290 萬美元資產調整的影響，這主要與產品升級有關，正如 Mike 之前提到的。若不計入該費用的影響，2024 年第四季的毛利率將超過 35%。

Full year 2024 gross profit was $40.8 million or 32% of revenues compared to gross profit of $40.2 million or 29 % in the full year 2023. Excluding the impact of asset adjustments related to product upgrades, full year 2024 gross margins would have been 35%.

2024 年全年毛利為 4,080 萬美元，佔營收的 32%，而 2023 年全年毛利為 4,020 萬美元，佔營收的 29%。不計入產品升級相關資產調整的影響，2024年全年毛利率將達35%。

Operating expenses excluding non-cash impairment and change in fair value charges decreased 21% to $23.1 million, compared to $29.5 million in the fourth quarter of 2023. Sequentially, operating expenses decreased by $4.7 million or 17 % compared to Q3 of 2024, primarily driven by decreased compensation expense. Full year 2024 operating expense also adjusted for non-cash impairment and changes in fair value charges decreased $35 million or 24% to $111 million compared to $145 million in the prior year.

不包括非現金減損和公允價值變動費用的營業費用下降 21% 至 2,310 萬美元，而 2023 年第四季為 2,950 萬美元。與 2024 年第三季相比，營運費用較上季減少 470 萬美元，降幅 17%，主要原因是薪資費用減少。2024 年全年營運費用也根據非現金減損和公允價值費用變動進行了調整，與上年的 1.45 億美元相比減少了 3,500 萬美元（即 24%），至 1.11 億美元。

Loss per share for the fourth quarter was $0.73 per share compared to a $0.28 in the prior year period. For full year 2024, loss per share was $1.96, compared to $3.21 in the prior year. Adjusted loss per share for the fourth quarter improved to $0.15 compared to $0.28 in the fourth quarter of 2023. Adjusted loss per share for the full year 2024 improved to $0.61 compared to $1.42 in the full year 2023.

第四季每股虧損為 0.73 美元，去年同期每股虧損為 0.28 美元。2024 年全年每股虧損為 1.96 美元，而前一年為 3.21 美元。第四季調整後每股虧損從 2023 年第四季的 0.28 美元改善至 0.15 美元。2024 年全年調整後每股虧損從 2023 年全年的 1.42 美元改善至 0.61 美元。

Now, adjusted EBITDA for the fourth quarter of 2024 was a loss of $10.6 million compared to a loss of $14 million in the prior year, an improvement of 25% year over year. Adjusted EBITDA for the full year of 2024 was a loss of $49.5 million compared to an EBITDA loss of $57 million in 2023. This is an improvement of 13% year over year.

現在，2024 年第四季的調整後 EBITDA 虧損 1,060 萬美元，而去年同期的虧損為 1,400 萬美元，較去年同期成長 25%。2024 年全年調整後 EBITDA 虧損 4,950 萬美元，而 2023 年 EBITDA 虧損 5,700 萬美元。與去年同期相比，這一數字提高了 13%。

As of December 31, 2020, 2024, The company had cash liquidity of $55 million, which includes liquid marketable securities and no cash debt.

截至2020年12月31日，2024年，該公司的現金流動性為5,500萬美元，其中包括流動性有價證券，且無現金債務。

As for our outlook, based on current visibility, Blink believes service revenues will continue to increase throughout 2025. We expect product revenue in the first half of 2025 to be similar to product revenue levels in the back half of 2024 and anticipate product revenues to improve during '20 -- during the second half of 2025.

至於我們的展望，根據目前的前景，Blink 認為服務收入將在 2025 年持續成長。我們預計 2025 年上半年的產品收入將與 2024 年下半年的產品收入水準相似，並預計 2020 年至 2025 年下半年的產品收入將會有所改善。

We had provided an adjusted EBITDA target on previous calls. However, given the current macro dynamics, we expect to have better visibility around our timeline to reach adjusted EBITDA profitability as the year progresses and we'll update you accordingly. As a company, we remain focused on continuing to grow revenues while reducing operating expenses and cash burn. in order to drive towards profitability.

我們在先前的電話會議中提供了調整後的 EBITDA 目標。然而，考慮到當前的宏觀動態，我們預計隨著時間的推移，我們將對實現調整後 EBITDA 盈利的時間表有更好的了解，我們將相應地向您更新。作為一家公司，我們仍然專注於繼續增加收入，同時減少營運費用和現金消耗。以實現盈利。

I will now turn the call back over to Mike for his final commentary. Go ahead, Mike.

現在我將把電話轉回給麥克，請他發表最後的評論。繼續吧，麥克。

Great. Thank you, Michael. As we move through 2025, our industry is experiencing a challenging landscape, and we are focused on embracing operational strategies that will position Blink to effectively navigate the near term with a focus on driving long-term growth.

偉大的。謝謝你，麥可。隨著我們邁入 2025 年，我們的產業正經歷著充滿挑戰的局面，我們專注於採取營運策略，使 Blink 能夠有效地駕馭短期發展，並專注於推動長期成長。

With that in mind, we are introducing Blink Forward. our strategic focus for sustained success. First and foremost, our plan is focused on promoting our relentless pursuit of profitability with a sharp focus on reducing operating expenses. We reduced cash burn by 51% in 2024, compensation expenses by 37%, and total adjusted operating expenses by 24%. However, there is more to be done and we are looking at every business department and cost center to ensure a path to profitability.

考慮到這一點，我們推出了 Blink Forward。我們的戰略重點是持續取得成功。首先，我們的計劃重點是促進我們對盈利能力的不懈追求，並專注於降低營運費用。2024 年，我們將現金消耗減少了 51%，薪資支出減少了 37%，調整後總營運支出減少了 24%。然而，還有很多工作要做，我們正在審視每個業務部門和成本中心，以確保獲利之路。

The first pillar in Blink Forward is to continue our commitment to offer flexible customer-centric business models. We'll focus on being a constructive partner, understanding customer pain points, and providing solutions, whether it's through our reliable equipment and network, or software that controls energy management.

Blink Forward 的第一個支柱是繼續致力於提供靈活的以客戶為中心的商業模式。我們將致力於成為建設性的合作夥伴，了解客戶的痛點並提供解決方案，無論是透過我們可靠的設備和網絡，還是控制能源管理的軟體。

Next, we have been shifting to and will continue to expedite the growth of our portfolio of Blink-owned DC fast chargers in attractive locations. And as mentioned earlier, owning and operating charging assets is the future of blank, especially as we get the benefit of significant charging demand growth in Europe and the US.

接下來，我們已經轉向並將繼續加快在有吸引力的地點增加 Blink 擁有的直流快速充電器組合。如同前面所提到的，擁有和經營充電資產是未來的趨勢，特別是當我們從歐洲和美國的充電需求大幅成長中受益時。

Third, we are prioritizing services and recurring revenue streams as we invest in future growth. For example, our network fees were $8.7 million in 2024 and generated 72% gross margin. This is the type of revenue we will pursue going forward.

第三，我們在投資未來成長時優先考慮服務和經常性收入來源。例如，2024 年我們的網路費用為 870 萬美元，產生了 72% 的毛利率。這是我們未來追求的收入類型。

Fourth, we are attuned to opportunities to capitalize on the market consolidation that is happening across the industry. This consolidation could benefit blank through market share gains or consolidating assets into the blank network.

第四，我們密切關注整個產業正在發生的市場整合所帶來的機會。此次合併可使 Blank 因市場份額增加或資產整合至 Blank 網路而受益。

And finally, we are looking to preserve cash, optimize operations, and where needed to secure a low cost, preferably non-dilutive capital, to support our growth strategy. We have internally introduced these strategic priorities and have already begun executing on them. We look at the current industry landscape as an opportunity to demonstrate our resilience and to position Blink to be the best well-run charging company in the industry.

最後，我們希望保留現金，優化運營，並在需要時確保低成本、最好是非稀釋性資本，以支持我們的成長策略。我們已經在內部引入了這些戰略重點，並已開始執行。我們將當前的行業格局視為展示我們韌性的機會，並將 Blink 定位為業內營運最好的充電公司。

As I mentioned at the start of this call, 2024 was a challenging year. However, it has also been a rewarding year in terms of progress. It has made us a better company and we are implementing steps for Blink to achieve profitability and free cash flow.

正如我在本次電話會議開始時所提到的，2024 年是充滿挑戰的一年。然而，從進步的角度來看，這也是有回報的一年。它使我們成為一家更好的公司，我們正在採取措施幫助 Blink 實現盈利和自由現金流。

I would like to thank the Blink team for their efforts and we look forward to keeping you updated as we move forward.

我要感謝 Blink 團隊的努力，我們期待在未來的工作中隨時向您通報最新進展。

So with this, let's move on to Q&A. Operator?

那麼，讓我們繼續問答環節。操作員？

(Operator Instructions) Sameer Joshi, H.C. Wainwright.

（操作員指示）Sameer Joshi，H.C.溫賴特。

Hey, good afternoon, Mike, Michael. Mike, congratulations on your first full call as CEO. Just a few questions from me, couple actually. In terms of 2025 outlook that was provided, how did you see the product sales visibility beyond the next six months? And also, should we expect sort of year-over-year growth in product sales or other revenue sales to be offset by some shortfall in product sales and a flat year overall?

嘿，下午好，麥克，麥可。麥克，祝賀您作為首席執行官首次獲得完整任職資格。實際上，我只是問了幾個問題，是一對夫妻。就所提供的 2025 年展望而言，您如何看待未來六個月後的產品銷售前景？此外，我們是否應該預期產品銷售或其他收入銷售額的同比增長將被產品銷售額的缺口和全年總體持平所抵消？

Yeah. So thanks for your question. I certainly expected that. So first of all, as we indicated in the comments, the bright spot and the future of Blink is as a CPO and our operator. Our business is expanding there. very encouraged. And one of the things to point out is while my comments were -- I mentioned DC fast charging quite a bit. That's not to the detriment or exclusion of L2. Blink has always been an L2 company and we're an L2 company at our core.

是的。感謝您的提問。我當然預料到了這一點。因此首先，正如我們在評論中所指出的，Blink 的亮點和未來在於作為 CPO 和我們的運營商。我們的業務正在那裡擴展。非常受鼓舞。需要指出的一點是，當我發表評論時，我多次提到直流快速充電。這不會損害或排除 L2。Blink 一直是 L2 公司，我們的核心也是一家 L2 公司。

But we're going to balance out the mix. Secondly, when it comes to product sales, this is actually a great opportunity for me to brag about Chris Carr, is our new Senior Vice President of Sales and Business Development. So we were very lucky to land Chris. He was brought in to do some very specific things. His job is certainly to grow the owner operator side of the business, but it's also to take advantage of the product sales opportunities in the market.

但我們會平衡這種組合。其次，談到產品銷售，這實際上是一個很好的機會讓我來誇耀一下克里斯·卡爾，他是我們新任的銷售和業務發展高級副總裁。所以我們很幸運能得到克里斯。他被派去做一些非常具體的事情。他的工作當然是發展業主經營者的業務，但同時也要利用市場上的產品銷售機會。

So he has already put plans in place. He has shifted resources around to optimize the skill set of our salespeople. So some salespeople are better at selling products, some salespeople are better at the owner operator side of the business. So we've already put that in place.

所以他已經制定了計劃。他調動資源來優化我們銷售人員的技能。因此，有些銷售人員更擅長銷售產品，有些銷售人員更擅長業主經營者方面的業務。所以我們已經將其落實到位了。

So from a product sales perspective, we are actually quite optimistic about the second half of the year. It's just that Chris has just gotten on board and the first half is, I would say, a little bit cloudy, but we're hoping to, you know, have better visibility and guidance on that topic as we go forward.

因此從產品銷售的角度來看，我們對下半年其實相當樂觀。只是克里斯剛加入，我想說，上半部有點模糊，但我們希望，你知道，在我們前進的過程中，對這個主題有更好的了解和指導。

Understood. Shifting gears a little bit and talking about your efforts to capitalize on market consolidation, Blink has historically been an acquisitive company. Do you have targets, especially in Europe and maybe South America or other parts of the world, that you're considering and are in the pipeline for as acquisition candidates?

明白了。稍微轉換一下話題，談談你們為利用市場整合所做的努力，Blink 一直是一家積極收購的公司。您是否有目標，特別是歐洲、南美或世界其他地區，您正在考慮並準備將其作為收購對象？

So the short answer is yes. The longer answer is we have companies under consideration that we're looking at. There's nothing solidified, but there are some very interesting opportunities that are presenting themselves in the market.

所以簡短的回答是肯定的。更長的答案是，我們正在考慮一些公司。雖然還沒有任何確定的進展，但市場上出現了一些非常有趣的機會。

We have the luxury of being able to be very selective. We've been approached by a number of companies. But what we're certainly very, very focused on making sure that if we go down this road, that they are absolutely the right companies, the right assets, the right fit for Blink, and quite frankly that we don't overpay because there's no reason to overpay in this market for assets that, perhaps are struggling a bit.

我們有能力進行非常嚴格的選擇。已經有多家公司與我們接洽。但我們確實非常非常注重確保如果我們沿著這條路走下去，它們絕對是合適的公司、合適的資產、適合 Blink，而且坦率地說，我們不會支付過高的價格，因為在這個市場上沒有理由為那些可能有點苦苦掙扎的資產支付過高的價格。

Understood. And then just maybe one last one I can squeeze in. Do you have a timeline on the Envoy IPO and how is that process going?

明白了。然後也許我就可以擠進最後一個了。您是否有 Envoy 首次公開募股的時間表以及該進程進展如何？

Yeah, so obviously we publicly announced our intention to IPO Envoy. We continue to work towards an IPO in the spring. All I can tell you is, from an administrative standpoint, et cetera, we're on track. But more to come on that.

是的，顯然我們公開宣布了讓 Envoy 首次公開募股的意圖。我們將繼續致力於春季的首次公開發行 (IPO)。我只能告訴你，從行政角度等等來看，我們一切都很順利。但關於這一點還有更多內容。

Thanks for taking my questions and good luck.

感謝您回答我的問題並祝您好運。

Thanks, Sameer.

謝謝，薩米爾。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good afternoon. I just was curious, as you shift more towards owner operator, I guess if we see some sort of change in regulatory or administration and product salesbecomes more of -- we see growth there, would you shift back to product sales? Because I know you guys have sort of had a multi-strategy approach. I just kind of want to get a sense of if this is fully pulling the band-aid off or if this is just reacting to what's going on in the market right now.

嘿，下午好。我只是很好奇，隨著您更多地轉向業主經營者，我想如果我們看到監管或管理方面的某種變化，並且產品銷售變得更加——我們看到增長，您會轉回產品銷售嗎？因為我知道你們已經採取了多策略方法。我只是想知道這是否是徹底的補救措施，或者這只是對當前市場狀況的反應。

No, I mean, I don't know that we are reacting in any way, or form to what I'll call, short term dynamics, right? That's maybe the best way put it. We have always said that what Blink wants to be in the long term is an owner operator of charging assets. And that's -- so that's never changed.

不，我的意思是，我不知道我們是否以任何方式或形式對我所說的短期動態做出反應，對嗎？這也許是最好的說法。我們一直說，Blink 的長期目標是成為充電資產的所有者營運商。這就是——這一點從未改變。

Perhaps you're hearing the message a little bit more sharply, maybe a little bit more well defined. But our intention is to accelerate growth of the owner operator business, but certainly not give up on the product side by any stretch. I mean, the product side is still a strength for us.

也許你聽到的訊息更加清晰一些，也許更明確一些。但我們的目的是加速業主經營者業務的成長，但絕不放棄產品方面。我的意思是，產品方面仍然是我們的優勢。

And as I've said in previous calls, we want to serve the whole market. There are a set of customers that all they want to do is buy products. And we want to be there to sell them that product. But there is another set of customers that they are interested in having somebody else manage those charging assets at their location. And we want to be there for that. I would simply delineate it as we're expressing the strategy perhaps more clearly and also introducing a bit more emphasis on DC fast charging.

正如我在之前的電話會議中所說的那樣，我們希望服務整個市場。有一群顧客，他們只想購買產品。我們希望向他們銷售該產品。但還有另一組客戶希望讓其他人管理他們所在地的充電資產。我們希望能夠實現這一點。我只是想簡單描述一下，因為我們可能更清楚地表達了這個策略，同時也更加強調了直流快速充電。

Okay. And just for the other, Michael, how should we think about, you know, margins through the year as you lean more into the owner operator model and you lean more into DC fast charging and the owner operator model?

好的。另外，邁克爾，當您更傾向於業主運營商模式、更傾向於直流快速充電和業主運營商模式時，我們應該如何考慮全年的利潤率？

No, I think, we'll still obviously we didn't give any guidance on margins, right, given any guidance. But I still think that as you've seen over the past, even this year, even for '24 as our product sales were down, our margins overall are still up.

不，我認為，我們顯然沒有給出任何有關利潤率的指導，對，沒有給出任何指導。但我仍然認為，正如你過去所看到的，即使是今年，即使 24 年我們的產品銷售下降，我們的整體利潤率仍然上升。

Right. So what that shows is the strength in the owner and operate side with margins, as well as being more efficient with our product. So expectation is, we don't see much impact on the overall product mix.

正確的。這顯示業主和營運方在利潤方面實力雄厚，而且我們的產品效率更高。因此，我們預計整體產品組合不會受到太大影響。

Okay, thank you and good luck.

好的，謝謝你，祝你好運。

Craig Irwin, ROTH Capital Partners.

克雷格歐文（Craig Irwin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Good evening. Thanks for taking my questions. So 33% growth in Blink on chargers, but 112% growth in gigawatt hours of throughput. So you're obviously seeing nice improvements in overall utilization across the network.

晚安.感謝您回答我的問題。因此，Blink 充電器數量增加了 33%，但千兆瓦時的吞吐量卻增加了 112%。因此，您顯然會看到整個網路的整體利用率有了顯著的提高。

Are we already seeing tailwinds from you guys putting out some of the the Tesla NACS connectors out there, given that's two-thirds of the fleet? Or is that something that can maybe help you with utilization on the Blink network over the next number of quarters as you start deploying those?

考慮到特斯拉 NACS 連接器佔車隊的三分之二，我們是否已經看到你們推出一些特斯拉 NACS 連接器帶來的順風？或者，當您開始部署 Blink 網路時，這是否可以幫助您在接下來的幾個季度內利用它？

Yeah, it's the latter, Craig. So we haven't deployed that many NACS connectors yet. But certainly that's the focus going forward. So I would say that, you know, to the degree to which we'll see an uplift on native NACS connectors on the chargers, we really haven't even seen that yet.

是的，是後者，克雷格。所以我們還沒有部署那麼多 NACS 連接器。但這肯定是未來的重點。所以我想說，你知道，就充電器上原生 NACS 連接器的提升程度而言，我們實際上還沒有看到這一點。

Wow. Okay. That's good to hear. That's good to hear. So then I guess EBITDA is the easiest metric for us as we track your cost out progress. You know, was really nice sequential improvement. And your frictional costs, right, your salary, SG&A, et cetera, are obviously coming down fairly significantly. Can you help us maybe get a little bit more quantitative or give us some color about how this is likely to take shape in 2025?

哇。好的。聽到這個消息真好。聽到這個消息真好。因此，我認為 EBITDA 是我們追蹤成本進度時最簡單的指標。你知道，這確實是一個很好的連續改進。而你的摩擦成本，對，你的薪水、銷售、一般及行政費用等等，顯然都在大幅下降。您能否幫助我們更詳細地了解這一情況在 2025 年可能如何發展？

Do we see dramatic 50 % reduction in salaries and comp again? How much more is there room to squeeze these different line items? And any other information you can share with us to help us understand the path to positive EBITDA?

我們是否會再次看到工資和補償大幅減少 50％？這些不同的項目還有多少壓縮空間？您也可以與我們分享其他資訊來幫助我們了解實現正 EBITDA 的途徑嗎？

Yeah, yeah. Certainly expected this question, Craig, and thanks for asking it. So let me start by saying in this industry, there has been a lot of talk about getting to EBITDA positive and getting to free cash flow positivity. And there's been a lot of talk and there hasn't been a lot of delivery.

是啊是啊。克雷格，我當然預料到了這個問題，謝謝你提出這個問題。首先我要說的是，在這個行業中，人們有很多關於實現 EBITDA 正值和自由現金流正值的討論。儘管談論了很多，但並沒有付諸行動。

So as I get into this role, one of the things that I want to do is if we're going to come out and put a number out or a date out as to when we're going to get there, I want to be damn sure we get there. So we need two things to happen. We need the top line to grow more aggressively than it's growing today.

因此，當我擔任這個角色時，我想做的事情之一就是，如果我們要公佈一個數字或日期，說明我們何時能實現目標，那麼我一定要確保我們能夠實現目標。所以我們需要發生兩件事。我們需要營業收入比現在有更強勁的成長。

And then secondly, we need to take additional costs out of the business. So what is the magnitude -- your question, I think, is what is the magnitude of that cost? I'm not going to put a number on it, but what I would say is that it's not just people. We're evaluating every aspect of our cost structure. Our team globally is engaged in that exercise.

其次，我們需要從業務中扣除額外的成本。那麼其規模有多大──我認為，你的問題是其成本規模有多大？我不想給出具體數字，但我想說的是，這不僅僅是人的問題。我們正在評估成本結構的各個方面。我們的全球團隊正在參與此演習。

And when you start to get momentum with people throughout the organization, digging for and raising cost reduction actions, it becomes a bit infectious. So we're starting to see that happen. Will compensation expense come down a bit? Yeah, it probably will, hopefully mostly through attrition. But there's going to be some other costs outside of comp that come down as well.

當你開始與整個組織的人員一起挖掘和提高降低成本的行動時，它就會變得具有感染力。所以我們開始看到這種情況發生。賠償費用會下降一點嗎？是的，可能會，但希望主要是透過消耗來實現。但除了薪資之外，其他一些成本也會下降。

That definitely makes sense. So then gross margins, '24, your product revenue contracted, but you had pretty nice margin expansion there. I know there have been a lot of moves to sort of go to a more efficient footprint, the more efficient manufacturing in your expanded facility in Bowie.

這絕對有道理。那麼毛利率，'24，你的產品收入收縮了，但你的利潤率卻有相當不錯的擴張。我知道我們已經採取了很多措施來提高生產效率，在鮑伊擴建的工廠中提高生產效率。

Is there -- if we take a cautious view on just moderate growth in product sales in '25, is there room for these actions that you've taken to continue to contribute to positive margin, potential margin expansion even, in '25 or have the -- I guess, this last quarter, is that more of a starting point for us to see progress from as we move through the year?

如果我們謹慎地看待 25 年產品銷售額的溫和增長，那麼您採取的這些行動是否有空間繼續為 25 年的正利潤率甚至潛在利潤率擴張做出貢獻，或者 - 我想，最後一個季度，是否更像是一個起點，讓我們能夠看到全年的進展？

Yeah. So I think where you would see margin potential, let me use that word. Potential margin expansion is on the owner operator side where we have more control over fees. So think about credit card transaction fees and session fees and price per kilowatt hour and things like that. So we're starting to analyze that data in a much more sophisticated way than we ever have. So think about, perhaps, like dynamic pricing based on demand throughout the day.

是的。所以我認為你會看到利潤潛力，讓我用這個詞。潛在的利潤擴大是在業主經營者方面，因為我們對費用有更多的控制權。所以想想信用卡交易費、會話費、每度電價等等。因此，我們開始以比以往更加複雜的方式分析這些數據。因此，也許可以考慮根據全天的需求進行動態定價。

On the product side, we're focused on quite frankly doing a better job managing our inventory. So we, our ambition is to turn our inventory at a greater rate. It is to manage the working capital associated with inventory more efficiently. And so we need to strike.

在產品方面，坦白說，我們專注於更好地管理我們的庫存。因此，我們的目標是以更快的速度週轉庫存。它是為了更有效地管理與庫存相關的營運資金。所以我們需要出擊。

And Craig, I came up with a sales organization and you always need to strike that balance between moving volume and margin. And I would say that we're still playing with that a little bit, but I expect that product margin to be pretty consistent with where it has been.

克雷格，我想出了一個銷售組織，你總是需要在銷售量和利潤之間取得平衡。我想說的是，我們仍在對此進行一些嘗試，但我預計產品利潤率將與之前的水平保持一致。

Thanks. And then I guess this might be a multi-part question, but business mix has kind of been in your favor the last couple of years, right? Level 2, never faced the big structural headwinds of the confusion around the NEVI money, and some of the things going on in the States. You guys always did really well with corporate customers, I guess, like Starbucks. And I guess I can say that, because I've seen it outside, your chargers outside, so many different Starbucks as I stop for coffee.

謝謝。然後我想這可能是一個多部分的問題，但過去幾年的業務組合對你有利，對嗎？第 2 級，從未面臨 NEVI 資金混亂以及美國發生的一些事情帶來的巨大結構性阻力。我想，你們在企業客戶方面一直做得很好，例如星巴克。我想我可以這麼說，因為我在外面看到過，你們外面的充電器，我在很多不同的星巴克停下來喝咖啡時也看到過。

But you you've focused on things like New York State, the direct buy there, where you go -- you don't have the uncertainty of federal money. So it seems like maybe business mix can be a little bit favorable or continue to be a little bit more favorable to you, particularly on Level 2 versus level three.

但是，您所關注的是紐約州等地，在那裡直接購買，無論您去哪裡——您都不會擔心聯邦資金的不確定性。因此看起來業務組合可能會對您有點有利或繼續有點有利，特別是在第 2 級與第 3 級之間。

Are you optimistic for some of these tailwinds that have worked for you for a longer term perspective, specifically the state support to keep helping you in '25? Do you think that this can help deliver product growth in '25, which I guess is the big question investors have in their heads?

從長遠來看，您是否對這些對您有利的有利因素持樂觀態度，特別是國家在 2025 年將繼續為您提供的支持？您是否認為這有助於實現 25 年的產品成長，我想這是投資者心中最大的疑問？

Yeah, yeah. So we're fortunate to have several state contracts, where we're name supplier on those contracts. One great example is Maryland, another is New York. So yes, I mean, we expect to do more on those fake contracts. But we also expect to do more in Europe. And I think that that is also perhaps a little bit of an underdog or stealth area for us in 2025.

是啊是啊。因此，我們很幸運能與幾個國家簽訂合同，我們是這些合約的指定供應商。一個很好的例子是馬裡蘭州，另一個是紐約州。所以是的，我的意思是，我們希望對這些虛假合約採取更多措施。但我們也希望在歐洲取得更多成就。我認為，對我們來說，這在 2025 年可能還是一個弱勢或隱形領域。

We have some really interesting things happening in Europe. And one example is the UK's version of NEVI, and I'm not making this up, is the program called LEVI, L-E-V-I. And there's GBP340 million-odd committed to that program from the UK government. And we feel well positioned.

歐洲發生了一些非常有趣的事。其中一個例子就是英國版的 NEVI，這不是我編的，這個程式叫做 LEVI，L-E-V-I。英國政府已為該項目投入3.4億英鎊以上。我們覺得自己處於有利地位。

In fact, we just recently had a press release on one opportunity, which you can take a look at. So there's that. We're also seeing some very large owner-operator opportunities in Belgium. So it's really -- I want investors to think about the fact that Blink is diversified and that it's not, this company is not just dependent on the United States or even one segment of the United States. We can pivot to, you know, to different markets.

事實上，我們最近剛剛就一個機會發布了新聞稿，您可以看看。就是這樣。我們還在比利時看到了一些非常大的業主經營機會。所以，我希望投資人考慮到 Blink 是多元化的，而且這家公司不僅依賴美國，甚至不依賴美國的某個地區。我們可以轉向不同的市場。

Excellent. Last question, if I may, I guess is a balance sheet question. But it appears to me that you got basically $15 million in cash by squeezing receivables and inventory this last year. How much room is there to go? I mean, can you guys continue to squeeze working capital and make improvement on payment terms with your customers and vendors? Is this really an opportunity for tailwinds on that 50% reduction in cash use last year?

出色的。最後一個問題，如果可以的話，我想是資產負債表問題。但在我看來，去年你透過壓縮應收帳款和庫存基本上獲得了 1500 萬美元的現金。還有多少空間可以去？我的意思是，你們能否繼續壓縮營運資金並改善與客戶和供應商的付款條件？這真的是去年現金使用量減少 50% 的一個順風機會嗎？

Yeah, I'll jump in on that. Yeah, I'll take that, Craig. Yes, and to quote Mike, the short answer is -- yeah, no, there's -- we're still implementing measures to squeeze more cash out of our AR and our balance sheet. And as we mentioned earlier as well, is quicker turns on our inventory. So it's improving the working capital management, if you will, of our balance sheet and definitely use our balance sheet to our benefit.

是的，我會參與其中。是的，我接受，克雷格。是的，引用麥克的話，簡短的回答是 - 是的，不，有 - 我們仍在採取措施從我們的應收帳款和資產負債表中擠出更多現金。正如我們之前提到的，我們的庫存週轉速度更快。因此，如果您願意的話，它可以改善我們資產負債表的營運資本管理，並且肯定會利用我們的資產負債表為我們帶來利益。

Excellent. Well, congrats on the progress, guys. We'll follow closely. Thank you.

出色的。好吧，恭喜你們所取得的進步，夥伴們。我們將密切關注。謝謝。

Thank you.

謝謝。

Thanks, Craig.

謝謝，克雷格。

(Operator Instructions) Mickey Legg, Benchmark.

（操作員指示） Mickey Legg，基準。

Hey guys, thanks for taking my questions. So you mentioned the alternative customer channels. Just curious if you could unpack that a little bit. How are these discussions going? And what are you hearing from customers?

嘿夥計們，謝謝你們回答我的問題。所以您提到了替代客戶管道。我只是好奇你是否可以稍微解釋一下。這些討論進展如何？您從客戶那裡聽到了什麼消息？

I know you mentioned you're not going to have more visibility into product sales until later in the year. But I'm just curious if there's any bright spot among these channels, whether it be multifamily or commercial fleet or anything of that nature? And longer term, just curious how big you think that business could grow or what was it, again, is the biggest opportunity there?

我知道您提到直到今年稍後您才能更清楚地了解產品銷售情況。但我只是好奇這些管道中是否有任何亮點，無論是多戶型還是商業車隊還是類似的東西？從長遠來看，我只是好奇您認為這項業務可以發展到多大，或者它最大的機會是什麼？

Yeah. Hey, Mickey. Thanks for joining. I would say from talking to the sales team, we've made tremendous progress with electrical distributors. And the one thing that we really like about building that electrical distribution channel is that it's more efficient. So it's not just the blank sales team, it's the blank sales team interfacing with the electrical distributor who then has far broader reach. So we are spending and our reps are spending a lot of time and effort developing that electrical distribution channel.

是的。嘿，米奇。感謝您的加入。我想說，透過與銷售團隊的交談，我們與電氣分銷商的合作取得了巨大進展。我們真正喜歡建立電力分配管道的一點是它更有效率。因此，這不僅僅是空白銷售團隊，而是空白銷售團隊與電力分銷商進行對接，從而擁有更廣泛的影響力。因此，我們和我們的代表花費了大量的時間和精力來開發電力分銷管道。

The second bright spot that I would say, and this is an area we've actually always been pretty good at, but I think we're getting even better, is in local municipalities. And there are a lot of local municipalities that are building out charging infrastructure.

我想說的第二個亮點是地方市政當局，這也是我們一直以來都做得相當好的領域，但我認為我們會做得更好。許多地方政府正在建造充電基礎設施。

Again, they may do it for fleet, in which case, they're purchasing the chargers or we're partnering with them on setting up infrastructure in their town, city, on an owner-operator basis or our hybrid model, which is that shared investment model. So, I would say I'd probably give those two examples are decent ones.

同樣，他們可能會為車隊這樣做，在這種情況下，他們會購買充電器，或者我們與他們合作，以業主-運營商的方式在他們的城鎮或城市建立基礎設施，或者採用我們的混合模式，即共享投資模式。所以，我想說我可能會給出這兩個不錯的例子。

Got it. Got it. All right. And then just to follow up, there's been a lot of discussion about the focus on growing the owner-operator business and the shift to and I don't think that's too much of a surprise and I think it definitely gives some good upside to the margins. But I'm just curious if you see any hurdles there as you grow that business? And if there's any change in focus based on geography? Are you more focused on growing that business in the EU as it's more mature and then taking some of what you learned over here? Just curious.

知道了。知道了。好的。然後只是為了跟進，關於重點發展業主經營業務和轉變有很多討論，我認為這並不太令人驚訝，我認為這肯定會為利潤率帶來一些好處。但我只是好奇，您在發展業務時是否遇到任何障礙？那麼，基於地理位置的關注點是否會改變？隨著歐盟的業務更加成熟，您是否更注重發展歐盟的業務，然後吸取這裡的一些經驗？只是好奇。

Yeah, good question. You know, it's really interesting what's going on on the market right now because there's so many headlines, especially in the US, that it's hard to decipher fact from fiction. So we to follow the data, which I think is the right approach.

是的，好問題。你知道，現在市場上發生的事情真的很有趣，因為有太多的頭條新聞，特別是在美國，很難分辨事實和虛構。所以我們要關注數據，我認為這是正確的方法。

And the data says that there's a whole hell of a lot of activity in the electric vehicle market in the United States in addition to Europe. So this is not choosing -- this is not Blink having to choose between the US and Europe. This is Blink addressing both markets. So we're going to continue to invest in the US, because we know that electric vehicle growth is going to continue.

數據顯示，除了歐洲之外，美國的電動車市場也十分活躍。所以這不是選擇——這不是 Blink 必須在美國和歐洲之間做出選擇。這是 Blink 針對這兩個市場所做的努力。因此，我們將繼續在美國投資，因為我們知道電動車的成長將會持續下去。

But to answer the first part of your question, the challenge as you asked about the owner operator model is capital, right? It requires capital to deploy in order to move in that direction. So we are actively pursuing capital sources, our focus is on non-dilutive capital, and different types of capital. So not just one particular type, but there's -- whether it's using our balance sheet, whether it's project based, whatever that might be.

但要回答你問題的第一部分，如你問的，業主經營模式面臨的挑戰是資金，對嗎？為了朝這個方向發展，需要部署資本。因此，我們正在積極尋求資本來源，我們的重點是非稀釋性資本和不同類型的資本。因此，不只是一種特定類型，而是有——無論是使用我們的資產負債表，還是基於項目，無論是什麼。

You know, obviously, if there was more investment in terms of equity into blank and the share price was stronger, that would give us more flexibility. But for the moment, based on market conditions where our stock prices, et cetera, it's on the non-dilutive side.

你知道，顯然，如果在股權方面投入更多，而且股價更強勁，那將為我們提供更大的靈活性。但目前，根據我們的股價等市場狀況，它是非稀釋性的。

Got it. Okay. Okay. That's helpful. And then one more, if I could just squeeze it in here. You touched on this a bit already, but could you just dig into a little bit more how you're protected from any regulatory changes and, you know, maybe tariffs related to the supply chain and everything we're hearing out there about that?

知道了。好的。好的。這很有幫助。然後再加一個，如果我能把它擠在這裡的話。您已經稍微談到了這一點，但是您能否更深入地講一下如何保護您免受任何監管變化的影響，以及與供應鏈相關的關稅以及我們聽到的所有有關這方面的事情？

Thanks. Yeah, I would say I don't know that anybody's protected. I wouldn't care to go that far. But what I would say is that we have a production facility here in Maryland. And so that allows us to shield ourselves a bit, let's say, from some of those tariffs and regulatory issues that come up because we can source -- we have suppliers here in the US that we can source from and we can build chargers here.

謝謝。是的，我想說我不知道是否有人受到保護。我不想走那麼遠。但我想說的是，我們在馬裡蘭州有一個生產設施。這樣，我們就可以在一定程度上保護自己，免受一些關稅和監管問題的影響，因為我們可以採購——我們在美國有供應商，我們可以從他們那裡採購，我們可以在這裡製造充電器。

But even in terms of our India production footprint, it becomes a manufacturing units numbers game. In other words, yes, will we get hit with some tariffs on, let's say, and aluminum in our India finished goods? Yes, but our cost base on those charges is lower so we can absorb it. And so perhaps that landed cost is really on par with, let's say, our US-based chargers. And we just have more finished goods coming in.

但即使就我們在印度的生產足跡而言，它也變成了一場製造單位數字遊戲。換句話說，是的，我們的印度成品中的鋁會受到關稅的打擊嗎？是的，但是這些費用我們的成本基礎較低，所以我們可以吸收。因此，到岸成本可能確實與我們美國的充電器相當。我們還有更多成品進入。

Okay, okay, got it. That's very helpful. That's all for me. Thanks, guys.

好的好的，知道了。這非常有幫助。對我來說就這些了。謝謝大家。

Noel Parks, TUI Brothers.

諾埃爾·帕克斯 (Noel Parks)，TUI 兄弟。

Hi, I just had a couple. And I apologize if you touched on this and I missed it, but you had an impairment charge in the quarter. If you could just sort of dig down a little bit as to what was involved in that timing and so forth? Yeah, I'll jump in on that. The fourth quarter in November is our annual -- we'll give it an annual impairment exercise. You have to go through -- or if there's indicators on the off quarters, if you wrote to them, like third quarter, second quarter or first quarter, if there are indicators?

你好，我剛剛吃了幾個。如果您提到了這一點而我卻沒有註意到，我深感抱歉，但您在本季確實有一筆減損費用。您能否稍微深入了解當時涉及的具體內容等等？是的，我會參與其中。十一月的第四季是我們的年度－我們將對其進行年度減損練習。你必須仔細檢查——或者，如果非季度有指標，如果你寫信給他們，例如第三季、第二季或第一季度，是否有指標？

We bought SemaConnect back two and a half years ago when the valuations are high, our market cap would come down. So this is just a byproduct of acquisitions from when the valuation is much higher. So we had to write down that goodwill effectively.

兩年半前，我們買回了 SemaConnect，當時估值很高，我們的市值就會下降。所以這只是估值高得多時收購的副產品。所以我們必須有效地記錄下這種善意。

Got it. Okay, thanks for the question.

知道了。好的，謝謝你的提問。

Non-cash. Remember, non-cash. So that's why I my cash base.

非現金。請記住，非現金。這就是我的現金基礎的原因。

Right. And you were talking a little bit on an earlier question about just different verticals and how the business is going. And you also talked about different channels, like electronic -- I mean, you're talking about the electrical distributors. Because one market I was curious about is in, what's been kind of, a fast and furious real estate market with the interest rate environment the last couple of years.

正確的。您剛才談到了有關不同垂直行業以及業務進展的問題。您還談到了不同的管道，例如電子管道——我的意思是，您談論的是電力分銷商。因為我好奇的一個市場是，過去幾年在利率環境下發展迅速且激烈的房地產市場。

In some parts of the country where there's been a lot of population growth, there's also a lot of new construction that's been going on and coming online. And some of it, some single family subdivisions, I guess some of it probably multi-family.

在該國一些人口成長較快的地區，也有大量新建築正在興建和投入使用。其中一些是單戶住宅小區，我想其中一些可能是多戶住宅社區。

I was just wondering, as you see new projects, in this case, residential, being planned out, where do they come down in terms of wanting to satisfy their eventual homeowners' EV charging needs? What's that been like?

我只是想知道，當您看到新項目（在本例中是住宅項目）正在規劃中時，他們在滿足最終房主的電動車充電需求方面會採取什麼措施？那感覺怎麼樣？

Yeah. So I'm going to parse it just slightly. So I want to emphasize again, we talk about this, that Blink really doesn't have exposure to the pure residential EV charging market, meaning, I have a single family garage and I'm buying a charger on Amazon. So that's not us.

是的。因此我將稍微分析一下。所以我想再次強調，當我們談論這個問題時，Blink 實際上並沒有接觸純住宅電動車充電市場，也就是說，我有一個家庭車庫，我正在亞馬遜上購買充電器。所以那不是我們。

What we do, a big market for us, is commercial multifamily. And so yes, there's a lot of activity there. There, what you see is that more and more building codes are requiring stub ups, right? Make ready for a certain percentage of parking spots within that parking lot.

我們所做的，對我們來說一個巨大的市場，是商業多戶住宅。是的，那裡確實有很多活動。由此可見，越來越多的建築規範都要求使用短管，對嗎？為該停車場內一定比例的停車位做好準備。

And so what that does is they may do the minimum, but that is actually an opportunity. It's actually a great opportunity for Blink with our hybrid business model, our hybrid Blink-owned business model. So they've already built out the infrastructure. We come into properties like that. And we put the charger in at no cost. And then our return on investment is the utilization of that charger and the tenants, the residents of that. apartment building paying for their charging sessions. And they get the benefit of basically having, know, affectionately a gas station at home.

因此，他們可能只做了最低限度的事情，但這實際上是一個機會。對於擁有混合商業模式、即 Blink 自有混合商業模式的 Blink 來說，這實際上是一個很好的機會。所以他們已經建好了基礎建設。我們進入了這樣的房產。我們免費提供充電器。然後，我們的投資回報就是充電器和租戶以及居民的使用率。公寓大樓支付他們的充電費用。他們得到的好處基本上就是在家裡擁有一個加油站。

Oh, terrific. That's interesting. And then have you been far enough along with any of those that you've seen your needs for upgrades or just rolling out increased density of chargers in developments like that?

噢，太棒了。那很有意思。那麼，您是否已經取得了足夠的進展，以至於您已經看到了升級的需求，或者只是在這樣的發展中推出增加充電器密度的需求？

Yeah, so you know, I mean one indicator of that is we have -- at Blink, we have what's called an additional equipment request. And that is when a sales rep has an account and they have our Blink-owned chargers.

是的，所以你知道，我的意思是，一個指標就是我們有——在 Blink，我們有所謂的額外設備請求。這就是當銷售代表有帳戶並且擁有我們的 Blink 充電器時的情況。

And this is very anecdotal, so I'm just going to qualify, but this is anecdotal, but hopefully it clarifies or answers what we're talking about. And the number of requests that I've received in last few months for additional equipment at already existing sites has definitely spiked.

這是非常軼事性的，所以我只是要限定一下，但這是軼事性的，但希望它能澄清或回答我們正在談論的內容。過去幾個月裡，我收到的在現有場地增加設備的請求數量明顯激增。

So we are starting to see properties add to the number of chargers that they have on site. So I don't have a quantifying -- I haven't quantified that yet. Again, anecdotally, I'm just signing more of those.

因此，我們開始看到飯店增加現場充電器的數量。所以我沒有量化——我還沒量化。再說一次，有趣的是，我只是簽署了更多這樣的文件。

Great. Good to be here.

偉大的。很高興來到這裡。

Thanks a lot. We have reached the end of the question-and-answer session, and I will now turn the call over to Vitalie Stelea for our closing remarks.

多謝。問答環節已經結束，現在我將把發言權交給維塔利·斯特萊婭 (Vitalie Stelea) 進行總結發言。

Well, thank you all for joining us on the call today as we announced record service revenues and strong GAAP gross margin of 32% for the full year. We also unveiled Blink Forward, a number of strategic actions that will enable Blink to achieve profitability and position the company as a leader in the charging industry, both in US and Europe. And at this time, we're going to conclude the call, and we'll look forward to keeping you updated in the future. Thanks, again.

好吧，感謝大家今天參加我們的電話會議，我們宣布全年服務收入創歷史新高，GAAP 毛利率高達 32%。我們還推出了 Blink Forward，這是一系列策略性舉措，將使 Blink 獲利，並使公司成為美國和歐洲充電行業的領導者。現在，我們將結束通話，並期待在未來向您通報最新情況。再次感謝。

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

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。