Blink Charging Co (BLNK) 2020 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Blink Charging Third Quarter Results Conference Call. (Operator Instructions) And it is now my pleasure to turn today's call over to John Nesbett of IMS Investor Relations. Please go ahead.

大家好，歡迎參加今天的 Blink Charging 第三季度業績電話會議。 （操作員說明）現在我很高興將今天的電話轉給 IMS 投資者關係部的 John Nesbett。請繼續。

Good afternoon, everyone, and welcome to Blink Charging's Third Quarter 2020 Investor Call. On the call today, we have Michael Farkas, Blink Charging Founder and CEO; Brendan Jones, Chief Operating Officer; and Michael Rama, Chief Financial Officer.

大家下午好，歡迎參加 Blink Charging 的 2020 年第三季度投資者電話會議。在今天的電話會議上，我們有 Blink Charging 創始人兼首席執行官 Michael Farkas；布倫丹·瓊斯，首席運營官；和首席財務官邁克爾·拉瑪。

I'd like to take a moment to read the safe harbor statement. This conference call contains certain forward-looking statements as defined within Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements and terms such as anticipate, expect, intend, may, will, should or other comparable terms involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. These statements include statements regarding the intent, belief or current expectations of Blink and members of its management as well as the assumptions on which such statements are based.

我想花點時間閱讀安全港聲明。本次電話會議包含經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條定義的某些前瞻性陳述。這些前瞻性陳述和條款（例如預期、預期、打算、可能、將要、應該或其他類似條款）涉及風險和不確定性，因為它們與事件相關並取決於未來將發生的情況。這些陳述包括關於 Blink 及其管理層成員的意圖、信念或當前期望的陳述，以及這些陳述所基於的假設。

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink's periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

潛在投資者應注意，任何此類前瞻性陳述均不能保證未來業績，並涉及風險和不確定性，包括 Blink 向美國證券交易委員會提交的定期報告中描述的風險和不確定性，並且實際結果可能與此類前瞻性預期的結果存在重大差異陳述。除聯邦證券法要求外，Blink 不承擔更新或修改前瞻性陳述以反映變化情況的義務。

I will now turn the call over to Michael Farkas. Please go ahead, Michael.

我現在將把電話轉給 Michael Farkas。請繼續，邁克爾。

Good afternoon, everyone. Thank you for joining us for our third quarter investor call. There's been a tremendous amount of momentum in the EV space and solid progress at Blink since we last spoke. In spite of the pandemic, we have made great progress expanding and upgrading our network, adding new partnerships, executing our acquisition strategy and further positioning Blink to grow as a leading provider of charging stations around the world.

大家下午好。感謝您加入我們的第三季度投資者電話會議。自我們上次發言以來，電動汽車領域出現了巨大的發展勢頭，Blink 也取得了堅實的進展。儘管大流行，我們在擴展和升級我們的網絡、增加新的合作夥伴、執行我們的收購戰略和進一步將 Blink 定位為全球領先的充電站供應商方面取得了巨大進展。

For the 9 months, we grew 84% to $3.8 million, exceeding last year's total revenue of $2.8 million. Our third quarter revenue was a little bit more than $900,000, in line with the most recently published analyst revenue estimate but below consensus purely due to the other revenue estimate being an outlier. H.C. Wainwright, we know you're still sure about us doing the ATM with Roth. [Schwab], please get over and stop already.

在這 9 個月裡，我們增長了 84% 至 380 萬美元，超過了去年 280 萬美元的總收入。我們第三季度的收入略高於 900,000 美元，與最近公佈的分析師收入估計一致，但低於共識純粹是因為其他收入估計是異常值。 HC溫賴特，我們知道你仍然確信我們和羅斯一起做自動取款機。 [施瓦布]，請過來停下來。

Before we get into the specifics of the quarter, I want to make sure we keep sight of the big picture. The opportunity in front of Blink is enormous, and few companies are better positioned to capitalize on the anticipated significant growth in demand for EV infrastructure as more drivers make the change to electric vehicles. According to BloombergNEF's Electric Vehicle Outlook 2020, which provides a global outlook for the EV market, passenger EV sales increased from 450,000 in 2015 to 2.1 million in 2019 and are expected to reach over 50 million by 2040. Bloomberg also expects that more than 50% of new car sales will be EVs by 2040. That is a staggering transition of our primary method of transportation, and it will require a very fast rollout of EV infrastructure.

在我們深入了解本季度的細節之前，我想確保我們關注全局。 Blink 面前的機會是巨大的，隨著越來越多的司機轉向電動汽車，很少有公司能夠更好地利用電動汽車基礎設施需求的預期顯著增長。根據彭博新能源財經的《2020 年電動汽車展望》，該報告對電動汽車市場進行了全球展望，乘用電動汽車銷量從 2015 年的 45 萬輛增加到 2019 年的 210 萬輛，預計到 2040 年將達到 5000 萬輛以上。彭博社還預計，這一數字將超過 50%到 2040 年，新車銷售量將成為電動汽車。這是我們主要交通方式的驚人轉變，需要非常快速地推出電動汽車基礎設施。

Guidehouse Insights is projecting 25% CAGR globally in the number of charging stations now through 2030. And Bloomberg projects that the need for charging stations will top 290 million by 2040 with a value of over $500 billion worldwide. The long anticipated shift to EVs is happening, and Blink is uniquely positioned to continue playing a leadership role in laying the groundwork for this transition.

Guidehouse Insights 預計，從現在到 2030 年，全球充電站數量的複合年增長率將達到 25%。彭博社預測，到 2040 年，全球對充電站的需求將超過 2.9 億，價值超過 5000 億美元。期待已久的向電動汽車的轉變正在發生，而 Blink 具有獨特的優勢，可以繼續在為這一轉變奠定基礎方面發揮領導作用。

For Blink, as an early pioneer in the EV infrastructure space, these forecasted adoption rates are extremely gratifying to see. We've just started our 12th year in this business, and over the years, we have carefully evolved and sharpened our business strategy to take advantage of the changing landscape. So I think it's important to highlight a few key tenets of our strategy.

對於 Blink 來說，作為 EV 基礎設施領域的早期先驅，這些預測的採用率非常令人欣慰。我們剛剛開始從事這項業務的第 12 個年頭，多年來，我們精心發展並強化了我們的業務戰略，以利用不斷變化的環境。所以我認為強調我們戰略的幾個關鍵原則很重要。

First, we have developed a very flexible offering for our customers and partners, offering both Blink-owned and host-owned solutions. In this developing market, one size does not fit all, and customers want options to choose a solution that is right for them. We believe our ability to offer multiple deployment models will help us secure the most attractive locations as we roll out our chargers globally.

首先，我們為我們的客戶和合作夥伴開發了非常靈活的產品，提供 Blink 擁有和主機擁有的解決方案。在這個發展中的市場中，一種尺寸並不適合所有人，客戶希望選擇適合他們的解決方案。我們相信，當我們在全球推出充電器時，我們提供多種部署模式的能力將幫助我們確保最具吸引力的地點。

Second, to fully understand the opportunity in front of us, it is also important to understand that unlike many of our competitors, such as ChargePoint, Blink owns and operates a growing portion of the chargers in our network. As an owner and operator, we sell the pump and the fuel rather than just the pump. In this model, we pay for the charger, for the installation. And then each time a car is charge, we realize a recurring revenue stream from the margin between what we buy the electricity for and what we sell it to the EV driver for.

其次，要充分了解擺在我們面前的機會，同樣重要的是要了解，與我們的許多競爭對手（例如 ChargePoint）不同，Blink 在我們的網絡中擁有並運營著越來越多的充電器。作為所有者和運營商，我們銷售泵和燃料，而不僅僅是泵。在這個模型中，我們支付充電器和安裝費用。然後每次為汽車充電時，我們都會從我們購買電力的目的和將其出售給電動汽車司機的目的之間的利潤中實現經常性收入流。

Because utilization of these charging stations is still in the low single digits commensurate with the percentage of EV sales as a percentage of total fleets, we don't yet generate significant revenue from charging. However, given that the world is still in the nascent stages of EV growth and infrastructure build-out, we have great confidence that our owner-operator model represents a solid growth opportunity. Our contracts with our property owners are long-term exclusive in nature. And as utilization of our Blink-owned charging stations grow, this will drive attractive and sticky recurring revenues for Blink and our shareholders, which from our experience far exceeds the value potential of solely transaction-based equipment sales like ChargePoint.

由於這些充電站的使用率仍處於較低的個位數，與電動汽車銷量佔總車隊的百分比相稱，我們尚未從充電中產生可觀的收入。然而，鑑於世界仍處於電動汽車增長和基礎設施建設的初期階段，我們非常有信心，我們的所有者-運營商模式代表了一個堅實的增長機會。我們與業主簽訂的合同具有長期排他性。隨著我們 Blink 擁有的充電站使用率的增長，這將為 Blink 和我們的股東帶來具有吸引力和粘性的經常性收入，根據我們的經驗，這遠遠超過了 ChargePoint 等僅基於交易的設備銷售的價值潛力。

Third, another key aspect of our strategy is that by owning and operating our own chargers, we are able to control maintenance and can ensure the charger is fully operational and updated with the latest and greatest technology. Our host-owned option is an important part of our flexible deployment models. But once the charger installs, the host is entirely responsible for maintaining the unit. In many cases, that's fine, but sometimes our host owners allow the units to degrade. This is their not -- this is not their main wheelhouse. It's not what they do as the main line of business. It sits in their garages. And historically, there are times we haven't been able to do much about it.

第三，我們戰略的另一個關鍵方面是，通過擁有和運營我們自己的充電器，我們能夠控制維護，並確保充電器全面運行並採用最新和最先進的技術進行更新。我們的主機擁有選項是我們靈活部署模型的重要組成部分。但是一旦充電器安裝好，主機全權負責維護。在許多情況下，這很好，但有時我們的主人允許單位降級。這不是他們的——這不是他們的主要駕駛室。這不是他們做的主要業務。它就在他們的車庫裡。從歷史上看，有時我們對此無能為力。

Think of it like an automobile sale. Once the car is sold and it's off the lot, the car company no longer has any oversight in maintaining that vehicle. And as much as a BMW or an Audi or a Ford would love for all their cars on the road to be perfectly maintained, unfortunately, they do not have control once that car is sold even when the warranty is still in effect.

把它想像成汽車銷售。一旦汽車售出並下車，汽車公司就不再對維護該車輛有任何監督。就像寶馬、奧迪或福特一樣，他們希望道路上的所有汽車都能得到完美的維護，不幸的是，一旦汽車售出，即使保修仍然有效，他們也無法控制。

To combat this issue and to strengthen our brand perception, we have rolled out a strategic infrastructure improvement program to support the upgrade of host-owned equipment. In the third quarter, we upgraded 89 charging stations to our Level 2 IQ 200s. This is the fastest Level 2 charging station available. In addition to enhancing the driver experience with Blink-designed equipment, many of these upgrades are converting our host-owned partners to Blink-owned multiyear revenue share agreements.

為了解決這個問題並增強我們的品牌知名度，我們推出了一項戰略性基礎設施改進計劃，以支持主機自有設備的升級。第三季度，我們將 89 個充電站升級到了 Level 2 IQ 200。這是目前最快的 2 級充電站。除了使用 Blink 設計的設備增強駕駛員體驗外，其中許多升級正在將我們的主機擁有的合作夥伴轉換為 Blink 擁有的多年收入分成協議。

So the owner-operator model provides attractive long-term economics because we realize a recurring economic benefit each and every time someone uses our charger, and it also ensures high-quality control for the units in the field. We are currently focused on deploying the most chargers we can in the most attractive locations with the most positive potential utilization.

因此，所有者-運營商模式提供了具有吸引力的長期經濟性，因為每次有人使用我們的充電器時，我們都能實現經常性的經濟效益，而且它還確保了對現場設備的高質量控制。我們目前專注於在最具吸引力的位置部署盡可能多的充電器，並具有最積極的潛在利用。

During the quarter, we made a lot of progress expanding our network with the installation, sale, acquisition or deployment of 668 charging stations across 25 states during the midst of COVID, of which 200 of those charging stations came as part of our acquisition of BlueLA. 307 charging stations were sold and deployed commercially with 62% of those being Blink-owned and operated, which means we pay for that infrastructure, we pay for that investment and we wait for our revenue streams to come. Those do not generate instantaneous revenues. 89 of these were swaps from the first-generation chargers in keeping with the initiative I just detailed, which is to upgrade equipment in the field when we have that opportunity.

在本季度，我們在擴大網絡方面取得了很大進展，在 COVID 期間在 25 個州安裝、銷售、收購或部署了 668 個充電站，其中 200 個充電站是我們收購 BlueLA 的一部分. 307 個充電站已售出並進行商業部署，其中 62% 由 Blink 擁有和運營，這意味著我們為該基礎設施付費，我們為該投資付費，我們等待我們的收入來源到來。這些不會產生即時收入。其中 89 個是第一代充電器的交換，以符合我剛才詳述的倡議，即當我們有機會時升級現場設備。

Notably, California represented over 50% of those installations. As I just mentioned, during the quarter, we announced our acquisition of BlueLA, which included an additional 200 chargers. Accordingly, we have strengthened our sales force and resources to heighten our presence and drive our efforts to expand our California footprint. These efforts are especially critical now as the state recently affirmed its full commitment to EV use with the announcement of an executive order from Governor Newsom which will ban the sale of new gas-powered personal vehicles by 2035. No more gasoline cars. Only EVs after that point.

值得注意的是，加利福尼亞州佔這些裝置的 50% 以上。正如我剛才提到的，在本季度，我們宣布收購 BlueLA，其中包括額外的 200 個充電器。因此，我們加強了我們的銷售隊伍和資源，以提高我們的影響力並推動我們努力擴大我們在加州的足跡。這些努力現在尤其重要，因為該州最近確認了其對電動汽車使用的全面承諾，州長紐森宣布了一項行政命令，該命令將在 2035 年之前禁止銷售新的汽油動力個人車輛。不再有汽油車。在那之後只有電動汽車。

A key component of our growth lies in our ability to continue to expand our footprint both domestically and internationally. So we are very pleased to have significantly increased our market presence despite the pandemic.

我們增長的一個關鍵組成部分在於我們有能力繼續在國內和國際上擴大我們的足跡。因此，儘管大流行，我們很高興顯著增加了我們的市場佔有率。

Finally, we're working hard to attract the most experienced and knowledgeable people to the Blink team. Since March 2020, we've hired 25 people with 19 of those being newly created. We've added new positions across the organization, including at our headquarters in Miami Beach, at our Phoenix facility, our sales and technology positions in California and several sales positions across the country. These are very exciting times for our industry and our company.

最後，我們正在努力吸引最有經驗和知識淵博的人加入 Blink 團隊。自 2020 年 3 月以來，我們已經僱傭了 25 人，其中 19 人是新創建的。我們在整個組織中增加了新職位，包括我們在邁阿密海灘的總部、我們的鳳凰城工廠、我們在加利福尼亞的銷售和技術職位以及全國各地的多個銷售職位。對於我們的行業和我們的公司來說，這是非常激動人心的時刻。

Now I'll turn the call over to our COO, Brendan, who will review some of our recent progress. Thank you.

現在我將把電話轉給我們的首席運營官 Brendan，他將回顧我們最近的一些進展。謝謝你。

All right. Thank you very much, Michael, and good afternoon, everybody. It's a pleasure to speak with everyone. It continues to be a very, very busy time at Blink as evidenced by many of our recent developments and the announcements. So I'll jump right in and review just a few of the highlights.

好的。非常感謝邁克爾，大家下午好。很高興與大家交談。我們最近的許多事態發展和公告證明了在 Blink 仍然是一個非常非常忙碌的時期。因此，我將直接進入並回顧一些亮點。

In August, as Michael mentioned earlier in the call, we launched a program for existing Blink EV charging locations to upgrade their first-generation equipment to Blink's new fast Level 2 charging station, the IQ 200. Our goal in this initiative is to expand and improve the Blink network of equipment. And during the past year, we've upgraded over 884 charging stations to the new 80 amp IQ 200 as part of a strategic initiative to improve infrastructure.

8 月，正如 Michael 在電話會議中提到的，我們為現有的 Blink EV 充電站啟動了一項計劃，將其第一代設備升級為 Blink 的新型快速 2 級充電站 IQ 200。我們在該計劃中的目標是擴大和完善設備的Blink網絡。在過去的一年中，我們已將超過 884 個充電站升級到新的 80 amp IQ 200，作為改善基礎設施的戰略計劃的一部分。

As part of this promotional program, we are providing upgraded equipment to existing hosts when they enter into a new multiyear revenue share agreement with Blink. This offering gives our host partners the chance to provide the best equipment in the marketplace. And with the revenue sharing structure, Blink becomes a partner with the owner-operator rather than solely providing hardware.

作為該促銷計劃的一部分，當現有房東與 Blink 簽訂新的多年收入分成協議時，我們將為他們提供升級設備。此產品使我們的主機合作夥伴有機會提供市場上最好的設備。並且通過收益分享結構，Blink 成為了業主運營商的合作夥伴，而不是僅僅提供硬件。

Also in August, we received a follow-on order from InterEnergy for 150 Level 2 and DC fast-charging stations soon to be deployed in the Dominican Republic. This order, valued at over $1 million, will be fulfilled during the fourth quarter and is a follow-on to the company's previously announced $1.2 million purchase order for 200 charging stations with InterEnergy. With these orders, InterEnergy has purchased 350 Blink Level 2 DC fast chargers and residential charging stations. InterEnergy, through its CEPM subsidiary, provides energy solutions to more than 66% of the national tourism sector in the Dominican Republic, and installation locations for Blink charging stations will include hotels, resorts, shopping centers and gas stations.

同樣在 8 月，我們收到了來自 InterEnergy 的後續訂單，即將在多米尼加共和國部署 150 個二級和直流快速充電站。這份價值超過 100 萬美元的訂單將在第四季度完成，是該公司先前宣布的 120 萬美元採購訂單的後續行動，該訂單將與 InterEnergy 簽訂 200 個充電站。通過這些訂單，InterEnergy 購買了 350 個 Blink Level 2 直流快速充電器和住宅充電站。 InterEnergy 通過其 CEPM 子公司為多米尼加共和國 66% 以上的國家旅遊業提供能源解決方案，Blink 充電站的安裝地點將包括酒店、度假村、購物中心和加油站。

Now following on Michael's comments, I also want to highlight the extraordinary September announcement of Governor Gavin Newsom's Executive Order N-79-20 banning the sale of internal combustion vehicles by 2035. This is truly a groundbreaking announcement. The governor's move to cut greenhouse gas emissions in the country's most populous state indicates true leadership in helping citizens of all income levels make the change and choose cleaner transportation alternatives.

現在繼邁克爾的評論之後，我還想強調州長加文·紐森 (Gavin Newsom) 的行政命令 N-79-20 於 9 月特別宣布，該命令禁止到 2035 年銷售內燃機汽車。這確實是一個開創性的公告。州長在該國人口最多的州減少溫室氣體排放的舉措表明，在幫助所有收入水平的公民做出改變並選擇更清潔的交通替代方案方面具有真正的領導力。

We see tremendous opportunity to help further California's environmental mission, and we're very excited about the opportunities represented by our most recent acquisition of BlueLA, the EV car-sharing partner to the City of Los Angeles. This acquisition allowed us to double the number of Blink charging stations in Los Angeles while providing affordable, enhanced EV mobility options to community residents. Our goal is to replicate the BlueLA model in other cities throughout California and eventually, in other urban centers across the country.

我們看到了幫助加州進一步履行環保使命的巨大機會，我們對最近收購洛杉磯市電動汽車共享合作夥伴 BlueLA 所代表的機會感到非常興奮。此次收購使我們能夠將洛杉磯的 Blink 充電站數量增加一倍，同時為社區居民提供負擔得起的增強型電動汽車出行選擇。我們的目標是在加州其他城市復制 BlueLA 模式，並最終在全國其他城市中心複製。

Most recently, we announced several innovative partnerships, including a strategic development and production agreement with SG Blocks to bring solar, off-grid, modular EV charging stations to market. Now SG Block recycles cargo shipping containers for use in construction and other uses. And working together, we'll bring our charging station to their locations than others to deploy a rapid and cost-effective EV charging solution. Additionally, we recently announced the deployment of 44 Level 2 EV charging stations at The Elysian, a residential building in Los Angeles with a focus on green living. They are truly a pacesetter in sustainable living solutions, and we're proud to be part of their suite of residential amenities.

最近，我們宣布了幾項創新合作夥伴關係，包括與 SG Blocks 達成戰略開發和生產協議，將太陽能、離網、模塊化電動汽車充電站推向市場。現在，SG Block 回收用於建築和其他用途的貨運集裝箱。通過共同努力，我們將把我們的充電站帶到他們比其他人所在的位置，以部署快速且具有成本效益的電動汽車充電解決方案。此外，我們最近宣佈在洛杉磯的一棟以綠色生活為重點的住宅樓 The Elysian 部署 44 個 2 級電動汽車充電站。他們是可持續生活解決方案的真正標兵，我們很自豪能成為他們住宅設施套件的一部分。

And finally, last month, we announced a working partnership with Sustainable Westchester, a leading nonprofit consortium of local municipalities in Westchester County, New York, facilitating the effective collaboration of sustainable solutions, resulting in healthier, more resilient communities. We're working with them to promote and build the build-out of EV charging stations by providing 50 Level 2 IQ 200 chargers for deployment in the local communities. To give you some context around the potential impact of this partnership, Westchester currently has more than 5,500 registered EVs, but only 1 charging station per 200 -- per 22 EV drivers. We'd like to bring that ratio significantly down.

最後，上個月，我們宣布與紐約威徹斯特縣當地市政當局的領先非營利組織可持續威徹斯特建立合作夥伴關係，促進可持續解決方案的有效合作，從而打造更健康、更有彈性的社區。我們正在與他們合作，通過提供 50 個 2 級 IQ 200 充電器在當地社區部署來促進和建設電動汽車充電站。為了讓您了解這種合作夥伴關係的潛在影響，威徹斯特目前擁有超過 5,500 輛註冊電動汽車，但每 200 名電動汽車司機只有 1 個充電站——每 22 名電動汽車司機。我們希望大幅降低該比率。

Now I'll turn it over to our CFO, Michael Rama, to run through some of the specific results for the quarter. Thank you very much.

現在，我將把它交給我們的首席財務官 Michael Rama，來介紹本季度的一些具體結果。非常感謝你。

Thank you, Brendan, and good afternoon, everyone. Blink had a solid third quarter 2020, particularly in light of the continued economic impact of COVID-19 pandemic. I thought it would be helpful to first remind everyone of our revenue model. As Michael discussed, a unique advantage of the Blink business model is our ability to provide multiple options to our customers. This flexibility is key in our ability to quickly expand our network. We offer 4 business models for EV charging equipment and connectivity to our cloud-based EV charging network, and we work with our property partners to help design a program that fits their needs.

謝謝你，布倫丹，大家下午好。 Blink 在 2020 年第三季度表現穩健，特別是考慮到 COVID-19 大流行對經濟的持續影響。我認為首先提醒大家我們的收入模式會有所幫助。正如邁克爾所討論的，Blink 商業模式的一個獨特優勢是我們能夠為客戶提供多種選擇。這種靈活性是我們快速擴展網絡能力的關鍵。我們為 EV 充電設備和與我們基於雲的 EV 充電網絡的連接提供 4 種商業模式，並且我們與我們的房地產合作夥伴合作，幫助設計一個適合他們需求的計劃。

The 4 options are as follows. There's a Blink-owned turnkey option, which is where we own and operate the charging station. It is utilized in high-traffic locations with significant potential for high utilization. In this model, Blink provides the equipment, installation, operations and administration of the EV charger deployment and shares a portion of the charging revenue with the host.

4個選項如下。有一個 Blink 擁有的交鑰匙選項，這是我們擁有和運營充電站的地方。它用於具有高利用率的巨大潛力的高流量位置。在這種模式下，Blink 提供 EV 充電器部署的設備、安裝、運營和管理，並與主機分享部分充電收入。

Next is the Blink-owned hybrid option, which is another model where we own and operate the charging station. It is our most common business model, and it fits more EV charging locations. The hybrid option allows the location to quickly provide the charging stations to their customers in a cost-efficient manner. Blink covers the cost of equipment, operations and administration, whereas the host location is responsible for the installation. Charging revenue is shared under the hybrid model as well.

接下來是 Blink 擁有的混合動力選項，這是我們擁有和運營充電站的另一種模式。這是我們最常見的商業模式，它適合更多的電動汽車充電地點。混合選項允許該地點以具有成本效益的方式快速為其客戶提供充電站。 Blink 承擔設備、運營和管理的成本，而主機位置負責安裝。充電收入也在混合模式下共享。

Third is our -- is the host-owned option, which is for those who want to be the owner and operator of the EV charging stations. The host location is solely responsible for the costs associated with the deployment of the EV charging stations. This includes installation, the cost of equipment, the annual network fees and the cost of maintenance and operations. In the host-owned option, the host location receives the entirety of the charging revenue minus network and processing fees.

第三是我們的 - 是主機擁有的選項，適用於那些想要成為電動汽車充電站所有者和運營商的人。主辦地點全權負責與部署電動汽車充電站相關的成本。這包括安裝、設備成本、年度網絡費用以及維護和運營成本。在主機所有選項中，主機位置收到全部收費收入減去網絡和處理費用。

And the fourth option is our newest business model, which is Blink as a service, which is an exciting option for host locations that want both the flexibility of setting the EV charging rates on the equipment but prefer not to have the upfront capital expense associated with purchasing the equipment. Blink provides the equipment, maintenance and operations for a low fixed cost for the duration of the contract. The host location receives the entire unit charging revenue minus network and processing fees.

第四個選項是我們最新的商業模式，即 Blink 即服務，對於既希望在設備上靈活設置 EV 充電費率又不希望有與購買設備。 Blink 在合同期內以較低的固定成本提供設備、維護和運營。主機位置收到整個單位的收費收入減去網絡和處理費。

Now moving on to some financial results for the third quarter of 2020. Revenue for the third quarter of 2020 grew to $905,000. Hardware sales drove the revenue increase in the period with a 74% increase. This increase was attributable to the increased sales from generation 2 chargers, home units and DC fast chargers when compared to the same period in 2019. Third quarter 2020 revenues were impacted by the timing of certain orders that we expected in the third quarter but are now expected to be completed in the fourth quarter.

現在繼續討論 2020 年第三季度的一些財務業績。2020 年第三季度的收入增長到 905,000 美元。硬件銷售推動了期內收入的增長，增長了 74%。這一增長是由於與 2019 年同期相比，第 2 代充電器、家用設備和直流快速充電器的銷售額增加。2020 年第三季度的收入受到我們預計在第三季度但現在預計在第四季度完成。

For the 9 months ended September 30, 2020, revenue grew 84% to $3.8 million compared to the 9 months ended September 30, 2019. This is noteworthy because our revenues for 2020 have already exceeded full year 2019 revenues of $2.8 million.

截至 2020 年 9 月 30 日的 9 個月，與截至 2019 年 9 月 30 日的 9 個月相比，收入增長 84% 至 380 萬美元。這是值得注意的，因為我們 2020 年的收入已經超過 2019 年全年的 280 萬美元。

Charging service revenues from the company-owned charging stations was $163,000 for the quarter, a decrease from last year due to the impacts of COVID-19, but a doubling of -- over second quarter of 2020. As stay-at-home regulations were lifted, we've seen a steady uptick in usage of our charging stations. We expect over the medium to longer term to see the continued growth in our -- in the charging service revenues from our owner and operator charging stations due to more electronic vehicles on the road and our expansion of the Blink network of chargers.

本季度公司自有充電站的充電服務收入為 163,000 美元，由於 COVID-19 的影響，比去年有所下降，但比 2020 年第二季度翻了一番。提升後，我們看到充電站的使用率穩步上升。我們預計，中長期來看，我們的所有者和運營商充電站的充電服務收入將持續增長，因為道路上有更多的電動汽車以及我們對 Blink 充電器網絡的擴展。

In terms of expenses, operating expenses for the quarter increased to $4.3 million from $2.9 million primarily driven by increased compensation expense as we continue to scale the business to prepare for and create the dynamic growth we anticipate. We have strengthened our executive, marketing, sales, IT and operation departments. Our net loss was $3.9 million for the quarter compared to a net loss of $2.6 million last year.

在費用方面，本季度的運營費用從 290 萬美元增加到 430 萬美元，主要是由於我們繼續擴大業務規模以準備和創造我們預期的動態增長，因此薪酬費用增加。我們加強了我們的執行、營銷、銷售、IT 和運營部門。我們本季度的淨虧損為 390 萬美元，而去年的淨虧損為 260 萬美元。

Now a few comments about our cash and liquidity. At the close of the quarter, we had $14.9 million in cash. Our financial position has strengthened, and the capital markets environment in the EV space has never been stronger. During the second quarter of 2020, we created a $20 million ATM program. From April 17, 2020 through September 30, 2020, we sold an aggregate of 3.5 million shares of common stock under the ATM for aggregate gross proceeds of $19 million.

現在對我們的現金和流動性發表一些評論。在本季度末，我們有 1490 萬美元的現金。我們的財務狀況得到加強，電動汽車領域的資本市場環境從未如此強大。在 2020 年第二季度，我們創建了一個價值 2000 萬美元的 ATM 計劃。從 2020 年 4 月 17 日到 2020 年 9 月 30 日，我們在 ATM 下共出售了 350 萬股普通股，總收益為 1900 萬美元。

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

有了這個，我們現在將打開您的問題的電話。

(Operator Instructions) And we'll take our first question from [Sean Silverson] with [Watchtower Research].

（操作員說明）我們將回答 [Sean Silverson] 和 [Watchtower Research] 的第一個問題。

Michael, I wanted to spend a little bit of time on the Blink owned and operated model. It obviously has some interesting parts to it. I guess a 2-part question as I'm trying to understand how to model this. First, can you provide some color on the current utilization rates? But also very importantly, I'm trying to understand, as you deploy these going forward, how do we think about utilization rates and timing of that? In other words, do they just grow with EV cars on the road? Or how do we think about the growth in there, faster than the industry, slower than the industry, and also how the profitability changes on that as the utilization increases? I assume it has a pretty high contribution margin.

邁克爾，我想花一點時間在 Blink 擁有和運營的模型上。它顯然有一些有趣的部分。我想是一個兩部分的問題，因為我試圖了解如何對此進行建模。首先，您能否提供一些關於當前利用率的顏色？但也非常重要的是，我試圖了解，當您在未來部署這些時，我們如何考慮利用率和時間安排？換句話說，他們只是隨著電動汽車上路而成長嗎？或者我們如何看待那裡的增長，比行業快，比行業慢，以及隨著利用率的增加，盈利能力如何變化？我認為它有相當高的邊際貢獻。

Okay. In regards to utilization, during our last call, we basically stated that we weren't really disclosing utilization rates. Bottom line is if you really look at the EV industry, plug and hybrid EV industry, when you're looking at that space, you're looking literally at low single digits of entire fleet sales if you're looking at passenger vehicles throughout the United States. And our utilization is very similar. It's low single digits. But what we do see is as more cars are available on the road in tandem with the increase in [percentage], we are also seeing increase in utilization. And as more and more cars on the road are EVs, it will directly impact utilization.

好的。關於利用率，在我們上次的電話會議中，我們基本上表示我們並沒有真正披露利用率。底線是，如果你真的看一下電動汽車行業、插電式和混合動力電動汽車行業，當你看這個領域時，如果你看的是整個車隊銷售的低個位數，那麼你會看到整個車隊銷售的低個位數。美國。和我們的使用非常相似。是低個位數。但我們確實看到，隨著[百分比] 的增加，道路上可用的汽車越來越多，我們也看到了利用率的提高。而且隨著道路上越來越多的汽車是電動汽車，這將直接影響利用率。

And as the utilization goes, how does the margin profile look for you? I mean, let's say, you're going from 10% to 50% to 70% utilization, let's say, a single unit somewhere. How do you think about profitability of that particular deployed unit?

隨著利用率的提高，您的保證金狀況如何？我的意思是，假設您的利用率從 10% 提高到 50% 再到 70%，比方說某個地方的單個單元。您如何看待該特定部署單位的盈利能力？

Okay. So when you're looking at from a perspective of utilization, one of our charging stations that's a Blink owned, which is something that's a turnkey solution, we pay from A to Z, at a 5% utilization rate, we would make about $20 a month. At about a 10% utilization, it would be considerably higher. The real number that one really wants to look at in trying to figure out what value can be brought as an investor, where do they want to invest their capital, do you want to invest your capital in the EV space, which is what we're doing in the infrastructure side is more of the picks and the shovels than it is for the searching of the gold. I would say the gold searching for is more like finding the right EV producer who's going to score.

好的。所以當你從利用率的角度來看，我們的一個充電站是 Blink 擁有的，這是一個交鑰匙解決方案，我們從頭到尾支付，以 5% 的使用率，我們會賺大約 20 美元一個月。在大約 10% 的利用率下，它會高得多。在試圖弄清楚作為投資者可以帶來什麼價值時，人們真正想看看的真實數字，他們想在哪裡投資他們的資金，你想把你的資金投資在電動汽車領域，這就是我們的目標。在基礎設施方面所做的更多是鎬和鐵鍬，而不是尋找黃金。我想說尋找黃金更像是找到合適的電動汽車生產商。

And historically, if you look at the automotive market -- and that's really where my background is, not that I worked in the auto industry, but my passion my entire life has always been automobiles. And if you study the market, you'd realize that 99% of all auto manufacturers have gone bankrupt. And I'm not joking. It's actually over 99%. What we do is we supply the cars. No matter who makes the car, whether it's GM or Ford or Mercedes or BMW or Rivian or Tesla or BMW, Audi, we don't gamble on who that is. We're going to make sure that wherever that car that's being driven around, no matter who manufactured, we're the one who could supply the fuel. And that's really, if you look at transportation, the money is in the fuel. It's not in the car, and it's not in the gas pump. It's actually the one who supplies the fuel.

從歷史上看，如果你看看汽車市場——這就是我的背景，不是我在汽車行業工作，而是我一生的熱情一直是汽車。如果你研究市場，你會發現 99% 的汽車製造商都破產了。我不是在開玩笑。實際上超過 99%。我們所做的是提供汽車。無論是誰製造汽車，無論是通用汽車、福特、奔馳、寶馬、Rivian、特斯拉、寶馬、奧迪，我們都不會賭那是誰。我們將確保無論汽車在哪裡行駛，無論是誰製造的，我們都是能夠提供燃料的人。真的，如果你看一下交通，錢就在燃料裡。它不在車裡，也不在油泵裡。它實際上是提供燃料的人。

And that's where we try to focus Blink's business on. But the real thing that one must look at when they're trying to figure out which of the companies in the infrastructure space do you want to invest, which has the most possibility for long-term growth, when you own and operate a charging station in our model and -- or you're a charging station owner, a host-owned unit, if you look at our model between us and ChargePoint, if there's a 10% utilization rate, our unit will make a host owner, a property owner about $26 a month. With a ChargePoint unit, it's only $20 a month. Their fees are more expensive, number one.

這就是我們試圖將 Blink 的業務重點放在的地方。但是，當他們試圖弄清楚你想投資哪些基礎設施領域的公司時，當你擁有並運營一個充電站時，你必須看看哪些公司最有可能實現長期增長在我們的模型中，或者您是充電站所有者，主機擁有的單位，如果您查看我們和 ChargePoint 之間的模型，如果利用率為 10%，我們的單位將成為主機所有者，財產業主每月約 26 美元。使用 ChargePoint 裝置，每月只需 20 美元。他們的費用更貴，排名第一。

Number two, our charging stations are more powerful. And the faster you're able to get the power into the car, the more money you make on a per transactional basis. But when you're really looking at it from owning the unit, like us, that we do versus what ChargePoint does, at 10% utilization, when we own the units, we'll make about $300 and change, $316 a month, and ChargePoint will make $20 a month off that same charging station. We make $316 a month. They make $20 a month. That's at 10% utilization. At 25% utilization, ChargePoint makes $27 a charging station per month, and we make $793 per month with our charging stations being in our model. So when you look at where you want to go, there's no question our model is more sustainable. And the revenue produced by owning that charging station is much, much greater than just having it on your network and selling it once upon a time.

第二，我們的充電站更強大。而且，您能夠更快地為汽車供電，您在每筆交易的基礎上賺到的錢就越多。但是，當您像我們一樣真正從擁有設備的角度來看待它時，我們所做的與 ChargePoint 所做的相比，在 10% 的利用率下，當我們擁有這些設備時，我們將賺取大約 300 美元並進行更改，每月 316 美元，並且ChargePoint 將從同一個充電站每月賺取 20 美元。我們每月賺 316 美元。他們每月賺 20 美元。那是 10% 的利用率。在 25% 的利用率下，ChargePoint 每個充電站每月賺 27 美元，而我們的模型中的充電站我們每月賺 793 美元。因此，當您查看您想去的地方時，毫無疑問我們的模型更具可持續性。擁有那個充電站所產生的收入比僅僅在你的網絡上擁有它並從前出售它要多得多。

So [it's obviously] clear, the (inaudible) strategy for Blink obviously [have] much better economics. How does that impact the capital need, let's say, and capital deployment with that in terms of the owner-operator strategy there in particular? Is it expensive to deploy these? Are you burning capital? How are you getting them deployed in the field from a financing standpoint?

所以[很明顯] 很明顯，Blink 的（聽不清）策略顯然 [具有] 更好的經濟性。比如說，這對資本需求和資本部署有何影響，特別是就那裡的所有者-運營商戰略而言？部署這些成本高嗎？你在燒錢嗎？從融資的角度來看，您如何將它們部署到現場？

Okay. So yes, there's obviously an investment that we need to make versus a competitor who sells the hardware. They typically make money off the hardware itself, and then they have a small recurring. We have to invest money in the ground. And while the payback takes a little while, again, remember, listen to the numbers. I told you at 25% utilization, the difference is $27 a month in profit for ChargePoint and we do $793. Now at 50% utilization, which is very, very high, they're at $38 and we're at $1,588. So yes, you have to invest a little bit more money in order to get that kind of return. But there's a big difference also because in our model, we have exclusive rights for very long periods of time to be the sole provider of EV infrastructure in that location.

好的。所以，是的，與銷售硬件的競爭對手相比，我們顯然需要進行投資。他們通常從硬件本身賺錢，然後他們有一個小的經常性。我們必須在土地上投資。雖然回報需要一點時間，但請再次記住，聽聽數字。我告訴過你，在 25% 的利用率下，ChargePoint 每月的利潤差是 27 美元，而我們是 793 美元。現在利用率為 50%，非常非常高，它們是 38 美元，我們是 1,588 美元。所以，是的，你必須投入更多的錢才能獲得這種回報。但也有很大的不同，因為在我們的模型中，我們在很長一段時間內擁有獨家權利，成為該地區電動汽車基礎設施的唯一供應商。

So it's not like you're selling a charging station and the owner of that property puts it in a parking space. When we provide our services, when we invest our money into our property on a partner's locations, we have long-term exclusive contracts to provide their services. And it's not just that spot. It's every single parking space in that location.

因此，這不像您要出售充電站，而該物業的所有者將其放置在停車位中。當我們提供服務時，當我們將資金投資到我們在合作夥伴所在地的財產時，我們有長期獨家合同來提供他們的服務。這不僅僅是那個地方。這是那個位置的每一個停車位。

I just have one last question. I know it can be a hard one to answer, and then I'll kind of step back. But when you talk with your customers and your partners out there, why are they choosing one strategy versus another? I know it's having the flexibility to pick one model versus the other. But obviously, for you, the more attractive model, being Blink owner operated, how do you pitch this to a customer or partner? And why do they pick one versus another just in kind of a general thought process?

我只有最後一個問題。我知道這可能很難回答，然後我會退後一步。但是，當您與您的客戶和合作夥伴交談時，他們為什麼選擇一種策略而不是另一種？我知道它可以靈活地選擇一個模型而不是另一個模型。但顯然，對您而言，作為 Blink 所有者經營的更具吸引力的模式，您如何向客戶或合作夥伴推銷它？為什麼他們只是在一般的思考過程中選擇一個與另一個？

Okay. What we're seeing and the type of customers that we're dealing with, when you look at like the Cushman & Wakefields, when you look at the parking garage operators, when you look at the McDonald's, these are companies that manage properties that belong to another party. So while we may have our desire to go down a certain path and the manager, whether it's a property manager or if it's a garage management company, they may have their own path. Property owners all have their own models on how they operate their business. There are property owners that outsource every single service, whether it's washing machines if they're in multifamily, but they outsource everything. There are others, property owners who handle everything from A to Z no matter what it is.

好的。我們所看到的以及我們正在處理的客戶類型，當你看到 Cushman & Wakefields，當你看到停車場運營商，當你看到麥當勞時，這些都是管理物業的公司屬於另一方。因此，儘管我們可能希望走上一條特定的道路，而經理，無論是物業經理還是車庫管理公司，他們都可能有自己的道路。業主都有自己的經營模式。有些業主將每一項服務都外包，無論是多戶家庭的洗衣機，但他們都外包了一切。還有其他人，無論是什麼，都可以處理從A到Z的所有事情。

So because we have companies that have vast scale and they represent different types of owners, the reason why we're getting selected by them to work with them is because of our flexibility, because McDonald's has owners, certain ones that want to own the hardware. They have other ones that don't want to take technological risk but they're willing to maybe pay for the installation. You have other ones that have a great location. They don't want to put up a nickel or a penny. They just want to get rent or a revenue share. So because of our flexibility, we're able to handle these companies where our competitors sometimes are unable to because of not having that same type of flexibility.

所以因為我們的公司規模很大，他們代表不同類型的所有者，我們被他們選中與他們合作的原因是因為我們的靈活性，因為麥當勞有所有者，某些人想要擁有硬件.他們還有其他不想承擔技術風險但願意為安裝付費的人。您還有其他位置優越的。他們不想花一分錢或一分錢。他們只想獲得租金或收入分成。因此，由於我們的靈活性，我們能夠處理我們的競爭對手有時因為沒有相同類型的靈活性而無法處理的這些公司。

(Operator Instructions) It does appear that there are no further questions. I'll turn the call back over to the management team for any closing remarks.

（操作員說明）似乎沒有其他問題。我會將電話轉回給管理團隊，以獲取任何結束語。

Thank you, everybody, for joining us, and we're looking forward to a very exciting year ahead of us. With, hopefully, with COVID being behind us and more people traveling on the road, it should increase utilization accordingly. And with our new hardware offerings and partnerships, we're very excited about being able to deploy a lot more equipment over the next year and 2. We're looking forward to some very exciting times. Thank you, everyone. We appreciate it.

謝謝大家加入我們，我們期待著即將到來的非常激動人心的一年。希望隨著 COVID 的出現以及更多的人在路上旅行，它應該會相應地提高利用率。憑藉我們新的硬件產品和合作夥伴關係，我們對能夠在明年和 2 部署更多設備感到非常興奮。我們期待著一些非常激動人心的時刻。謝謝大家。我們很感激。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝你。這確實結束了今天的節目。感謝您的參與。您可以隨時斷開連接。