Gogoro Inc (GGR) 2022 Q1 法說會逐字稿

Welcome to the Gogoro Inc. First Quarter 2022 Earnings Call. This session will be recorded. All participants are currently muted during the question-and-answer session. If your question is selected, your microphone will be unmuted so that you can ask your question.

歡迎參加 Gogoro Inc. 2022 年第一季財報電話會議。本次會議將會錄音。所有與會者在問答環節目前均已靜音。如果您的問題被選中，您的麥克風將取消靜音，以便您提問。

I would like to introduce Bruce Aitken, CFO of Gogoro, who will kick us off.

我想介紹一下 Gogoro 的財務長 Bruce Aitken，他將為我們揭開序幕。

Thanks operator and thanks to everyone for taking the time to join us today. I am Bruce Aitken, CFO of Gogoro, and I am pleased to welcome you to our first ever quarterly earnings call. Hopefully by now, you have seen our earnings release. If you haven't, it is available on the Investor Relations tab of our website at www.investor.gogoro.com.

感謝接線生，也感謝各位今天抽空加入我們。我是 Gogoro 財務長 Bruce Aitken，很高興歡迎大家參加我們有史以來的首次季度財報電話會議。希望您現在已經看過我們的財報了。如果您還沒有看過，可以在我們網站 www.investor.gogoro.com 的「投資者關係」標籤頁上查看。

We will also be displaying materials on the webcast screen as we go along. Given that this is our first earnings call, our Chairman and CEO, Horace Luke, will provide a quick company introduction before we review Q1 results. We are pleased with our Q1 results. We look forward to sharing those with you as well as giving some guidance into what we are seeing as the outlook for Q2 and the balance for the 2022.

我們也將透過網路直播螢幕即時播放相關資料。鑑於這是我們的首次財報電話會議，董事長兼執行長 Horace Luke 將在回顧第一季業績之前簡要介紹一下公司。我們對第一季的業績感到滿意。我們期待與大家分享這些業績，並就我們對第二季的展望以及 2022 年的平衡點提供一些指導。

Before Horace shares, I would like to introduce Michael Bowen, who will share the process for today's call and provide some important disclosures.

在 Horace 分享之前，我想介紹 Michael Bowen，他將分享今天電話會議的流程並提供一些重要的披露。

Thanks Bruce. As a reminder, you are all currently on mute but we would then move in to a Q&A session after the prepared remarks. And we will answer as many questions as time allows. After Horace has given a brief overview of Gogoro and some of the business highlights from Q1, Bruce will go a bit deeper into the Q1 financial results.

謝謝 Bruce。提醒一下，各位目前都處於靜音狀態，但在準備好發言後，我們將進入問答環節。我們會在時間允許的情況下盡可能回答問題。 Horace 簡要介紹 Gogoro 以及第一季的一些業務亮點後，Bruce 將更深入地介紹第一季度的財務表現。

Before we get started, allow me to remind you that during the call we will make statements regarding our business that may be considered forward-looking within applicable to securities laws including statements regarding our second quarter and Fiscal 2022 results.

在我們開始之前，請允許我提醒您，在電話會議中，我們將就我們的業務發表可能被視為適用於證券法的前瞻性聲明，包括有關我們第二季度和 2022 財年業績的聲明。

Management's expectations for future financial and operational performance and capabilities of our technology, projections of marked opportunity and market share and our potential growth, statements related -- relating to the expected impact of the COVID-19 pandemic, statements relating to the potential of our strategic collaboration, partnerships and joint ventures, statements regarding regulatory development and our plans, prospect and expectations, these statements are not promises or guaranteed and are subject to risks and uncertainties which could cause them to differ materially from actual results.

管理層對我們技術未來財務和營運業績和能力的期望、對明顯機會和市場份額以及我們潛在增長的預測、與 COVID-19 大流行的預期影響有關的聲明、與我們的戰略合作、夥伴關係和合資企業的潛力有關的聲明、關於監管發展和我們的計劃、前景和期望的聲明，這些聲明不是承諾或保證，並且可能導致

Information concerning those risks is available in our earnings press release (inaudible) prior to the market open today and in our SEC filing. We undertake no obligation to update forward-looking statements except as required by law.

有關這些風險的資訊可在我們今日開市前的收益新聞稿（聽不清楚）以及我們提交給美國證券交易委員會的文件中查閱。除法律要求外，我們不承擔更新前瞻性聲明的義務。

Further during the course of today's call, we will refer to certain adjusted financial measures. These non-IFRS financial measures should be considered in addition to not as a substitute for or in isolation from IFRS measures. Additional information about these non- IFRS measures including reconciliation of non- IFRS to comparable IFRS is included in our press release and investor presentation provided today.

此外，在今天的電話會議中，我們將提及某些調整後的財務指標。這些非國際財務報告準則 (Non-IFRS) 財務指標應作為補充考慮，而非替代或與國際財務報告準則 (IFRS) 指標分開。有關這些非國際財務報告準則 (Non-IFRS) 指標的更多信息，包括非國際財務報告準則 (Non-IFRS) 與可比國際財務報告準則 (IFRS) 的對賬，請參閱我們今天提供的新聞稿和投資者演示文稿。

Now over to Horace.

現在輪到賀拉斯了。

Thanks, Bruce and Michael. This is our first earning call as a publicly traded company and we are thrilled to have this opportunity to meet with you all today. We completed our business combination with Poema Global on April 4th and began trading on the Nasdaq under the ticker GGR on April the 5th.

謝謝，Bruce 和 Michael。這是我們作為上市公司的首次財報電話會議，我們很高興有機會與大家見面。我們於4月4日完成了與 Poema Global 的業務合併，並於4月5日在納斯達克以股票代碼 GGR 開始交易。

I would like to begin today by giving you a brief introduction to Gogoro and our business model. Perhaps it is well known to some of you today but it may be new for others there on the call, so I do want to spend a little time on a quick introduction and set the stage for business priorities for 2022.

今天，我想先簡單介紹一下 Gogoro 和我們的商業模式。或許今天的一些嘉賓已經很熟悉了，但其他嘉賓可能還不熟悉，所以我想花一點時間做一個簡短的介紹，並為 2022 年的業務重點做個鋪墊。

Gogoro was founded in 2011 with the mission to put smart, swappable electric power in reach of every urban riders in the world. We believe that electric mobility adoption is inevitable and that two wheelers will drive this transformation faster than any other mode of transportation. In urban centers around the world where millions of people are living on top of each other, where space and time is really hard to come by, battery swapping is the only viable solutions to refuel these small agile two-wheelers.

Gogoro 成立於 2011 年，其使命是讓全球每位城市騎乘者都能享受智慧、可更換的電力。我們相信，電動車的普及是必然趨勢，而兩輪車將比其他任何交通方式更快地推動這項變革。在世界各地的城市中心，數百萬人擠在一起，空間和時間都十分有限，而電池更換是為這些靈活的小型兩輪車補充能量的唯一可行解決方案。

And by developing our own technology in a very customer-centric, vertically integrated way, it gives us a unique advantage over other competitors. And lastly by partnering with some of the world's most well-known two-wheel OEMs, we are able to reach over half a billion riders in the world's largest two-wheeler markets.

透過以客戶為中心、垂直整合的方式開發自主技術，我們比其他競爭對手擁有獨特的優勢。最後，透過與一些全球知名的兩輪車原始設備製造商合作，我們能夠覆蓋全球最大兩輪車市場的超過5億用戶。

Think of Gogoro as a technology and platform provider. Yes, we build and sell our own branded vehicles which continue to be among the best performing electric two-wheelers available in the market today but we also enable a total of 10 brands to sell over 47 different SKUs of vehicles on our battery swapping platform to take advantage of the battery swapping network we have developed and deployed.

把 Gogoro 視為一家技術和平台提供者。沒錯，我們生產和銷售自有品牌的電動車，這些車型至今仍是市場上性能最佳的電動兩輪車之一。此外，我們還支援 10 個品牌在我們的電池更換平台上銷售超過 47 種不同 SKU 的車輛，以充分利用我們開發和部署的電池更換網路。

These SKUs are both two-wheel and three wheelers. They can be lighter, lower speed vehicles powered by a single battery or 125 cc equivalent vehicles powered by two batteries or even larger, 13-kilowatt three-wheelers which uses a total of four batteries of packs. Our model is that the customer purchase a Gogoro or a partner vehicle with the battery not included.

這些 SKU 既有兩輪車，也有三輪車。它們可以是較輕、速度較低的單電池驅動車輛，也可以是排氣量相當於 125 cc 的雙電池驅動車輛，甚至更大，功率高達 13 千瓦的三輪車，總共使用四個電池組。我們的模式是客戶購買 Gogoro 或合作品牌的車輛時，不包含電池。

This provides dual benefits. The cost of the battery which is approximately 35% to 45% of the [burn] cost from any EVs can now be excluded from the vehicle price. And instead of buying the battery, customers can select from a wide variety of swapping subscription plans that meet their needs. Those plans are like data plans for a cell phone and in Taiwan they range in price from entry level plans at approximately $10 a month to an all you can ride plan which costs around $40 a month.

這帶來了雙重好處。電池成本約佔所有電動車（燃油）成本的35%至45%，現在可以從車價中扣除。而且，客戶無需購買電池，而是可以從各種符合自身需求的更換訂閱方案中進行選擇。這些計劃類似於手機的數據套餐，在台灣，價格從每月約10美元的入門級計劃到每月約40美元的無限暢享計劃不等。

Customer accumulate quickly and generate reoccurring revenue for the roughly 10-year life span of the vehicle. We believe with battery swapping we have addressed the biggest concern of our customers when it comes to safety, riding range, battery charging time and cost. By placing efficient Go stations across cities, we created a unique end-to-end user experience that has been recognized as the best of its kind in the world.

客戶快速積累，並在車輛約10年的使用壽命內產生經常性收入。我們相信，透過電池更換服務，我們解決了客戶在安全性、續航里程、充電時間和成本方面最大的擔憂。透過在城市之間設置高效的Go充電站，我們創造了獨特的端到端用戶體驗，並被公認為全球同類最佳。

We have been very successful launching Gogoro branded and partner vehicles and services in Taiwan. We will now have over 467,000 subscribers and over 2,185 Go stations. We handled over 277 million total battery swaps to date and every day our automated system manages over 350,000 swaps. Combined, our riders have accumulated over 5 billion kilometers [ridden] using battery swapping and save hundreds of thousands of tons of CO2 from emitting into the air.

我們在台灣成功推出了 Gogoro 品牌及合作夥伴的車輛和服務。目前，我們擁有超過 46.7 萬名用戶和超過 2,185 個 Go 充電站。迄今為止，我們已處理超過 2.77 億次電池更換，我們的自動化系統每天管理超過 35 萬次更換。總計，我們的乘客使用電池更換累積行駛里程超過 50 億公里，減少了數十萬噸的二氧化碳排放。

The Gogoro battery swapping system is rugged and we are ready to continue our growth in Taiwan while also expanding into new markets. Between Taiwan, China and India alone, there is a total available market of approximately 60 to 65 million units per year. We have established great partnerships and we are excited for our upcoming expansion and growth.

Gogoro 電池更換系統堅固耐用，我們已準備好在台灣繼續發展，並拓展新市場。光是台灣、中國大陸和印度三國，每年的市場總需求量就約為 6,000 萬至 6,500 萬台。我們已經建立了良好的合作夥伴關係，並對即將到來的擴張和成長充滿期待。

Additionally, Gogoro continue to invest in R&D. Approximately 22% of our workforce is engaged in either hardware or software product development. We have self-developed all our hardware and software capabilities and today we manufacture vehicles as well as powertrains and battery packs in our own highly automated facilities.

此外，Gogoro 持續投入研發。我們約有 22% 的員工從事硬體或軟體產品開發。我們所有硬體和軟體功能均自主研發，如今，我們在高度自動化的自有工廠生產車輛、動力系統和電池組。

Self-developed technology is at the core of what and who Gogoro is. We believe we have the right business model and building blocks for scale and we are ready to go. Despite experiencing some impact from COVID in mid-2021, we ended the year with 366 million in revenue, 39 million overall guidance and slightly up from 2020. We exited 2021 with over 450,000 subscribers and 23% increase from a year before.

自主研發技術是 Gogoro 的核心所在。我們相信，我們擁有正確的商業模式和規模化的基礎，並已做好準備。儘管 2021 年年中受到了新冠疫情的一些影響，但我們在年底仍實現了 3.66 億美元的收入，整體目標收入為 3900 萬美元，略高於 2020 年。 2021 年結束時，我們的用戶數超過 45 萬，年增 23%。

We have been EBITDA positives since 2019 and have built a company with real technology, real products and real revenue. I invite you to review the materials on our investors' site and other online content to go -- get a deeper perspective on Gogoro. We are passionate about what we do. We make it irresistible for customers to be responsible.

自2019年以來，我們的EBITDA一直保持正值，並打造了一家擁有真正技術、真正產品和真正收入的公司。誠摯邀請您瀏覽我們投資者網站上的資料以及其他線上內容，深入了解Gogoro。我們對自己的工作充滿熱情。我們讓顧客無法抗拒負責任的理念。

Let me now shift gear a bit and fill you in on our macro strategy for 2022. We have three areas of focus. First, we will continue to expand our vehicle and hardware sales in Taiwan by increasing our penetration, broadening our coverage and growing sales of B2C, B2B and B2G customers. Secondly, we will further develop our Gogoro solution business we built on the success of our Gogoro component kits to enable our partners to further diversify product offerings and launch multiple SKUs in China and India.

現在，讓我稍微轉換一下話題，向大家介紹一下我們2022年的宏觀策略。我們有三個重點領域。首先，我們將繼續擴大在台灣的汽車和硬體銷售，提高滲透率，擴大覆蓋範圍，並增加B2C、B2B和B2G客戶的銷售。其次，我們將進一步發展基於Gogoro組件套件成功經驗的Gogoro解決方案業務，使我們的合作夥伴能夠進一步豐富產品線，並在中國和印度推出多種SKU。

Last but not least, we will grow on Gogoro network business in Taiwan and internationally. We will increase Go station density and continue to improve network efficiency and launch services in additional cities in China and India as well as grow the pilot in Indonesia. Combined, we expect this strategy to result in an estimated 460 million to 500 million in revenue in 2022 and set the stage for further success and expansion.

最後，同樣重要的是，我們將在台灣和國際範圍內拓展Gogoro網路業務。我們將增加Gogoro基地台密度，持續提升網路效率，在中國和印度的更多城市推出服務，並擴大在印尼的試點。我們預計，這項策略將在2022年帶來約4.6億至5億美元的營收，並為進一步的成功和擴張奠定基礎。

Bruce will now walk us through our business and financial highlights for 2022 Q1.

布魯斯現在將向我們介紹 2022 年第一季的業務和財務亮點。

Thanks Horace. Q1 2022 was a record Q1 revenue quarter for Gogoro and another solid quarter of execution. We saw a large increase in vehicle and hardware sales versus previous years and continued to accumulate subscribers on our Taiwan network. Additionally, we expanded our network offering in China to three cities and are continuing to make progress in other markets.

謝謝 Horace。 2022 年第一季度，Gogoro 創下了第一季的營收紀錄，並且再次展現出穩健的執行力。與往年相比，我們的車輛和硬體銷售額大幅成長，台灣網路的用戶數量也持續成長。此外，我們將中國大陸的網路覆蓋範圍擴展至三個城市，並在其他市場持續取得進展。

Let me unpack each of those a bit in terms of our Q1 progress. According to statistics published by Taiwan's Department of Motor Vehicles, there were 12,806 Gogoro vehicles registered in Q1, up from 8,120 in 2021, a 57.7% increase. Additionally, partner vehicles which are tracked under each brand's individual sales represented additional volume in Q1.

讓我結合我們第一季的進展來逐一分析一下這些變化。根據台灣車輛管理局發布的統計數據，第一季 Gogoro 的註冊車輛數量為 12,806 輛，高於 2021 年的 8,120 輛，增幅達 57.7%。此外，根據各品牌單獨銷售情況追蹤的合作車輛也為第一季帶來了額外的銷售。

We extended our Taiwan channel and now Gogoro vehicles are for sale in a total of 310 traditional scooter sales locations, making Gogoro vehicles broadly available and increasing the customer touch points is important. Our market share in the six biggest cities in Taiwan was 9.2% during Q1, up from 5.8% in Q1 2021. Our partners launched several new vehicles in Q1, perhaps most notably the Yamaha EMF and also the A-Motor Ai-4.

我們擴展了台灣的銷售管道，目前 Gogoro 車型已在 310 個傳統踏板車銷售點銷售，這使得 Gogoro 車型更加普及，並提升了與客戶的接觸點。第一季度，我們在台灣六大城的市佔率為 9.2%，高於 2021 年第一季的 5.8%。我們的合作夥伴在第一季推出了幾款新車，其中最引人注目的是雅馬哈 EMF 和 A-Motor Ai-4。

In China after initially launching in Hangzhou in Q4 of 2021, additional network services were launched in Wuxi and in Kunming. We now have more than active stations in Hangzhou, 40 in Wuxi and 35 Go stations operational in Kunming. Unfortunately, China's current COVID circumstances create uncertainty with regards to the balance of 2022 but our plans are to enter six cities before the end of this year.

在中國，繼2021年第四季在杭州首次推出Go服務後，我們又在無錫和昆明推出了更多網路服務。目前，我們在杭州擁有超過100個活躍站點，在無錫擁有40個站點，在昆明擁有35個Go站點。遺憾的是，中國目前的新冠疫情為2022年的剩餘時間帶來了不確定性，但我們計劃在今年年底前進入六個城市。

There are currently six SKUs of Yadea vehicles available. Yadea plans to launch a total of more than SKUs by year end. Dachangjiang, another partner in China, will launch a one battery powered [emoto] this year as well. Providing customers with sufficient choice of power, price and styling is important to the scaling of the [I] Huan Huan [JV] network which is invested by Yadea and Dachangjiang.

雅迪汽車目前有六種 SKU 可供選擇。雅迪計劃在年底推出超過 SKU 的車型。雅迪在中國的另一家合作夥伴大長江也將在今年推出一款純電動 [emoto] 車型。為客戶提供充足的動力、價格和造型選擇，對於雅迪和大長江共同投資的 [I] Huan Huan [JV] 合資網絡的規模擴張至關重要。

We continue to progress towards a late 2022 network launch in India where consumer adoption of EVs was trending positively until a recent spate of battery fires. Working together with India's largest vehicle OEM, Hero Motocorp, we believe the Gogoro battery swap solution serves an unmet need in the second largest two-wheeler market in the world.

我們正持續推進，計劃於2022年底在印度推出電動車網路。此前，印度消費者對電動車的接受度一直呈現積極趨勢，但最近發生了一系列電池起火事件。我們相信，透過與印度最大的汽車製造商Hero Motocorp合作，Gogoro的電池更換解決方案能夠滿足全球第二大兩輪車市場尚未滿足的需求。

We were still a privately held company in Q1, working towards our business combination with Poema Global. Our business combination included a pipe which was heavily oversubscribed and included investment from existing shareholders, large new strategic shareholders and new institutional investors. These investments came at no discount and resulted in a total of $344.8 million delivered to Gogoro's balance sheet before transaction expenses.

我們在第一季仍是一家私人控股公司，致力於與 Poema Global 的業務合併。我們的業務合併包括一項超額認購的管道業務，並包含來自現有股東、大型新策略股東和新機構投資者的投資。這些投資均無折扣，最終在扣除交易費用前，為 Gogoro 的資產負債表帶來了總計 3.448 億美元的收益。

This cash gives us ample capital for planned expansion into China, India and future markets. We continue to focus heavily on product development both on vehicles and on batteries and announced a few new important milestones in Q1. At our core, we are an innovation and technology company.

這筆資金為我們在中國、印度及未來市場的擴張計畫提供了充足的資金。我們將繼續大力投入汽車和電池領域的產品開發，並在第一季宣布了幾個新的重要里程碑。我們的核心是一家創新科技公司。

A self-developed smart core technology provides high speed computing power with an expandable, open architecture that enhances processing speed and connectivity of the electronic control unit and motor control unit, increasing memory, long distance remote monitoring and I/O control. The smart core platform provides three times the computing power available on Gogoro's current smart scooters today, enabling a new generation of smart two-wheel vehicles.

Gogoro 自主研發的智慧核心技術提供高速運算能力，並採用可擴展的開放式架構，從而提升了電子控制單元和馬達控制單元的處理速度和連接性，增加了內存，增強了遠端監控和 I/O 控制能力。智慧核心平台的運算能力是 Gogoro 目前智慧踏板車的三倍，進而助力新一代智慧兩輪車的誕生。

The world's first two-wheeled solid-state battery pack developed in conjunction with ProLogium increases battery density by approximately 40%. While it will take some time for this technology to be commercially scalable, Gogoro continues to show what is possible in electric powered two-wheelers. We manufactured our 1 millionth battery pack during Q1 and continue to be able to have full forward and backwards compatibility.

與 ProLogium 共同開發的全球首款兩輪固態電池組，可將電池密度提升約 40%。雖然這項技術的商業化應用尚需時日，但 Gogoro 持續展現其在電動兩輪車領域的無限可能。我們在第一季生產了第 100 萬個電池組，並持續保持完全的前向和後向相容性。

The millionth battery pack powers the first Gogoro vehicle ever manufactured and the oldest battery pack in our network can power the latest and greatest vehicle just shipped. To demonstrate the myriad of opportunities that exist for battery packs and the true interoperable nature of our hardware, we introduced two-second life use cases for our batteries being deployed in smart street lights and smart parking meters.

第100萬個電池組為首款Gogoro汽車提供動力，而我們網路中最老的電池組則為剛出廠的最新款、最棒的汽車提供動力。為了展示電池組的無限商機以及我們硬體真正的互通性，我們推出了兩秒電池壽命用例，用於部署在智慧路燈和智慧停車計時器中。

Finally in the area of policy, important progress was made. The Taiwan government announced a new renewed commitment to the banning of sales of ICE vehicles with a plan date to mandate no emission vehicles comprised 30% of all two-wheelers sold by 2030, 70% by 2035 and a complete ban on internal combustion engine vehicle sales by 2040. We believe this is made possible partly based on the popularity of our swap and go battery swapping network, successfully deployed in Taiwan today.

最後，在政策領域取得了重要進展。台灣政府宣布了一項新的承諾，將禁止銷售內燃機汽車，並計劃在2030年強制要求零排放汽車佔所有兩輪車銷量的30%，到2035年達到70%，到2040年全面禁止內燃機汽車銷售。我們相信，這一目標的實現部分得益於我們目前在台灣成功部署的「即換即走」電池更換網路的普及。

The Indian government has published draft guidance on battery swapping standards and in Singapore we successfully worked with the government to release TR25, a battery swapping technical reference. These documents indicate a clear move toward the need for safe, scalable, battery swapping solutions and Gogoro's solutions fall within these guidelines. We expect to continue meaningful dialogue with a variety of governments to see how Gogoro technology can aid in the faster adoption of safe battery swapping solutions for urban centers around the region.

印度政府已發布電池更換標準指南草案，在新加坡，我們成功與政府合作，發布了電池更換技術參考 TR25。這些文件明確表明，各國正朝著安全、可擴展的電池更換解決方案邁進，而 Gogoro 的解決方案正符合這些指導原則。我們期待繼續與各國​​政府進行有意義的對話，探討 Gogoro 技術如何協助該地區各城市中心更快採用安全的電池更換解決方案。

With that summary of our business highlights, let me shift our focus specifically to our financial performance. We have accomplished so much in Q1 and I am happy to share our financial metrics.

總結完我們業務的亮點後，我想把重點轉移到財務表現。我們在第一季取得了豐碩的成果，我很高興與大家分享我們的財務指標。

Let me specifically add some color into revenue, gross margin, EBITDA and net loss results as well as providing some guidance for the balance of 2022. We typically experience seasonality in the first quarter of the fiscal year due primarily to weather and to the Chinese New Year holidays, resulting in Q1 revenue typically being lower than the other quarters of the year.

讓我特別為收入、毛利率、EBITDA 和淨虧損結果添加一些細節，並為 2022 年餘額提供一些指導。我們通常會在財政年度的第一季經歷季節性，主要是由於天氣和農曆新年假期，導致第一季的收入通常低於一年中的其他季度。

Government reported registration of all scooters in Q1 versus full year during the last three years, range from approximately 18% to 21% in Taiwan and seasonality impacts hardware sales. For the first quarter revenue was $94.5 million, up 61% from 58.7 million in the last -- in the same quarter last year.

政府報告顯示，台灣第一季所有踏板車的註冊量與過去三年全年相比，增幅約為18%至21%，季節性因素會影響硬體銷售。第一季營收為9,450萬美元，較上一季（去年同期）的5,870萬美元成長61%。

Sales of hardware and other revenues for the first quarter was 65.1 million, up 87.1 from 34.8 million in the same quarter last year, primarily as a result of increased market share in Gogoro branded scooter sales in Taiwan. Government reported registrations of government -- of Gogoro vehicles increased by 57.7% compared to the first quarter of 2021.

第一季硬體及其他營收為6,510萬美元，較去年同期的3,480萬美元成長8,710萬美元，主要由於Gogoro品牌踏板車在台灣的市佔率成長。根據政府報告，Gogoro車輛的註冊量與2021年第一季相比成長了57.7%。

Gogoro network revenue for the first quarter was $29.4 million, up 23% from $23.9 million in the same quarter last year. This growth reflects a continuation of growth in the electric transport market in Taiwan and an increase in our subscriber base in Taiwan.

Gogoro 第一季網路營收為 2,940 萬美元，較去年同期的 2,390 萬美元成長 23%。這一增長反映了台灣電動交通市場的持續成長以及我們台灣用戶群的擴大。

For the first quarter, gross margin was 13.7%, up from 12.7% in the same quarter last year. For the first quarter, non-IFRS gross margin was 14.2%, up from 12.7% in the same quarter last year. Gross margin and non-IFRS gross margin were driven by favorable changes in product mix and a decrease in production cost per electric scooter as we scale our production.

第一季毛利率為13.7%，高於去年同期的12.7%。第一季非國際財務報告準則（Non-IFRS）毛利率為14.2%，高於去年同期的12.7%。毛利率和非國際財務報告準則毛利率的提升得益於產品結構的有利變化以及隨著生產規模擴大，每輛電動滑板車的生產成本下降。

First quarter 2022 net loss was $21.7 million, an increase of $2.5 million from 19.2 million in the same quarter last year. The additional net loss was primarily driven by employee share based compensation and expenses associated with our merger with Poema Global.

2022年第一季淨虧損為2,170萬美元，較去年同期的1,920萬美元增加250萬美元。新增淨虧損主要源自於員工股權激勵以及與Poema Global合併相關的費用。

Adjusted EBITDA was $13.5 million, up 124.1% from $6 million in the same quarter last year. The increase was primarily due to an increase in our market share and sales of hardware, accompanied by an increase of Gogoro network subscribers excluding non-cash share based compensation and one-time non-recurring costs associated with our merger with Poema Global.

調整後息稅折舊攤提前利潤 (EBITDA) 為 1,350 萬美元，較去年同期的 600 萬美元成長 124.1%。成長主要得益於市場份額和硬體銷售的成長，以及 Gogoro 網路用戶數量的成長（不包括非現金股權激勵以及與 Poema Global 合併產生的一次性非經常性成本）。

Gogoro raised 344.8 million in gross proceeds from the completion of our merger with Poema Global on April 4th, 2022. This cash gives us the ability to invest in growth markets and you will see us begin to deploy this capital in a variety of ways, investments in manufacturing, expansion of our networks and other activities.

Gogoro 於 2022 年 4 月 4 日完成與 Poema Global 的合併，籌集了 3.448 億美元的總收益。這筆現金使我們能夠投資於成長型市場，您將看到我們開始以各種方式部署這筆資本，投資於製造業、擴展我們的網路和其他活動。

We are pleased with our Q1 results but at the same time we are cognizant of a variety of macroeconomic, pandemic and other global factors and current events which could cause our results in the balance of 2022 to be impacted. China is experiencing a great deal of COVID uncertainty. Taiwan is currently experiencing a COVID wave. Global supply chains are under pressure, inflation is increasing and we have been and could continue to be impacted.

我們對第一季的業績感到滿意，但同時也意識到各種宏觀經濟、疫情和其他全球因素以及時事可能會對我們2022年全年的業績產生影響。中國大陸正經歷著巨大的新冠疫情不確定性。台灣目前正經歷新冠疫情浪潮。全球供應鏈面臨壓力，通貨膨脹不斷上升，我們已經並可能繼續受到影響。

So, we are providing guidance of revenue in the range of $460 to $500 million for the full year 2022, which represents an anticipated increase of 25.7% to 36.6% compared to full year 2021. Q2 revenue is expected to contribute around 20% of full-year revenue and given the uncertainty from COVID impact in both Taiwan and international markets and the associated foreign exchange downside risk from local versus U.S. dollar currency.

因此，我們預計 2022 年全年營收將在 4.6 億美元至 5 億美元之間，與 2021 年全年相比預計將成長 25.7% 至 36.6%。考慮到新冠疫情對台灣和國際市場的影響存在不確定性，以及當地貨幣兌美元匯率下跌的風險，預計第二季營收將佔全年營收的 20% 左右。

We estimate that we will generate 90% to 95% of the full-year revenue from the Taiwan market. It has been a super eventful quarter for Gogoro and we look forward to continuing to work hard to introduce battery swapping capability to new markets and new customers.

我們預計全年90%至95%的營收將來自台灣市場。對於Gogoro來說，這是一個多事之秋，我們期待繼續努力，將換電功能引入新市場和新客戶。

Operator, I will hand it over to you for Q&A.

接線員，我將把它交給您進行問答。

Thank you. We will now begin a question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Our first question comes from the line of [Fon Jung] from Benchmark Company.

我們的第一個問題來自 Benchmark Company 的 [Fon Jung]。

Thanks for taking my questions. Horace, Bruce, hi. Congrats on a very strong quarter. My first question is regarding the guidance. I understand there are a lot of moving parts right now, especially just given COVID situation.

感謝你們回答我的問題。 Horace，Bruce，你們好。恭喜你們取得了非常強勁的季度業績。我的第一個問題是關於業績指引的。我知道現在有很多不確定因素，尤其是在新冠疫情的影響下。

I just wonder what are the assumptions you have taken in terms of low end versus your high end of the guidance, how impactful I guess the COVID situation has been for second quarter, specifically? And secondly, your bottom line has been improving, just wonder what is the assumptions for our guidance for 2022 bottom line on EBITDA [site] and the key drivers behind it, if that is possible?

我只是想知道，就指引的低端和高端而言，你們做了哪些假設？我猜新冠疫情對第二季的影響具體有多大？其次，你們的獲利一直在改善，我想知道，如果可能的話，我們對2022年EBITDA（息稅折舊攤提前利潤）獲利的指引做出了哪些假設？背後的關鍵驅動因素是什麼？

So given the external headwinds, [Fon], that we mentioned including COVID, some macroeconomic factors and those kinds of things we decided to provide a revenue range as we thought that was a conservative approach. We do not know what will happen exactly in the second half of the year in China. We do not know exactly what will happen in Taiwan. We are excited about the products that we got, we are excited about our technology.

因此，考慮到我們提到的外部不利因素（包括新冠疫情）、一些宏觀經濟因素等等，我們決定提供一個收入範圍，因為我們認為這是一種保守的方法。我們不知道下半年中國市場的具體情況，也不知道台灣市場的具體情況。我們對收到的產品感到興奮，對我們的技術感到興奮。

And so we have chosen to give the full- year guidance of $460 to $500 million. EBITDA will continue to grow this year. We are providing only revenue projections going forward but we are excited again about the prospects. We do believe that there is going to be healthy EBITDA growth and we will be happy to share those results as we come across them every quarter.

因此，我們決定給予4.6億至5億美元的全年業績指引。 EBITDA今年將持續成長。我們目前僅提供未來的收入預測，但我們對未來前景再次充滿期待。我們堅信EBITDA將實現健康的成長，並樂於在每季分享這些業績。

(Inaudible), thanks Bruce. Second question is in regards to your international expansion. You mentioned that you are on track to launch in India before year end. I just wonder any additional color you could share at this point and in addition I saw that you guys are scheduled to launch in Israel I guess in the summer. I just wonder what is the marketing opportunity there and you know potential I guess P&L contribution whether this year or probably more in the future?

（聽不清楚），謝謝布魯斯。第二個問題是關於你們的國際擴張。您提到你們計劃在年底前在印度推出產品。我想知道您現在能分享一些更多資訊嗎？此外，我看到你們計劃在以色列推出產品，大概在夏天。我想知道那裡的營銷機會是什麼？您知道潛在的損益貢獻，無論是今年還是未來？

Sure. So with our India expansion, as mentioned, we are on track to launch services towards the tail end of 2022. You may have seen recently that a number of different organizations have been slowing their electric transitions in India. We believe that our battery swapping solution provides a great opportunity for customers in India to have a really safe battery swap solution, and so we are excited to launch there. Vehicle development underway and early stage development of network underway as well.

當然。如前文所述，隨著我們在印度市場的擴張，我們預計在2022年底推出相關服務。您可能最近注意到，許多不同的組織正在放緩在印度的電動轉型步伐。我們相信，我們的電池更換解決方案將為印度客戶提供一個真正安全的電池更換解決方案，因此我們很高興能在那裡推出這項服務。車輛開發和網路早期開發工作正在進行中。

In terms of (inaudible) and we have grown a lot to that expansion (inaudible) some advantage of (inaudible) metrics. And so we really (inaudible) pandemic situation, we were able to work closely with the department to launch this (inaudible).

就（聽不清楚）而言，我們已經取得了長足的進步，這得益於（聽不清楚）一些指標的擴展。因此，我們確實（聽不清楚）在疫情期間，能夠與該部門密切合作，啟動這項（聽不清楚）工作。

Thank you, Bruce. I will go back to the line.

謝謝你，布魯斯。我要回去了。

Thank you. (Operator Instructions).

謝謝。 （操作員指示）。

We have a follow-up question from [Fon Jung] from Benchmark Company. Please go ahead.

我們接下來還有來自 Benchmark Company 的 [Fon Jung] 的後續問題。請繼續提問。

A few follow-up on my side. First of all any potential disruptions you guys have observed from -- on the supply chain side? I just wonder what is the current observation and what expectation from here.

我這邊還有幾點後續問題。首先，你們在供應鏈方面觀察到了哪些潛在的中斷？我只是想知道目前的觀察結果是什麼，以及對此有何預期。

Thanks [Fon], this is Horace. So, yes, there are, you know, there are obviously with the -- with the COVID impact and with all this -- all that is happening on the -- in the world, there are always a possibility of disruption. For the next quarter, we do not see much of that coming in and impacting us.

謝謝[Fon]，我是Horace。所以，是的，您知道，顯然，由於新冠疫情的影響，以及世界上正在發生的一切，總是有可能出現中斷。但就下個季度而言，我們預計這些影響不會太大。

However, we are very cognizant of that and we are always watching out for anything that we need to do to kind of mitigate the risk. So on our side, I think we are -- we are cautious but also at the same time we are well prepared for it.

然而，我們對此非常清楚，並且始終在關注需要採取的任何措施來降低風險。所以，我認為我們——我們謹慎行事，但同時也做好了充分的準備。

Understood. Thanks Horace. Second follow-up is actually on your Southeast Asia. It seems like there is continued partnership with the local governments there. I mean just wonder you know what is the roadmap on your side for further [pilot]. I understand some pilots study going on but just wonder what are the potential [scaling] up for you in that market?

明白了。謝謝Horace。第二個後續問題其實是關於你們的東南亞業務。看起來你們與地方政府的合作仍在繼續。我想知道你們下一步[試辦]的路線圖是什麼？我知道一些試點研究正在進行中，但我想知道你們在那個市場[擴大規模]的潛力有多大？

Yes -- no, obviously with the market like Southeast Asia, especially with the pilot we launched in Jakarta with a GoTo and Gojek team, the idea was really to test out whether or not the -- it was well -- you know will be well received by the riders, especially for the commercial use that the rider will be using for the -- for their very demanding use cases during the day.

是的，顯然，對於東南亞這樣的市場，特別是我們與 GoTo 和 Gojek 團隊在雅加達推出的試點項目，我們的想法實際上是為了測試它是否會受到乘客的歡迎，尤其是對於乘客在白天非常苛刻的使用情況下將使用的商業用途。

I would say that I am happy to report that the feedback has been outstanding from just overall the end riders usability and the swapability of the battery. We had also launched the pilot with the President of Indonesia showing up and I would say that he was extremely excited about seeing electrification and how this could really impact to his country.

我很高興地告訴大家，從最終用戶的易用性和電池的可更換性來看，回饋非常出色。當我們啟動試點計畫時，印尼總統也親自到現場，他對於電動化以及電動化將如何影響他的國家感到非常興奮。

So, we will continue to work with not only the GoTo and the Gojek team but also with Foxconn as well as the Indonesian government to ensure that we have a very successful preparation for that market. I would say that we are excited about continuing to find out what we can do in addition to what we are currently offered today to be able to address all the diversity there in that market.

因此，我們將繼續與 GoTo 和 Gojek 團隊合作，並與富士康以及印尼政府合作，確保我們為市場做好充分的準備。我想說，我們非常期待繼續探索除了現有服務之外我們還能提供哪些服務，以應對該市場的各種多樣性。

Very helpful. Thanks Horace. Last question on my side is about your capital deployment. You mentioned that there are a couple directions you are thinking. I just wonder if it seems like company is very committed on R&D side, just wonder what are the major -- what is technology upgrades or product upgrades are we potentially expecting from here? And secondly any potential consideration on the [MIA] side?

非常有幫助。謝謝 Horace。我的最後一個問題是關於你們的資本配置。您提到您正在考慮幾個方向。我只是想知道，公司似乎非常重視研發，我們可能會期待哪些主要的——技術升級或產品升級？其次，在 MIA 方面有什麼潛在的考量嗎？

Okay, great. I think as we as we look at our -- what we offer from -- you can call product offering or technology offering, it goes from all the way from the vehicle side to of course most recently you have seen us launching the world's first solid-state battery prototype for swappable battery.

好的，太好了。我想，當我們審視我們提供的產品或技術時，它涵蓋了從車輛到汽車的各個方面，當然，最近您還看到我們推出了世界上第一個可更換電池的固態電池原型。

You know, we continue to push forward from the -- in the end user side of this -- end user side of the innovation but also at the same time there has been a lot of innovation, a lot of work, hard work on the back side of the entire system. You know a great example is that a question you asked earlier about Israel. The amazing thing we did with Israel is that we are able to launch both Israel and Jakarta without really sending any so-called boots on the ground.

您知道，我們持續從最終用戶端推進創新，但同時，整個系統的後端也進行了大量創新，投入了大量的工作和辛勤工作。您之前提到的關於以色列的問題就是一個很好的例子。我們在以色列取得的驚人成就是，我們能夠在以色列和雅加達啟動該項目，而無需派遣任何所謂的地面部隊。

We are able to do that all remotely with a -- both the telematic system that is on the station but also at the same time with all servers and tools that we have been working so hard to prepare for over the last several years as we kind of refine our system in Taiwan, going through as Bruce mentioned earlier generations of batteries and generations of stations and generations of Ai tools and machine learning system in the back side to be able to launch successfully in both of those markets earlier this year.

我們能夠透過遠端完成所有工作——不僅使用太空站上的遠端資訊處理系統，還可以同時使用我們在過去幾年中一直在努力準備的所有伺服器和工具，因為我們在台灣完善了我們的系統，正如布魯斯之前提到的，我們經歷了幾代電池、幾代太空站、幾代人工智慧工具和機器學習系統，以便能夠在今年早些時候在這兩個市場成功推出。

Now that is a great demonstration as to kind of how we are thinking about technology and innovation holistically from end to end, not just necessary from enabling technology or end user experience technology but also at the same time the technology that is behind it that runs all of it to have you -- how do you ensure that you provide the right swap, have the right billing system, have the right O&M and management and ticketing system, so that the entire -- the entire network and infrastructure can be managed in a very smooth and efficient and a low-cost kind of way.

這很好地展示了我們如何從端到端全面思考技術和創新，不僅是支援技術或最終用戶體驗技術，同時也包括運行所有這些技術的背後技術——如何確保提供正確的交換、正確的計費系統、正確的 O&M 和管理及票務系統，以便整個網路和基礎設施能夠以非常順暢、高效和低成本的方式進行管理。

So that is -- that is a part on the technology side and then as far as M&A, of course Gogoro is always interested in looking at growing our abilities not only within internally but also through partnerships or other possibilities. So you know, we are always keeping an eye out and I think this is a great decade as we transition to clean mobility and electrification of vehicles, there is a lot of technologies and a lot of passionate companies out there, that we can definitely partner with.

這就是技術方面的一部分。至於併購，Gogoro 當然一直致力於提升自身能力，不僅在內部，也透過合作或其他方式。所以，我們一直在密切關注，我認為這是一個偉大的十年，因為我們正向清潔旅行和汽車電氣化轉型，市場上有很多技術和充滿熱情的公司，我們絕對可以與他們合作。

So you know, nothing to report here other than we of course keep our eyes out and I think over time Gogoro has of course been a -- been the first mover in this market and will continue to try and stay ahead with technology that are groundbreaking.

所以你知道，這裡沒有什麼可報告的，除了我們當然會密切關注，我認為隨著時間的推移，Gogoro 當然已經成為這個市場的先行者，並將繼續努力保持突破性技術的領先地位。

And it is good, that is very helpful. Thanks Horace. That is all my questions and congrats on the good quarter.

這很好，非常有幫助。謝謝Horace。以上就是我的所有問題，恭喜本季業績良好。

Great. Thank you.

太好了，謝謝。

Thank you. (Operator Instructions).

謝謝。 （操作員指示）。

(Operator Instructions).

（操作員指令）。

All right, this concludes our question-and-answer session. I would like to turn the conference back to Horace and Bruce for any closing remarks.

好了，我們的問答環節到此結束。現在請Horace和Bruce最後總結發言。

Thanks, operator. Thank you, Bruce and thank you, Michael, thanks for everybody for joining us on this call. Gogoro has had a record revenue quarter. We grew a number -- grew on a number of fronts. We will continue to develop new technology as I mentioned, increase our efficiency and focus on growing the user base on our Taiwan network and also expand internationally into markets that we already have established partnerships in.

謝謝接線生。謝謝 Bruce，謝謝 Michael，謝謝各位參加這次電話會議。 Gogoro 本季的營收創下了紀錄。我們在多個方面都取得了成長。正如我之前提到的，我們將繼續開發新技術，提高效率，專注於擴大我們台灣網路的用戶群，並向我們已經建立合作夥伴關係的國際市場擴張。

With the recent mergers with Poema Global, we are well-funded and excited to take our vision to over the half a billion riders in the countries that we are going into. Now, I cannot wait to report any, you know, any future results. So, thank you everybody for joining the call today. I am super excited to be -- to be talking to you guys. Thank you.

憑藉最近與Poema Global的合併，我們資金充裕，並期待將我們的願景帶給即將進入的國家超過5億的騎士。現在，我迫不及待地想報告未來的業績。感謝各位今天參加電話會議。我非常高興能與大家交談。謝謝大家。

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議到此結束。感謝您參加今天的演講。現在您可以斷開連線了。