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.

歡迎來到 Gogoro Inc. 2022 年第一季度財報電話會議。此會話將被記錄。在問答環節中，所有參與者目前都處於靜音狀態。如果您的問題被選中，您的麥克風將被取消靜音，以便您可以提出您的問題。

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

我想介紹一下 Gogoro 的首席財務官 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.

感謝運營商，感謝大家今天抽出時間加入我們。我是 Gogoro 的首席財務官 Bruce Aitken，很高興歡迎您參加我們有史以來的第一次季度財報電話會議。希望到現在為止，您已經看到了我們的收益發布。如果您還沒有，可以在我們網站 www.investor.gogoro.com 的“投資者關係”選項卡上找到。

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.

隨著我們的進行，我們還將在網絡廣播屏幕上顯示材料。鑑於這是我們的第一次財報電話會議，我們的董事長兼首席執行官 Horace Luke 將在我們審查第一季度業績之前提供快速的公司介紹。我們對第一季度的結果感到滿意。我們期待與您分享這些內容，並就我們所看到的第二季度前景和 2022 年的平衡提供一些指導。

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，我想介紹一下 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.

謝謝布魯斯。提醒一下，你們目前都處於靜音狀態，但我們會在準備好的發言後進入問答環節。我們將在時間允許的情況下回答盡可能多的問題。在 Horace 簡要概述了 Gogoro 和第一季度的一些業務亮點之後，Bruce 將更深入地介紹第一季度的財務業績。

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，在電話會議期間，我們將就我們的業務發表聲明，這些聲明在適用於證券法的範圍內可能被視為前瞻性，包括關於我們第二季度和 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.

管理層對未來財務和運營績效以及我們技術能力的預期，對顯著機會和市場份額以及我們潛在增長的預測，與 COVID-19 大流行的預期影響相關的聲明，與我們戰略潛力相關的聲明合作、夥伴關係和合資企業、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，並且受風險和不確定性的影響，可能導致它們與實際結果存在重大差異。

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.

有關這些風險的信息可在我們今天開市前的收益新聞稿（聽不清）和我們向美國證券交易委員會提交的文件中找到。除非法律要求，否則我們不承擔更新前瞻性陳述的義務。

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，我們將參考某些調整後的財務措施。除了不能替代或獨立於 IFRS 措施之外，還應考慮這些非 IFRS 財務措施。有關這些非 IFRS 措施的更多信息，包括非 IFRS 與可比 IFRS 的調節，包含在我們今天提供的新聞稿和投資者介紹中。

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，布魯斯和邁克爾。這是我們作為一家上市公司的第一次財報電話會議，我們很高興今天有機會與大家見面。我們於 4 月 4 日完成了與 Poema Global 的業務合併，並於 4 月 5 日開始在納斯達克交易，股票代碼為 GGR。

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.

今天開始，我想向您簡要介紹一下 Gogoro 和我們的商業模式。也許今天對你們中的一些人來說很熟悉，但對其他人來說可能是新的，所以我想花點時間快速介紹一下，並為 2022 年的業務重點做準備。

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，其使命是讓世界上每個城市騎手都能獲得智能、可交換的電力。我們相信電動交通的採用是不可避免的，兩輪車將比任何其他交通方式更快地推動這一轉變。在世界各地的城市中心，數百萬人居住在彼此之上，空間和時間真的很難獲得，電池更換是為這些小型敏捷兩輪車補充燃料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.

通過以非常以客戶為中心的垂直整合方式開發我們自己的技術，它使我們比其他競爭對手具有獨特的優勢。最後，通過與一些世界上最知名的兩輪 OEM 合作，我們能夠在世界上最大的兩輪車市場覆蓋超過 50 億的騎手。

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.

將 Gogoro 視為技術和平台提供商。是的，我們製造和銷售我們自己的品牌車輛，這些車輛仍然是當今市場上性能最好的電動兩輪車之一，但我們還使總共 10 個品牌能夠在我們的電池交換平台上銷售超過 47 種不同 SKU 的車輛，以利用我們開發和部署的電池交換網絡。

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 是兩輪和三輪車。它們可以是由單個電池驅動的更輕、速度較低的車輛，或由兩個電池驅動的 125 cc 等效車輛，甚至更大的 13 千瓦三輪車，總共使用四個電池組。我們的模型是客戶購買不包括電池的 Gogoro 或合作夥伴車輛。

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.

這提供了雙重好處。電池成本大約佔任何電動汽車 [燃燒] 成本的 35% 至 45%，現在可以從車輛價格中排除。客戶無需購買電池，而是可以從各種滿足其需求的交換訂閱計劃中進行選擇。這些計劃就像手機的數據計劃，在台灣，它們的價格從每月約 10 美元的入門級計劃到每月約 40 美元的無限暢遊計劃不等。

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大約 10 年的使用壽命內產生經常性收入。我們相信，通過更換電池，我們已經解決了客戶在安全、續航里程、電池充電時間和成本方面最關心的問題。通過在各個城市設置高效的圍棋站，我們創造了獨特的端到端用戶體驗，該體驗被公認為世界同類產品中的佼佼者。

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 品牌和合作夥伴的車輛和服務。我們現在將擁有超過 467,000 名訂閱者和超過 2,185 個 Go 電台。迄今為止，我們總共處理了超過 2.77 億次電池更換，我們的自動化系統每天管理超過 350,000 次更換。加起來，我們的車手使用電池更換累計 [騎行] 超過 50 億公里，減少了數十萬噸排放到空氣中的二氧化碳。

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，同時拓展新市場。僅在台灣、中國大陸和印度之間，每年就有大約 60 到 6500 萬台的總可用市場。我們建立了良好的合作夥伴關係，我們對即將到來的擴張和增長感到興奮。

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 繼續投資於研發。我們大約 22% 的員工從事硬件或軟件產品開發。我們自行開發了所有硬件和軟件功能，如今我們在自己的高度自動化設施中製造車輛以及動力總成和電池組。

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.

自主研發的技術是 Gogoro 的核心。我們相信我們擁有正確的商業模式和規模構建模塊，我們已準備就緒。儘管在 2021 年年中經歷了 COVID 的一些影響，但我們在年底的收入為 3.66 億美元，總體指導為 3900 萬，比 2020 年略有增長。我們在 2021 年結束時擁有超過 450,000 名訂閱者，比去年同期增長了 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 一直為正，並建立了一家擁有真實技術、真實產品和真實收入的公司。我邀請您查看我們投資者網站上的材料和其他在線內容，以便更深入地了解 Gogoro。我們對我們的工作充滿熱情。我們讓客戶無法抗拒地負責。

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.

現在讓我稍微換檔，向您介紹一下我們 2022 年的宏觀戰略。我們有三個重點領域。首先，我們將通過提高滲透率、擴大覆蓋範圍和增加 B2C、B2B 和 B2G 客戶的銷售額，繼續擴大我們在台灣的車輛和硬件銷售。其次，我們將進一步發展我們建立在 Gogoro 組件套件成功基礎上的 Gogoro 解決方案業務，使我們的合作夥伴能夠進一步豐富產品供應，並在中國和印度推出多個 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.

最後但同樣重要的是，我們將在台灣和國際上發展 Gogoro 網絡業務。我們將增加 Go 站點密度並繼續提高網絡效率並在中國和印度的更多城市推出服務，並擴大在印度尼西亞的試點。綜合起來，我們預計這一戰略將在 2022 年帶來約 4.6 億至 5 億美元的收入，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.

Bruce 現在將向我們介紹 2022 年第一季度的業務和財務亮點。

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.

謝謝賀拉斯。 2022 年第一季度是 Gogoro 創紀錄的第一季度收入和另一個穩定的執行季度。與往年相比，我們看到車輛和硬件銷售額大幅增長，並繼續在我們的台灣網絡上積累用戶。此外，我們將在中國的網絡服務擴展到三個城市，並繼續在其他市場取得進展。

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.

讓我根據我們第一季度的進展情況對每一個進行分析。根據台灣機動車管理局公佈的數據，第一季度登記的 Gogoro 車輛為 12,806 輛，較 2021 年的 8,120 輛增長了 57.7%。此外，在每個品牌的單獨銷售額下跟踪的合作夥伴車輛代表了第一季度的額外銷量。

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.

我們擴展了台灣渠道，現在 Gogoro 車輛在總共 310 個傳統踏板車銷售點出售，使 Gogoro 車輛廣泛可用，增加客戶接觸點很重要。第一季度，我們在台灣六大城市的市場份額為 9.2%，高於 2021 年第一季度的 5.8%。我們的合作夥伴在第一季度推出了幾款新車，其中最著名的可能是雅馬哈 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 年第四季度最初在杭州推出後，又在無錫和昆明推出了更多網絡服務。我們現在在杭州有超過 10 個活躍站點，在無錫有 40 個站點，在昆明有 35 個 Go 站點在運行。不幸的是，中國目前的 COVID 情況給 2022 年的平衡帶來了不確定性，但我們的計劃是在今年年底之前進入六個城市。

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.

目前有六個 SKU 的雅迪汽車可供選擇。雅迪計劃年底前推出總計超過 SKU 的產品。中國的另一合作夥伴大長江今年也將推出單電池供電的[emoto]。為客戶提供足夠的動力、價格和款式選擇對於雅迪和大長江投資的[I]歡歡[JV]網絡的規模化具有重要意義。

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.

我們繼續朝著 2022 年底在印度推出網絡的方向前進，在最近發生一連串電池起火事件之前，消費者對電動汽車的採用呈積極趨勢。通過與印度最大的汽車原始設備製造商 Hero Motocorp 合作，我們相信 Gogoro 電池更換解決方案可以滿足全球第二大雙輪車市場未滿足的需求。

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.

我們在第一季度仍然是一家私營公司，致力於與 Poema Global 的業務合併。我們的業務合併包括一根被大量超額認購的管道，包括來自現有股東、大型新戰略股東和新機構投資者的投資。這些投資沒有折價，在扣除交易費用之前，Gogoro 的資產負債表總計有 3.448 億美元。

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.

這筆現金為我們計劃向中國、印度和未來市場的擴張提供了充足的資金。我們繼續重點關注車輛和電池的產品開發，並在第一季度宣布了幾個新的重要里程碑。我們的核心是一家創新和技術公司。

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.

自主研發的智能核心技術以可擴展的開放式架構提供高速計算能力，提高了電子控制單元和電機控制單元的處理速度和連接性，增加了內存、遠程遠程監控和 I/O 控制。智能核心平台提供的計算能力是目前 Gogoro 目前智能滑板車的三倍，使新一代智能兩輪車成為可能。

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聯合開發的全球首款兩輪固態電池組，電池密度提升約40%。雖然這項技術在商業上可擴展還需要一些時間，但 Gogoro 繼續展示電動兩輪車的可能性。我們在第一季度製造了第 100 萬個電池組，並繼續能夠完全向前和向後兼容。

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 萬個電池組為有史以來製造的第一輛 Gogoro 車輛提供動力，而我們網絡中最古老的電池組可以為剛剛發貨的最新、最出色的車輛提供動力。為了展示電池組存在的無數機會以及我們硬件的真正互操作性，我們為部署在智能路燈和智能停車計時器中的電池引入了兩秒壽命用例。

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。台灣政府宣布新的禁止銷售內燃機汽車的承諾，計劃日期到 2030 年強制無排放車輛佔所有兩輪車銷售的 30%，到 2035 年佔 70%，並全面禁止內燃機汽車到 2040 年的銷售額。我們認為，這在一定程度上是基於我們今天在台灣成功部署的 swap and go 電池交換網絡的普及。

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.

印度政府發布了電池交換標準指南草案，在新加坡，我們與政府成功合作發布了電池交換技術參考 TR25。這些文件表明了對安全、可擴展的電池更換解決方案的明確需求，而 Gogoro 的解決方案符合這些指導方針。我們希望繼續與各國政府進行有意義的對話，以了解 Gogoro 技術如何幫助該地區的城市中心更快地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.

通過對我們業務亮點的總結，讓我將重點轉移到我們的財務業績上。我們在第一季度取得了很多成就，我很高興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顏色，並為 2022 年的餘額提供一些指導。我們通常會在本財年第一季度經歷季節性，主要是由於天氣和中國新冠肺炎年假期，導致第一季度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.

政府報告稱，第一季度所有踏板車的註冊量與過去三年全年相比，在台灣大約為 18% 至 21%，季節性影響硬件銷售。第一季度收入為 9450 萬美元，比去年同期的 5870 萬美元增長 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.

第一季度硬件和其他收入的銷售額為 6510 萬，比去年同期的 3480 萬增長了 87.1，這主要是由於 Gogoro 品牌滑板車在台灣銷售的市場份額增加。政府報告稱，與 2021 年第一季度相比，Gogoro 車輛的政府註冊量增加了 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 網絡第一季度的收入為 2940 萬美元，比去年同期的 2390 萬美元增長了 23%。這一增長反映了台灣電動交通市場的持續增長以及我們在台灣的用戶群的增加。

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.

第一季度，毛利率為 13.7%，高於去年同期的 12.7%。第一季度，非 IFRS 毛利率為 14.2%，高於去年同期的 12.7%。毛利率和非 IFRS 毛利率受到產品組合的有利變化以及隨著我們擴大生產規模而降低每輛電動踏板車的生產成本的推動。

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 年第一季度淨虧損為 2170 萬美元，比去年同期的 1920 萬美元增加了 250 萬美元。額外的淨虧損主要是由基於員工股份的薪酬和與我們與 Poema Global 合併相關的費用造成的。

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.

調整後的 EBITDA 為 1350 萬美元，比去年同期的 600 萬美元增長 124.1%。這一增長主要是由於我們的市場份額和硬件銷售額增加，伴隨著 Gogoro 網絡用戶的增加，不包括基於非現金股份的補償和與我們與 Poema Global 合併相關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。這筆現金使我們有能力投資於成長型市場，您將看到我們開始以各種方式部署這筆資金，投資在製造、網絡擴展和其他活動中。

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.

我們對第一季度的業績感到滿意，但與此同時，我們意識到各種宏觀經濟、流行病和其他全球因素以及時事可能會影響我們 2022 年剩餘時間的業績。中國正在經歷很大的 COVID 不確定性。台灣目前正在經歷 COVID 浪潮。全球供應鏈面臨壓力，通貨膨脹正在加劇，我們已經並將繼續受到影響。

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，我們為 2022 年全年提供 460 至 5 億美元的收入指導，與 2021 年全年相比，預計增長 25.7% 至 36.6%。第二季度收入預計將佔全部收入的 20% 左右年的收入，並考慮到 COVID 對台灣和國際市場的影響的不確定性以及本地貨幣對美元貨幣的相關外匯下行風險。

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.

我們估計我們將從台灣市場產生全年收入的 90% 至 95%。對於 Gogoro 來說，這是一個多事的季度，我們期待繼續努力為新市場和新客戶引入電池更換功能。

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

接線員，交給你答疑了。

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

謝謝你。我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自Benchmark公司的[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.

感謝您回答我的問題。賀拉斯，布魯斯，嗨。祝賀一個非常強勁的季度。我的第一個問題是關於指南。我知道現在有很多活動部件，尤其是考慮到 COVID 情況。

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?

我只是想知道您在指導的低端與高端之間採取了哪些假設，我猜 COVID 情況對第二季度的影響有多大，特別是？其次，您的底線一直在改善，只是想知道我們對 2022 年 EBITDA [網站] 底線的指導假設是什麼及其背後的關鍵驅動因素，如果可能的話？

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逆風，[Fon]，包括 COVID、一些宏觀經濟因素和那些我們決定提供收入範圍的因素，因為我們認為這是一種保守的方法。我們不知道中國下半年究竟會發生什麼。我們不知道台灣究竟會發生什麼。我們對我們得到的產品感到興奮，我們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，我們選擇給出 460 至 5 億美元的全年指導。 EBITDA 今年將繼續增長。我們只提供未來的收入預測，但我們再次對前景感到興奮。我們確實相信 EBITDA 將會健康增長，我們很樂意在每個季度遇到這些結果時分享這些結果。

(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），謝謝布魯斯。第二個問題是關於你們的國際擴張。您提到您有望在年底前在印度推出。我只是想知道你們此時可以分享任何其他顏色，此外我看到你們計劃在夏天在以色列推出。我只是想知道那裡的營銷機會是什麼，你知道潛在的損益貢獻是今年還是將來可能更多？

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。因此，如上所述，隨著我們在印度的擴張，我們有望在 2022 年底推出服務。您最近可能已經看到，許多不同的組織一直在放慢他們在印度的電力轉型。我們相信我們的電池交換解決方案為印度的客戶提供了一個真正安全的電池交換解決方案的絕佳機會，因此我們很高興能在那裡推出。車輛開發正在進行中，網絡的早期開發也在進行中。

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）而言，我們在擴展（聽不清）方面取得了很大進展（聽不清）（聽不清）指標的一些優勢。所以我們真的（聽不清）大流行情況，我們能夠與該部門密切合作來啟動這個（聽不清）。

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

謝謝你，布魯斯。我會回到線。

Thank you. (Operator Instructions).

謝謝你。 （操作員說明）。

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

我們有來自 Benchmark Company 的 [Fon Jung] 的後續問題。請繼續。

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.

我這邊有一些跟進。首先，你們在供應鏈方面觀察到的任何潛在中斷？我只是想知道目前的觀察結果是什麼，對這裡有什麼期望。

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，你知道，很明顯，隨著 COVID 的影響和所有這一切，世界上正在發生的一切，總是有可能被破壞。對於下個季度，我們不會看到太多影響我們的事情。

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，我們非常清楚這一點，我們一直在關注我們需要做的任何事情來降低風險。所以在我們這邊，我認為我們是——我們很謹慎，但同時我們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。謝謝賀拉斯。第二個跟進實際上是在你的東南亞。似乎與那裡的地方政府有持續的合作關係。我的意思是只是想知道你知道你這邊進一步 [pilot] 的路線圖是什麼。我知道一些試點研究正在進行，但只是想知道在那個市場上你有什麼潛力[擴大]？

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 - 不，顯然對於像東南亞這樣的市場，特別是我們與 GoTo 和 Gojek 團隊在雅加達推出的試點，這個想法真的是為了測試 - 它很好 - 你知道會是深受騎手的歡迎，特別是對於騎手將用於的商業用途——他們白天非常苛刻的用例。

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.

我要說的是，我很高興地報告說，從總體上來說，最終騎手的可用性和電池的可更換性方面的反饋非常出色。我們還推出了印度尼西亞總統出現的試點，我想說他對看到電氣化以及這將如何真正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，我們不僅將繼續與 GoTo 和 Gojek 團隊合作，還將與富士康以及印度尼西亞政府合作，以確保我們為該市場做好了非常成功的準備。我想說的是，我們很高興繼續尋找除了我們目前提供的服務之外我們還能做些什麼，以便能夠解決該市場中的所有多樣性問題。

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。謝謝賀拉斯。我這邊的最後一個問題是關於你的資本部署。您提到您正在考慮幾個方向。我只是想知道公司是否在研發方面非常投入，只是想知道主要是什麼——我們可能期望從這裡獲得什麼技術升級或產品升級？其次，[MIA] 方面有任何潛在的考慮嗎？

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，太棒了。我認為，當我們審視我們的——我們提供的——你可以稱之為產品供應或技術供應時，它從車輛方面一直到當然，最近你看到我們推出了世界上第一個固體可更換電池的狀態電池原型。

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.

你知道，我們繼續從最終用戶方面推進創新的最終用戶方面，但同時也有很多創新，很多工作，努力工作整個系統的背面。你知道一個很好的例子是你之前問過的關於以色列的問題。我們對以色列所做的令人驚奇的事情是，我們能夠啟動以色列和雅加達，而無需真正在地面上派遣任何所謂的靴子。

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.

我們能夠通過空間站上的遠程信息處理系統以及同時使用我們在過去幾年中一直努力準備的所有服務器和工具來遠程完成所有這些工作改進我們在台灣的系統，正如 Bruce 提到的那樣，經歷了前幾代電池和幾代工作站以及幾代人工智能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頭到尾全面思考技術和創新，不僅需要啟用技術或最終用戶體驗技術，同時還需要它背後的技術運行所有它擁有你 - 你如何確保你提供正確的交換，擁有正確的計費系統，擁有正確的 O＆M 和管理以及票務系統，以便整個 - 整個網絡和基礎設施可以在一個非常流暢和高效並且是一種低成本的方式。

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 - 這是技術方面的一部分，然後就併購而言，當然 Gogoro 總是有興趣不僅在內部而且通過合作夥伴關係或其他可能性來提高我們的能力。所以你知道，我們一直在關注，我認為這是一個偉大的十年，因為我們過渡到清潔移動和車輛電氣化，有很多技術和很多充滿激情的公司，我們絕對可以合作和。

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，除了我們當然會密切關注之外，這裡沒有什麼可報告的，我認為隨著時間的推移，Gogoro 當然是 - 是這個市場的先行者，並將繼續嘗試並在突破性的技術方面保持領先地位.

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

這很好，很有幫助。謝謝賀拉斯。這就是我所有的問題，並祝賀這個好季度。

Great. Thank you.

偉大的。謝謝你。

Thank you. (Operator Instructions).

謝謝你。 （操作員說明）。

(Operator Instructions).

（操作員說明）。

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。我想將會議轉回 Horace 和 Bruce 的閉幕詞。

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，運營商。謝謝 Bruce，謝謝 Michael，感謝大家加入我們的電話會議。 Gogoro 的季度收入創歷史新高。我們增長了很多——在很多方面都有增長。正如我所提到的，我們將繼續開發新技術，提高我們的效率，並專注於擴大我們台灣網絡的用戶群，並將向國際市場擴張，我們已經建立了合作夥伴關係。

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.

隨著最近與 Poema Global 的合併，我們擁有充足的資金並且很高興能夠將我們的願景帶給我們將要進入的國家/地區的超過 50 億騎手。現在，我迫不及待地想報告任何未來的結果。所以，感謝大家今天加入電話會議。我非常高興能與你們交談。謝謝你。

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

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。