Gogoro Inc (GGR) 2022 Q3 法說會逐字稿

Welcome to the Gogoro Inc. Q3 Earnings Call. This session will be recorded. I would like to introduce Bruce Aitken, Gogoro CFO.

歡迎來到 Gogoro Inc. 第三季度財報電話會議。此會話將被記錄。我想介紹一下 Gogoro 的首席財務官 Bruce Aitken。

Thanks operator, and thanks everyone for taking the time to join us today. I'm Bruce Aitken, CFO of Gogoro and I'm pleased to welcome you to our third quarter 2022 earnings call.

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 2022 年第三季度的財報電話會議。

Hopefully by now you've seen our earnings release. If you haven't, it is available on the investor relations tab on our website, www.investor.gogoro.com. We will also be displaying the materials on the webcast screen as we go along. We're looking forward to sharing our Q3 results, as well as providing some guidance on what we're seeing as the outlook for the fourth quarter.

希望現在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。隨著我們的進行，我們還將在網絡廣播屏幕上顯示這些材料。我們期待分享我們的第三季度業績，並就我們所看到的第四季度前景提供一些指導。

Before our CEO, Horace Luke shares, I'd like to introduce Michael Bowen of ICR, who will share the process for today's call and provide some important disclosures. Michael?

在我們的首席執行官 Horace Luke 分享之前，我想介紹一下 ICR 的 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。邁克爾？

Thanks, Bruce. I'm sure you're all looking forward to hearing from both Horace and Bruce on behalf of Gogoro. But before that, allow me to remind you of a few things. You are all currently on mute. If you have a specific question, please use the chat function in the system to submit questions and we'll answer as many as time allows.

謝謝，布魯斯。我相信你們都期待著代表 Gogoro 聽取 Horace 和 Bruce 的意見。但在此之前，請允許我提醒您幾件事。你們目前都處於靜音狀態。如果您有具體問題，請使用系統中的聊天功能提交問題，我們將盡可能多地回答。

After Horace has given a brief overview of Gogoro and some of the business highlights from Q3, Bruce will go a bit deeper into the Q3 financial results.

在 Horace 簡要概述了 Gogoro 和第三季度的一些業務亮點之後，Bruce 將更深入地介紹第三季度的財務業績。

During the call, we will make statements regarding our business that may be considered forward looking within applicable securities laws, including statements regarding our third quarter and fiscal 2022 results, management's expectations for future financial and operational performance, the capabilities of our technology, projections of market opportunity and market share, our potential growth, statements relating to the expected impact of the COVID-19 pandemic, supply chain issues and other headwinds facing the company.

在電話會議期間，我們將就適用的證券法中可能被視為前瞻性的業務發表聲明，包括關於我們第三季度和 2022 財年業績的聲明、管理層對未來財務和運營業績的預期、我們的技術能力、預測市場機會和市場份額、我們的潛在增長、與 COVID-19 大流行的預期影響、供應鏈問題和公司面臨的其他不利因素有關的聲明。

The company's business plans, including its expansion plans, the company's expectations relating to its growth in China, statements relating to the potential of our strategic collaborations, partnerships and joint ventures, statements regarding regulatory developments and our plans, prospects and expectations. These statements are not promises or guarantees, and are subject to risks and uncertainties which could cause them to differ materially from actual results.

公司的業務計劃，包括其擴張計劃、公司對其在中國的增長的預期、與我們戰略合作、夥伴關係和合資企業的潛力相關的聲明、關於監管發展的聲明以及我們的計劃、前景和預期。這些陳述不是承諾或保證，並受風險和不確定性的影響，這些風險和不確定性可能導致它們與實際結果存在重大差異。

Information concerning these risks is available in our earnings press release, distributed prior to market open today and in our SEC filings. So 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分發的收益新聞稿和我們向美國證券交易委員會提交的文件中找到。因此，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. Now, over to Horace.

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。這些非 IFRS 財務措施應作為 IFRS 措施的補充，而不是替代或孤立於 IFRS 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。現在，轉到賀拉斯。

Thanks, Bruce and Michael. Thanks for joining our call today. We're pleased to have this opportunity to meet with you all and provide an update on both the third quarter and how we see the balance of the year shaping up.

謝謝，布魯斯和邁克爾。感謝您今天加入我們的電話會議。我們很高興有這個機會與大家見面，並提供有關第三季度的最新情況以及我們如何看待今年的餘額。

Before we cover Q3, I do want to quickly speak to one important milestone for Gogoro. I've just returned from India where we announced a battery swapping pilot in Delhi. We're working closely with Zypp Electric, India's largest dedicated EV B2B demand aggregator that, like us, is committed to introducing sustainable electric transportation to the B2B last mile delivery sector in India.

在我們討論第三季度之前，我想快速談談 Gogoro 的一個重要里程碑。我剛從印度回來，我們宣佈在德里進行電池更換試點。我們與 Zypp Electric 密切合作，Zypp Electric 是印度最大的專用 EV B2B 需求聚合商，與我們一樣，Zypp Electric 致力於將可持續的電動交通引入印度的 B2B 最後一英里交付行業。

We're excited to demonstrate Gogoro's battery swapping, and begin getting specific market feedback. I'm always energized when visiting India, because the need for cleaner transportation and energy solutions is so clear. This was especially evident last week by the fact that the air quality index reached over 400 and continued to increase over the weekend breaking all records for Delhi.

我們很高興能夠演示 Gogoro 的電池更換，並開始獲得具體的市場反饋。訪問印度時我總是精力充沛，因為對更清潔的交通和能源解決方案的需求是如此明確。上週這一點尤為明顯，因為空氣質量指數達到 400 以上，並在周末繼續上升，打破了德里的所有記錄。

We can do better. I'm thrilled to be working with Zypp and with the support of the Delhi and Indian government, Gogoro's sustainability technology can make a difference in the day-to-day lives of both vehicle riders and all the residents of Delhi and the rest of India who are exposed directly to high levels of pollution. The work begins now.

我們可以做得更好。我很高興能與 Zypp 合作，在德里和印度政府的支持下，Gogoro 的可持續發展技術可以改變車手以及德里和印度其他地區所有居民的日常生活直接暴露在高濃度污染環境中的人。現在開始工作。

Shifting to Q3, results are in line with our expectations. Our Gogoro network continued to accumulate users and we now have over 505,000 monthly active subscribers. We continue to deploy those stations in Taiwan to grow network capacity, maintaining network efficiency and ensure a positive customer experience.

轉向第三季度，結果符合我們的預期。我們的 Gogoro 網絡繼續積累用戶，我們現在每月有超過 505,000 名活躍用戶。我們繼續在台灣部署這些站點，以增加網絡容量、保持網絡效率並確保積極的客戶體驗。

As always, these stations are deployed intelligently using the data we accumulate from our over 370,000 battery swaps daily and the 350 million battery swaps since we started. The two wheeler market in Taiwan continues along the trend that began in 2021 as a result of COVID and other factors. Total scooter sales in the first three quarters of 2022 are down by just over a percent versus 2021, but down 20% versus 2020.

與往常一樣，這些充電站使用我們從每天超過 370,000 次電池更換和自我們開始以來的 3.5 億次電池更換中積累的數據進行智能部署。由於 COVID 和其他因素，台灣的兩輪車市場繼續沿著 2021 年開始的趨勢發展。 2022 年前三個季度的滑板車總銷量與 2021 年相比下降了 1% 以上，但與 2020 年相比下降了 20%。

A total of 18,657 Gogoro vehicles were registered in Q3 and a total of 22,197 Gogoro and our Gogoro partner, PBGN Vehicles, were registered in Q3.

第三季度共有 18,657 輛 Gogoro 車輛註冊，第三季度共有 22,197 輛 Gogoro 和我們的 Gogoro 合作夥伴 PBGN Vehicles 註冊。

Despite this overall market slowing, electric two wheelers demand continued to grow with electric vehicles representing 11.6% of all vehicle sales in the first three quarter of 2022 versus 9.9% of all vehicle sales in the first three quarters of 2020 and 10.6% of all vehicles in the first three quarters of 2021.

儘管整體市場放緩，但電動兩輪車需求繼續增長，電動汽車佔 2022 年前三個季度所有汽車銷量的 11.6%，而 2020 年前三個季度佔所有汽車銷量的 9.9% 和所有汽車的 10.6% 2021年前三個季度。

Sales of Gogoro and PBGN Vehicles have slowly increased and now representing 10.7% of all vehicles sold year to date in Taiwan. In Taipei, our market share penetration reached 19.1% in the first nine months of 2022. We believe these trends toward the adoption of electric vehicles will continue as consumers choose cleaner, greener mobility solutions.

Gogoro 和 PBGN 汽車的銷量緩慢增長，目前佔台灣今年迄今為止銷量的 10.7%。在台北，我們的市場份額滲透率在 2022 年前九個月達到 19.1%。我們相信，隨著消費者選擇更清潔、更環保的移動解決方案，這些採用電動汽車的趨勢將繼續下去。

If government are seriously committed to reducing carbon emissions and achieving their electric vehicle penetration goals, they should stop subsidizing gas prices and the purchase of gas vehicles and should be considering the long-term environmental and health costs of the ongoing sales of ICE vehicles.

如果政府認真致力於減少碳排放並實現其電動汽車普及率目標，則他們應停止補貼汽油價格和購買汽油汽車，並應考慮持續銷售的內燃機汽車的長期環境和健康成本。

The pollution challenges in Delhi, that I mentioned earlier, are by no means limited to India alone. While not 100% attributed to ICE two wheelers are certainly made worse by the use of low grade fuel and the ongoing reliance of ICE vehicles. The long-term health impacts associated with high pollution levels are clear and we must reduce emission across the board in any way we can.

我之前提到的德里的污染挑戰絕不僅限於印度。雖然不是 100% 歸因於 ICE，但兩輪車肯定會因使用低等級燃料和對 ICE 車輛的持續依賴而變得更糟。與高污染水平相關的長期健康影響是顯而易見的，我們必須盡我們所能全面減少排放。

A great example of a private public sector effort to reduce pollution levels is the launch of GoShare, our sharing service in Taichung together with the Taichung city government and TSMC.

私營公共部門努力降低污染水平的一個很好的例子是 GoShare 的推出，這是我們與台中市政府和台積電一起在台中提供的共享服務。

In Q3, TSMC purchased 250 Gogoro smart scooters and designated this fleet of Gogoro vehicles to be part of GoShare Service with a goal of making a direct impact in reducing carbon emissions in Taichung city. This helps the city solve the severe air pollution issues it has.

第三季度，台積電購買了 250 輛 Gogoro 智能踏板車，並將這批 Gogoro 車隊指定為 GoShare 服務的一部分，旨在為減少台中市的碳排放產生直接影響。這有助於該市解決嚴重的空氣污染問題。

On the private front, we're working with several well-known international food chains to convert their delivery fleets to Gogoro Scooters throughout Taiwan and working with a number of larger employers who are offering employees vehicle purchase subsidies in an effort to lower their overall carbon footprint.

在私營方面，我們與多家知名國際食品連鎖店合作，將他們在台灣各地的送貨車隊轉換為 Gogoro 滑板車，並與一些大型雇主合作，為員工提供購車補貼，以努力降低他們的整體碳排放量腳印。

We welcome any enterprise, any government and any industry to engage with us to develop a program to lower carbon emissions. At Gogoro, ESG is important to us. We are on track to achieving our goal of using 40% renewable energy in our own manufacturing facilities by the end of this year and are opening and operating multiple retails locations. They are 100% powered by renewable energy. And we're working toward giving all Gogoro customers the option to select renewable power for their battery solving.

我們歡迎任何企業、任何政府和任何行業與我們一起制定降低碳排放的計劃。在 Gogoro，ESG 對我們很重要。我們有望實現到今年年底在我們自己的製造設施中使用 40% 的可再生能源的目標，並且正在開設和運營多個零售點。它們 100% 由可再生能源提供動力。我們正在努力為所有 Gogoro 客戶提供選擇可再生能源來解決電池問題的選項。

Despite our China plans continuing to be significantly impacted by COVID, macroeconomic and geopolitical factors, we're making progress in key international markets. In addition to the recent announcement from India, Gogoro Vehicles announced a sale in Israel and are gathering positive reviews. B2B customers in Korea continue to expand their dedicated fleets of vehicle and Go stations. Our pilot in Indonesia continue to inform our plans of market entry. Our Singapore government approved Sandbox pilot is about to go live and there are other efforts underway which we'll announce as appropriate.

儘管我們的中國計劃繼續受到 COVID、宏觀經濟和地緣政治因素的重大影響，但我們在主要國際市場取得了進展。除了最近來自印度的公告外，Gogoro Vehicles 還宣佈在以色列出售並獲得積極評價。韓國的 B2B 客戶繼續擴大他們的專用車隊和 Go 站。我們在印度尼西亞的試點繼續為我們的市場准入計劃提供信息。我們新加坡政府批准的沙盒試點即將上線，還有其他正在進行的工作，我們將在適當時宣布。

International markets are critical to our success and with each new launch and each new vehicle partner and category, we continue to make progress towards our objective of electrifying urban mobility with our sustainability technology. These markets take time to develop. In most, penetration of electric vehicles is sub-1%. We'll continue to work with our local partners on vehicles, deployment of network, government policy influencing and general consumer education.

國際市場對我們的成功至關重要，隨著每一次新產品的發布以及每一個新的車輛合作夥伴和類別，我們都在朝著我們的目標不斷取得進展，即通過我們的可持續發展技術實現城市交通電氣化。這些市場需要時間來發展。在大多數國家，電動汽車的普及率低於 1%。我們將繼續與當地合作夥伴在車輛、網絡部署、政府政策影響和一般消費者教育方面進行合作。

It is becoming clear that B2B opportunities while quite different than B2C market represents and immediate opportunity for Gogoro. The value proposition of battery-swapping for a B2B fleet operator or an individual rider is clear. Simply put, time spent charging of vehicle is lost revenue.

越來越明顯的是，B2B 機會雖然與 B2C 市場截然不同，但代表了 Gogoro 的直接機會。 B2B 車隊運營商或個人騎手的電池交換價值主張很明確。簡而言之，花在車輛充電上的時間就是收入損失。

Most B2B operators and riders exceed the capacity of the batteries on a daily basis. Given that reality, battery-swapping takes hours of charging time and keeps a vehicle on the road earning all day long. We are focusing on the B2B market and international markets as it is a way to prove our technology use case, safety, and data-driven benefits of Gogoro network ecosystem.

大多數 B2B 運營商和騎手每天都會超出電池容量。考慮到這一現實，電池更換需要數小時的充電時間，並讓車輛在路上行駛一整天。我們專注於 B2B 市場和國際市場，因為這是證明我們的技術用例、安全性和 Gogoro 網絡生態系統的數據驅動優勢的一種方式。

To ensure that we capitalize on the market potential both in Taiwan and internationally, we have made some organizational changes as announced in early October. These changes give us a clear focus on reducing inefficiencies across our organization and on better executing on the expansion and sales opportunities. We expect to generate savings via an increased focus on product cost, inventory, and overall corporate spending and expect to see revenue growth in 2023 as we bolster our Taiwan and international sales in business development organizations.

為確保我們能夠利用台灣和國際市場的潛力，我們在 10 月初宣布進行了一些組織調整。這些變化使我們明確關注減少整個組織的低效率以及更好地執行擴展和銷售機會。我們希望通過更加關注產品成本、庫存和企業整體支出來節省開支，並預計隨著我們在台灣和國際業務發展組織中的銷售增長，收入將在 2023 年增長。

We'll provide further updates about the scope and quantum of these savings in our Q4 earnings. But efforts are well underway to ensure that Gogoro is operating as efficiently as possible given the current economic environment.

我們將在第四季度收益中提供有關這些節省的範圍和數量的進一步更新。但在當前的經濟環境下，我們正在努力確保 Gogoro 盡可能高效地運營。

Let me quickly recap our macro strategies for 2022 and how we're doing. We have three areas of focus that we will continue to work towards. First, we plan to 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.

讓我快速回顧一下我們 2022 年的宏觀戰略以及我們的表現。我們將繼續致力於三個重點領域。首先，我們計劃通過提高滲透率、擴大覆蓋範圍以及增加 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。

Secondly, to further develop our solutions business, we plan to build on the success of our Gogoro component kits to enable our partners to further diversify product offerings and launch multiple SKUs in Taiwan and internationally.

其次，為了進一步發展我們的解決方案業務，我們計劃在 Gogoro 組件套件的成功基礎上再接再厲，使我們的合作夥伴能夠進一步豐富產品供應，並在台灣和國際上推出多個 SKU。

Finally, to grow our Gogoro network business in Taiwan and internationally, we plan to increase Go Station density and continue to improve network efficiency and launch services in additional cities. We're passionate about what we do. We make it irresistible for consumers to be responsible through the increased efficiency and environmentally friendly solutions.

最後，為了在台灣和國際上發展我們的 Gogoro 網絡業務，我們計劃增加 Go Station 密度並繼續提高網絡效率並在更多城市推出服務。我們對我們的工作充滿熱情。我們通過提高效率和環保解決方案讓消費者無法抗拒地承擔責任。

I'm proud of the work the team has put in to continue to make progress toward these goals which will allow us to continue to penetrate the Taiwan market with our vehicle partners and begin to build momentum for growth overseas.

我為團隊為繼續朝著這些目標取得進展所做的工作感到自豪，這將使我們能夠繼續與我們的汽車合作夥伴一起滲透台灣市場，並開始為海外增長創造動力。

I'd like to invite Bruce to update some key business highlights and review our financial results in a bit more detail.

我想邀請 Bruce 更新一些關鍵業務亮點並更詳細地回顧我們的財務結果。

Thanks Horace. On a year-over-year basis for Q3 excluding foreign exchange impact, both Gogoro hardware and Gogoro network revenue increased. Gross margin increased, sales of hardware and network services in Taiwan met expectations, and we continue to focus on international opportunities.

謝謝賀拉斯。在排除外匯影響的第三季度同比基礎上，Gogoro 硬件和 Gogoro 網絡收入均有所增長。毛利率增加，台灣硬件和網絡服務銷售達到預期，我們繼續關注國際機會。

Q3 was a quarter where we executed well despite the difficult macroeconomic environment. Our Gogoro network revenue continues to grow with accumulating subscribers, we now have over 505,000 monthly subscribers and expect that number to continue to grow. We saw strong growth of nearly 30% in the Gogoro network business, record quarterly revenue of $33.2 million on a constant currency basis and we continue to keep a close to 100% attach rate of customers.

儘管宏觀經濟環境艱難，但第三季度我們表現良好。我們的 Gogoro 網絡收入隨著訂戶的增加而持續增長，我們現在每月擁有超過 505,000 名訂戶，並且預計該數字將繼續增長。我們看到 Gogoro 網絡業務實現了近 30% 的強勁增長，按固定匯率計算的季度收入達到創紀錄的 3320 萬美元，我們繼續保持接近 100% 的客戶忠誠度。

Despite the slow two-wheeler market so far in 2022 as described by Horace, in the first nine months of the year, electric vehicles as a percentage of total vehicles increased by 9.7% versus 2021. Both Gogoro and our vehicle partner sales grew, Gogoro's marginally while our partners grew by 28.2% versus 2021. This is a shift in market share we have planned for as we broaden our reach as a platform. Gogoro and our vehicles partners market share both grew in the first three quarters of 2022 versus the first three quarters of 2021 and Gogoro and our vehicle partners represented 92.4% of all electric vehicle sales in the first nine months of 2022.

正如 Horace 所述，儘管 2022 年迄今為止兩輪車市場增長緩慢，但在今年前九個月，電動汽車佔汽車總量的百分比與 2021 年相比增長了 9.7%。Gogoro 和我們的汽車合作夥伴的銷售額均有所增長，Gogoro 的與 2021 年相比，我們的合作夥伴增長了 28.2%。這是我們計劃的市場份額轉變，因為我們擴大了我們作為平台的影響力。與 2021 年前三個季度相比，Gogoro 和我們的汽車合作夥伴的市場份額在 2022 年前三個季度均有所增長，而 Gogoro 和我們的汽車合作夥伴佔 2022 年前九個月所有電動汽車銷量的 92.4%。

This figure typically ranges from 90% to 95% of the total market and we're happy to see growth in the overall electric sector in Taiwan. Our gross margin was up both quarter-on-quarter and year-on-year and we expect to maintain a similar margin profile during Q4.

這個數字通常佔整個市場的 90% 到 95%，我們很高興看到台灣整個電力行業的增長。我們的毛利率環比和同比均有所上升，我們預計第四季度將保持類似的利潤率。

Some business highlights for Q3. Q3 2022 was in line with expectations despite the challenging external market conditions. We saw an overall increase of 10.7% in revenue versus Q3 2021, an increase of 4.6% in hardware revenue and an increase of 28.5% in Gogoro network revenue versus Q3 2021 on a constant currency basis. We also continued to accumulate subscribers on our Taiwan Gogoro network and are most pleased with those results as they demonstrate continued growth, an accumulating subscriber base and recurring revenue generated by our battery-swapping business model.

第三季度的一些業務亮點。儘管外部市場條件充滿挑戰，但 2022 年第三季度仍符合預期。我們看到與 2021 年第三季度相比，整體收入增長 10.7%，硬件收入增長 4.6%，Gogoro 網絡收入與 2021 年第三季度相比增長 28.5%（按固定匯率計算）。我們還在台灣 Gogoro 網絡上繼續積累用戶，並對這些結果感到非常滿意，因為它們顯示出持續增長、不斷積累的用戶群以及我們的電池交換業務模式產生的經常性收入。

According to statistics published by Taiwan's Department of Motor Vehicles, there were 18,657 Gogoro vehicles registered in Q3, up 21.4% from registration statistics for Q2 2022. The total Taiwan two-wheeled scooter market volume of approximately 534,000 units for the first nine months of 2022 is the lowest since 2015.

根據台灣機動車管理局公佈的統計數據，第三季度登記的 Gogoro 車輛為 18,657 輛，比 2022 年第二季度的登記統計數字增長 21.4%。2022 年前九個月台灣兩輪踏板車市場總量約為 534,000 輛為2015年以來最低。

Despite this low volume, there are some positive indicators for both the transition to electric two-wheelers as well as for Gogoro and are powered by the Gogoro network partners. Total sales volume of Gogoro vehicles in the first nine months of 2022 are slightly up versus the same period of 2021. Additionally, partner vehicles, which are tracked under each brand's sales, achieved to 28.2% growth versus 2021.

儘管銷量低，但向電動兩輪車的過渡以及 Gogoro 都有一些積極的跡象，並且由 Gogoro 網絡合作夥伴提供支持。 Gogoro 汽車在 2022 年前 9 個月的總銷量與 2021 年同期相比略有上升。此外，在每個品牌的銷售額下跟踪的合作夥伴車輛與 2021 年相比增長了 28.2%。

We extended our Taiwan channel, and now Gogoro vehicles are being sold in a total of 463 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 remained strong, with Taipei continuing to be the largest single market share city with 19.1% share in the first nine months of the year.

我們擴展了台灣渠道，現在 Gogoro 車輛在總共 463 個傳統踏板車銷售點銷售，使 Gogoro 車輛廣泛可用，增加客戶接觸點很重要。我們在台灣六大城市的市場份額保持強勁，台北繼續成為最大的單一市場份額城市，今年前九個月的份額為 19.1%。

In Q3, we began selling Gogoro vehicles in local large format retail stores and in the Taiwan store locations of U.S.-based membership warehouse retail stores. Sales of vehicles and associated registration figures for Ai Huan Huan services in China continued to lag expectations. Because of the substantial external headwinds from COVID lockdowns, supply chain issues, retail traffic and spending reductions, overall consumer confidence and other factors, we've slowed the deployment of network infrastructure in China.

在第三季度，我們開始在當地的大型零售店和台灣的美國會員制倉庫零售店銷售 Gogoro 汽車。愛歡歡服務在中國的車輛銷量和相關登記數據繼續低於預期。由於 COVID 封鎖、供應鏈問題、零售流量和支出減少、整體消費者信心和其他因素帶來的巨大外部阻力，我們已經放慢了在中國網絡基礎設施的部署。

As of September 30, we've deployed 123 stations in Hangzhou, 68 stations in Wuxi, and 64 stations in Kunming. We will delay the further expansion of Ai Huan Huan networks pending more clarity in terms of the uncertainties described above.

截至9月30日，我們在杭州部署了123個站點，在無錫部署了68個站點，在昆明部署了64個站點。我們將推遲愛歡歡網絡的進一步擴張，等待上述不確定性的進一步明確。

We continued to enable new vehicle development partnerships. A local OEM has recently released a low cost B2B focused SKU, which is available for fleet purchase directly from Ai Huan Huan for approximately 1,500 renminbi which is approximately 210 US dollars. Providing customers with sufficient choices of power, price and styling is important to the scaling of the Ai Huan Huan network.

我們繼續促成新的車輛開發合作夥伴關係。一家本地 OEM 最近發布了一款專注於 B2B 的低成本 SKU，可直接從愛歡歡處以約 1,500 元人民幣（約合 210 美元）的價格向車隊購買。為客戶提供足夠的功率、價格和款式選擇對於愛歡歡網絡的規模化很重要。

Q3 financial highlights. Our Q3 results exhibit both continued progress in difficult circumstances, and that the shift to electric mobility continues to gain momentum. Specifically, let me provide some color into our revenue, gross margin, EBITDA, and net loss results as well as providing some updated guidance for the balance of 2022.

第三季度財務亮點。我們的第三季度業績顯示，在困難的情況下持續取得進展，並且向電動汽車的轉變繼續獲得動力。具體來說，讓我為我們的收入、毛利率、EBITDA 和淨虧損結果提供一些顏色，並為 2022 年的餘額提供一些更新的指導。

Before I go into details, let me say a few words about exchange rates. We book the vast majority of our revenue in Taiwan dollars but now report in U.S. dollars. This year, the change in exchange rate has been substantial, with the U.S. dollar strengthening against the Taiwan dollar by 9.2% versus the average exchange rate of Q3 last year.

在詳細介紹之前，讓我先談談匯率。我們以新台幣計價的絕大部分收入，但現在以美元報告。今年匯率變化較大，美元兌台幣較去年Q3平均匯率升值9.2%。

Given our revenue concentration in Taiwan dollars, this is not really an operational issue but purely a foreign exchange translation issue. This exchange rate change has resulted in a U.S. dollar reporting difference of almost $13.5 million in revenue since the beginning of the year.

鑑於我們的收入集中在台幣上，這實際上不是運營問題，而純粹是外匯換算問題。這一匯率變化導致自年初以來以美元計價的報告差異接近 1350 萬美元。

Third quarter 2022 financial overview. First, operating revenues. For the third quarter, revenue was $102.2 million, up 1.5% year-over-year, and up 10.7% year-over-year on a constant currency basis. Had the foreign exchange rate remained constant with the average rate of the third quarter of 2021, revenue would have been $9.2 million higher.

2022 年第三季度財務概覽。第一，營業收入。第三季度收入為 1.022 億美元，同比增長 1.5%，按固定匯率計算同比增長 10.7%。如果外匯匯率與 2021 年第三季度的平均匯率保持不變，收入將增加 920 萬美元。

Sales of hardware and other revenue for the third quarter was $71.8 million, down 4.1% year-over-year, but up 4.6% year-over-year on a constant currency basis, indicating that revenues would have been $6.5 million higher.

第三季度硬件銷售額和其他收入為 7180 萬美元，同比下降 4.1%，但按固定匯率計算同比增長 4.6%，表明收入本應增加 650 萬美元。

Gogoro network revenue for the third quarter was $30.4 million, up 17.7% year-over-year and up 28.5% year-over-year on a constant currency basis, indicating that revenue would have been $2.8 million higher without the exchange rate impact.

Gogoro 網絡第三季度收入為 3040 萬美元，同比增長 17.7%，按固定匯率計算同比增長 28.5%，這表明如果沒有匯率影響，收入將增加 280 萬美元。

Total subscribers at the end of the third quarter was more than 505,000, up from 418,000 subscribers in the same quarter last year. The Gogoro network revenue increase was primarily due to the accumulating subscriber base and the high retention rate of all subscribers.

第三季度末總訂戶超過 505,000 人，高於去年同期的 418,000 人。 Gogoro 網絡收入的增長主要是由於不斷積累的用戶基礎和所有用戶的高保留率。

For the third quarter, gross margin was 17.4%, up slightly from 17.3% in the third quarter last year. For the third quarter non-IFRS, gross margin was 20%, up from 17.3% in the same quarter last year. The non-IFRS gross margin improvement was driven by an increase in the average selling price of our vehicles, favorable changes in our product mix and the improved cost efficiency of Gogoro's network operations.

第三季度，毛利率為 17.4%，略高於去年第三季度的 17.3%。對於第三季度非國際財務報告準則，毛利率為 20%，高於去年同期的 17.3%。非國際財務報告準則毛利率的改善是由於我們車輛平均售價的上漲、我們產品組合的有利變化以及 Gogoro 網絡運營成本效率的提高。

For the third quarter, net income was $56.4 million, up $69.8 million from a net loss of $13.4 million in the same quarter last year. This was primarily due to a favorable change in the fair value of financial liabilities of $85.8 million in the third quarter, due to a smaller liability on outstanding warrants, compared with a $1.7 million loss in the same quarter last year.

第三季度淨收入為 5640 萬美元，比去年同期的淨虧損 1340 萬美元增加了 6980 萬美元。這主要是由於第三季度金融負債的公允價值發生了 8580 萬美元的有利變化，這是由於未償認股權證的負債減少，而去年同期為虧損 170 萬美元。

This was partially offset by an $11.4 million increase in the share-based compensation, a $2.1 million increase in sales and marketing dollars, a $1.8 million increase in research and development expenses, and a $1 million increase in general and administrative expenses.

這被股票薪酬增加 1140 萬美元、銷售和營銷費用增加 210 萬美元、研發費用增加 180 萬美元以及一般和管理費用增加 100 萬美元部分抵消。

Non-IFRS net loss was $16.3 million, up $4.6 million from $11.7 million in the same quarter last year. This was primarily due to the $4.9 million investment in operating activities.

非 IFRS 淨虧損為 1630 萬美元，比去年同期的 1170 萬美元增加了 460 萬美元。這主要是由於對經營活動的 490 萬美元投資。

For the third quarter, adjusted EBITDA was $9.2 million, down from $15.2 million in the same quarter last year. The decrease was primarily due to a $2.1 million in expenses for sales and marketing programs, a $1.8 million increase in research and development expenses, and a $1 million increase in general and administrative expenses, as well as the negative foreign exchange impact.

第三季度，調整後的 EBITDA 為 920 萬美元，低於去年同期的 1520 萬美元。減少的主要原因是銷售和營銷計劃費用增加 210 萬美元、研發費用增加 180 萬美元、一般和行政費用增加 100 萬美元，以及不利的外匯影響。

With the addition of a new $345 million credit facility, and with $249.1 million in cash at the end of the third quarter, we are well-positioned to manage our liquidity in what is currently a complex macro environment. A majority of our payment obligations are denominated in Taiwan dollars, so we've benefited greatly from maintaining a high U.S. dollar cash-denominated balance since early April 2022.

隨著第三季度末新增 3.45 億美元的信貸額度和 2.491 億美元的現金，我們有能力在當前複雜的宏觀環境中管理我們的流動性。我們的大部分付款義務都以新台幣計價，因此自 2022 年 4 月上旬以來，我們一直保持較高的美元現金餘額，這讓我們受益匪淺。

Q3 was one where our vehicle business followed the overall market trend. We maintained market share executed to our plans and our business continued to accumulate subscribers and showed healthy revenue growth due to the unique nature of our business model. We expect Q4 to continue in the trend of the first three quarters of the year. And as such, we're updating our 2022 revenue guidance to $370 million to $390 million. Nearly all of Gogoro's' 2022 full year revenue will be from the Taiwan market.

第三季度是我們的汽車業務跟隨整體市場趨勢的一個季度。由於我們業務模式的獨特性，我們保持了按計劃執行的市場份額，我們的業務繼續積累訂戶並顯示出健康的收入增長。我們預計Q4將延續今年前三季度的趨勢。因此，我們將 2022 年的收入指引更新為 3.7 億至 3.9 億美元。 Gogoro 2022 年全年的收入幾乎全部來自台灣市場。

Michael, I'll hand it back to you now for Q&A.

邁克爾，我現在將它交還給你進行問答。

Thanks, Horace and Bruce for that update on details on financial results and full-year guidance. As attendees are formulating the questions, I will go ahead and ask two questions, which I think are likely on everybody's mind, given what you've just shared.

感謝 Horace 和 Bruce 更新了財務結果和全年指導的詳細信息。在與會者制定問題時，我將繼續提出兩個問題，鑑於您剛剛分享的內容，我認為每個人都可能會想到這兩個問題。

So let's start off with number one. First question is the collaboration sounds like an exciting opportunity for Gogoro Can you please give us some additional details on the partnership? Additionally, you mentioned a few B2B opportunities in other countries. Has Gogoro changed its strategy to focus on B2B instead of B2C going forward and is the B2B model different financially?

因此，讓我們從第一開始。第一個問題是合作聽起來像是 Gogoro 的一個令人興奮的機會，你能給我們一些關於合作的更多細節嗎？此外，您提到了其他國家的一些 B2B 機會。 Gogoro 是否改變了其戰略以專注於 B2B 而不是 B2C，B2B 模式在財務上是否有所不同？

Thanks, Michael. As the world is open once again, we'll begin to travel. One thing that has been very clear is excitement in the growth for electric vehicles, and for our battery swapping system. Regardless of the country, the value proposition is extremely clear for the B2B segment because of the battery swapping. There's no downtime or waiting for vehicle to charge in the field allowing B2B customers to best utilize their fleet.

謝謝，邁克爾。隨著世界再次開放，我們將開始旅行。一件非常清楚的事情是電動汽車和我們的電池交換系統的增長令人興奮。無論在哪個國家/地區，由於電池交換，B2B 領域的價值主張都非常明確。沒有停機時間或等待車輛在現場充電，使 B2B 客戶能夠最好地利用他們的車隊。

B2B riders are high energy consumers. They typically ride about 3,000 kilometers per month or even more, and on premium maintenance, so they help to pull out technology in each one of the markets. The government is also recognizing the benefit of electric vehicles, so B2B as a means to reduce emission and are starting to put regulations in place to limit or eliminate the use of gas vehicles in the delivery.

B2B 騎手是高能量消費者。他們通常每月騎行約 3,000 公里甚至更多，並進行優質維護，因此他們有助於在每個市場推出技術。政府也認識到電動汽車的好處，因此 B2B 作為減少排放的一種手段，並開始製定法規以限製或消除在交付中使用燃氣汽車。

The pilot we're launching in Delhi will also allow Zypp and others to test out and see firsthand the benefits of battery swapping, the actual user experience on the Gogoro network, as well as providing vehicle user feedback because (inaudible) so that we can actually continue to improve and enhance our services. There are about 100 Gogoro vehicles in Delhi, six Go stations to support the vehicles and we expect the activity to pilot in December.

我們在德里推出的試點項目還將允許 Zypp 和其他人進行測試並親眼看到電池更換的好處、Gogoro 網絡上的實際用戶體驗，以及提供車輛用戶反饋，因為（聽不清）這樣我們就可以實際上繼續改進和增強我們的服務。德里大約有 100 輛 Gogoro 車輛，有六個 Go 站點支持這些車輛，我們預計該活動將在 12 月進行試點。

Ultimately, our solution works in both B2B as well as B2C use cases. We can work with partners to deploy the user strategy. Whether last mile delivery, ride sharing, student taxi services or other solutions, we welcome any interest in the B2B as well as others that are interested in our battery swapping system.

最終，我們的解決方案適用於 B2B 和 B2C 用例。我們可以與合作夥伴一起部署用戶策略。無論是最後一英里交付、拼車、學生出租車服務還是其他解決方案，我們都歡迎對 B2B 以及對我們的電池交換系統感興趣的其他人感興趣。

Okay, great. Thanks, Horace, for that. Question number two, for Bruce and Horace, you've mentioned on the call that development in international markets is critical to Gogoro's growth. We also understand the slower than anticipated development in China due to COVID, macro-economic factors and other reasons. So can you please provide additional color on which international market you foresee will become the fastest growing and with fastest adoption and the biggest impact both financially and market share wise?

好，太棒了。謝謝，賀拉斯。第二個問題，對於 Bruce 和 Horace，你在電話中提到國際市場的發展對 Gogoro 的增長至關重要。我們也理解由於 COVID、宏觀經濟因素和其他原因，中國的發展速度低於預期。那麼，您能否提供更多顏色，說明您預計哪個國際市場將成為增長最快、採用最快、在財務和市場份額方面影響最大的市場？

Well, first, remember, there's still a lot of room for us to build in Taiwan, both in terms of building vehicle sales. Our vehicle partners, vehicle sale, as well as close cumulative subscribers in global networks, we'll keep innovating for Taiwan market. But as you mentioned, international markets are clearly important for our growth story.

好吧，首先，請記住，無論是在汽車銷售方面，我們在台灣仍有很大的發展空間。我們的車輛合作夥伴、車輛銷售以及全球網絡中的緊密累積訂戶，我們將繼續為台灣市場創新。但正如您所提到的，國際市場顯然對我們的增長故事很重要。

Each of the large markets in Asia represents both opportunities as well as challenges. China is challenged, but at the moment, India represents a great opportunity and we're excited to see how the pilot goes and we do expect revenue from India in 2023, both in hardware sales as well as network revenue. Other markets are also in the early stages of development. We are already generating revenue in Israel and in Korea, expect to see revenue from Indonesia in 2023. And also work on a few other markets that we will announce at an appropriate time.

亞洲的每一個大市場都代表著機遇和挑戰。中國面臨挑戰，但目前，印度代表著一個巨大的機遇，我們很高興看到試點的進展情況，我們確實預計 2023 年印度將在硬件銷售和網絡收入方面實現收入。其他市場也處於發展的早期階段。我們已經在以色列和韓國創造了收入，預計 2023 年將從印度尼西亞獲得收入。我們還將在其他幾個市場開展工作，我們將在適當的時候宣布。

Each market is unique and it develops at its own pace even given the different environmental factors. The Taiwan electric two-wheeler market was almost nonexistent when we began selling Gogoro vehicles, and now electric represent more than 10% of the total market, and only 20% in Taipei. That level of adoption has come through individual consumers choosing more sustainable mobility solutions.

每個市場都是獨一無二的，即使考慮到不同的環境因素，它也會按照自己的節奏發展。當我們開始銷售 Gogoro 車輛時，台灣電動兩輪車市場幾乎不存在，現在電動車佔整個市場的 10% 以上，而台北只有 20%。這種採用水平來自個人消費者選擇更可持續的移動解決方案。

In other markets there are a variety of drivers who are adopting electric and battery swapping vehicles specifically. Consumer choices, government policies and subsidies, the safety of our battery swapping system, as well as we reduce operating costs of vehicles since the cost of batteries are not included, provide a total cost of ownership and operation basis there is a minimal difference between either ICE or battery charging vehicles. We believe that people will see significant user experience and safety improvement by choosing and joining the global network. This year almost all of our revenue is coming from Taiwan. We expect international markets to make significant progress next year. But we're not yet prepared to provide a detailed revenue forecast as of yet.

在其他市場，有各種各樣的司機專門採用電動和電池交換車輛。消費者選擇、政府政策和補貼、我們電池交換系統的安全性，以及我們降低車輛運營成本（因為電池成本不包括在內），提供總擁有成本和運營基礎，兩者之間的差異極小ICE 或電池充電車輛。我們相信，通過選擇和加入全球網絡，人們將看到顯著的用戶體驗和安全改進。今年我們幾乎所有的收入都來自台灣。我們預計明年國際市場將取得重大進展。但我們還沒有準備好提供詳細的收入預測。

Operator, if you can now turn it over to Q&A, please.

接線員，如果您現在可以將其轉為問答環節，請。

Certainly. (Operator Instructions). Question from the line of Fawne Jiang Benchmark Company. Please ask your question.

當然。 （操作員說明）。來自Fawne Jiang Benchmark Company 的專線提問。請提出你的問題。

Hey, Horace, hey, Bruce. Thanks for taking my questions. First one, just to follow up on Michael's questions earlier, in regards to your B2B business, how should we think about the monetization ramp up in the next couple of years? In other words, say by 2024 how can we think about the revenue mix of your 2C business versus your 2B business? And also, is there any like margin difference between these two segments?

嘿，賀拉斯，嘿，布魯斯。感謝您回答我的問題。第一個，只是跟進邁克爾之前的問題，關於您的 B2B 業務，我們應該如何考慮未來幾年的貨幣化增長？換句話說，到 2024 年，我們如何考慮您的 2C 業務與 2B 業務的收入組合？而且，這兩個細分市場之間是否存在類似的利潤差異？

Hi, Fawne, thanks for the question. A couple of things, Fawne, we're not yet providing a detailed breakdown, as Horace mentioned of the revenue split between B2B and B2C markets. What I can tell you though, is a couple of interesting things about the B2B business model. The first is that as Horace mentioned, the typical rider rides over 3,000 kilometers per month, in a B2B use case.

嗨，法恩，謝謝你的提問。有幾件事，Fawne，我們還沒有提供詳細的細分，正如 Horace 提到的 B2B 和 B2C 市場之間的收入分配。不過，我可以告訴你的是關於 B2B 商業模式的一些有趣的事情。首先，正如 Horace 提到的，在 B2B 用例中，典型的騎手每月騎行超過 3,000 公里。

So two things happen, the first is that their average consumption of energy therefore goes up dramatically. And that means that we get bigger ASPs on a per writer basis for each of those, because the amount of energy consumed is much higher. Because of that, we can also depreciate the batteries and the other CapEx in our system a little bit more quickly. So we're eager to learn as much as we can through the two B2B pilots that are active right now. We believe this will be a great additional service offering that runs in parallel with B2C. Because basically, it's kind of at different times of day, people use different kinds of, different kinds of services are being performed on the network.

所以發生了兩件事，第一是他們的平均能源消耗因此急劇上升。這意味著我們在每個作者的基礎上獲得更大的 ASP，因為消耗的能量要高得多。正因為如此，我們還可以更快地折舊我們系統中的電池和其他資本支出。因此，我們渴望通過目前活躍的兩個 B2B 試點項目盡可能多地學習。我們相信這將是一項與 B2C 並行運行的出色的附加服務產品。因為基本上，人們在一天中的不同時間使用不同種類的服務，在網絡上執行不同種類的服務。

In a sense, you can think about B2B as the base load of a network. When a Telco rolls out network, they want to make sure they've got a certain number of built-in subscribers. For us, that can be the B2B business.

從某種意義上說，您可以將 B2B 視為網絡的基本負載。當電信公司推出網絡時，他們希望確保擁有一定數量的內置用戶。對我們來說，這可以是 B2B 業務。

And then on top of that, we can build the B2C business, as consumers become more educated, they become more eager to electrify their mobility needs on a go forward basis.

然後最重要的是，我們可以建立 B2C 業務，隨著消費者受教育程度的提高，他們變得更加渴望在前進的基礎上滿足他們的移動需求。

Thanks. That's helpful. And secondly, in regards to your guidance, updated guidance, it seems like it implies a pretty wide range for 4Q revenue, what are the key data we should consider? The basically, to hit the low end versus the high end, so in another words, what are the moving parts you are observing right now.

謝謝。這很有幫助。其次，關於您的指導，更新後的指導似乎暗示了第四季度收入的範圍很廣，我們應該考慮哪些關鍵數據？基本上，打擊低端與高端，換句話說，你現在正在觀察的移動部分是什麼。

As you may recall, Fawne, last year, our Q4 was quite large. And so, we actually, last year substantially exceeded our Q3 guidance. There's a lot of uncertainty in the market right now for 2022. So we're taking the conservative perspective.

您可能還記得，Fawne，去年我們的第四季度規模很大。因此，實際上，我們去年大大超出了我們第三季度的指導。 2022 年市場目前存在很多不確定性。因此我們持保守觀點。

We do believe, obviously, we'll hit the low end of the guidance. We think we should be in the middle of the range that we've provided, which could have been the low end of the previous range of 380 to 410 that was previously spoken about. We're confident that we'll be able to deliver those numbers in Q4. Whether there's upside or not, I think is a function of how the market responds to the last few months of the year.

我們確實相信，顯然，我們會達到指導的低端。我們認為我們應該處於我們提供的範圍的中間，這可能是之前談到的 380 到 410 的先前範圍的低端。我們有信心能夠在第四季度提供這些數字。我認為是否有上漲空間取決於市場對今年最後幾個月的反應。

The other thing that I will indicate is that there are some subsidies in Taiwan, that will be shortened. And this year, the government will stop offering some of their central subsidies around the middle of December, which could mean that our sales at the back end of the month of December slow just a little bit.

我要指出的另一件事是台灣有一些補貼，將會縮短。今年，政府將在 12 月中旬左右停止提供部分中央補貼，這可能意味著我們 12 月底的銷售會略有放緩。

Those subsidies are guaranteed going into next year. It's really an administrative issue. Because the government has to be able to register vehicles. It has to be able to accept applications for those vehicles and close them out at the end of the year.

這些補貼保證會持續到明年。這實際上是一個行政問題。因為政府必須能夠登記車輛。它必須能夠接受這些車輛的申請，並在年底將其關閉。

So, it's not a change in subsidy. It's an application of that subsidy and the ability for the government to process it by end of year. So, those are the kinds of things that make us want to just take a conservative perspective on Q4 versus Q4 last year.

所以，這不是補貼的變化。這是該補貼的應用以及政府在年底前處理它的能力。因此，這些事情讓我們只想對去年第四季度和第四季度採取保守的觀點。

Understood. Any color for 2023?

明白了。 2023 有什麼顏色？

No color yet, Fawne. Stay tuned. I think the Taiwan market will continue to execute as it is. But as Horace said, what's going to be interesting is how much growth we think we can get from international markets.

還沒有顏色，法恩。敬請關注。我認為台灣市場將繼續按原樣執行。但正如 Horace 所說，有趣的是我們認為我們可以從國際市場獲得多少增長。

We're super excited about the pilots that have launched. We're excited about a lot of interest from a lot of different countries. As Taiwan has now eliminated its inbound quarantine, we're seeing lots of interest for people to make trips to Taiwan to personally observe how our networks work, personally observe our vehicles, personally ride those vehicles, and then work with us to figure out how to either turn on new countries or turn on new markets, or for us to be able to access new customer bases through those visits.

我們對已經推出的飛行員感到非常興奮。我們對來自許多不同國家的濃厚興趣感到興奮。由於台灣現在已經取消了入境檢疫，我們看到很多人有興趣前往台灣親自觀察我們的網絡如何運作，親自觀察我們的車輛，親自乘坐這些車輛，然後與我們一起弄清楚如何打開新國家或打開新市場，或者讓我們能夠通過這些訪問訪問新的客戶群。

We got it. Just switching gear on your cost side. Your gross margin improved pretty nicely. Just wonder any puts and takes we should consider, particularly given the very high inflation environment, should be concerned or potential margin compression and particularly heading into 2023.

我們得到了它。只是在成本方面換檔。你的毛利率提高得很好。只是想知道我們應該考慮的任何看跌期權，特別是考慮到非常高的通脹環境，應該關注或潛在的利潤率壓縮，特別是進入 2023 年。

Cost is definitely going to be a big focus area for us. As Horace mentioned, we've done a reorg. We're really, really going to focus on cost, on inventory, on inventory turns, all those kinds of things.

成本肯定會成為我們關注的重點領域。正如 Horace 提到的，我們已經進行了重組。我們真的、真的會關注成本、庫存、庫存周轉率，所有這些事情。

We want to make sure the fundamentals of the business are sound as we head into 2023. Given your comment about, will prices go up? Will inflation continue? Or what kinds of activities will Central Banks engage in.

我們希望在進入 2023 年時確保業務的基本面良好。鑑於您的評論，價格會上漲嗎？通貨膨脹會繼續嗎？或者中央銀行將從事什麼樣的活動。

We're going to be laser-focused on ensuring that we maintain our costs. We've said that we expect Q4's margin profile to be roughly the same as what we've had so far this year. And as you said, there was a little bit of good news in margins in Q3. We'd love to be able to maintain that level. But at a minimum, we'll maintain kind of the current run rate that we're on for all of Q3 as our margin profile for Q4 this year.

我們將專注於確保我們維持成本。我們已經說過，我們預計第四季度的利潤率概況與今年迄今為止的情況大致相同。正如你所說，第三季度的利潤率有一些好消息。我們希望能夠保持這個水平。但至少，我們將保持第三季度的當前運行率作為今年第四季度的利潤率。

Thank you, Bruce. I'll go back to the queue.

謝謝你，布魯斯。我會回到隊列中。

Thanks, ma'am.

謝謝，女士。

Thank you for the questions. (Operator Instructions). Next question comes from Bill Ling of JPMorgan, please ask your question.

謝謝你的問題。 （操作員說明）。下一個問題來自摩根大通的Bill Ling，請問你的問題。

Hey, Horace and Bruce, thanks for taking my question. I think I have two questions here. First of all is in Taiwan, I think according to the news you are canceling All-You-Can-Ride program by yearend for new riders.

嘿，Horace 和 Bruce，謝謝你提出我的問題。我想我在這裡有兩個問題。首先是在台灣，我認為根據新聞，你們將在年底前取消新車手的“無限暢遊”計劃。

So given that, will you have some concern about keep driving up the B2C two wheeler penetration here in Taiwan, given most of customer in Taiwan are quite cost sensitive. Yes. I want to hear your view about that.

因此，考慮到台灣的大多數客戶對成本非常敏感，您是否會擔心在台灣繼續提高 B2C 兩輪車的滲透率。是的。我想听聽你對此的看法。

And secondly is given we are now kind of more switched to B2B focus, in the retailing store side, will you see some cost control? And if we have less store, will that be more benefit to our cash flow?

其次，鑑於我們現在更多地轉向 B2B 重點，在零售店方面，您會看到一些成本控制嗎？如果我們的商店少一些，那對我們的現金流會更有好處嗎？

Okay. Yes, I'll take that, Bill. Thanks. In terms of the All-You-Can-Ride program that is -- that we announced we're sunsetting by the end of the year, from time to time, we take -- make adjustments to our plan to optimize for the majority of our riders. Today, we are seeing riders picking up, a small amount of riders taking up the All-You-Can-Ride plan. A lot of them do, as you said, Bill, they do food delivery services for them.

好的。是的，我會接受的，比爾。謝謝。就 All-You-Can-Ride 計劃而言——我們宣布我們將在年底前取消，我們會不時地——調整我們的計劃以優化大多數我們的車手。今天，我們看到車手數量增加，一小部分車手加入了 All-You-Can-Ride 計劃。正如你所說，他們中的很多人都這樣做，比爾，他們為他們提供送餐服務。

Today, we account for about 46% of all food delivery services that are being done in Taiwan today. With the existing riders will continue to be able to enjoy the All-You-Can-Ride program with the new riders being able to subscribe to a high usage program that are coming on board, that has already been on board. And they can choose a such program to basically be very competitive with the All-You-Can-Ride program and we designed that to satisfy that. So that's the first question.

今天，我們約佔台灣所有送餐服務的 46%。現有的騎手將能夠繼續享受 All-You-Can-Ride 計劃，而新的騎手則能夠訂閱即將加入的高使用率計劃，該計劃已經加入。他們可以選擇這樣的程序，基本上與 All-You-Can-Ride 程序競爭非常激烈，我們設計這個程序就是為了滿足這一點。這是第一個問題。

And, Bruce, the second question was...

而且，布魯斯，第二個問題是……

B2C versus B2B. I can take it...

B2C 與 B2B。我可以接受...

Okay...

好的...

So I think, Bill, we are going to focus on B2B, but that's always been part of our plan. It's not the B2B is replacing B2C. It's that really, there's a great story for B2B, for B2C, for B2G, for kind of B to anybody, right? So, there are less selling expenses associated with the B2B business because you don't need to remain as active in retail, but we won't make any changes to our retail footprint.

所以我認為，比爾，我們將專注於 B2B，但這一直是我們計劃的一部分。並不是 B2B 正在取代 B2C。真的，對於 B2B、B2C、B2G，對於任何人來說，都有一個很棒的故事，對吧？因此，與 B2B 業務相關的銷售費用較少，因為您不需要在零售業保持活躍，但我們不會對我們的零售足跡做出任何改變。

We will still actively pursue B2C customers in Taiwan. We hope to continue to increase the efficiency of that retail market versus minimize the footprint of that retail market if you will. So, the cash flow benefit should come from an increased output on per store basis rather than any change to our retail or channel structure in the short term.

我們仍將積極爭取台灣的 B2C 客戶。如果您願意，我們希望繼續提高該零售市場的效率，而不是盡量減少該零售市場的足跡。因此，現金流收益應該來自每家商店產量的增加，而不是短期內對我們的零售或渠道結構的任何改變。

And so, I just want to make this clear, the B2B and the B2C and B2G strategy has always been like in Taiwan, as I said, we do service 26% of deliveries done every done in Taiwan. In addition, we also work with fleet operators such as DHL to electrify their fleet in Taiwan. So, you probably know the several new stores that came out (inaudible) that DHL and other delivery guys are using to run the fleet.

所以，我只想說清楚，B2B、B2C 和 B2G 戰略一直像在台灣一樣，正如我所說，我們為在台灣完成的每筆交付中的 26% 提供服務。此外，我們還與 DHL 等車隊運營商合作，為他們在台灣的車隊提供電氣化服務。所以，你可能知道 DHL 和其他送貨員用來運營車隊的幾家新店（聽不清）。

So, it's always been a B to everybody in Taiwan. As we explore externally into other markets, it is also very important for us to kind of have predictability as we launch. As we said, think of B2B as the baseload of the network where as we deploy internationally, you know, Taiwan is a small island, India is a gigantic peninsula.

所以，它對台灣的每個人來說一直都是 B。當我們從外部探索其他市場時，在推出時具有可預測性對我們來說也非常重要。正如我們所說，將 B2B 視為我們在國際上部署的網絡的基本負載，你知道，台灣是一個小島，印度是一個巨大的半島。

So, we want to be able to be kind of more pragmatic about how we deploy and then once deployed, we want to be able to have riders be able to use that network actively in generating the return on our investment. The word we should think about it is, as I mentioned, in light about (inaudible) that is, you know, on average, you know, usually, four to five times of an average rider.

因此，我們希望能夠更加務實地了解我們的部署方式，一旦部署，我們希望能夠讓車手能夠積極使用該網絡來產生我們的投資回報。正如我提到的，我們應該考慮的詞是關於（聽不清），也就是說，你知道，平均而言，你知道，通常是普通騎手的四到五倍。

And so, if you think about the math where if every kilometer is generating a micro pay on return, the fact that you're able to generate that fast or you're able to turn over the battery enough to generate financial impact. So, going to B2B helps us both with predictability and efficiency as we deploy the network and also at the same time, you know, nothing helps us really, you know, kind of work out all the kinks than, you know, people that ride a lot.

因此，如果你考慮一下數學，如果每公里產生微額回報，那麼你能夠快速產生或者你能夠翻轉電池足以產生財務影響的事實。因此，進入 B2B 有助於我們在部署網絡時提高可預測性和效率，同時，你知道，沒有什麼能真正幫助我們解決所有問題，你知道，騎很多。

And one of the things that we want to do as we launch into places like India where, you know, the weather is different. The environment is different. The usability is different. So, it's a great way for us to actually have a controlled launch into those markets. So, those will prove to be one that I think is very, very, a good base case for us to actually build on and we're excited to see riders on.

當我們進入像印度這樣的地方時，我們想要做的事情之一，你知道，那裡的天氣是不同的。環境不同。使用感不同。因此，這是我們實際有控制地進入這些市場的好方法。因此，這些將被證明是我認為非常非常好的基礎案例，我們可以在此基礎上進行實際構建，我們很高興看到車手繼續前進。

As a matter of fact as of two days ago, I got notification from my team over there that the first station is up already so it's launching ahead of time. We're expecting them to (light up) in December. They're already a little bit ahead of time like (inaudible). Now, the vehicles are being registered so they can go on the road and start swapping away.

其實兩天前，我就接到那邊團隊的通知，第一站已經上線了，所以提前上線了。我們期待他們在 12 月（點亮）。他們已經有點提前了，比如（聽不清）。現在，這些車輛正在註冊，這樣它們就可以上路並開始換車了。

Yes, understand. It's very clear. Thank you. Can I follow up a question? It's more on international markets. So, just want to understand what is the current partnership situation in India it is because I think my original thoughts (inaudible) now with Hero. So, what is the company's plans for the India market regarding the coverage and partners?

是的理解。這很清楚。謝謝你。我可以跟進一個問題嗎？更多的是在國際市場上。所以，只想了解印度目前的合作夥伴關係情況，因為我認為我現在與 Hero 的最初想法（聽不清）。那麼，該公司在印度市場的覆蓋範圍和合作夥伴方面有何計劃？

Well, first of all, the partnership with Hero remain unchanged. They, of course, are still developing their vehicle. The idea is the platform is always going to be open and the swapping center is always going to be open. That's not, you know, a single brand, but multiple brands.

好吧，首先，與Hero的合作夥伴關係保持不變。當然，他們仍在開發他們的車輛。這個想法是平台永遠是開放的，交換中心永遠是開放的。你知道，這不是單一品牌，而是多個品牌。

The first vehicle actually has not launched in India. The reason why it has not launched is because we have imported the vehicle from Taiwan, you know, European version of the Taiwan vehicle that now lands in India in order to (inaudible). So, don't think of it as a vehicle launch or even, you know, so to speak a Gogoro launch but indeed what it is, is a pilot that we continue to gather information about one of the vehicles that are going to be on the road.

第一輛車實際上還沒有在印度推出。它尚未啟動的原因是因為我們從台灣進口了車輛，你知道，現在降落在印度的台灣車輛的歐洲版本是為了（聽不清）。所以，不要將其視為車輛發射，甚至，你知道，可以說是 Gogoro 發射，但實際上它是一個飛行員，我們將繼續收集有關其中一輛車的信息馬路。

So, think of it as the usability launch more than it is a vehicle launch. Gogoro has always seen ourselves and our strategy has always been open platform that has interoperability between multiple brands. And today, we have over 10 brands of vehicles on our platform swapping, you know, over 47 different SKUs of vehicle ranging from very lightweight vehicle to very heavy-duty vehicle, you know, using one battery, two battery, four batteries configuration and all of them swapping with one million batteries on the network interoperable.

因此，與其將其視為車輛發布，不如將其視為可用性發布。 Gogoro 始終看到自己，我們的戰略始終是開放平台，在多個品牌之間具有互操作性。今天，我們的平台上有超過 10 個品牌的車輛交換，你知道，超過 47 種不同的車輛 SKU，從非常輕型車輛到非常重型車輛，你知道，使用一個電池，兩個電池，四個電池配置和所有這些都與網絡上可互操作的一百萬個電池交換。

So, we're the largest battery swapping network I think on the planet today and we're excited to bring that long kind of proven platform to a place like India and then, of course, our pilot in Indonesia has been running well with the Gojak rider in Jakarta and we're looking to grow that higher and grow that market as well.

因此，我們是當今地球上最大的電池交換網絡，我們很高興能將這種久經考驗的平台帶到印度這樣的地方，當然，我們在印度尼西亞的試點一直運行良好雅加達的 Gojak 車手，我們正在尋求更高的發展並擴大該市場。

Okay. Understood. Thank you.

好的。明白了。謝謝你。

Other questions? As a reminder, to ask question, please press star one, one. There are currently no questions from the phone. I'll hand the call back to the management. Please continue.

其他問題？提醒一下，要提問，請按星一，一。目前沒有來自電話的問題。我會把電話轉回給管理層。請繼續。

Okay. Thank you. This concludes our question and answer session. I'd like to turn the conference back over to Horace and Bruce for any closing remarks.

好的。謝謝你。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。

Great. Thanks, Michael. Well, as Bruce said, Q3 was one where vehicle business followed the overall market. We executed to our plan and our business continues to accumulate into a healthy revenue growth due to the unique nature of our business model. There's a lot going on and we're launching pilots overseas, focus on growth, developing new products and new vehicles with our existing and new partners. We're excited to continue to develop sustainability technology to world and help solve one of the biggest challenges facing our generation. Our fundamental belief is our business model and our business model (inaudible) and change. The question is not whether a transition to electrical vehicles will occur, but how quickly and how can we help. Thank you to everyone for attending today's call.

偉大的。謝謝，邁克爾。好吧，正如布魯斯所說，第三季度是汽車業務跟隨整體市場的一個季度。我們執行了我們的計劃，由於我們商業模式的獨特性，我們的業務繼續積累健康的收入增長。有很多事情要做，我們正在海外開展試點，專注於增長，與我們現有的和新的合作夥伴一起開發新產品和新車輛。我們很高興能繼續為世界開發可持續發展技術，幫助解決我們這一代人面臨的最大挑戰之一。我們的基本信念是我們的商業模式和我們的商業模式（聽不清）和變化。問題不在於是否會向電動汽車過渡，而是多快以及我們如何提供幫助。感謝大家參加今天的電話會議。

That does conclude today's conference call. Thank you for participating. You may now disconnect.

這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。