Gogoro Inc (GGR) 2022 Q4 法說會逐字稿

Welcome to the Gogoro Inc. Fourth Quarter Earnings Call. This session will be recorded. I'd like to introduce Bruce Aitken, CFO of Gogoro, who will kick off [as soon]. Thank you.

歡迎來到 Gogoro Inc. 第四季度財報電話會議。此會話將被記錄。我想介紹一下 Gogoro 的首席財務官 Bruce Aitken，他將 [盡快] 上任。謝謝。

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 fourth quarter and full year 2022 earnings call. Hopefully, by now, you've seen our earnings release. If you haven't, it's available on the Investor Relations tab of our website, investor.gogoro.com. We will also be explaining the materials on the webcast screen as we go.

謝謝接線員，也謝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的第四季度和 2022 年全年財報電話會議。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 investor.gogoro.com 的“投資者關係”選項卡上找到。我們還將在進行時解釋網絡廣播屏幕上的材料。

We're looking forward to sharing our Q4 and full year results as well as providing some guidance on what we're seeing as the outlook for 2023. 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 of the important disclosures. Michael?

我們期待分享我們的第四季度和全年業績，並就我們所看到的 2023 年前景提供一些指導。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，誰將分享今天電話會議的流程並提供一些重要的披露信息。邁克爾？

Thanks, Bruce. I'm sure you're all looking forward to hearing from (technical difficulty) before that, allow me to remind you of a few things. You were all currently on mute. If you have a specific question, please use the chat function and the systems to submit your questions, and we'll answer as many as time allows. After Horace has given a brief overview of Gogoro and some of the business highlights from Q4, Bruce will go a bit deeper into Q4 and full year financial results.

謝謝，布魯斯。相信你們都很期待在那之前聽到（技術難度）的消息，讓我提醒你們一些事情。你們目前都處於靜音狀態。如果您有具體問題，請使用聊天功能和系統提交您的問題，我們將盡可能多地回答。在 Horace 簡要概述了 Gogoro 和第四季度的一些業務亮點之後，Bruce 將更深入地介紹第四季度和全年的財務業績。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our fourth quarter and fiscal 2022 results, management's expectations for our future financial and operational performance, the capabilities of our technology, projects of market opportunity and market share, our potential growth, statements related to the expected impact of 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，包括關於我們第四季度和 2022 財年業績的聲明、管理層對我們未來財務和運營業績的預期、我們的技術能力、市場機會和市場份額的項目、我們的潛在增長、與 COVID-19 大流行的預期影響相關的聲明、供應鏈問題和公司面臨的其他不利因素。

The company's business plans, including its expansion plans, the company's expectations relating to its growth in overseas market, 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. Information concerning those risks is available in our earnings press release distributed prior to market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

公司的業務計劃，包括其擴張計劃、公司對其在海外市場增長的預期、與我們的戰略合作、夥伴關係和合資企業的潛力相關的聲明、關於監管發展和我們的計劃、前景和預期的聲明。這些陳述不是承諾或保證，存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天開市前發布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。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 today's -- 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，在今天的電話會議期間，我們將提及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。

Now, over to Horace.

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 and provide an update on both the fourth quarter and full year 2022 results as well as give some guidance for 2023. 2022 was an important year for Gogoro. We transitioned from being a private company to being a public company in April of 2022. We announced new partnerships and pilot programs in India, Singapore and the Philippines. We continue to grow our total number of subscribers in Taiwan and continue to extend coverage of our industry-leading GoStation and smart battery packs.

謝謝，布魯斯和邁克爾。感謝您今天加入我們的電話會議。我們很高興有機會與您會面，並提供 2022 年第四季度和全年業績的最新情況，並為 2023 年提供一些指導。2022 年對 Gogoro 來說是重要的一年。 2022 年 4 月，我們從私營公司轉型為上市公司。我們宣布了在印度、新加坡和菲律賓的新合作夥伴關係和試點計劃。我們繼續增加台灣的用戶總數，並繼續擴大我們行業領先的 GoStation 和智能電池組的覆蓋範圍。

We also launched new Gogoro branded and partner-branded vehicles throughout the year, and we opened new markets in Israel continue to sell into South Korea, and our China business, while impacted by COVID, is now operational in 3 cities. Given the challenging economic backdrop to the full year, compounded by COVID pandemic, I'm proud of the work done by our entire Gogoro team in 2022, and I'm looking forward to continuing to bring our battery swapping and vehicle technologies to new markets in 2023.

我們還全年推出了新的 Gogoro 品牌和合作夥伴品牌汽車，我們在以色列開闢了新市場，繼續向韓國銷售，而我們的中國業務雖然受到 COVID 的影響，但目前在 3 個城市開展業務。鑑於全年充滿挑戰的經濟背景，加上 COVID 大流行，我為我們整個 Gogoro 團隊在 2022 年所做的工作感到自豪，我期待著繼續將我們的電池更換和汽車技術推向新市場2023年。

Q4 played out as anticipated in Taiwan. We delivered financial results in line with our guidance for both the quarter and the full year. Our Gogoro network business continue to -- is predictable accumulation of subscribers who incrementally join existing cohorts of super sticky customers. In addition to continued growth in Taiwan, we saw expanded interest in our technology from consumers, potential partners and governments in new markets. In Q4, we announced our partnership with Zypp Electric in India.

第四季度在台灣的表現如預期。我們交付的財務業績符合我們對本季度和全年的指導。我們的 Gogoro 網絡業務繼續 - 是可預測的訂戶積累，這些訂戶逐漸加入現有的超級粘性客戶群。除了在台灣的持續增長外，我們還發現新市場的消費者、潛在合作夥伴和政府對我們的技術產生了更大的興趣。在第四季度，我們宣布與印度的 Zypp Electric 建立合作夥伴關係。

That announcement was complemented recently with the news that Gogoro-led Zypp's latest round of funding. It is exciting to see Zypp's growth plan for both fleet expansion and geographic expansion in India. We're also working directly with a variety of B2B players in India where the value proposition of battery swapping is very clear. Any downtime for charging or refueling equates a loss of orders, both for the riders and the platform and an acceptable sacrifice in a fast-paced ultra-competitive delivery ecosystem. We also recently announced an MOU with the state of Maharashtra, India's leading economy and bell rise industry. This MOU is a great example of how public and private sector and investments are beneficial to adoption of electric mobility.

最近有消息稱 Gogoro 領導了 Zypp 的最新一輪融資，對該公告進行了補充。看到 Zypp 在印度的機隊擴張和地域擴張的增長計劃令人興奮。我們還直接與印度的各種 B2B 參與者合作，在印度，電池交換的價值主張非常明確。任何充電或加油的停機時間都等同於訂單的損失，對騎手和平台都是如此，並且在快節奏的超競爭交付生態系統中是可以接受的犧牲。我們最近還宣布了與印度主要經濟體和鍾聲工業的馬哈拉施特拉邦的諒解備忘錄。該諒解備忘錄很好地說明了公共和私營部門以及投資如何有利於採用電動汽車。

In India, our vehicles and stations have passed all required safety and certification requirements. GoStations are installed at strategic locations to support our B2B pilot launch in Delhi, and we expect to gain some meaningful customer feedback, which will further drive commercialization in India. In the Philippines, we announced an MOU with market leaders Globe 917Ventures and Ayala Group to launch a pilot. It will take some time for a network and vehicles to be deployed in Manila and elsewhere in the Philippines, but the first shipment of Gogoro GoStation, battery packs and vehicles have already been received. We will provide updates throughout the year on the progress.

在印度，我們的車輛和車站已通過所有必要的安全和認證要求。 GoStations 安裝在戰略位置，以支持我們在德里的 B2B 試點啟動，我們希望獲得一些有意義的客戶反饋，這將進一步推動印度的商業化。在菲律賓，我們宣布與市場領導者 Globe 917Ventures 和 Ayala Group 簽署諒解備忘錄以啟動試點。在馬尼拉和菲律賓其他地方部署網絡和車輛還需要一些時間，但第一批 Gogoro GoStation、電池組和車輛已經收到。我們將在全年提供最新進展情況。

In Singapore, in collaboration with Jardine Cycle & Carriage, we have deployed GoStations and vehicles and are excited to see last mile deliveries using Gogoro smart scooters in the near future. Stay tuned for further news and announcements. In Indonesia, we continue to capture data from our existing pilot program, still underway with GoTo, Electrum, and Pertamina. As a result of both our ongoing success in Taiwan, the momentum around our international expansion pilots and the recognition of Gogoro technology leadership and development, Frost & Sullivan has again recognized Gogoro as the company of the year in 2022 for the global swappable battery electric smart scooter industry. We're humbled by this recognition and gratified by the award.

在新加坡，我們與 Jardine Cycle & Carriage 合作，部署了 GoStations 和車輛，並很高興看到在不久的將來使用 Gogoro 智能滑板車進行最後一英里交付。請繼續關注進一步的新聞和公告。在印度尼西亞，我們繼續從我們現有的試點項目中獲取數據，該項目仍在與 GoTo、Electrum 和 Pertamina 一起進行。由於我們在台灣的持續成功、圍繞我們國際擴張試點的勢頭以及對 Gogoro 技術領導地位和發展的認可，Frost & Sullivan 再次將 Gogoro 評為 2022 年全球可更換電池電動智能汽車年度公司滑板車行業。我們對這一認可感到謙卑，對獲獎感到欣慰。

We are committing to continue to develop our innovative products and services and introducing them to new markets. Our Gogoro network continues to accumulate users, and we now have over 526,000 active monthly subscribers. We continue to deploy GoStations in Taiwan to grow network capacity, maintain network efficiency and ensure a positive customer experience. As always, these stations are deployed intelligently using data we accumulate from over 380,000 battery swaps done every day and the 380 million battery swaps done since we started. The 2-wheeler market in Taiwan continues along the trend that began in 2021 as a result of overall economic factors.

我們致力於繼續開發我們的創新產品和服務，並將它們引入新市場。我們的 Gogoro 網絡不斷積累用戶，我們現在每月有超過 526,000 名活躍用戶。我們繼續在台灣部署 GoStations 以增加網絡容量、保持網絡效率並確保積極的客戶體驗。與往常一樣，這些充電站使用我們從每天進行的超過 380,000 次電池更換和自我們開始以來完成的 3.8 億次電池更換中積累的數據進行智能部署。由於整體經濟因素，台灣的兩輪車市場延續了從 2021 年開始的趨勢。

Total scooter sales in the 12 months of 2022 are down by 9.3% versus 2021. A total of 21,250 Gogoro and our partner branded vehicles were registering in Q4. While the overall 2-wheel market in Taiwan is slowing, electric 2-wheelers penetration continues to grow with electric vehicle sales, representing 12% of all vehicle sales in 2022 versus just 11.6% of all vehicles sold in 2021. Sales of Gogoro and partnered vehicles are 10.7% of all vehicles sold in 2022 in Taiwan, maintaining 2021 market share. Gogoro and partner-branded vehicle sales represented 89.8% of all electric vehicles sold.

與 2021 年相比，2022 年 12 個月的滑板車總銷量下降了 9.3%。第四季度共有 21,250 輛 Gogoro 和我們的合作夥伴品牌車輛註冊。雖然台灣整體兩輪車市場正在放緩，但電動兩輪車的滲透率隨著電動汽車銷量的增長而繼續增長，佔 2022 年所有汽車銷量的 12%，而 2021 年僅佔所有汽車銷量的 11.6%。Gogoro 及其合作夥伴的銷量車輛佔台灣 2022 年銷售的所有車輛的 10.7%，保持 2021 年的市場份額。 Gogoro 和合作夥伴品牌的汽車銷量佔所有電動汽車銷量的 89.8%。

In Taipei, our market share and PPGH market share penetration reached 18.7% and 24.3%, respectively, in 2022. We believe these trends toward the adoption of electric vehicles will continue as consumers choose cleaner, greener mobility solutions. Gogoro continues to lead the market and EV adoption in Taiwan. By the end of 2022, we have accumulated over 380 million battery swaps and over 6.8 billion kilometers riden. We have more than 526,000 satisfied subscribers in Taiwan and with 12,000 GoStations at 2,300 locations deployed and over 1.1 million batteries in circulation. Consumers continue to choose smart green solutions for their mobility needs.

在台北，我們的市場份額和 PPGH 市場份額滲透率在 2022 年分別達到 18.7% 和 24.3%。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。 Gogoro 繼續引領台灣市場和電動汽車的採用。截至2022年底，累計更換電池超過3.8億次，累計行駛里程超過68億公里。我們在台灣擁有超過 526,000 名滿意的用戶，在 2,300 個地點部署了 12,000 個 GoStations，流通中的電池超過 110 萬個。消費者繼續選擇智能綠色解決方案來滿足他們的移動需求。

Our macro strategy for 2023 are to grow our market share in Taiwan to continue to hone the deficiency of our Taiwan Gogoro network to demonstrate via pilots in international markets that our solution is best-in-class and to set the stage for future growth. As announced in December, the Taiwan government has taken on 2 initiatives to speed the transition to electric 2-wheelers. The first initiative is a national goal for electric penetration rates. The government has mandated that by 2040, all new passenger vehicles sold in Taiwan will be electric. Further, interim goals for the adoption of electric vehicles include that by 2030, 35% of all new vehicles should be electric and by 2035, 70% of new vehicles should be electric.

我們 2023 年的宏觀戰略是擴大我們在台灣的市場份額，以繼續彌補我們台灣 Gogoro 網絡的不足，通過在國際市場的試點證明我們的解決方案是一流的，並為未來的增長奠定基礎。正如去年 12 月宣布的那樣，台灣政府已採取兩項舉措來加快向電動兩輪車的過渡。第一個倡議是電力普及率的國家目標。政府已規定，到 2040 年，在台灣銷售的所有新乘用車都將是電動的。此外，採用電動汽車的中期目標包括到 2030 年，所有新車中的 35% 應該是電動的，到 2035 年，新車中的 70% 應該是電動的。

Goals such as these are important in driving the necessary transition from traditional ICE vehicles to electric-powered vehicles. Not satisfied with just goals, the Taiwan government has extended its electric scooter industry environmental value-added subsidy program from 2023 to now 2026 and has committed over $191 million over the next 2-year horizon, in combination of, one, it continues in a direct-to-consumer subsidy for the purchase of new electric vehicles. Two, subsidy for the installation of battery swapping and charging facilities; and three, financial assistance provided to shop owners for the transformation of traditional scooter repair shop and channels to servicing electric vehicles. This model of government leadership in the transition to clean sustainable urban mobility has resulted in approximately 12% of vehicles sold in '22 being electric.

諸如此類的目標對於推動從傳統內燃機汽車向電動汽車的必要過渡非常重要。台灣政府不滿足於剛剛的目標，已將其電動滑板車行業環境增值補貼計劃從 2023 年延長至現在的 2026 年，並承諾在未來 2 年內投入超過 1.91 億美元，結合以下各項，它繼續購買新電動汽車的直接面向消費者的補貼。二、安裝換電、充電設施補貼；第三，為店主提供經濟援助，用於將傳統踏板車維修店和渠道轉型為電動汽車維修服務。這種政府在向清潔可持續城市交通過渡過程中的領導模式導致 22 年售出的車輛中約有 12% 是電動的。

Clearly, there's a lot of room for further growth and the pace of penetration will need to increase in order for the government to meet this transitional goals. We encourage other governments to learn from and emulate the Taiwan experience and make both real commitment to electrification and create a variety of incentive structures that will speed the transition. The social cost of using traditional gas scooter, pollution, health complication, noise pollution and others should be better quantified and taken into consideration both by policymakers as well as individual consumers as they buy new vehicles. We encourage all 2-wheel riders to join us on this journey toward cleaner transportation.

顯然，進一步增長的空間很大，為了讓政府實現這一過渡目標，滲透速度需要加快。我們鼓勵其他政府學習和效仿台灣的經驗，真正致力於電氣化，並建立各種激勵結構來加速轉型。使用傳統燃氣踏板車的社會成本、污染、健康並發症、噪音污染和其他因素應該更好地量化，並在政策制定者和個人消費者購買新車時加以考慮。我們鼓勵所有兩輪車的騎手加入我們這個通往更清潔交通的旅程。

It took time for Taiwanese consumers to overcome their concerns about transitioning to electric vehicles. It's a Gogoro delivering a smart scooter that exceeded the performance of gas-powered vehicles in terms of torque, speed, safety and cost. Gogoro addresses these concerns and pave the way, but also required a great deal of capital deployed in our battery swapping infrastructure and a great deal of consumer education. In 2016, electric vehicles as a percentage of total market in Taiwan were only 2.5%. Now fast forward to 2022, and now electric accounts for about 12% of all 2 wheelers sold. In the same way, the transition in Taiwan was not an instant one. It will take time for the public in countries like India, Indonesia and other parts of Southeast Asia, where gas vehicle makes up more than 99% of all vehicles on the road to feel comfortable adopting an electric solution.

台灣消費者需要時間來克服他們對過渡到電動汽車的擔憂。這是一款 Gogoro 提供的智能踏板車，在扭矩、速度、安全性和成本方面都超過了汽油動力車輛的性能。 Gogoro 解決了這些問題並鋪平了道路，但也需要在我們的電池更換基礎設施和大量消費者教育中部署大量資金。 2016年，電動汽車佔台灣市場總量的比例僅為2.5%。現在快進到 2022 年，現在電動汽車約佔所有售出的 2 輪車的 12%。同樣，台灣的轉變也不是一蹴而就的。在印度、印度尼西亞和東南亞其他地區等國家/地區，燃氣汽車佔道路上所有車輛的 99% 以上，公眾需要時間才能適應採用電動解決方案。

The positive news is that we do have a model for transition in Taiwan and do expect the transition to occur in other markets. Given the general trend towards electrification, this could happen even more quickly than we've seen in Taiwan. In those countries, we pursue a face approach to market entry. We begin with a relatively small pilot deployment and a limited geographic distribution of GoStation. This is how we started in Taiwan. We launched Taipei with approximately 30 stations. And in 6 years since launch, we now accumulate over 12,000 GoStations at 2,300 locations and with 1.1 million batteries now in circulation, servicing over 526,000 riders.

好消息是，我們在台灣確實有一個轉型模型，並且確實希望在其他市場發生這種轉型。鑑於電氣化的總體趨勢，這可能比我們在台灣看到的更快。在這些國家/地區，我們追求以面子的方式進入市場。我們從相對較小的試點部署和有限的 GoStation 地理分佈開始。這就是我們在台灣的開始。我們在台北推出了大約 30 個車站。自推出以來的 6 年裡，我們現在在 2,300 個地點積累了超過 12,000 個 GoStation，並有 110 萬個電池在流通，為超過 526,000 名騎手提供服務。

In any cities, approximately 10 to 20 GoStations can provide ample swapping location and ample number of batteries to launch a pilot service. This pilot deployment is used to collect data, customize vehicle hardware if required, test road condition and environmental condition like heat and dust and provide a level of comfort to both B2B and B2C riders that a vehicle powered by the Gogoro battery swapping ecosystem can meet the needs of any market segment. As the proof point increases, we scale our network, growing with just-in-time CapEx deployment. In overseas market, we intend to finance this network expansion with local partners. So that Gogoro is asset-light versus in Taiwan, where our investment is more than $500 million.

在任何城市，大約 10 到 20 個 GoStation 可以提供充足的交換位置和足夠數量的電池來啟動試點服務。該試點部署用於收集數據、根據需要定制車輛硬件、測試道路狀況和環境條件（如熱量和灰塵），並為 B2B 和 B2C 騎手提供一定程度的舒適度，即由 Gogoro 電池交換生態系統提供動力的車輛可以滿足任何細分市場的需求。隨著證明點的增加，我們擴展了我們的網絡，隨著及時的資本支出部署而增長。在海外市場，我們打算與當地合作夥伴一起為網絡擴張提供資金。因此，與我們在台灣的投資超過 5 億美元相比，Gogoro 是輕資產的。

We'll accumulate revenue through hardware sales and via a Software-as-a-Service license fee for using our battery swapping solution. This model and growth in these countries will not be immediate. So we still expect revenue from Taiwan to make up the lion's share of our revenue in 2023 and expect to see reasonable revenue from international operation in 2024 and forward time frames. A concern for the planet pollution reduction and the clear needs for cleaner urban mobility is why Gogoro exists. We are today publishing our first ever impact report. The report is full of many details regarding our contribution to a cleaner planet, product safety and system resilience, responsible business and social impact.

我們將通過硬件銷售和使用我們的電池更換解決方案的軟件即服務許可費來積累收入。這些國家的這種模式和增長不會立竿見影。因此，我們仍然預計 2023 年來自台灣的收入將占我們收入的最大份額，並預計 2024 年及未來時間框架內的國際業務收入將合理。對減少地球污染的關注和對更清潔的城市交通的明確需求是 Gogoro 存在的原因。我們今天發布了我們的第一份影響報告。該報告詳述了我們對更清潔的地球所做的貢獻、產品安全和系統彈性、負責任的企業和社會影響。

Since the first Gogoro rider hit the road in 2015, Gogoro riders have offset 287 million liters of gasoline and avoided 603 million kilograms of CO2 emissions. That is equivalent to the amount of carbon dioxide removed by 1,330 New York Central parks each year. In the report, we show, for example, the total carbon benefits of buying a Gogoro vehicle as well as the total pollution reduction contribution by Gogoro riders. Each kilometer-driven makes a difference, and we welcome both government, business owners and individual consumers to join us on this journey and make the world a better place, one vehicle and one battery swap at a time.

自 2015 年第一位 Gogoro 車手上路以來，Gogoro 車手已經抵消了 2.87 億升汽油，避免了 6.03 億公斤二氧化碳排放。這相當於 1,330 個紐約中央公園每年清除的二氧化碳量。例如，在報告中，我們展示了購買 Gogoro 車輛的總碳效益以及 Gogoro 車手對減少污染的總貢獻。每行駛一公里都會產生不同，我們歡迎政府、企業主和個人消費者加入我們的旅程，讓世界變得更美好，一次更換一輛車和一個電池。

While this transformation, especially in countries with a 50-year history of gas vehicle dominance will not happen immediately, it will happen. We believe it will happen best with Gogoro's sustainability technology. I encourage you to download the report from our website and learn more. We also continue to increase the quantity of green energy that we're using in both our manufacturing as well as retail environments and will continue to do so throughout 2023 and into the future. I'm proud of the work the team has put in to continue to make progress towards these goals, which will allow us to continue to penetrate the Taiwan market with our vehicle partners and begin to build momentum for overseas growth.

雖然這種轉變，尤其是在擁有 50 年燃氣汽車主導地位的國家，不會立即發生，但它會發生。我們相信 Gogoro 的可持續發展技術將實現最佳效果。我鼓勵您從我們的網站下載報告並了解更多信息。我們還將繼續增加我們在製造和零售環境中使用的綠色能源的數量，並將在整個 2023 年和未來繼續這樣做。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，並開始為海外增長建立動力。

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. Q4 2022 was in line with expectations despite the challenging external market conditions. We delivered to our provided guidance on quarterly revenue, continue to generate positive EBITDA and maintained healthy margin of 17.2%, slightly above our full year 2022 margin. Our results exhibit both continued progress in difficult circumstances and that the shift to electric mobility continues to gain momentum. Specifically, I'll provide color into our revenue, gross margin, EBITDA and net loss results as well as providing guidance for 2023.

謝謝，賀拉斯。儘管外部市場條件充滿挑戰，但 2022 年第四季度仍符合預期。我們交付了我們提供的季度收入指導，繼續產生正的 EBITDA 並保持 17.2% 的健康利潤率，略高於我們 2022 年全年的利潤率。我們的結果表明，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，我將為我們的收入、毛利率、EBITDA 和淨虧損結果提供顏色，並提供 2023 年的指導。

According to statistics published by Taiwan's Department of Motor Vehicles, the total Taiwan 2-wheeler scooter market volume of approximately 734,000 units for the full year 2022 is the lowest total since 2016. Despite this low volume, there are positive indicators for both the transition to electric 2-wheelers as well as for Gogoro and for our powered by the Gogoro network partners. We extended our Taiwan channel, and now Gogoro vehicles are being sold in 604 traditional scooter sales locations, making Gogoro vehicles broadly available and increasing the customer touch points is important. Our market share in the 6 biggest cities in Taiwan remained strong, with Taipei continuing to be the largest single market share city with 18.7% share in the full year of 2022.

根據台灣機動車管理局公佈的統計數據，2022 年全年台灣兩輪踏板車市場總量約為 734,000 台，是 2016 年以來的最低總量。電動兩輪車以及 Gogoro 和我們由 Gogoro 網絡合作夥伴提供支持。我們擴展了台灣渠道，現在 Gogoro 車輛在 604 個傳統踏板車銷售點銷售，讓 Gogoro 車輛廣泛可用，增加客戶接觸點很重要。我們在台灣 6 個最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，2022 年全年份額為 18.7%。

Our Gogoro network business continues to demonstrate strong revenue and subscriber growth. We also continued to invest and partner for international expansion with multiple related announcements in Q4. Before I go into the details of the financial results, let me say a few words about exchange rates. We booked the vast majority of our revenue in Taiwan dollars but reported 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 12.7% versus the average exchange rate of last year. Given our revenue concentration in Taiwan dollars, this is not really an operational issue, but purely a foreign exchange translation issue. This exchange rate resulted in a U.S. dollar reporting difference of almost $26 million in revenue for 2022.

我們的 Gogoro 網絡業務繼續表現出強勁的收入和用戶增長。我們還在第四季度發布了多個相關公告，繼續投資和合作進行國際擴張。在詳細介紹財務結果之前，讓我先談談匯率。我們以新台幣計價絕大部分收入，但以美元報告。今年匯率變化較大，美元兌台幣較去年平均匯率升值12.7%。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。這種匯率導致 2022 年收入的美元報告差異接近 2600 萬美元。

For the fourth quarter, revenue was $95.5 million, down 20.8% year-over-year and down 10.5% year-over-year on a constant currency basis. Had foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been up by an additional $12.4 million. Sales of hardware and other revenue for the quarter was $64.1 million, down 32.1% year-over-year and down 23.1% year-over-year on a constant currency basis. For the entire 2-wheeler market, sales in Taiwan in the fourth quarter were down 25.6% year-over-year and electric scooter sales were down 30.4% compared to the same quarter last year.

第四季度收入為 9550 萬美元，同比下降 20.8%，按固定匯率計算同比下降 10.5%。如果外匯匯率與去年同期的平均匯率保持不變，收入將額外增加 1240 萬美元。本季度硬件銷售額和其他收入為 6410 萬美元，同比下降 32.1%，按固定匯率計算同比下降 23.1%。就整個兩輪車市場而言，第四季度台灣銷量同比下降 25.6%，電動滑板車銷量同比下降 30.4%。

These declines both in the broad market and Gogoro hardware revenue were primarily attributable to a larger-than-normal quantity of 2-wheeler sales in the same quarter last year as a result of various government and market incentives. Gogoro Network revenue for the quarter was $31.4 million, up 19.5% year-over-year and up 34.6% year-over-year on a constant currency basis. Total subscribers at the end of the fourth quarter were more than 526,000, up 16.8% from 450,000 subscribers at the end of the same quarter last year. Gogoro network revenue increase was primarily due to our increasing subscriber base and the high retention rate of all of our existing subscribers.

廣泛市場和 Gogoro 硬件收入的下降主要是由於政府和市場的各種激勵措施導致去年同一季度兩輪車銷量高於正常水平。 Gogoro Network 本季度收入為 3140 萬美元，同比增長 19.5%，按固定匯率計算同比增長 34.6%。第四季度末總訂戶超過 526,000 人，比去年同期末的 450,000 人增長 16.8%。 Gogoro 網絡收入的增長主要是由於我們不斷增加的用戶群以及我們所有現有用戶的高保留率。

For the full year 2022, revenue was $382.8 million, up 4.6% year-over-year and up 11.7% year-over-year on a constant currency basis. Had the foreign exchange rates remain constant with the average rate in each of the comparable quarters of last year, revenue would have been up by an additional $26 million. Sales of hardware and other revenue for the full year was $261.2 million, down 2.0% year-over-year and up 4.7% year-over-year on a constant currency basis. We saw an increase due to continued growth in the Gogoro network revenue and revenue from selling Gogoro-branded scooters, component kits to OEMs, batteries and swapping stations to our overseas business partners.

2022 年全年收入為 3.828 億美元，同比增長 4.6%，按固定匯率計算同比增長 11.7%。如果外匯匯率與去年每個可比季度的平均匯率保持不變，收入將額外增加 2600 萬美元。全年硬件銷售額和其他收入為 2.612 億美元，同比下降 2.0%，按固定匯率計算同比增長 4.7%。由於 Gogoro 網絡收入的持續增長以及向 OEM 廠商銷售 Gogoro 品牌的踏板車、組件套件、向我們的海外業務合作夥伴銷售電池和交換站的收入，我們看到了增長。

The increase was offset by a still weak Taiwan scooter market associated with uncertainties derived from macroeconomic volatility and the COVID pandemic. Total scooter sales in Taiwan for the full year 2022 were down 9.3% year-over-year, while electric scooter sales declined by a smaller 6.7% compared to 2021. Gogoro network revenue was $121.6 million, up 22.2% year-over-year and up 30.3% year-over-year on a constant currency basis.

這一增長被台灣踏板車市場仍然疲軟所抵消，該市場與宏觀經濟波動和 COVID 大流行帶來的不確定性有關。台灣 2022 年全年滑板車總銷量同比下降 9.3%，而電動滑板車銷量與 2021 年相比下降了 6.7%。Gogoro 網絡收入為 1.216 億美元，同比增長 22.2%，按固定匯率計算，同比增長 30.3%。

Gross margin. For the fourth quarter, gross margin was 15%, down from 21% in the same quarter last year. Quarterly non-IFRS gross margin was 17.2%, down from 21.5% in the same quarter last year. The non-IFRS gross margin decrease was driven by the higher production cost per vehicle as a result of raw material cost increases and decreases in sales volumes. For the full year 2022, gross margin was 15.1%, down from 16.7% last year. The full year non-IFRS gross margin was effectively flat at 16.8% compared to 16.9% last year.

毛利率。第四季度，毛利率為 15%，低於去年同期的 21%。季度非 IFRS 毛利率為 17.2%，低於去年同期的 21.5%。非國際財務報告準則毛利率下降的原因是原材料成本增加和銷量下降導致每輛車的生產成本增加。 2022 年全年毛利率為 15.1%，低於去年的 16.7%。全年非國際財務報告準則毛利率實際上持平於 16.8%，而去年為 16.9%。

For the fourth quarter, net loss was $12.5 million, down $1.7 million from $14.2 million in the same quarter last year. The decrease was primarily due to a favorable change in the fair market value of financial liabilities of $18.4 million, offset by a total of $17.2 million from both a decrease in gross profit and an increase in share-based compensation. For the full year 2020, net loss was $98.9 million, up $31.5 million from $67.4 million last year. The increase was primarily due to a $32.9 million increase in share-based compensation, offset by an approximate $3 million net decrease with the mix of increases in listing expenses, spending associated with being a public company, exit activities, R&D expenses and a favorable change in the fair value of financial liabilities.

第四季度淨虧損為 1250 萬美元，比去年同期的 1420 萬美元減少了 170 萬美元。減少的主要原因是金融負債的公平市場價值發生有利變化 1,840 萬美元，被毛利減少和股權報酬增加所抵消的總額 1,720 萬美元所抵消。 2020 年全年淨虧損為 9890 萬美元，比去年的 6740 萬美元增加了 3150 萬美元。增加的主要原因是基於股份的薪酬增加了 3290 萬美元，被上市費用、與上市公司相關的支出、退出活動、研發費用和有利變化的混合增加約 300 萬美元的淨減少所抵消金融負債的公允價值。

The full year non-IFRS net loss was $63.3 million, up $12.9 million from $50.4 million last year. The increase was primarily due to $6.9 million in expenditures associated with being a public company and a $4.1 million increase in R&D expenses. For the fourth quarter, adjusted EBITDA was $9.2 million, down from $25.5 million in the same quarter last year. The decrease was primarily due to a $9.5 million decrease in non-IFRS gross profit, $2.6 million in expenditures associated with being a public company and a $1.4 million increase in R&D expenses, mainly due to increased spending on materials and prototype smart scooter models as well as a negative foreign exchange impact.

全年非 IFRS 淨虧損為 6330 萬美元，比去年的 5040 萬美元增加了 1290 萬美元。增加的主要原因是與上市公司相關的 690 萬美元支出和研發費用增加 410 萬美元。第四季度，調整後的 EBITDA 為 920 萬美元，低於去年同期的 2550 萬美元。減少的主要原因是非 IFRS 毛利減少 950 萬美元、與上市公司相關的支出 260 萬美元以及研發費用增加 140 萬美元，這主要是由於材料和智能踏板車原型模型的支出增加作為負面的外匯影響。

For the full year 2022, adjusted EBITDA was $41.2 million, down from $54.9 million last year. The decrease was primarily due to $6.9 million in expenditures associated with being a public company and an investment of $4.1 million in R&D expenses. We successfully amended and extended an existing $200 million credit facility for an additional 3 years to December 2025. With $236.1 million in cash at the end of 2022 and available additional credit facilities, we are well positioned for our short-term and longer-term capital needs.

2022 年全年，調整後的 EBITDA 為 4120 萬美元，低於去年的 5490 萬美元。減少的主要原因是與上市公司相關的 690 萬美元支出以及 410 萬美元的研發費用投資。我們成功地將現有的 2 億美元信貸額度修改並延長了 3 年至 2025 年 12 月。憑藉 2022 年底的 2.361 億美元現金和可用的額外信貸額度，我們為短期和長期資本做好了充分準備需要。

For the full year 2023, we expect revenue of between 400 and $450 million, which represents an anticipated increase of 4.5% to 17.6% compared to 2022. We estimate that we will generate 90% to 95% of 2023 full year revenue from the Taiwan market. As described in our Q3 earnings release, we remain cautious regarding the 2023 forecast for Ai Huan Huan in China. While the Ai Huan Huan network is operational and while both B2B and B2C designed vehicles are for sale in the market, we are not expecting significant revenue contribution from China in 2023. We focused on improving our operating efficiency in the fourth quarter, and we'll continue to drive efficiency in the coming year while investing in our growth in Taiwan and internationally.

對於 2023 年全年，我們預計收入在 400 至 4.5 億美元之間，與 2022 年相比預計增長 4.5% 至 17.6%。我們估計 2023 年全年收入的 90% 至 95% 來自台灣市場。正如我們在第三季度財報中所述，我們對愛歡歡在中國的 2023 年預測保持謹慎。雖然愛歡歡網絡正在運營，同時 B2B 和 B2C 設計的車輛都在市場上銷售，但我們預計 2023 年中國的收入貢獻不會很大。我們在第四季度專注於提高運營效率，我們'來年，我們將繼續提高效率，同時投資於我們在台灣和國際上的增長。

2022 was a year of financial results in line with our expectations. 2023 is a year of growth, both in Taiwan and internationally. While most of our revenue in 2023 is Taiwan-based, we are paving the way for substantial international revenue contribution in 2024 and beyond.

2022 年的財務業績符合我們的預期。 2023 年是台灣和國際增長的一年。雖然我們 2023 年的大部分收入來自台灣，但我們正在為 2024 年及以後的可觀國際收入貢獻鋪平道路。

Back to you, Michael.

回到你身邊，邁克爾。

Thanks, Horace and Bruce for that update. Details on financial results and forward guidance. As attendees are formulating their questions. I'll go ahead and ask 2 questions, which I think are likely on everyone's minds given what you just heard.

謝謝 Horace 和 Bruce 的更新。有關財務結果和前瞻性指導的詳細信息。當與會者提出他們的問題時。我將繼續問 2 個問題，鑑於您剛才聽到的內容，我認為每個人都可能會想到這些問題。

Question number one. Topic would be international markets and operational. There seems to be many announcements and partnerships in the India market. Do you anticipate the India market to be the main focus for Gogoro in 2023? And can you elaborate and provide additional information regarding the announcements with India state of Maharashtra and Zypp Electric?

第一個問題。主題將是國際市場和運營。印度市場似乎有很多公告和合作夥伴關係。您預計印度市場會成為 2023 年 Gogoro 的主要業務重點嗎？您能否詳細說明並提供有關印度馬哈拉施特拉邦和 Zypp Electric 的公告的更多信息？

Thanks, Michael. Gogoro's 2023 is all about reaching velocity both beyond the initial deployment in Taiwan. And our target is to launch in India later part of this year. Although the Taiwan market is meaningful for Gogoro, the size of the market is limited. There are only about 14 million 2-wheeler riders on the road. India on the contrary, has more than 290 million vehicles on the road and is aggressively promoting electric adoption, both through policies to limit the use of ICE vehicle, especially around the [battery] and logistics, and we are providing incentives to both consumers and manufacturers of electric vehicles.

謝謝，邁克爾。 Gogoro 的 2023 年就是要達到超過最初在台灣部署的速度。我們的目標是今年晚些時候在印度推出。台灣市場雖然對Gogoro有意義，但市場規模有限。路上只有大約 1400 萬兩輪車騎手。相反，印度有超過 2.9 億輛汽車在路上行駛，並且正在通過限制內燃機車輛使用的政策積極推動電動汽車的採用，特別是圍繞 [電池] 和物流，我們正在為消費者和消費者提供激勵措施電動汽車製造商。

More than 80% of registered vehicles in India are 2-wheelers or 3-wheelers. So people depend heavily on their scooters and the motorcycles as e-commerce grows in India, and the need for delivery riders will increase. A state or city level government mandate the use of electric vehicle and as awareness of the safety and convenience of battery swapping, how it can benefit the user, our solution can fill a real need. We now have over 1 million batteries safely deployed and have validated our subscription-based business model in Taiwan and several other countries. We have a broad portfolio of products with more product launches planned later this year to continue to capture more subscribers in Taiwan as well as make significant entry into the selected markets in India.

在印度，超過 80% 的註冊車輛是兩輪或三輪車輛。因此，隨著電子商務在印度的發展，人們嚴重依賴踏板車和摩托車，對送貨員的需求也會增加。州或市級政府強制使用電動汽車，隨著人們意識到電池更換的安全性和便利性，以及它如何使用戶受益，我們的解決方案可以滿足實際需求。我們現在安全部署了超過 100 萬塊電池，並在台灣和其他幾個國家/地區驗證了我們基於訂閱的商業模式。我們擁有廣泛的產品組合，併計劃在今年晚些時候推出更多產品，以繼續在台灣吸引更多用戶，並大舉進入印度的選定市場。

The announcement that we made in India demonstrates our commitment to growth there. We are growing our presence, collaborating with new partners and committed to make a difference with this -- making a difference. And then the Zypp will be helping them to increase rider uptime to battery swapping capabilities. With the government of Maharashtra, we're working on a number of initiatives to create increased demand for battery swapping and the associated infrastructure. We're excited about the market opportunity in India and in other countries. And again, the plan for 2023 is to lay the groundwork for and demonstrate success in the international markets.

我們在印度發布的公告表明我們致力於在那裡實現增長。我們正在擴大我們的影響力，與新的合作夥伴合作，並致力於為此做出改變——有所作為。然後 Zypp 將幫助他們增加騎手的正常運行時間，以實現電池交換功能。我們正在與馬哈拉施特拉邦政府合作開展多項舉措，以增加對電池更換和相關基礎設施的需求。我們對印度和其他國家的市場機會感到興奮。同樣，2023 年的計劃是為國際市場奠定基礎並展示成功。

Thanks, Horace. Question number two is in the realm with financial. So there are many partnerships and pilots launched in 2022. If you had to choose to prioritize one over the other between top line growth versus profitability, which would you pick for the next 2 years? And given the current macro environment with layoffs, Fed actions and inflation, is the company comfortable with current cash flow that it's projecting? And is the company planning any future financing in 2023? Can you also provide any guidance to your expenses for 2023? And are there any plans such as a ramp-up in R&D, which could improve battery technology or new models of scooters in near future?

謝謝，賀拉斯。第二個問題與金融領域有關。因此，2022 年推出了許多合作夥伴關係和試點項目。如果您必須在收入增長與盈利能力之間選擇一個優先於另一個，您會在未來 2 年選擇哪個？考慮到當前裁員、美聯儲行動和通貨膨脹的宏觀環境，公司是否對其預測的當前現金流感到滿意？公司是否計劃在 2023 年進行任何未來融資？您能否為 2023 年的支出提供任何指導？是否有任何計劃可以在不久的將來改進電池技術或新型踏板車，例如加大研發力度？

Thanks, Michael. I'll take this one. Growth is important for us at Gogoro. We are a technology company. So we have invested heavily in R&D. We'll continue to do so, both for hardware improvements as well as for software improvements. They could take a number of different shapes. They could be new scooters. They could be battery packs with more density, which gives longer range to our customers, could be software improvements that result in better network efficiency or a better user experience.

謝謝，邁克爾。我要這個。在 Gogoro，成長對我們很重要。我們是一家科技公司。所以我們在研發上投入了大量資金。我們將繼續這樣做，包括硬件改進和軟件改進。它們可以採用多種不同的形狀。他們可能是新的踏板車。它們可以是密度更高的電池組，為我們的客戶提供更遠的續航里程，也可以是軟件改進，從而提高網絡效率或更好的用戶體驗。

In terms of cash at the end of 2022, we had $236 million in cash, which is enough to meet our current growth plans. And if the need for financing arises, we feel confident that we could raise additional equity, although as mentioned, we have no immediate plans. We finance our Gogoro network expansion in Taiwan through debt, and we've recently received a large syndicated loan debt facility, which allows for that growth in Taiwan. So we feel well positioned for growth. There are clear market needs. We have great technology. We're working hard to get pilots launched and then subsequently transition into operational and commercialized networks. As we've mentioned previously, when we expand internationally, we plan to do so in an asset-light way, such that all of the CapEx required to build out large networks is not 100% owned by Gogoro.

就 2022 年底的現金而言，我們擁有 2.36 億美元的現金，足以滿足我們當前的增長計劃。如果出現融資需求，我們相信我們可以籌集更多股權，儘管如前所述，我們沒有立即計劃。我們通過債務為我們在台灣的 Gogoro 網絡擴張提供資金，我們最近收到了一筆大額銀團貸款債務融資，這使得台灣的增長成為可能。因此，我們對增長做好了準備。有明確的市場需求。我們有很棒的技術。我們正在努力啟動試點，然後過渡到運營和商業化網絡。正如我們之前提到的，當我們在國際上擴張時，我們計劃以輕資產的方式進行，這樣構建大型網絡所需的所有資本支出就不會 100% 由 Gogoro 擁有。

Okay. Thanks, Bruce. Operator, if you could go ahead and...

好的。謝謝，布魯斯。接線員，如果你能繼續……

(Operator Instructions) Dear speakers, there are no questions over the phone. I would now like to hand the conference over to our speakers Bruce and Horace for closing remarks.

（操作員說明）親愛的發言人，沒有人會通過電話提問。我現在想將會議交給我們的發言人 Bruce 和 Horace 作閉幕詞。

Thanks, Michael and Bruce. Both Q4 and 2022 financial results were in line with our expectations. We continue to lead the Taiwan electric 2-wheeler market, and our global network business continued to accumulate subscribers and continue to demonstrate revenue growth and we enforce our unique recurring revenue business model. A great example is that Gogoro network revenue grew by 30% in 2022. The world is going to transition to electric mobility. And the only question is how quickly it will happen. We're excited to continue to work with partners, policymakers and consumers to lead and help electrify cities around the world. We're launching [IES] and products throughout 2023, and we'll sweep that transition. Thanks again, everyone, for attending today's call.

謝謝，邁克爾和布魯斯。第四季度和 2022 年的財務業績均符合我們的預期。我們繼續引領台灣電動兩輪車市場，我們的全球網絡業務繼續積累用戶並繼續展示收入增長，我們實施我們獨特的經常性收入業務模式。一個很好的例子是 Gogoro 網絡收入在 2022 年增長了 30%。世界將向電動汽車過渡。唯一的問題是它會多快發生。我們很高興能繼續與合作夥伴、政策制定者和消費者合作，引領和幫助世界各地的城市電氣化。我們將在整個 2023 年推出 [IES] 和產品，我們將完成這一轉變。再次感謝大家參加今天的電話會議。

The conference has now concluded. Thank you for attending today's presentation. You now may all disconnect. Have a nice day.

會議現已結束。感謝您參加今天的演講。你們現在可能都斷開連接了。祝你今天過得愉快。