Gogoro Inc (GGR) 2024 Q3 法說會逐字稿

Welcome to the Gogoro Inc 2024 Q3 earnings call.

歡迎參加 Gogoro Inc 2024 年第三季財報電話會議。

This conference call is now being recorded and broadcasted live over the Internet.

本次電話會議現已錄製並透過網路進行現場直播。

Webcast replay will be available within an hour after the conference is finished.

會議結束後一小時內將提供網路直播重播。

I'd like to turn the call over to the Gogoro team.

我想將電話轉給 Gogoro 團隊。

Welcome to Gogoro's 2024 Q3 earnings conference call, hosted by our Interim CEO, Henry Chiang; and CFO, Bruce Aitken.

歡迎參加由臨時執行長 Henry Jiang 主持的 Gogoro 2024 年第三季財報電話會議；和財務長布魯斯·艾特肯。

Hopefully by now, you've seen our earnings release.

希望到目前為止，您已經看到了我們的收益發布。

If you haven't, it is available on the Investor Relations tab of our website, investor.gogoro.com. We are hosting our earnings conference call via live webcast through Gogoro's website, where you can also download all the earnings release materials.

如果您還沒有，可以在我們網站 Investor.gogoro.com 的投資者關係標籤上找到。我們將透過 Gogoro 的網站透過網路直播舉辦收益電話會議，您也可以在其中下載所有收益發佈資料。

We will also be displaying the materials on the webcast screen as we go.

我們還將在網路廣播螢幕上顯示這些資料。

(Event Instructions)

（活動須知）

Bruce will begin with an introduction and then Henry will outline our current business and future strategy.

布魯斯將首先進行介紹，然後亨利將概述我們當前的業務和未來的策略。

Bruce will then go into Q3 financial results and then we will open the line for Q&A and answer as many questions as time allows.

然後，布魯斯將介紹第三季的財務業績，然後我們將開通問答熱線，並在時間允許的情況下回答盡可能多的問題。

As usual, we would like to remind everyone that today's discussions may contain forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements.

像往常一樣，我們想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述存在風險和不確定性，這可能導致實際結果與前瞻性陳述中包含的結果有重大差異。

Please refer to the forward-looking statements that appear in our press release and investor presentation provided today.

請參閱我們今天提供的新聞稿和投資者介紹中出現的前瞻性陳述。

Now, I would like to turn the call over to our CFO, Bruce Aitken.

現在，我想將電話轉給我們的財務長 Bruce Aitken。

Thanks for joining our call today.

感謝您今天加入我們的電話會議。

We're pleased to have this opportunity to meet with you and provide a summary of our third-quarter 2024 results.

我們很高興有機會與您會面並提供 2024 年第三季業績摘要。

Q3 was challenging for Gogoro, and our financial performance and stock price were impacted.

第三季對 Gogoro 來說充滿挑戰，我們的財務表現和股價都受到了影響。

We recently announced our receipt of a Nasdaq listing compliance notice, our CEO's resignation, and a government inquiry into our potential use of imported parts in two vehicle models.

我們最近宣布收到納斯達克上市合規通知、執行長辭職以及政府對我們在兩款車型中可能使用進口零件的調查。

Before we discuss our Q3 business results, we want to update you on each of these three points.

在我們討論第三季的業務業績之前，我們想向您介紹這三點的最新情況。

As you know, Horace Luke resigned as Gogoro's Chairman and CEO on September 13, 2024.

如您所知，Horace Luke 於 2024 年 9 月 13 日辭去 Gogoro 董事長兼執行長職務。

We appreciate Horace's vision for urban mobility and making Gogoro's battery swapping and vehicles a reality.

我們讚賞 Horace 對城市交通的願景，並使 Gogoro 的電池交換和車輛成為現實。

The Board responded quickly appointing Tamon Tseng, Chairman of Ruen Chen Investment Holding Company and the General Council of Ruentex's Group as Tamon Tseng, Chairman of Ruen Chen Investment Holding Company's new Chairman of the Board.

董事會迅速回應，並任命潤成投資控股公司董事長兼潤泰集團總理事會曾達文為潤成投資控股公司董事長曾達文出任新任董事會主席。

The Board also appointed Henry Chiang as Interim CEO.

董事會也任命 Henry Jiang 為臨時執行長。

Prior to his new CEO role, Henry had been in Gogoro for more than six years where he founded and led our GoShare business and most recently led our Taiwan business.

在擔任新的執行長之前，Henry 已在 Gogoro 工作了六年多，他創立並領導了我們的 GoShare 業務，最近還領導了我們的台灣業務。

According to Nasdaq listing rules, all companies must maintain a $1 per share average closing price of the company's common stock over a consecutive 30-day trading period.

根據納斯達克上市規則，所有公司必須在連續30天的交易期間內維持公司普通股平均收盤價為每股1美元。

We were notified of our non-compliance by the Nasdaq on October 29, and issued a press release on November 1, in accordance with Nasdaq requirements.

我們於 10 月 29 日收到納斯達克的違規通知，並根據納斯達克的要求於 11 月 1 日發布了新聞稿。

Under Nasdaq rules, Gogo has 180 days to regain compliance by achieving a closing bid price of at least $1 per share for a minimum of 10 consecutive business days.

根據納斯達克規則，Gogo 有 180 天的時間重新合規，方法是連續至少 10 個工作日實現每股至少 1 美元的收盤價。

This notice has no immediate effect on the listing or trading of the company's shares on Nasdaq nor does it impact the company's operations or financial status.

該通知不會立即影響公司股票在納斯達克的上市或交易，也不會影響公司的營運或財務狀況。

We are fully committed to remaining listed on the Nasdaq and plan to take all necessary steps to regain compliance with Nasdaq's listing requirements and to regain shareholder confidence.

我們完全致力於繼續在納斯達克上市，並計劃採取一切必要措施重新遵守納斯達克的上市要求並恢復股東信心。

Now, I'd like to introduce you to Henry Chiang, Gogoro's Interim CEO, to give you an update on his first two months in his new role and our plans for the future.

現在，我想向您介紹 Gogoro 臨時執行長 Henry Jiang，向您介紹他就任新職位的頭兩個月的最新情況以及我們對未來的計劃。

Thanks, Bruce.

謝謝，布魯斯。

It's an honor to be leading Gogoro into a new phase of growth and expansion.

很榮幸能夠帶領 Gogoro 進入成長和擴張的新階段。

As Bruce said, Q3 has presented unexpected challenges, but it has also given us an opportunity to reevaluate our business strengths and priorities and establish a plan that will take us into a new era for the company that I believe will lead to stronger business fundamentals and increase revenue and growth.

正如布魯斯所說，第三季度帶來了意想不到的挑戰，但它也給了我們一個機會來重新評估我們的業務優勢和優先事項，並製定一項計劃，將我們帶入公司的新時代，我相信這將帶來更強大的業務基礎和增加收入和成長。

Before going to our plan, I want to address the Taiwan government inquiry that was initiated this past May.

在討論我們的計畫之前，我想先談談台灣政府今年五月啟動的調查。

Earlier this year, the Taiwan government initiated an inquiry into Gogoro's potential use of imported part in two models.

今年早些時候，台灣政府對 Gogoro 的兩款車型可能使用進口零件的情況發起調查。

We have been working closely with the government to address all of their concern, and we will continue to do so.

我們一直與政府密切合作，解決他們的所有擔憂，我們將繼續這樣做。

Taiwan's Commercial Times reported on October 1, that Taiwan's Industrial Development Administration stated that after a technical review committee examined the submitted documents and conducted a hearing, there was insufficient evidence to conclude that Gogoro's VIVA scooter motor controller violated the Ministry of Economic Affairs' domestic production subsidy guidelines.

台灣商報10月1日報道，台灣工業發展局表示，技術審查委員會審查提交文件並舉行聽證會後，沒有足夠證據得出Gogoro的VIVA踏板車電機控制器違反經濟部國產規定補貼指南。

Gogoro is proud of our Taiwan heritage and the support we have received from our customers, partners, and the Taiwan government.

Gogoro 為我們的台灣傳統以及我們從客戶、合作夥伴和台灣政府獲得的支持感到自豪。

We have become a technology leader and created an emerging industry in Taiwan.

我們已經成為科技領導者，創造了台灣的新興產業。

That includes more than 10 vehicle makers and nearly 16 vehicles.

其中包括 10 多家汽車製造商和近 16 輛汽車。

And although we have become a strong brand, we realize that we must return to who we are and get back to our core beliefs and vision for enabling the mass transition of gas-powered scooters to smart electric smart scooters.

儘管我們已經成為一個強大的品牌，但我們意識到我們必須回歸我們自己，回到我們的核心信念和願景，以實現汽油動力滑板車向智慧電動滑板車的大規模過渡。

In our essence, this is who we want to be and what our battery swapping network was created to do.

從本質上講，這就是我們想要成為的人，也是我們創建電池交換網路的目的。

Growing into a mature and execution-oriented business requires a shift in mindset, clear vision, and a new level of discipline for how we operate as a business.

成長為一個成熟且以執行為導向的企業需要轉變思維方式、清晰的願景以及新層次的企業營運紀律。

We have strength to build on, and our problems are solvable and in our control.

我們有力量可以依靠，我們的問題是可以解決的並且在我們的控制範圍內。

Gogoro's next phase of growth must leverage these existing strengths and focus on taking care of our riders, simplifying our business, and delivering an unparalleled battery swapping experience.

Gogoro 的下一階段成長必須利用這些現有優勢，並專注於照顧我們的乘客、簡化我們的業務並提供無與倫比的電池更換體驗。

As we set expectations for the balance of 2024 and 2025, we are focused on three key areas.

在我們設定 2024 年和 2025 年的預期時，我們將重點放在三個關鍵領域。

First, we are focused on establishing a business that can become profitable over time.

首先，我們專注於建立能夠隨著時間的推移實現盈利的業務。

This requires us to focus on revenue growth, be disciplined in our management of costs, and intentional with our future investments.

這要求我們專注於收入成長，嚴格控製成本，並有意識地進行未來投資。

Controlling cost, we have been intentionally overinvesting in innovation for the past decade by now establishing a new cost structure.

為了控製成本，過去十年我們有意對創新進行過度投資，現在建立了新的成本結構。

Upon my appointment as Interim CEO, we initiate a thorough review of all spending across all aspects of our business and into our 2025 plan.

在我被任命為臨時執行長後，我們開始對業務各個方面的所有支出進行徹底審查，並將其納入我們的 2025 年計劃中。

Growing revenue through increased investments in the Gogoro network.

透過增加對 Gogoro 網路的投資來增加收入。

We are capitalizing on our past R&D investments and transforming our R&D spending to focus on batteries, swapping stations, infrastructure, and our second life battery business.

我們正在利用過去的研發投資，並將研發支出轉變為專注於電池、換電站、基礎設施和我們的二次電池業務。

For example, we recently completed a proof of concept with Taipower on an energy storage system that utilized 144 second life Gogoro batteries to provide UPS energy.

例如，我們最近與台電完成了儲能係統的概念驗證，該系統利用 144 節 Gogoro 二次電池來提供 UPS 能量。

Second, we are laser focused on the customer experience of our riders in Taiwan.

其次，我們非常關注台灣騎士的客戶體驗。

Gogoro's business begins and ends with delighting our customers, and we applaud them for being savvier and more demanding than ever.

Gogoro 的業務從頭到尾都以讓客戶滿意而告終，我們讚揚他們比以往任何時候都更精明、要求更高。

We recognize the importance of our energy network and are determined to make our battery swapping and smart scooter experience the best.

我們認識到能源網路的重要性，並決心讓我們的電池更換和智慧滑板車體驗達到最佳。

This goes back to embracing our core beliefs and identifying and consistently delivering an experience that is easier to use, more reliable, and affordable.

這可以追溯到擁抱我們的核心信念，確定並始終如一地提供更易於使用、更可靠且價格實惠的體驗。

We also remain committed to delivering smart scooters that are fun to ride and own.

我們也仍然致力於提供駕駛和擁有都充滿樂趣的智慧滑板車。

Over the past 10 years, our riders have created an incredible and obsessive community.

在過去的 10 年裡，我們的騎手創造了一個令人難以置信且令人著迷的社區。

An example of this is our seventh Taipei Bridge rider event early this month that attracted nearly 2,000 riders from all over Taiwan, including Gogoro and GoShare riders as well as Gogoro's partners vehicle, riders from Aeon, eMOVING, eReady, Yamaha, PGO, and Awayspeed.

一個例子是我們本月初舉行的第七屆台北橋騎手活動，吸引了來自台灣各地的近2,000 名騎手，包括Gogoro 和GoShare 騎手以及Gogoro 的合作夥伴車輛、來自Aeon、eMOVING、eReady、Yamaha、PGO 和Awayspeed 的騎手。

I want to take a moment to extend my heartfelt gratitude to these riders and partners for their community focus and unwavering support and encouragement.

我想花點時間向這些騎手和合作夥伴表示衷心的感謝，感謝他們對社區的關注以及堅定不移的支持和鼓勵。

Third, we are prioritizing key expansion markets.

第三，我們優先考慮重點拓展市場。

Gogoro's thesis remains that two-wheel electrification will happen in all countries over time, but every market develops at a different pace depending on a number of factors like government programs and subsidies, fuel and vehicle pricing, and other local factors.

Gogoro 的論點仍然是，隨著時間的推移，兩輪電氣化將在所有國家實現，但每個市場的發展速度不同，具體取決於政府計劃和補貼、燃料和車輛定價以及其他當地因素等多種因素。

Like our core business in Taiwan, we are also evaluating each of our expansion market businesses and establish new cost structures, and more disciplined operation to determine their readiness and the best path forward.

與我們在台灣的核心業務一樣，我們也在評估每項擴展市場業務，並建立新的成本結構和更嚴格的運營，以確定它們的準備情況和最佳的前進道路。

We want to make sure we are establishing sustainable businesses that drive meaningful growth and have a clear path to revenue growth.

我們希望確保我們正在建立可持續的業務，推動有意義的成長，並有明確的收入成長路徑。

With that in mind, we are still committed to spending more time and effort to capitalize on growth across our top priority international markets.

考慮到這一點，我們仍然致力於花費更多的時間和精力來利用我們最優先的國際市場的成長。

The largest two-wheel market in the world is India, where we have been establishing a beachhead.

全球最大的兩輪車市場是印度，我們一直在那裡建立灘頭堡。

We continue to believe in the future growth of India's EV ecosystem.

我們仍然相信印度電動車生態系統的未來成長。

Additionally, we are nearing the completion of our battery pack factory in India, and we are developing detailed strategy for market engagement.

此外，我們在印度的電池組工廠即將完工，我們正在製定詳細的市場參與策略。

We are seeing large Southeast Asian markets embracing electric two-wheel vehicles in new ways and are working to address these emerging opportunities.

我們看到東南亞大型市場以新的方式擁抱電動兩輪汽車，並正在努力抓住這些新興機會。

To this point, our business collaboration and partnership with Castrol remains strong and is continuing as planned.

到目前為止，我們與嘉實多的業務合作和夥伴關係仍然強勁，並且正在按計劃繼續進行。

Together, both companies are committed to advance in electric mobility and innovative energy solutions in the region, leveraging Gogo's expertise in technology and Castro's vast international experience and leadership.

兩家公司共同致力於利用 Gogo 的技術專業知識和卡斯特羅豐富的國際經驗和領導力，推動該地區的電動車和創新能源解決方案的發展。

The collaboration is focused on developing solutions for electric scooters, enhancing performance and sustainability, while supporting Gogoro's expansion goals in both existing and new markets.

此次合作的重點是開發電動滑板車解決方案，提高性能和永續性，同時支持 Gogoro 在現有和新市場的擴張目標。

In addition, we currently have a presence in South Korea, Singapore, Nepal, Chile, and Colombia.

此外，我們目前也在韓國、新加坡、尼泊爾、智利和哥倫比亞開展業務。

I have a clear understanding of where we are and what we need to do differently, moving forward.

我清楚地了解我們所處的位置以及我們需要採取哪些不同的做法，繼續前進。

And I'm committed to leading Gogoro through this transformation.

我致力於帶領 Gogoro 完成這項轉型。

Our entire management team is devoted to reestablishing a strong strategic vision and executing to deliver future value for our customers, partners, investors, and employees.

我們的整個管理團隊致力於重建強大的策略願景並執行，為我們的客戶、合作夥伴、投資者和員工創造未來價值。

I'd like to hand it back to Bruce who will walk through our Q3 financials.

我想把它交還給布魯斯，他將介紹我們第三季的財務狀況。

Thanks, Henry.

謝謝，亨利。

I want to walk you through our Q3 financials starting with sales in Taiwan.

我想向您介紹我們第三季的財務數據，從台灣的銷售額開始。

We continue to accumulate new subscribers in our Gogoro network and that business continues to grow in line with subscribers.

我們繼續在 Gogoro 網路中累積新用戶，並且業務隨著用戶數量的增長而不斷增長。

We ended the third quarter with 626,000 accumulated subscribers, up from 570,000 subscribers at the end of Q3 2023.

截至第三季末，我們的累計訂戶數量為 626,000 人，高於 2023 年第三季末的 57 萬人。

And we had $34.9 million in battery swapping service revenue in the third quarter.

第三季我們的電池更換服務收入為 3,490 萬美元。

The total number of registered electric scooters in Q3 in Taiwan was 23,837 vehicles, up 14.5% from 20,815 in Q3 2023.

台灣第三季註冊的電動滑板車總數為 23,837 輛，比 2023 年第三季的 20,815 輛成長 14.5%。

Gogoro branded vehicle registrations were 15,551, up 1.6% from Q3 2023 and powered by the Gogoro network vehicle registrations were 16,444, making Gogoro-based vehicles 69% of total electric two-wheel vehicle sales in Q3 2024.

Gogoro 品牌車輛註冊量為15,551 輛，較2023 年第三季成長1.6%，由Gogoro 網路提供支援的車輛註冊量為16,444 輛，使得基於Gogoro 的車輛佔2024 年第三季電動兩輪汽車總銷量的69%。

This electric vehicle registration growth occurred while the overall market for two wheelers in Taiwan declined by 11.4% versus Q3 of 2023.

在電動車註冊量出現成長的同時，台灣兩輪車的整體市場較 2023 年第三季下降了 11.4%。

And as we've indicated in previous quarters, we have a backlog of orders for new vehicles which we anticipate fulfilling in Q4.

正如我們在前幾個季度所表明的那樣，我們積壓了新車訂單，預​​計將在第四季度完成。

Had we delivered all of those vehicles, the EV two-wheeler market would have grown by 26.5%.

如果我們交付所有這些車輛，電動兩輪車市場將成長 26.5%。

Based on current expectations for the fourth quarter, we estimate the total powered two-wheel sales in Taiwan in 2024 will be between 780,000 and 810,000 units.

根據目前對第四季的預期，我們預計 2024 年台灣動力兩輪車的總銷量將在 78 萬至 81 萬輛之間。

That's a decline of between 7% and 10% versus 2023 full-year registration figures.

與 2023 年全年註冊數字相比，下降了 7% 至 10%。

Based on these estimates, we expect Gogoro branded sales to represent approximately 6% to 7% of total market share.

根據這些估計，我們預計 Gogoro 品牌銷售額將佔總市場份額的 6% 至 7% 左右。

And total PBGN vehicle market share would be slightly higher than that.

PBGN 車輛的總市佔率將略高於此。

We've been focused on cost this quarter.

本季我們一直關注成本。

We're controlling spending effectively as reflected in our reductions in both G&A and R&D expenses, totaling $4.4 million, excluding share-based compensation.

我們正在有效地控制支出，這體現在我們削減了總管理費用和研發費用，總計 440 萬美元（不包括基於股票的薪酬）。

We're continuing to evaluate all business segments and our international operations for efficiency, and we expect to begin implementing further cost savings initiatives during the fourth quarter and during 2025.

我們將繼續評估所有業務部門和國際營運的效率，並預計在第四季和 2025 年期間開始實施進一步的成本節約措施。

For the third quarter, total revenue was $86.9 million, down 5.3% year over year and down 3.4% year over year on a constant currency basis.

第三季總營收為 8,690 萬美元，年減 5.3%，以固定匯率計算年減 3.4%。

Had foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been up by an additional $1.8 million.

如果外匯匯率與去年同季的平均匯率維持不變，營收將額外增加 180 萬美元。

We had about 3,800 backlog orders for vehicles in the third quarter and although customers have the right to withdraw those backlog orders before delivery.

第三季我們有大約 3,800 份車輛積壓訂單，儘管客戶有權在交貨前撤回這些積壓訂單。

These backlog orders primarily came from customers' robust demand for our new models coupled with our needs with balancing manufacturing capacity over multiple models and related supply chain resources.

這些積壓訂單主要來自客戶對我們新型號的強勁需求，以及我們平衡多種型號製造能力和相關供應鏈資源的需求。

Battery swapping service revenue for the third quarter was $34.9 million, up 3.8% year over year and up 6% year over year on a constant currency basis.

第三季換電服務營收為3,490萬美元，年增3.8%，以固定匯率計算年增6%。

Total subscribers at the end of the third quarter exceeded 625,000, up 9.6% from 578,000 subscribers at the end of the same quarter last year.

第三季末用戶總數超過 625,000 名，比去年同季末的 578,000 名用戶成長 9.6%。

This year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year and the high retention rate of our subscribers.

電池更換服務收入年增主要是由於與去年同期相比我們的用戶基數更大以及用戶保留率較高。

Sales of hardware and other revenues for the third quarter were $52.0 million, down 10.6% year over year and down 8.8% year over year on a constant currency basis.

第三季硬體銷售額和其他收入為 5,200 萬美元，年減 10.6%，以固定匯率計算年減 8.8%。

The year-over-year decrease in sales of hardware and other revenues was driven by a combination of factors: first, a decrease of average selling price due to a higher proportion of sales volume generated from our lower-priced, entry-level models; second, a significant increase in the level of undelivered backlog orders compared to the same quarter last year; and third, a decrease in sales revenue associated with selling accessories, parts, and performing maintenance services.

硬體銷售和其他收入年減是由多種因素推動的：首先，由於我們的低價入門級型號產生的銷售比例較高，導致平均售價下降；二是未交付積壓訂單水準較去年同季大幅增加；第三，與銷售配件、零件和執行維護服務相關的銷售收入減少。

The backlog orders for vehicles we received in the third quarter are not reflected in vehicle registration data provided by the Taiwan government for the third quarter, nor did Gogoro recognize any revenue for these vehicles despite receiving full payment from customers or approved financing from third-party financing companies.

我們在第三季收到的車輛積壓訂單並未反映在台灣政府提供的第三季車輛登記資料中，儘管Gogoro 收到了客戶的全額付款或批准了第三方融資，但也沒有確認這些車輛的任何收入融資公司。

Gogoro will account for the vehicle revenue upon deliveries to customers.

Gogoro 將在向客戶交付車輛時核算車輛收入。

The government reported registration volume of powered two wheelers in the Taiwan market in the third quarter was down 11.4% year over year, while registrations of total electric powered two wheelers were reported to be up by 14.5% compared to the same quarter last year.

政府報告稱，第三季台灣市場動力兩輪車的註冊量年減 11.4%，而電動兩輪車的註冊總量則較去年同期成長 14.5%。

Those of Gogoro sales volume grew by 1.6%.

Gogoro的銷售量成長了1.6%。

Had we delivered the outstanding backlog orders, Gogoro's year-over-year sales volume growth rate would have been 26.5%.

如果我們交付未完成的積壓訂單，Gogoro 的銷售量年增率將達到 26.5%。

For the third quarter, gross margin was 5.4%, down from 18.3% in the same quarter last year; while non-IFRS gross margin was 14.7%, down from 19.2% in the same quarter last year.

第三季毛利率為5.4%，低於去年同期的18.3%；非國際財務報告準則毛利率為14.7%，低於去年同期的19.2%。

The declining gross margin was primarily driven by a combination of factors: first, a $2.7 million derecognition expense on components removed from the battery packs and a $4.9 million cost associated with our battery pack upgrade initiatives; second, a decrease in ASP associated with an increase in sales of lower-priced models; third, higher excess capacity costs due to reduced sales volume; fourth, the one-time free upgrade cost for certain vehicle models associated with product warranty in the third quarter of 2024; and fifth, a lower margin contribution from Gogoro OEM parts.

毛利率下降主要是由多種因素造成的：首先，從電池組中拆除的組件產生了 270 萬美元的終止確認費用，以及與我們的電池組升級計劃相關的 490 萬美元的成本；其次，隨著低價車款銷售量的增加，平均售價下降；第三，銷售量減少導致產能過剩成本上升；四是2024年第三季部分車型與產品保固相關的一次性免費升級費用；第五，Gogoro OEM 零件的利潤貢獻較低。

Gogoro has always viewed ourselves as an energy platform company.

Gogoro 一直將自己視為一家能源平台公司。

Every year, we invest heavily in growing and updating our Gogoro network by deploying new GoStations, new battery packs, and new software updates.

每年，我們都會大力投資，透過部署新的 GoStation、新的電池組和新的軟體更新來發展和更新我們的 Gogoro 網路。

Over the last three years, that investment has been approximately $107 million on annual basis.

過去三年，每年的投資額約為 1.07 億美元。

Additionally, for the last few quarters, we have been undertaking a program to carry out one-time voluntary upgrades on certain battery packs, which are expected to take several quarters to complete continuing into 2025.

此外，在過去幾個季度中，我們一直在實施一項計劃，對某些電池組進行一次性自願升級，預計需要幾個季度才能完成，並持續到 2025 年。

These upgrades provide multiple benefits: more efficient deployment of our resources than replacing existing battery packs; increased lifetime capacity of each battery pack, including extending its first mobility use case; and solidifying the extra lifetime capacity of each battery pack to validate our second-life thesis.

這些升級提供了多種好處：比更換現有電池組更有效地部署我們的資源；提高每個電池組的使用壽命，包括擴展其第一個行動用例；並鞏固每個電池組的額外壽命容量，以驗證我們的第二次壽命理論。

These upgrades are expected to create economic benefits in the long run but do generate a short-term reduction in our gross margin as we continue carrying out these upgrades.

從長遠來看，這些升級預計將創造經濟效益，但隨著我們繼續進行這些升級，確實會導致我們的毛利率短期下降。

We expect our cash position gross profits and growth margin will continue to be impacted by the cost of these upgrades during 2024 and 2025.

我們預計 2024 年和 2025 年期間，我們的現金部位毛利和成長率將繼續受到這些升級成本的影響。

In order to improve our customers' experience and to extend battery life, we will continue to upgrade a substantial quantity of our battery packs which are already in circulation.

為了改善客戶體驗並延長電池壽命，我們將繼續對大量流通的電池組進行升級。

And we will continue to improve designs of our battery packs to make them more rugged, long lasting, and to enhance their safety.

我們將繼續改進電池組的設計，使其更加堅固、持久，並提高其安全性。

For the third quarter, net loss was $18.2 million, representing an increase of $15.1 million from a net loss of $3.1 million in the same quarter last year.

第三季淨虧損為1,820萬美元，比去年同期的淨虧損310萬美元增加了1,510萬美元。

The increase in net loss was due to an $11.1 million decrease of the favorable change in the fair value of financial liabilities associated with outstanding earnout shares, earn-in shares, and warrants compared to the same quarter last year and the decrease of $12.1 million in gross profit.

淨虧損增加的原因是與去年同期相比，與已發行盈利股票、盈利股票和認股權證相關的金融負債公允價值有利變化減少了 1,110 萬美元，以及與去年同期相比減少了 1,210 萬美元。毛利。

The increase in net loss was partially offset by the decrease of $7.5 million in operating expenses, primarily consisting of the $5.4 million decrease in share-based compensation, a $2.6 million decrease in general and administrative expenses as a result of our cost management efforts, and a $1.8 million decrease in research and development expenses, and a $3.1 million increase in a customer care package.

淨虧損的增加被營運費用減少 750 萬美元部分抵消，主要包括股權激勵減少 540 萬美元、由於我們的成本管理努力而導致的一般和管理費用減少 260 萬美元以及研發費用減少180 萬美元，客戶服務費用增加310 萬美元。

For the third quarter, adjusted EBITDA was $14.1 million, representing an increase of $1 million from $13.1 million in the same quarter last year.

第三季調整後的 EBITDA 為 1,410 萬美元，比去年同期的 1,310 萬美元增加了 100 萬美元。

The increase was primarily due to a $5.4 million decrease in operating expenses, excluding share-based compensation and the customer care package, associated with various cost savings initiatives and a $1.4 million increase in other net income.

這一增長主要是由於營運費用減少了 540 萬美元（不包括與各種成本節約措施相關的基於股份的薪酬和客戶關懷計劃），以及其他淨收入增加了 140 萬美元。

The increase was partially offset by a $4.8 million decrease in non-IFRS gross profit and a $0.9 million increase in share of loss of investments accounted for using equity method compared to the same quarter last year.

與去年同期相比，非國際財務報告準則毛利減少了 480 萬美元，採用權益法核算的投資損失份額增加了 90 萬美元，部分抵消了這一增長。

We continue to generate operating cash flow in the third quarter through tightening our business operations and reducing working capital.

我們透過收緊業務運作和減少營運資本，在第三季繼續產生營運現金流。

In the third quarter, we generated an operating cash inflow of $8.5 million, repaid $9.4 million in bank loans, and invested $18.8 million in long lived assets.

第三季度，我們產生了 850 萬美元的營運現金流入，償還了 940 萬美元的銀行貸款，並投資了 1,880 萬美元的長期資產。

We remain committed to investing in the growth of our battery swapping infrastructure.

我們仍然致力於投資電池交換基礎設施的發展。

And with $119.2 million in cash, a $55.1 million cash set aside as a temporary sure to deposit, and the additional credit facilities that are available to us, we believe we have sufficient sources of funding to meet our near-term business growth objectives.

憑藉 1.192 億美元的現金、5510 萬美元的臨時存款保證金以及我們可以獲得的額外信貸額度，我們相信我們有足夠的資金來源來滿足我們的近期業務成長目標。

We will roll out a variety of customer experience enhancement programs over the next 12 months, including battery upgrades, specific vehicle extended warranty programs, and software upgrades and others.

我們將在未來 12 個月內推出各種客戶體驗增強計劃，包括電池升級、特定車輛延長保固計劃以及軟體升級等。

We're developing a series of specific plans to rebuild and realign Gogoro's focus on products and solutions and improve the overall efficiency of our organization.

我們正在製定一系列具體計劃，以重建和重新調整 Gogoro 對產品和解決方案的關注，並提高我們組織的整體效率。

These plans which will be discussed in more detail in the fourth quarter when we've completed our strategies and assessments will include cost savings in 2025 for improving inventory management and the use of standard components, the lowering of logistics and warehousing costs, reducing warranty costs as vehicle production stabilizes, reducing corporate and manufacturing overheads, streamlining manufacturing capacity, and other similar initiatives.

這些計劃將在第四季度完成策略和評估後進行更詳細的討論，其中包括到 2025 年透過改進庫存管理和標準組件的使用來節省成本、降低物流和倉儲成本、減少保固成本隨著汽車生產的穩定，減少公司和製造費用，精簡製造能力，以及其他類似的措施。

These initiatives aim to optimize resources, manage risks, and improve profitability across operations.

這些措施旨在優化資源、管理風險並提高整個營運的獲利能力。

We expect these initiatives to begin in the fourth quarter of 2024 and extend into 2025.

我們預計這些措施將於 2024 年第四季開始，並延續到 2025 年。

We continue to strengthen our internal controls policies and practices over our development and supply chains to enhance compliance with the requirements of local subsidies in all countries that we operate in.

我們繼續加強對我們的開發和供應鏈的內部控制政策和實踐，以提高對我們開展業務的所有國家的當地補貼要求的合規性。

We are adjusting our revenue expectations for the year to a level lower than previously expected.

我們正在將今年的收入預期調整至低於先前預期的水平。

The overall performance of the two-wheeler market in Taiwan is softer than anticipated.

台灣兩輪車市場的整體表現比預期弱。

With the combination of ASP pressure from entry-level models and delays in realizing anticipated international sale in the second half of 2024, we adjust our guidance for full-year revenue and are expecting to generate between $305 million to $315 million in 2024.

由於入門級車型帶來的平均售價壓力以及 2024 年下半年實現預期國際銷售的延遲，我們調整了全年收入指引，預計 2024 年收入將在 3.05 億美元至 3.15 億美元之間。

We expect our gross margin will be materially negatively impacted in the short term as a result of our ongoing and accelerated battery upgrade initiatives.

我們預計，由於我們持續和加速的電池升級計劃，我們的毛利率將在短期內受到重大負面影響。

Thank you, Henry and Bruce, for the update.

謝謝亨利和布魯斯的更新。

As attendees are formulating their questions.

當與會者提出他們的問題時。

I will ask two questions that we have collected from analysts.

我將問我們從分析師那裡收集到的兩個問題。

Question number one, what possible action plans you implement to raise your stock price back above $1?

第一個問題，您可能會採取哪些行動計劃來將股價提高到 1 美元以上？

Thanks, Anny.

謝謝，安妮。

As we have reported externally, we received the Nasdaq noncompliance letter at the end of October and have responded appropriately by early November.

正如我們對外報道的那樣，我們在 10 月底收到了納斯達克違規信函，並在 11 月初做出了適當回應。

We are fully committed to remaining listed on the Nasdaq.

我們完全致力於繼續在納斯達克上市。

We plan to take necessary steps to regain compliance with listing requirements that would include having our stock price trade above $1 for 10 consecutive days.

我們計劃採取必要措施重新遵守上市要求，其中包括讓我們的股價連續 10 天保持在 1 美元以上。

And there's a number of ways we can do that that we're currently investigating.

我們目前正在研究多種方法可以做到這一點。

We have 180 days' timeframe to get the stock price back above the dollar.

我們有 180 天的時間讓股價回到美元上方。

We think the best way to do so is through business fundamentals and we have confidence in our future, we have confidence in our management team.

我們認為做到這一點的最佳方法是透過業務基礎，我們對我們的未來充滿信心，我們對我們的管理團隊充滿信心。

We're devoted to reestablishing a strong vision and then executing to deliver value for our customers, partners, and investors.

我們致力於重建強大的願景，然後付諸實施，為我們的客戶、合作夥伴和投資者創造價值。

And we trust that in doing so there's a likelihood that the stock price will naturally go back above $1.

我們相信，這樣做的話，股價自然有可能回到 1 美元以上。

If it does not, then we will have to take inorganic steps to ensure that we go above $1 and remain listed on the Nasdaq.

如果沒有，那麼我們將不得不採取無機步驟來確保我們的價格高於 1 美元並繼續在納斯達克上市。

Thank you, Bruce.

謝謝你，布魯斯。

Question number two.

第二個問題。

Is there a solid plan to mitigate current challenges with the Taiwanese negative press and sales weakness, lack of revenue conversions from overseas ventures and so forth?

是否有可靠的計劃來緩解當前台灣負面新聞和銷售疲軟、海外企業收入轉換不足等挑戰？

Yeah.

是的。

Thanks, Anny.

謝謝，安妮。

Growing into a mature and execution-oriented business require a shift in mindset, a clear vision, and a new level of discipline for how we operate on a business.

成長為一個成熟且以執行為導向的企業需要思維方式的轉變、清晰的願景以及我們如何經營企業的新水平的紀律。

We are getting back to our [core beliefs] (corrected by company after the call) and vision for enabling the mass transition of gas-powered scooters to smart electric scooters.

我們正在回歸我們的[核心信念]（在電話會議後由公司糾正）和願景，以實現汽油動力踏板車向智慧電動踏板車的大規模過渡。

This is what our factory swapping network was created to do, and we have a three-point plan.

這就是我們創建工廠交換網路的目的，我們有一個三點計畫。

First, we are focused on -- establishing a business that can become possible over time.

首先，我們專注於—建立一個隨著時間的推移而成為可能的業務。

This requires us to focus on revenue growth.

這要求我們專注於收入成長。

Be disciplined in our management of cost and intentional with our future investments.

嚴格控製成本並有意識地進行未來投資。

Second, our business begins and ends with delighting our customers and we are laser focused on the customer experience of our rider in Taiwan.

其次，我們的業務始於和結束於讓客戶滿意，我們非常關注台灣騎手的客戶體驗。

Third.

第三。

We are prioritizing key expansion market.

我們正在優先重點拓展市場。

Thank you, Henry.

謝謝你，亨利。

At this time operator.

此時營運商。

Please open the line for Q&A session.

請打開問答環節。

(Operator Instructions) There are no questions on the phone lines at the moment.

（操作員說明） 目前電話線路上沒有任何問題。

I will hand back to you to check for any questions online.

我會發回給您在線檢查是否有任何問題。

I'll take an online question now.

我現在來回答一個線上問題。

First one is, on a steady state basis with the cost savings program from 2025, can Taiwan operations become double-digit margin business over the next couple of years?

第一個問題是，在穩定的基礎上，從 2025 年開始實施成本節約計劃，台灣業務能否在未來幾年內實現兩位數的利潤率業務？

You have got to view the Taiwan business as a couple of different businesses.

你必須將台灣業務視為幾個不同的業務。

Recall that in our Gogoro network business, our battery swapping business, it's really a business that grows in a very healthy manner year on year with accumulating subscribers and it performs according to expectations.

回想一下，在我們的Gogoro網路業務中，我們的電池交換業務，它確實是一項逐年非常健康地增長的業務，隨著用戶的不斷積累，它的表現也符合預期。

And it performs very, very well.

而且它的性能非常非常好。

And so that business is healthy.

所以業務是健康的。

That business is doing well.

那個生意做得很好。

As we mentioned in terms of vehicle sales, there is a reduction in the overall Taiwan unit sales and that clearly has a knock-on impact on Gogoro and partner brands.

正如我們在汽車銷售方面提到的，台灣整體銷售下降，這顯然對 Gogoro 和合作夥伴品牌產生了連鎖反應。

In order to ensure that we maintain healthy margins, we are working on a number of different programs, as Henry mentioned.

正如亨利所提到的，為了確保我們保持健康的利潤，我們正在進行許多不同的計劃。

We will do bond cost reduction.

我們將降低債券成本。

We will do manufacturing and production cost reduction.

我們將降低製造和生產成本。

We will do a number of different things.

我們將做許多不同的事情。

And then below the gross margin level, we are working very hard also on R&D, G&A, and overall corporate overhead savings.

在毛利率水準以下，我們也在研發、一般行政費用和整體公司管理費用節省方面非常努力。

So as mentioned, just in the third quarter alone, we saved $4.5 million between our R&D and our G&A cost savings.

如前所述，僅在第三季度，我們的研發成本和一般管理成本就節省了 450 萬美元。

So our focus is on creating a healthy business.

因此，我們的重點是創造健康的業務。

Our focus is on looking at the business holistically.

我們的重點是從整體上看待業務。

On a non-IFRS basis in Q3, our gross margin was 14.7%, which we are never satisfied with, but we think is an accurate reflection of how the business is performing right now and we'll continue to perform along those lines.

在第三季的非國際財務報告準則基礎上，我們的毛利率為14.7%，我們對此從未感到滿意，但我們認為這準確地反映了業務目前的表現，我們將繼續沿著這些方向表現。

Thank you, Bert.

謝謝你，伯特。

I have another online question submitted.

我還提交了另一個線上問題。

Battery subscription service is a capital intensive because the company have to own the battery assets.

電池訂購服務是一項資本密集型服務，因為公司必須擁有電池資產。

Are there any plans to allow customers to own and buy their own battery system so that they can power their scooters and home energy storage?

是否有計劃允許客戶擁有併購買自己的電池系統，以便為他們的踏板車和家庭儲能提供動力？

It's a great point.

這是一個很好的觀點。

The business is, in fact, capital intensive.

事實上，該業務是資本密集型業務。

In Taiwan alone, we've spent approximately $600 million to fully embed our infrastructure into the fabric of how people in Taiwan commute, how they take their kids to school, how they play.

光是在台灣，我們就花了大約 6 億美元，將我們的基礎設施完全融入台灣人民的通勤方式、送孩子上學的方式以及玩耍的方式。

And so with our over 12,000 racks at 2,500 locations and all the excess batteries required to fulfill the needs of those customers, it really has been a capital-intensive journey up until now.

因此，我們在 2,500 個地點擁有超過 12,000 個機架，並且需要滿足這些客戶的需求所需的所有多餘電池，到目前為止，這確實是一個資本密集的旅程。

As we expand internationally, we've always said we want to do so in a more asset-light way and that's why partnerships are important.

當我們進行國際擴張時，我們總是說我們希望以一種更輕資產的方式來實現這一目標，這就是為什麼合作夥伴關係很重要。

And so we'll be looking to find partners who are willing to help us fund that growth.

因此，我們將尋找願意幫助我們為這一成長提供資金的合作夥伴。

In those large markets, it will be difficult for us to replicate the Taiwan model where we are the sole owner of the battery packs.

在這些大市場中，我們很難複製台灣模式，也就是我們是電池組的唯一擁有者。

In terms of allowing customers to own batteries, it's not something that we've really done up until now, but we're always open to new business models.

在允許客戶擁有電池方面，到目前為止我們還沒有真正做到這一點，但我們始終對新的商業模式持開放態度。

In theory, someone could use their batteries via the use of an inverter to power their devices at home and those kinds of things.

理論上，人們可以透過逆變器使用電池為家中的設備和類似的東西供電。

It's not something that we actively pursued, but again, we're always open to some new business models.

這不是我們積極追求的目標，但我們始終對一些新的商業模式持開放態度。

We have a couple more from online.

我們還有一些來自網路上的資訊。

Can you give an update on India?

能介紹一下印度的最新情況嗎？

Sure.

當然。

So in India, we have successfully run a couple of pilot programs throughout the first half of the year and up until now.

因此，在印度，我們從今年上半年到現在已經成功運行了幾個試點計畫。

We have worked very closely with the number of large potential partners in India to roll out GoStations and to roll out vehicles.

我們與印度許多大型潛在合作夥伴密切合作，推出 GoStation 和車輛。

The data from those pilots has been very informative.

這些飛行員的數據非常豐富。

We're learning a few different things.

我們正在學習一些不同的東西。

We're learning, obviously, that vehicle price matters a great deal.

顯然，我們了解到車輛價格非常重要。

And so we're working to ensure that there are a variety of vehicles, potentially some made by partners, which can help us grow into the India market.

因此，我們正在努力確保有各種各樣的車輛，其中一些可能是由合作夥伴製造的，這可以幫助我們進入印度市場。

Our battery pack factory is nearing completion.

我們的電池組工廠即將完工。

It has taken longer than anticipated.

花費的時間比預期的要長。

And so we're continuing to work with a variety of potential partners in India to find ways to grow the market.

因此，我們將繼續與印度的各種潛在合作夥伴合作，尋找擴大市場的方法。

Not too long ago, India's government also released its recent fame three follow on kind of subsidy program.

不久前，印度政府也公佈了最近大名鼎鼎的三項補貼計畫。

And there are some aspects of that program from a battery swapping standpoint that we're working to continue to influence.

從電池更換的角度來看，該計劃的某些方面我們正在努力繼續影響。

At the moment, there is a little bit of a gap in terms of the subsidies provided for battery charging vehicles versus battery swapping vehicles.

目前，充電車補貼與換電車補貼有一定差距。

And having government policy lined up to really support electrification and not only battery charging, but battery swapping, electrification is really important.

制定政府政策來真正支持電氣化，不僅是電池充電，還包括電池更換，電氣化非常重要。

So that's something that we'll continue to work with the India government on -- India, as Henry said, is the largest two-wheeler market in the world.

因此，我們將繼續與印度政府合作——正如亨利所說，印度是世界上最大的兩輪車市場。

And so it's an important market for us.

因此，這對我們來說是一個重要的市場。

But what's really critical is that we find a nuanced way to enter that market and that we find the right locations, the right partners, the right government policy before we seek to really grow fast.

但真正關鍵的是，我們需要找到一種細緻的方式進入該市場，並在尋求真正快速成長之前找到合適的地點、合適的合作夥伴和正確的政府政策。

Thank you, Bruce.

謝謝你，布魯斯。

So at this time, there seems to be no further questions in the queue or online.

所以這個時候，隊列裡或者網路上似乎都沒有進一步的問題了。

At this time, I will hand the conference back to Henry for a few closing remarks.

此時，我將把會議交還給亨利，讓他做一些總結發言。

We're heading back to our core beliefs and vision for enabling mass transition of gas powered scooters to smart electric smart scooters.

我們正在回到我們的核心信念和願景，以實現燃氣動力踏板車向智慧電動踏板車的大規模過渡。

This is what our battery software network was created to do.

這就是我們創建電池軟體網路的目的。

We have strength to build on and our problem is solvable and in our control.

我們有力量繼續發展，我們的問題是可以解決的並且在我們的控制之中。

Gogoro's next phase of growth must leverage these existing strengths and focus on taking care of our riders, simplifying our business, and delivering an unparalleled factory swapping experience.

Gogoro 下一階段的成長必須利用這些現有優勢，並專注於照顧我們的乘客、簡化我們的業務並提供無與倫比的工廠交換體驗。

Our business begins and ends with delighting our customers.

我們的業務始於並結束於讓客戶滿意。

Thank you for your support of Gogoro and thanks for calling into today's call.

感謝您對 Gogoro 的支持，也感謝您撥打今天的電話會議。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Speakers, please stand by.

發言者請稍候。