Ideanomics Inc (IDEX) 2022 Q4 法說會逐字稿

Greeting and welcome to the Ideanomics Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 Ideanomics 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Tony Sklar, Senior Vice President, Investor Relations. Thank you. Please go ahead.

現在我很高興向您介紹主持人，投資者關係高級副總裁 Tony Sklar。謝謝。請繼續。

Thank you, operator, and welcome, everyone, to the Ideanomics Fourth Quarter and Full Year '22 Earnings Conference Call. Joining me today, I am pleased to have Mr. Alfred Poor, our Chief Executive Officer; Mr. Stephen Johnston, our Chief Financial Officer; Mr. Robin Mackie, Chief Operating Officer. A webcast of today's call will be archived and available in the Events and Presentations section of our corporate website for a minimum of 30 days. As a reminder, this conference call is being recorded.

謝謝接線員，歡迎大家參加 Ideanomics 第四季度和全年 '22 收益電話會議。今天加入我，我很高興有我們的首席執行官 Alfred Poor 先生；我們的首席財務官 Stephen Johnston 先生； Robin Mackie 先生，首席運營官。今天電話會議的網絡廣播將被存檔並在我們公司網站的“活動和演示”部分提供至少 30 天。提醒一下，正在錄製此電話會議。

During the call, we will make forward-looking statements such as dialogue regarding our revenue expectations or forecasts for the current quarter and full fiscal year '23. These statements are based on our current expectations and information available as of today and are subject to a variety of risks, uncertainties and assumptions. Actual results may differ materially, as a result of various risk factors that are fully described in our periodic filings with the SEC. As a result, we caution you on placing undue reliance on these forward-looking statements. We assume no obligation to update any forward-looking statement as a result of new information or events, acceptance required by law.

在電話會議期間，我們將發表前瞻性陳述，例如關於我們對當前季度和整個 23 財年的收入預期或預測的對話。這些陳述基於我們目前的預期和截至今日可用的信息，並受到各種風險、不確定性和假設的影響。由於我們定期向美國證券交易委員會提交的文件中充分描述了各種風險因素，實際結果可能存在重大差異。因此，我們提醒您不要過分依賴這些前瞻性陳述。我們不承擔因新信息或事件、法律要求的接受而更新任何前瞻性聲明的義務。

In addition, other risks are more fully described in the Ideanomics public filings with the U.S. Securities and Exchange Commission, which can be viewed at www.sec.gov. Today, March 30, 2023, the company filed with the SEC Form 10-K for Q4 and full year '22. And afterwards issued a press release announcing this financial results. So participants on this call, who may not have already done so, may wish to look at those documents as we provide a summary of those results on this call.

此外，Ideanomics 向美國證券交易委員會提交的公開文件中更全面地描述了其他風險，可在 www.sec.gov 上查看。今天，即 2023 年 3 月 30 日，該公司向 SEC 提交了第四季度和 22 年全年的 10-K 表格。並隨後發布了一份新聞稿，宣布了這一財務業績。因此，本次電話會議的參與者可能還沒有這樣做，他們可能希望在我們提供本次電話會議結果的摘要時查看這些文件。

The format for today's call will be as followed. Mr. Alf Poor will be giving our comments on today, to speak to the company's strategy, vision, including our revenue and growth, value generation and major product milestones. Mr. Stephen Johnston will speak to the company's financial performance, including our revenue, gross profit and margins, operating expenditures, cash and losses coming in on a prerecording. Robin Mackie will speak to the company's operational activities and programs made since our last earnings call. And then Mr. Alfred Poor will make the management's closing remarks, which will be followed by our Q&A.

今天電話會議的格式如下。 Alf Poor 先生今天將發表我們的評論，談論公司的戰略、願景，包括我們的收入和增長、價值創造和主要產品里程碑。 Stephen Johnston 先生將介紹公司的財務業績，包括我們的收入、毛利潤和利潤率、運營支出、現金和預先記錄的損失。 Robin Mackie 將介紹自我們上次財報電話會議以來公司的運營活動和計劃。然後 Alfred Poor 先生將發表管理層的結束語，隨後是我們的問答環節。

It is now my pleasure to hand over the floor to Mr. Alfred Poor, Ideanomics' CEO.

現在我很高興將發言權交給 Ideanomics 的首席執行官 Alfred Poor 先生。

Thank you, Tony, and thank you to everyone joining us on our earnings call today. (inaudible) for the year, but we were able to demonstrate meaningful progress across the businesses. Where there was not immediate revenue, we were able to progress product and pipeline. The products and services we offer, whether charging apparatus or vehicles, continue to be well received and provide us with confidence for the future.

謝謝你，托尼，也感謝大家今天加入我們的財報電話會議。 （聽不清）這一年，但我們能夠展示跨業務的有意義的進步。在沒有立即收入的情況下，我們能夠推進產品和管道。我們提供的產品和服務，無論是充電設備還是車輛，都繼續受到好評，讓我們對未來充滿信心。

Despite those challenges, our EV and charging businesses generated approximately $68 million in revenue in 2022. That is compared to approximately $40 million of revenue in 2021. Solectrac and Energica both grew significantly in 2022. Both of these businesses sell through dealer distributors, and it was pleasing to see the demand is there for our products in the agriculture and motor cycle markets.

儘管面臨這些挑戰，我們的電動汽車和充電業務在 2022 年創造了約 6800 萬美元的收入。相比之下，2021 年的收入約為 4000 萬美元。Solectrac 和 Energica 在 2022 年均實現了顯著增長。這兩項業務均通過經銷商分銷商進行銷售，並且它很高興看到農業和摩托車市場對我們的產品有需求。

U.S. Hybrid developed remarkably well in the second half of 2022, landing several key agreements and projects. And that growth in orders has continued into 2023. Outside of U.S. Hybrid, our core market of commercial fleets was slower than anticipated in 2022, so the introduction of the Inflation Reduction Act in late September, finally signaled to fleet operators that the government was ready to move on supporting the commercial EV industry.

U.S. Hybrid在2022年下半年發展得非常好，落地了幾個重點協議和項目。訂單的增長一直持續到 2023 年。在美國混合動力車之外，我們的商業車隊核心市場在 2022 年的增長速度低於預期，因此 9 月下旬出台的《降低通貨膨脹法案》最終向車隊運營商發出信號，表明政府已做好準備繼續支持商用電動汽車行業。

By introducing the grants and incentives that the industry has been waiting for, we anticipate the commercial EV sector will start to show that (inaudible) build our business in anticipation of. Even though the act was passed some 6 months ago in late September, the first meaningful funds are just becoming available, as applications for charging infrastructure brands were open for submission earlier this month on March 14.

通過引入行業一直在等待的贈款和激勵措施，我們預計商用電動汽車行業將開始表明（聽不清）在預期中建立我們的業務。儘管該法案是在大約 6 個月前的 9 月下旬通過的，但第一筆有意義的資金才剛剛開始可用，因為本月早些時候的 3 月 14 日，充電基礎設施品牌的申請開放提交。

For some additional context here, Ideanomics has both local and federal government grant and loan application submitted. These range from hundreds of thousands of dollars to the hundreds of millions of dollars, with the latter being something which will require a lot of focused activity to land favorably for Ideanomics. Our CFO, Stephen Johnston, will run through the financials shortly, and Robin will talk more about operations. But first, I want to share 3 examples of work we've done in 2022 to help position us to succeed, as the commercial EV market begins to mature.

對於此處的一些其他上下文，Ideanomics 已提交地方和聯邦政府的贈款和貸款申請。這些金額從數十萬美元到數億美元不等，後者需要大量的重點活動才能有利於 Ideanomics。我們的首席財務官 Stephen Johnston 將很快介紹財務狀況，而 Robin 將更多地談論運營。但首先，我想分享我們在 2022 年所做的 3 個工作示例，以幫助我們在商用電動汽車市場開始成熟時取得成功。

First, Ideanomics' direct investments into VIA Motors enabled the company to secure a $170 million order with school bus maker Pegasus. Pegasus is building electric school buses on the Zeus Chassis. A Work Truck Week in March, Pegasus announced that their first 200 order units have been sold to a Texas school system. VIA also established a partnership with EAVX, which is part of JB Poindexter, to develop an Electric Class 2b delivery van. I saw the vehicle at Work Truck Week. The van is an ideal solution for federal fleets, which EAVX's parent company, Poindexter, has established relationships with.

首先，Ideanomics 對 VIA Motors 的直接投資使該公司能夠從校車製造商 Pegasus 獲得價值 1.7 億美元的訂單。 Pegasus 正在 Zeus 底盤上製造電動校車。在 3 月的工作卡車週上，Pegasus 宣布他們的前 200 台訂單已售給德克薩斯州的一個學校系統。威盛還與 JB Poindexter 旗下的 EAVX 建立了合作夥伴關係，以開發電動 2b 級送貨車。我在工作卡車週看到了這輛車。該貨車是聯邦車隊的理想解決方案，EAVX 的母公司 Poindexter 已與其建立了合作關係。

Second, we acquired over 70% of Energica in March of last year. Over the last 12 months, Ideanomics has begun unleashing Energica's potential. We started by showing the world what Energica makes, higher performance electric motorcycle, period. We featured the Rebel and Ego Motorcycle from Energica on Jalonen's Garage, which you can see on YouTube. The SASA9 was in Jordan Tills Hollywood film Note, and introduced world leaders for the SASA9 plus during the G20 Summit in Bali this past November. These are all proof points of Energica's ability to produce exceptional products.

其次，我們在去年 3 月收購了 Energica 超過 70% 的股份。在過去的 12 個月裡，Ideanomics 開始釋放 Energica 的潛力。我們首先向世界展示了 Energica 生產的高性能電動摩托車。我們在 Jalonen 的車庫中展示了來自 Energica 的 Rebel 和 Ego 摩托車，您可以在 YouTube 上看到它。 SASA9 曾出現在 Jordan Tills 的好萊塢電影《Note》中，並在去年 11 月的巴厘島 G20 峰會期間向世界各國領導人介紹了 SASA9 plus。這些都是 Energica 生產卓越產品能力的證明。

We celebrated each time Energica motorcycle set a record. On screen, you can see Ali Abdo. Ali set a Guinness World Record for the longest journey on electric motorcycle during his ride to COP 27. He rode more than 7,900 miles in 30 days on an SASA9 with no issues. I look forward to the passionate and educated riders smashing and getting more records this year.

每當 Energica 摩托車創下紀錄時，我們都會慶祝。在屏幕上，您可以看到 Ali Abdo。阿里在參加 COP 27 期間創造了最長的電動摩托車旅行吉尼斯世界紀錄。他駕駛 SASA9 在 30 天內騎行了 7,900 多英里，沒有任何問題。我期待今年充滿激情和受過良好教育的車手打破並獲得更多記錄。

Finally, we continue to increase our production and sales capacity. For example, the electric now operates the largest dedicated electric tractor assembly facility in North America. On the screen, there's a picture of one of our teams (inaudible) at Solectrac's assembly facility in Windsor, California. Harish has decades of experience in the agricultural sector and the overall the facility expansion in California, which increased production capacity by 300%. This strengthens our position in the fast-growing electric tractor market. Notably, we will be ready to assemble and sell Solectrac E75 tractor faster and, more efficiently, when it due later this year.

最後，我們繼續提高我們的生產和銷售能力。例如，Electric 現在經營著北美最大的專用電動拖拉機裝配廠。屏幕上有一張我們團隊（聽不清）在加利福尼亞州溫莎的 Solectrac 裝配廠的照片。 Harish 在農業領域擁有數十年的經驗，並且在加州的整體設施擴建中將產能提高了 300%。這鞏固了我們在快速增長的電動拖拉機市場中的地位。值得注意的是，我們將準備好在今年晚些時候到期時更快、更高效地組裝和銷售 Solectrac E75 拖拉機。

I thought it would be useful for investors to be reminded of some of our achievements in 2022, and towards the end of the call, I will speak further about our strategy in 2023 and beyond. For now, I will hand you over to Stephen Johnston, who will take you through our financial results.

我認為提醒投資者我們在 2022 年取得的一些成就會很有用，在電話會議快結束時，我將進一步談論我們在 2023 年及以後的戰略。現在，我將把你交給斯蒂芬約翰斯頓，他將帶你了解我們的財務結果。

Thank you, Alf and thank you to everyone for joining the call. As Alf mentioned, every EV company is experiencing increased financial stress as the EV adoption runway lengthens and capital is harder to raise. The macroeconomic situation in 2022 was tough, and there are no signs of relief coming during the first half of 2023. With this in mind, let's walk through the headline numbers.

謝謝 Alf，也感謝大家加入電話會議。正如阿爾夫所提到的，隨著電動汽車採用跑道的延長和資本更難籌集，每家電動汽車公司都面臨著越來越大的財務壓力。 2022 年的宏觀經濟形勢嚴峻，2023 年上半年也沒有緩解的跡象。考慮到這一點，讓我們來看看標題數字。

For 2022, Ideanomics reported $100.9 million in revenue, 11% lower compared to 2021. The decrease is primarily due to a significant reduction in revenue in our title and escrow business as a result of increased interest rates driving down transactional volumes in the U.S. real estate market. Gross profit for 2022, was negative $0.8 million compared to $23.2 million in 2021, primarily as a result of the significant decline in title and escrow transactional volume and the effect of unabsorbed fixed costs as the company expands production capacity to catch up with demand for EV product.

Ideanomics 報告 2022 年的收入為 1.009 億美元，比 2021 年下降 11%。下降的主要原因是利率上升導緻美國房地產交易量下降，導致我們的產權和託管業務收入大幅減少市場。與 2021 年的 2320 萬美元相比，2022 年的毛利潤為負 80 萬美元，這主要是由於產權和託管交易量大幅下降，以及公司擴大產能以滿足電動汽車需求而產生的未吸收固定成本的影響產品。

More than 2/3 of our 2022 revenue, $68.3 million, is attributed to the sale of EVs and charging-related products and services. In 2021, our EV-related businesses produced $39.9 million. This is a 71.2% increase compared to the previous year, as a result of the full year impact of acquisitions made in '21 and '22, including the increase in unit volume for those businesses.

我們 2022 年收入的 2/3 以上（6830 萬美元）來自電動汽車和充電相關產品和服務的銷售。 2021 年，我們的電動汽車相關業務產生了 3990 萬美元的收入。與上一年相比增長了 71.2%，這是由於 21 年和 22 年收購的全年影響，包括這些業務的單位數量增加。

Revenues from EV products and services is the most important indicator to track. We are consistently generating more revenue year-on-year from the sale of EVs and related products as production capacity increases on our domestic and international dealer networks continue to expand. In 2023, Ideanomics needs capital to fund our business plan and our operations. This is a situation common among our industry peers. The fact is that developing an EV value chain takes time in this capital investment. We invest today to generate profitable returns in the future.

電動汽車產品和服務的收入是最重要的跟踪指標。隨著我們國內和國際經銷商網絡產能的增加，我們的電動汽車和相關產品的銷售收入持續同比增長。 2023 年，Ideanomics 需要資金來資助我們的商業計劃和運營。這是我們同行普遍存在的情況。事實上，開發電動汽車價值鏈需要花費時間進行資本投資。我們今天的投資是為了在未來產生可觀的回報。

I want to give you some perspective on our capital requirements for the next 12 months. Ideanomics estimates $90 million to fund capital expenditures and top line growth at Energica, Solectrac, U.S. Hybrid and our charging technology companies. These brands are businesses with established production capacity and sales and distribution channels. Funds will be used for new product development, enhancing brand recognition and further optimizing operations.

我想就我們未來 12 個月的資本要求給您一些看法。 Ideanomics 估計 9000 萬美元用於資助 Energica、Solectrac、U.S. Hybrid 和我們的充電技術公司的資本支出和收入增長。這些品牌是具有成熟生產能力和銷售及分銷渠道的企業。資金將用於新產品開發、提升品牌知名度和進一步優化運營。

For VIA, we anticipate to need more than $100 million to complete production (inaudible) and validation, and secure manufacturing facility in advance of commencing production operations. Based on our track record, Ideanomics leadership is confident that we will be able to secure the capital we need. The market acknowledges that our EV technology is recognized and respected. Our subsidiaries are managed by experienced industry leaders who know what they're doing. And most importantly, there is real and growing demand for our products.

對於威盛，我們預計需要超過 1 億美元來完成生產（聽不清）和驗證，並在開始生產運營之前確保製造設施的安全。根據我們的業績記錄，Ideanomics 領導層相信我們能夠獲得所需的資金。市場承認我們的 EV 技術得到認可和尊重。我們的子公司由經驗豐富的行業領導者管理，他們知道自己在做什麼。最重要的是，對我們的產品有真實且不斷增長的需求。

This is reflected in the fact that revenue from the sales of EV and charging solutions are up year-over-year. Demand pull exists. Customers want the products we are making. In fact, demand exceeds our current production output. We need to close this gap, and that is where capital will be invested.

這反映在電動汽車和充電解決方案的銷售收入同比增長上。需求拉動存在。客戶想要我們生產的產品。事實上，需求超過了我們目前的產量。我們需要縮小這一差距，這就是資本的投資方向。

Back to you, Tony.

回到你身邊，托尼。

Thank you, Stephen, very much. And I'd like to take the time now to hand the floor over to Robin Mackie, Ideanomics' Chief Operating Officer, who will discuss our mobility and energy verticals in more detail.

非常感謝斯蒂芬。我現在想花時間將發言權交給 Ideanomics 的首席運營官 Robin Mackie，他將更詳細地討論我們的移動性和能源垂直領域。

Thank you, Tony. As a reminder, my focus continues to be on execution and performance across the business. Last year, we took initial actions to preserve and grow the value of our shareholders through disciplined cost management, efficient execution and enhanced business performance, including a nearly 16% reduction in (inaudible) line in quarter 4, 2022 and quarter 1, 2023.

謝謝你，托尼。提醒一下，我的重點仍然是整個企業的執行和績效。去年，我們採取了初步行動，通過嚴格的成本管理、高效的執行和增強的業務績效來維護和增加股東的價值，包括在 2022 年第 4 季度和 2023 年第 1 季度將（聽不清）線路減少近 16%。

Like our industry peers who have all begun taking greater steps to reduce costs in response to market conditions, we plan to take a number of additional steps to significantly reduce costs. These steps will include divestitures, cost and headcount reductions and consolidation of some of our businesses, targeting an incremental cost reduction of 30%.

就像我們的行業同行都開始採取更大的措施來降低成本以應對市場狀況一樣，我們計劃採取一些額外的措施來顯著降低成本。這些步驟將包括資產剝離、成本和人員減少以及我們部分業務的整合，目標是將增量成本降低 30%。

For divestitures, where there is a strategic and financial case to do so, we intend to sell or spin out businesses to reduce our operating costs and bring additional capital into the business to fund our growth. With regards to cost and headcount reductions, we will bring our cost structure in line with our ability to capitalize the business for future growth. I'll speak of one example of consolidation that has already begun, we are consolidating all our energy interest under a single touch point to the market, WAVE Charging.

對於資產剝離，如果有戰略和財務理由，我們打算出售或分拆業務以降低我們的運營成本，並為業務注入額外資金以資助我們的增長。在削減成本和裁員方面，我們將使我們的成本結構與我們利用業務實現未來增長的能力相一致。我將談到一個已經開始的整合示例，我們正在將我們所有的能源利益整合到市場的單一接觸點 WAVE Charging 下。

WAVE Charging is all our charging solutions under one brand. By naming the company WAVE Charging, we are capitalizing on the brand recognition already developed by WAVE. As a reminder, WAVE Charging's technology includes: inductive wireless charging, DC fast charge, AC level 2 charging and our energy client platform developed in collaboration with Google Client. These charging solutions are purposely designed for modern commercial fleets. They deliver a reliable, powerful charging that fleet operators require.

WAVE Charging 是我們在同一個品牌下的所有充電解決方案。通過將公司命名為 WAVE Charging，我們正在利用 WAVE 已經建立的品牌知名度。提醒一下，WAVE Charging 的技術包括：感應式無線充電、DC 快速充電、AC level 2 充電以及我們與 Google Client 合作開發的能源客戶端平台。這些充電解決方案專為現代商業車隊設計。它們提供車隊運營商所需的可靠、強大的充電。

WAVE Charging will work closely with our customers to analyze their operations and create a full plan to support their current and future fleet needs, based on their electric vehicle type and operational duties. WAVE Charging is the preferred charging solution provider for VIA's electric work trucks. Together, WAVE Charging and VIA will offer a cost efficient, integrated EV and charging solution for VIA's customers, as well as any other EV fleet operators. The WAVE Charging and VIA teams will work closely together to engage customers collaboratively.

WAVE Charging 將與我們的客戶密切合作，分析他們的運營情況，並根據他們的電動汽車類型和運營職責制定一個完整的計劃來支持他們當前和未來的車隊需求。 WAVE Charging 是威盛電動工作車的首選充電解決方案供應商。 WAVE Charging 和威盛將為威盛的客戶以及任何其他電動汽車車隊運營商提供具有成本效益的集成電動汽車和充電解決方案。 WAVE Charging 和 VIA 團隊將密切合作，共同吸引客戶。

Some of the decisions we've made to make in the last 2 quarters, as well as the up and coming actions I discussed earlier, will be difficult, but they are all in service to put Ideanomics in a position to succeed and thrive going forward. Alf, back to you.

我們在過去兩個季度做出的一些決定，以及我之前討論的即將採取的行動，將是困難的，但它們都是為了讓 Ideanomics 能夠在未來取得成功和蓬勃發展.阿爾夫，回到你身邊。

Thank you, Robin. Before we open the floor to questions, I'd like to provide a time line of some key upcoming filings by Ideanomics in the next 45 days or so. I'll also address market -- the macro market conditions, and I'll share more information on Ideanomics' strategy.

謝謝你，羅賓。在我們開始提問之前，我想提供 Ideanomics 在未來 45 天左右提交的一些重要文件的時間表。我還將討論市場——宏觀市場狀況，我將分享更多關於 Ideanomics 戰略的信息。

In terms of the filings, on or before April 15, we will file what is referred to as a super 8-K for the VIA Motors transaction, which is a requirement for IDEX given the significance of this acquisition. This filing will contain a comprehensive outline of the VIA business, its integration into our Ideanomics and will include the audited financials for VIA Motors as well as its financial projections.

就文件而言，在 4 月 15 日或之前，我們將為 VIA Motors 交易提交所謂的超級 8-K，鑑於此次收購的重要性，這是 IDEX 的要求。該文件將包含威盛業務的全面概述、其與我們的 Ideanomics 的整合，並將包括威盛汽車的經審計財務狀況及其財務預測。

I would also like to bring to your attention that we intend to file our 2023 annual proxy early this year. And we will be asking our shareholders to vote various proposals to help support our growth objectives in 2023. Lastly, in May, we will hold our Q1 earnings call. We look forward to bringing you this information through a busy reporting season for Ideanomics in the first half of 2023.

我還想提請您注意，我們打算在今年年初提交 2023 年度委託書。我們將要求我們的股東投票表決各種提案，以幫助支持我們在 2023 年實現增長目標。最後，我們將在 5 月召開第一季度財報電話會議。我們期待在 2023 年上半年繁忙的 Ideanomics 報告季為您帶來這些信息。

Before moving on to macro conditions and strategy, I'd like to address our compliance with NASDAQ's minimum bid requirement. We continue to explore all possible pathways to meet this requirement. No definitive course of action has been set. Ultimately, we will take the necessary steps to ensure we remain an aspect to the company. And with our people, products and services we are confident we will do so.

在繼續討論宏觀條件和策略之前，我想先談談我們對納斯達克最低出價要求的遵守情況。我們將繼續探索所有可能的途徑來滿足這一要求。尚未確定明確的行動方案。最終，我們將採取必要的步驟來確保我們仍然是公司的一部分。憑藉我們的人員、產品和服務，我們有信心做到這一點。

To discuss macro conditions and strategy, as Robin and I have mentioned, the first half of 2023 is likely to be equally as challenging as the second half of 2022. Capital markets have become more challenging to navigate as a result of the Fed's interest rate hike, and the entire U.S. financial system has been experiencing unexpected second and third order effects from the recent bank figures.

討論宏觀條件和戰略，正如羅賓和我所提到的，2023 年上半年可能與 2022 年下半年同樣具有挑戰性。由於美聯儲加息，資本市場變得更具挑戰性，整個美國金融體係都在經歷近期銀行數據帶來的意想不到的二階和三階效應。

We have taken decisions to bolster Ideanomics in this difficult time, and as Robin explained, we are taking further steps to put ourselves in a position to continue to strengthen the business. We are in active discussions to bring in nondilutive financing, with term sheets in hand for both nonequity-based debt at the Ideanomics and also at subsidiary levels.

在這個困難時期，我們已決定支持 Ideanomics，正如 Robin 解釋的那樣，我們正在採取進一步措施，使我們能夠繼續加強業務。我們正在積極討論引入非稀釋性融資，手頭有針對 Ideanomics 和子公司層面的非股權債務的條款清單。

With access to this vital capital, the Ideanomics leadership team has developed a road map that will position Ideanomics to generate billions in revenue by 2027, in line with the anticipated growth of the commercial EV sector. The largest market opportunity continues to be in the commercial fleet sector, and we are focusing on supporting the anticipated growth at VIA and WAVE Charging, providing an integrated EV charging solution for last and mid-mile delivery. Our view is that this will generate the best returns for our business and our shareholders.

通過獲得這一重要資本，Ideanomics 領導團隊制定了一個路線圖，該路線圖將使 Ideanomics 到 2027 年產生數十億美元的收入，這與商用電動汽車行業的預期增長保持一致。最大的市場機會仍然存在於商業車隊領域，我們正專注於支持 VIA 和 WAVE Charging 的預期增長，為最後一英里和中途交付提供集成的 EV 充電解決方案。我們認為，這將為我們的業務和股東帶來最佳回報。

Ideanomics will also continue to support the growth of Energica, Solectrac and U.S. Hybrid, which are mature businesses that are generating revenue right now. The heart of this strategy is unleashing the full potential of our business unit. The 3 areas of focus are: increased production, particularly local manufacturing and assembly to benefit from incentives and grants earmarked for medium America EV solutions; introducing new products and technology to meet market demand; and our ultimate objective, securing high-value commercial relationships that will deliver significant orders.

Ideanomics 還將繼續支持 Energica、Solectrac 和 U.S. Hybrid 的增長，這些成熟的企業目前正在產生收入。這一戰略的核心是釋放我們業務部門的全部潛力。這 3 個重點領域是：增加產量，特別是本地製造和組裝，以受益於專用於中型美國電動汽車解決方案的激勵和贈款；引進新產品、新技術以滿足市場需求；以及我們的最終目標，即確保能夠交付大量訂單的高價值商業關係。

Part of Robin's increased responsibility,is to enable me to devote more time to closing meaningful customer orders and securing nondilutive financing until our equity recovers. Successful execution of our road map is the main driver for share price growth.

Robin 增加的部分責任是讓我能夠投入更多時間來完成有意義的客戶訂單並確保非稀釋性融資，直到我們的股權恢復。成功執行我們的路線圖是推動股價上漲的主要動力。

So what about today? I know you're concerned about our share price. So am I. I want to talk about what Ideanomics is doing about it. First, a reminder. A big reason for our share price being low is unfavorable market conditions. The entire commercial EV industry is suffering. There are no exceptions. This, to a large extent, is beyond our control. So we're focusing on the things we do directly control, which are costs, strategy and sales execution.

那麼今天呢？我知道你很關心我們的股價。我也是。我想談談 Ideanomics 正在做些什麼。首先，提醒一下。我們股價低的一個重要原因是不利的市場條件。整個商用電動汽車行業都在遭受苦難。沒有例外。這在很大程度上是我們無法控制的。所以我們專注於我們直接控制的事情，即成本、戰略和銷售執行。

Ideanomics leadership team is committed to reducing cost and cash burn. Robin already mentioned this plan, to control spending further to focus our resources on revenue capture. The foundation of investments in the businesses are already there. So we can build on those investments made in 2021 and 2022 that helped us get to where we are today. Our focus is on EV sales in the markets that will generate the highest return, and that is why Ideanomics is finalizing its transition out of China. The divestiture of JUSTLY and Timios, is progressing and will deliver value back to the enterprise.

Ideanomics 領導團隊致力於降低成本和現金消耗。羅賓已經提到了這個計劃，以進一步控制支出，將我們的資源集中在收入獲取上。企業投資的基礎已經存在。因此，我們可以在 2021 年和 2022 年進行的那些幫助我們取得今天成就的投資的基礎上再接再厲。我們的重點是將產生最高回報的市場中的電動汽車銷售，這就是為什麼 Ideanomics 正在完成其從中國的過渡。 JUSTLY 和 Timios 的資產剝離正在進行中，並將為企業帶來價值。

The biggest lever we can pull to improve the share price is more sales. If fewer orders translate to future revenues and enable, investors to remain confident in their investments. As previously stated, our goal is to be personally involved in helping brand fleet orders. Through the combination of a significant verifiable order book and controlled spending fueling our growth, our fundamentals will improve and our share price will appreciate accordingly. Thank you, and I look forward to your questions.

我們可以拉動以提高股價的最大槓桿是更多的銷售。如果更少的訂單轉化為未來的收入並使投資者能夠對他們的投資保持信心。如前所述，我們的目標是親自參與幫助品牌車隊訂單。通過大量可驗證的訂單簿和可控支出的結合來推動我們的增長，我們的基本面將得到改善，我們的股價將相應升值。謝謝你，我期待著你的問題。

Thank you very much, Alf. And Donna, if you wouldn't mind reminding folks on the call how they can indicate their ability for Q&A. Thank you. Go ahead.

非常感謝你，阿爾夫。唐娜，如果你不介意在電話中提醒人們如何表明他們的問答能力。謝謝。前進。

(Operator Instructions) The first question today is coming from Andres Sheppard of Cantor Fitzgerald.

（操作員說明）今天的第一個問題來自 Cantor Fitzgerald 的 Andres Sheppard。

I want to maybe start off with the acquisition of VIA. I'm wondering if you can maybe give us some details on how that is progressing since the acquisition was closed in January and kind of what are some key things we can look at there to see -- to monitor how it's progressing?

我想從收購威盛開始。我想知道您是否可以向我們提供一些詳細信息，說明自 1 月份完成收購以來的進展情況，以及我們可以在那裡看到的一些關鍵事項 - 以監控其進展情況？

Robin, I think you may be best placed to fill that call or that question, sorry.

羅賓，抱歉，我認為你最適合接聽電話或回答那個問題。

Yes , good morning Andres . Thank you for the question. Since the acquisition, obviously, the focus has been on developing sales, as Alf has mentioned. But we're also very focused on the development of the technology. And our next big milestone is, what is referred to as the development of the alpha and beta models, which will showcase not only the current skateboard technology, but also the unique body in white that the business has been developing over the coming months.

是的，早上好安德烈斯。感謝你的提問。正如 Alf 提到的那樣，顯然，自收購以來，重點一直放在發展銷售上。但我們也非常關注技術的發展。我們的下一個重要里程碑是所謂的 alpha 和 beta 模型的開發，它不僅會展示當前的滑板技術，還會展示公司在未來幾個月內一直在開發的獨特的白色車身。

We should also, on the back of that, start preparing for the manufacturing facility. We are already well advanced in carrying out a search for that and have a number of locations that we're considering currently. There's a number of strategic questions that need to be answered around the facility, but those are in progress at this time.

在此基礎上，我們還應該開始為製造工廠做準備。我們已經在進行搜索方面取得了很好的進展，並且我們目前正在考慮一些地點。該設施周圍有許多戰略問題需要回答，但這些問題目前正在進行中。

Got it. That's very helpful. Maybe moving on to revenue and gross profit. They were both slightly down relative to last year. You mentioned in your prepared remarks, mostly, I think, driven by the higher interest rates and the decline in the escrow transactional volume. Wondering if maybe you can give us a little more details there as to what else might have led to the decreases here, again, in revenue and gross profit? And what is the strategy? Or what might we expect for 2023?

知道了。這很有幫助。也許轉向收入和毛利。與去年相比，它們都略有下降。你在準備好的發言中提到，我認為主要是受利率上升和託管交易量下降的推動。想知道您是否可以向我們提供更多詳細信息，說明還有什麼可能導致這裡的收入和毛利潤再次下降？戰略是什麼？或者我們對 2023 年有何期待？

Yes. Thanks, Andres. So you'll expect to see revenue growth from the company this year. I think it's really important to understand a couple of things. As I mentioned at the beginning, our revenues on the EV side jumped significantly from 2021. You can expect that to happen again in 2023 over 2022. There are really 2 factors that tell the year-over-year difference. One is the decline in the Timios business because it's very interest rate driven, and second one is our transitioning out of China. So both of those businesses contributed significant revenue in the latter half of 2021.

是的。謝謝，安德烈斯。所以你會期望看到公司今年的收入增長。我認為了解幾件事非常重要。正如我在開頭提到的，我們在電動汽車方面的收入從 2021 年開始大幅增長。你可以預計到 2023 年會比 2022 年再次發生這種情況。確實有兩個因素可以說明同比差異。一是 Timios 業務的下滑，因為它非常受利率驅動，二是我們從中國轉型。因此，這兩項業務在 2021 年下半年都貢獻了可觀的收入。

So when you look back year-over-year for the fourth quarter 2022 over 2021, you just decrease those dramatically and you don't see the revenue growth easily, which happened in Solectrac, Energica and U.S. Hybrid primarily. So those 3 businesses filled the gap, so to speak, but the drop-off in the Timios business, which is very interest rate sensitive and also the reduction in business as we wind down China operations, the reason for that year-over-year difference.

因此，當你回顧 2022 年第四季度與 2021 年相比的同比情況時，你只會大幅減少這些收入，而且你不會輕易看到收入增長，這主要發生在 Solectrac、Energica 和美國混合動力公司。所以這 3 項業務填補了空白，可以這麼說，但是 Timios 業務的下降，它對利率非常敏感，而且隨著我們結束中國業務，業務也減少了，這是同比增長的原因不同之處。

Got it. That's very insightful. I appreciate that context. Maybe moving on to capital needs, right? So you've mentioned today, you -- it looks like you need to raise more than $100 million for VIA plus the $90 million for the other businesses within the mobility side. With $21 million in cash as of Q4, how present is this capital raise? Is this something you're aiming to do in Q1 2023? Is the expectation -- the goal to raise the $190 million all by next quarter or throughout the year? Just maybe if you can give us a little more context there, that would be helpful.

知道了。這是非常有見地的。我很欣賞這種背景。也許轉向資本需求，對吧？所以你今天提到，你 - 看起來你需要為 VIA 籌集超過 1 億美元，再加上移動方面的其他業務的 9000 萬美元。截至第 4 季度，現金為 2100 萬美元，此次籌資情況如何？這是您打算在 2023 年第一季度做的事情嗎？期望 - 到下個季度或全年籌集 1.9 億美元的目標是什麼？也許如果你能在那裡給我們更多的背景信息，那會很有幫助。

Yes. This is a really important question, Andres, so I want all the investors to listen to the answer to very clearly. Ideanomics has tremendous interest for inbound investment. We have literally half a dozen or more term sheets on the equity side. But obviously, we can't really pursue those to raise any meaningful money while our share price is at the level, that it is today. So there are 2 other non-dilutive areas that I want to speak about, and this is important to understand.

是的。這是一個非常重要的問題，安德烈斯，所以我希望所有投資者都能非常清楚地聽取答案。 Ideanomics 對入境投資有著極大的興趣。在股權方面，我們實際上有六份或更多條款清單。但顯然，當我們的股價處於今天的水平時，我們不能真正追求那些籌集任何有意義的資金。所以我想談談另外兩個非稀釋領域，理解這一點很重要。

The first is we have multiple term sheets on the table for a non-dilutive debt financing. This is not convertible debt. This is a business loan. It will be secured against the IP, and the assets of the business, which currently, ironically, are far in excess of the market cap of the company. So a debt-based loan will be able to service a lot of that growth. And we can take in the debt based loan, both at the Ideanomics corporate level, but there's also an opportunity for some of our high-growth businesses like Energica to potentially take their growth capital in this debt as well. So these would be very appealing to us.

首先是我們有多個非稀釋債務融資的條款清單。這不是可轉換債券。這是一筆商業貸款。它將以知識產權和企業資產為抵押，具有諷刺意味的是，目前這些資產遠遠超過公司的市值。因此，基於債務的貸款將能夠為這種增長提供服務。我們可以在 Ideanomics 公司層面接受基於債務的貸款，但我們的一些高增長業務（如 Energica）也有機會在這種債務中獲得增長資本。所以這些對我們來說非常有吸引力。

The market conditions are difficult. They're not without cost, these types of facilities, so we're doing our best to negotiate the term sheet as favorably as we can for the business. So these are 2 very near-term opportunities that we're going to take advantage of which will bring in significant capital. The term sheets total more than $100 million. Somewhere in the $125 million range.

市場條件困難。它們並非沒有成本，這些類型的設施，所以我們正在盡最大努力盡可能對業務有利地談判條款清單。因此，這是我們將要利用的兩個非常近期的機會，它們將帶來大量資金。條款清單總額超過 1 億美元。在 1.25 億美元範圍內的某個地方。

But the secondary part of it, which is also non-dilutive, is the access to the government grants and incentives. We have some significant applications in. We're progressing very well. We're finalist in the number of applications, and we expect to get the backfill of the capital we need, from the grants and incentives. But we do need to hit the equity capital markets, so it will just be typically the short-term financing, like we've seen us do recently. But we're very confident in our ability to land the loans. We're very confident in our ability to get access to the government grants incentive.

但它的次要部分，也是非稀釋性的，是獲得政府補助和激勵措施的機會。我們有一些重要的應用程序。我們進展順利。我們在申請數量方面入圍決賽，我們希望從贈款和激勵措施中獲得所需資金的回填。但我們確實需要進入股權資本市場，所以它通常只是短期融資，就像我們最近看到的那樣。但我們對我們獲得貸款的能力非常有信心。我們對獲得政府補助激勵的能力非常有信心。

And as you know, Andres, and I think it's lost on a lot of the investor community, those incentives are really the key to unlocking the commercial EV. The fleet operators just haven't been buying until they know what the government would provide. So as the government grants and incentives come online, we can start to capture more revenue, but we can also use that as non-diluted financing. So those 2 things there, we believe, are the kind of linchpin for our capital needs in 2023.

正如你所知，安德烈斯，我認為很多投資者群體都沒有意識到，這些激勵措施確實是解鎖商業電動汽車的關鍵。車隊運營商在知道政府會提供什麼之前一直沒有購買。因此，隨著政府補助和激勵措施的上線，我們可以開始獲得更多收入，但我們也可以將其用作非稀釋融資。因此，我們認為，這兩件事是我們 2023 年資本需求的關鍵。

We're very close on the loan, and the government stuff is obviously takes a little bit more time. And there's multiple applications there, so they'll start to hit at different points throughout the year. But between those 2 things, we're confident we can capture the capital we need to grow the businesses.

我們非常接近貸款，而政府的事情顯然需要更多的時間。那裡有多個應用程序，因此它們將在全年的不同時間點開始出現。但在這兩件事之間，我們有信心能夠獲得發展業務所需的資金。

Got it. And so in terms of the time line, is it something you're looking to bring to fruition in the first half of this year, in the first quarter, second quarter? Any sense on kind of the timing that, might take place in?

知道了。因此，就時間表而言，您是否希望在今年上半年、第一季度、第二季度取得成果？對可能發生的時間有任何感覺嗎？

We're in final negotiations on the debt deals. That's the best way I can say it this time without prejudicing anything. The term sheets are well developed. There are many rounds of negotiations. So we'll be looking to close those out in short order. And the faster we bring the money in, as I'm sure you probably appreciate, the faster we can put it to work. So there's a sense of urgency on our side, but we have to get the right deals done for the corporation as well as just capturing the money.

我們正在進行債務交易的最後談判。這是我這次可以在不帶任何偏見的情況下說出來的最好方式。條款清單很完善。有很多輪談判。因此，我們將尋求在短期內關閉它們。而且我們投入資金的速度越快，我相信您可能會欣賞，我們就能越快地投入使用。所以我們這邊有一種緊迫感，但我們必須為公司完成正確的交易，同時也要拿到錢。

Got it. And maybe my last one, if I could. In terms of how to unlock value here for the stock, particularly given the levels that you trade in, and as you've alluded to, obviously, raising sales would help with that. But I'm wondering what other strategies have you, and are you considering to try? To, again, maybe unlock some value and raise the stock price other than increasing sales throughout the year?

知道了。如果可以的話，也許是我的最後一個。就如何在這裡釋放股票價值而言，特別是考慮到你交易的水平，正如你所提到的，顯然，提高銷售額將有助於實現這一目標。但我想知道您還有哪些其他策略，您是否正在考慮嘗試？再一次，除了增加全年的銷售額之外，也許可以釋放一些價值並提高股價？

I think there's a number of things that can help us do this, Andres, and one of them, as you know, is partnering and securing orders from flagship customers. When you secure a deal -- the market has an imperfect view of the commercial EV industry. So when somebody like VIA partners with the Pegasus or partners with a Poindexter, the market doesn't really understand because it's not a big Fortune 500 name that they know because these are private companies.

我認為有很多事情可以幫助我們做到這一點，安德烈斯，其中之一，如你所知，是合作並確保旗艦客戶的訂單。當您達成交易時——市場對商用電動汽車行業的看法並不完美。因此，當像 VIA 這樣的公司與 Pegasus 或 Poindexter 合作時，市場並不真正理解，因為他們知道的不是財富 500 強的大公司，因為這些都是私營公司。

But as you know, these are very, very important companies to the commercial EV sector. Poindexter is the maker of the current U.S. Postal Service trucks that you see around our neighborhood and they also make the iconic brown UPS vans. So they're a major player that does billions of dollars worth of revenue a year, and partnership with them is very valuable to an organization like VIA Motors. So what we're starting to do, is begin to unlock those relationships and those orders with those flagship names. I think that's one way we can do this. And I'm sure we partner with the right folks that can license our technologies.

但如您所知，這些公司對商用電動汽車領域非常非常重要。 Poindexter 是您在我們附近看到的當前美國郵政服務卡車的製造商，他們還製造標誌性的棕色 UPS 貨車。因此，他們是每年創造數十億美元收入的主要參與者，與他們的合作夥伴關係對於像 VIA Motors 這樣的組織來說非常有價值。所以我們開始做的是開始解鎖那些關係和那些旗艦名稱的訂單。我認為這是我們可以做到這一點的一種方式。而且我確信我們與可以許可我們的技術的合適人選合作。

One of the unique things that Ideanomics does, whether it's an Energica, VIA, whoever it may be, not only do we sell direct to market but we also sell through partners. We've got a number of interesting relationships that are close to being announced, that will show people the prowess of our technology. Because the kind of names that are aligning with the skateboard technology at VIA Motors and the power and drivetrain and VCU that we've got at an edge that we're calling an edge core inside, there's significant market players have stood up and taken notice of that tech prowess, for one of a better term, and I think those will help people as well.

Ideanomics 所做的一項獨特的事情，無論是 Energica、VIA，無論它是誰，我們不僅直接向市場銷售，而且還通過合作夥伴銷售。我們有許多有趣的關係即將宣布，這將向人們展示我們技術的實力。因為這種名稱與 VIA Motors 的滑板技術以及我們在邊緣獲得的動力和動力傳動系統以及 VCU 保持一致，我們稱之為內部邊緣核心，所以重要的市場參與者已經站起來並註意到了技術實力的一個更好的術語，我認為這些也會幫助人們。

And naturally, there's going to be some selection process take place, I think, and 2023 is going to be the inflection point. We're at the toughest point for the commercial EV sector and companies like Ideanomics growth companies and the DPAC companies as well, that natural order selection is going to take place this year. And I think that's going to help crystallize for the shareholders, okay, who are going to be the winners and who are going to be the losers.

自然地，我認為會進行一些選擇過程，而 2023 年將成為轉折點。對於商用電動汽車行業以及 Ideanomics 成長型公司和 DPAC 公司等公司而言，我們正處於最艱難的時刻，今年將進行自然順序選擇。而且我認為這將有助於明確股東，好吧，誰將成為贏家，誰將成為輸家。

And as you know, Andres, the technology is going to be really important. A lot of folks out there are selling a unique body design, but the technology is everybody else's. Ideanomics is different in that way. We own the tech. We own the core. Differentiated reason that our products are superior. And I think as we start to do these partnerships, unlock these brand name sales, start showing you increase in revenue, at the same time, this natural selection process is going to play out, and then there's going to be less people in the EV landscape, and I think that's when shareholders start to flock into a stock like Ideanomics.

正如你所知，安德烈斯，這項技術將變得非常重要。很多人都在推銷獨特的車身設計，但技術是其他人的。 Ideanomics 在這方面是不同的。我們擁有技術。我們擁有核心。差異化的原因是我們的產品更優越。而且我認為當我們開始建立這些合作夥伴關係，解鎖這些品牌銷售，開始向你展示收入增加時，與此同時，這種自然選擇過程將會結束，然後電動汽車中的人就會減少景觀，我認為那是股東開始湧入像 Ideanomics 這樣的股票的時候。

Congrats on the quarter. I'll pass it on.

祝賀這個季度。我會傳下去的。

(inaudible). Thanks a lot.

（聽不清）。多謝。

The next question is coming from Dorian Nunes of Omni Research.

下一個問題來自 Omni Research 的 Dorian Nunes。

Can you hear me?

你能聽到我嗎？

Dorian, nice to speak to you.

多利安，很高興和你說話。

Okay. Good. I'd like to focus on your statement about divestitures. What's the status? How many of these are there? What's the timing? And what you think the economic impact will be?

好的。好的。我想重點談談你關於資產剝離的陳述。現狀如何？這些有多少？時間是什麼時候？您認為經濟影響會是什麼？

Well, certainly, on the FinTech side of the business, this is an old story. Dorian we've spoken about a few times. So we've been running a process since the fall since the early fall around September for the divestiture of Timios. That process usually we would have expected to have wrapped up by the end of the year. But given the interest rate environment, people are taking a little bit more time. But there's certainly good external interest from multiple parties. We expect that business to be either spin out or spun out or sold very quickly.

嗯，當然，在業務的金融科技方面，這是一個古老的故事。 Dorian 我們已經談過幾次了。因此，自 9 月左右的初秋以來，我們一直在運行一個流程，以剝離 Timios。我們通常預計該過程會在年底前結束。但考慮到利率環境，人們正在花更多的時間。但肯定有來自多方的良好外部利益。我們預計該業務將很快分拆或分拆或出售。

And we're getting some interest in some of our other businesses as well. So some of our EV businesses. And our core is obviously going to be the commercial EV sector. So if the right deal can be done, some of the businesses that sell through dealer distributors, like an Energica and graduate out of Ideanomics as well. That was always the plan with Energica. We only own 72% of the company, the other 28% was rolled by the management. And they kind of teamed up with Ideanomics in order to help them get to the next level of progress for both product and production so they can increase their revenues. And eventually, the idea was to return that value for shareholders.

我們也對我們的其他一些業務產生了一些興趣。所以我們的一些電動汽車業務。我們的核心顯然是商用電動汽車領域。因此，如果可以達成正確的交易，一些通過經銷商分銷商銷售的企業，如 Energica，也可以從 Ideanomics 畢業。這一直是 Energica 的計劃。我們只擁有公司 72% 的股份，另外 28% 由管理層持有。他們有點與 Ideanomics 合作，以幫助他們在產品和生產方面取得更高水平的進步，從而增加收入。最終，這個想法是為股東回報價值。

I don't know if the market conditions are quite ready for an edge. but certainly those are the types of things we're looking at. And Robin's talking about a really robust kind of overview of the different parts of the businesses and how we can fold things in for cost controls, like you've seen with our charging assets. So divestiture will be an important part of it, but only when the terms are right for the company, we can return that shareholder value.

我不知道市場條件是否已經為優勢做好了準備。但這些肯定是我們正在研究的類型。羅賓正在談論對業務不同部分的一種非常強大的概述，以及我們如何將事情折疊起來以控製成本，就像你在我們的充電資產中看到的那樣。因此，資產剝離將是其中的重要組成部分，但只有當條款適合公司時，我們才能回報股東價值。

And if I could just follow up. Do you have a sense of timing? At you looking at second half of the year? Similar to the earlier question, are you looking at executing the second half of the year? Or are you looking at executing this next year?

如果我能跟進的話。你有時間感嗎？在你看今年下半年？與之前的問題類似，您是否打算在下半年執行？或者你打算明年執行這個嗎？

I'd expect the fintech assets to be done in the first half of this year. The -- if it's any the EV side, obviously, we're looking to get high value because, like I just said to the analyst from Cantor, Andres, we have differentiated product and technology that's meaningful for the industry. So those assets shouldn't go out on the cheap just because the market conditions are not right. So whether it's some of the EV assets, it will really depend on how quickly the market recovers. And our performance to some extent, to make sure we recover the stock price within the general industry downturn.

我預計金融科技資產將在今年上半年完成。 - 如果是電動汽車方面，顯然，我們希望獲得高價值，因為就像我剛剛對 Cantor 的分析師安德烈斯說的那樣，我們擁有對行業有意義的差異化產品和技術。所以這些資產不應該僅僅因為市場條件不對就低價出局。因此，是否是某些電動汽車資產，這實際上取決於市場復甦的速度。而我們的業績一定程度上保證了我們在行業普遍低迷的情況下挽回股價。

Thank you very much, everybody, for joining this call. We thank you very much for your questions, and we do understand that if you continue to have any questions, please don't hesitate to e-mail them into the ir@ideanomics.com. As I said, this is all the time that we have for today, and this will conclude the Ideanomics investors earnings call. We encourage our community to continue to reach out to us, and we can answer any questions that you may have individually. You can send your questions into ir@ideanomics.com.

非常感謝大家參加這次電話會議。非常感謝您提出問題，我們理解如果您仍然有任何問題，請隨時通過電子郵件將其發送至 ir@ideanomics.com。正如我所說，這是我們今天的所有時間，這將結束 Ideanomics 投資者的收益電話會議。我們鼓勵我們的社區繼續與我們聯繫，我們可以單獨回答您的任何問題。您可以將您的問題發送至 ir@ideanomics.com。

I would like to thank our listeners, shareholders, analysts and those who have taken the time to listen to our earnings call, we refer to our latest SEC filings for any information that you need. This call will be available from our website in the Investor Relations section, and you will find the link there. To be alerted to news, events and other information in a timely management, we recommend you following us on our social media channel, sign up for our newsletter and explore our website at www.ideanomics.com.

我要感謝我們的聽眾、股東、分析師和那些花時間聽取我們財報電話會議的人，我們參考了我們最新的 SEC 文件，以獲取您需要的任何信息。此電話會議可從我們網站的“投資者關係”部分獲得，您會在那裡找到鏈接。為了及時了解新聞、事件和其他信息，我們建議您在我們的社交媒體頻道上關注我們，註冊我們的時事通訊並瀏覽我們的網站 www.ideanomics.com。

Thank you, everyone, for participating and listening on the call today.

感謝大家今天參與和聆聽電話會議。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines and log off the webcast at this time, and enjoy the rest of your day.

女士們，先生們，感謝你們的參與。今天的活動到此結束。此時您可以斷開線路並退出網絡廣播，然後享受接下來的一天。