Ideanomics Inc (IDEX) 2023 Q2 法說會逐字稿

Welcome, everyone, to the Ideanomics Second Quarter Earnings Conference Call. Joining me today, I am pleased to have Mr. Alfred Poor, Chief Executive Officer; Mr. Scott Morrison, Chief Financial Officer; and Mr. Robin Mackie, our Chief Operating Officer.

歡迎大家參加 Ideanomics 第二季度收益電話會議。今天我很高興有首席執行官 Alfred Poor 先生加入我的行列。斯科特·莫里森先生，首席財務官；以及我們的首席運營官 Robin Mackie 先生。

The recording 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. During this call, we will make forward-looking statements such as dialogue regarding our revenue expectations or forecasts for the remaining quarters for the full fiscal year 2023 and 2024. 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.

今天通話的錄音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。在本次電話會議中，我們將做出前瞻性陳述，例如有關我們的收入預期或2023 年和2024 年整個財年剩餘季度預測的對話。這些陳述基於我們當前的預期和截至今天的可用信息，並受各種風險、不確定性和假設。

Actual results may differ materially, and as a result of various risk factors that have been described in our periodic filings with the SEC. As a result, we caution you against placing undue reliance on these forward-looking statements. We assume no obligation to update any forward-looking statements as a result of new information or future events, except as required by law. 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.

由於我們向 SEC 定期提交的文件中描述的各種風險因素，實際結果可能存在重大差異。因此，我們提醒您不要過度依賴這些前瞻性陳述。我們不承擔因新信息或未來事件而更新任何前瞻性陳述的義務，除非法律要求。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，您可以在 www.sec.gov 上查看該文件。

Today, August 25, 2023, the company has filed with the SEC its Form 10-Q for Q2 2023 and afterwards issued a press release announcing those financial results. So participants of this call who may have not already done so may wish to look at those documents as we provide a summary of the results on this call. The format of today's call will be as followed, Mr. Alf Poor will begin our comments today and speak to the company's progress and strategic developments. Mr. Scott Morrison will speak to the company's operating and financial results for the second quarter of 2023, and Mr. Robin Mackie will speak to the company's operating activities. Mr. Poor will then make management's closing remarks. I now hand the floor over to Alf Poor, Ideanomics' CEO.

今天，即 2023 年 8 月 25 日，該公司已向 SEC 提交了 2023 年第二季度的 10-Q 表格，隨後發布了新聞稿，宣布了這些財務業績。因此，本次電話會議的參與者可能還沒有這樣做，不妨查看這些文件，因為我們提供了本次電話會議結果的摘要。今天電話會議的形式如下，Alf Poor 先生將開始我們今天的評論，並談論公司的進展和戰略發展。 Scott Morrison 先生將談論公司 2023 年第二季度的運營和財務業績，Robin Mackie 先生將談論公司的運營活動。隨後，普爾先生將向管理層致閉幕詞。我現在將發言權交給 Ideanomics 首席執行官 Alf Poor。

Thank you, Tony, and thank you to everyone joining our Q2 2023 earnings call today. It has only been a few weeks since our Q1 earnings call, so I don't want to go over the same material that we recently covered. I'm going to let Robin and Scott provide the detail and focus on the company's operating results and the recent strategy behind those results.

謝謝托尼，也感謝今天參加我們 2023 年第二季度財報電話會議的所有人。距離我們第一季度財報電話會議才過去幾週，所以我不想回顧我們最近報導的相同材料。我將讓羅賓和斯科特提供詳細信息，並重點關注公司的經營業績以及這些業績背後的近期戰略。

As you'll see in today's results and heard on the Q1 call, we are finalizing a reorganization of the business to focus on last mile and local delivery vehicles and associated charging products. This means we are putting most of our emphasis on VIA Motors and the market opportunity that affords the company and its shareholders. This market segment we have identified with VIA Motors' fully electric skateboard and cab chassis configurations will enable us to sell the 3 well-defined customer demographics: Direct sales to fleet operators, sales of our skateboard and/or cab chassis to body builders and upfitters and the licensing of our industry-leading and cost-efficient electric skateboard to OEMs. We believe that this renewed focus will be essential to our success as it ensures we operate in a disciplined manner with the entire team and resources focused on this goal.

正如您將在今天的業績中看到的以及在第一季度電話會議中聽到的那樣，我們正在完成業務重組，重點關注最後一英里和本地送貨車輛以及相關的充電產品。這意味著我們將大部分重點放在威盛汽車以及為該公司及其股東提供的市場機會上。我們通過威盛汽車的全電動滑板和駕駛室底盤配置確定的這個細分市場將使我們能夠銷售3 個明確的客戶群體：直接銷售給車隊運營商，將我們的滑板和/或駕駛室底盤銷售給車身製造商和改裝商以及將我們行業領先且經濟高效的電動滑板授權給原始設備製造商。我們相信，這種新的關注點對於我們的成功至關重要，因為它確保我們以嚴格的方式運作，整個團隊和資源都專注於這一目標。

To validate our strategy and focus, we are in late-stage discussions or already have agreements in place with multiple customers and partners in each of these categories. Our products are extremely well received, which provides us with the conviction to execute on this strategy such that we begin to demonstrate value to our shareholders. I will now hand you over to Scott Morrison, who will take you through our financial results for the quarter.

為了驗證我們的戰略和重點，我們正在進行後期討論，或者已經與每個類別的多個客戶和合作夥伴達成協議。我們的產品非常受歡迎，這使我們有信心執行這一戰略，從而開始向股東展示價值。現在我將把您交給斯科特·莫里森，他將向您介紹我們本季度的財務業績。

Thank you, Alf, and thank you to everyone listening to this call. As mentioned previously, we have taken steps to divest Timios and wind down our China operations. Therefore, during the second quarter of 2023, these business components met the criteria for classification as discontinued operations and are no longer presented as continuing operations in this 10-Q filing.

謝謝你，阿爾夫，也感謝所有收聽此電話的人。如前所述，我們已採取措施剝離 Timios 並縮減我們的中國業務。因此，在 2023 年第二季度，這些業務組成部分符合終止經營業務的分類標準，並且在此 10-Q 備案文件中不再列為持續經營業務。

Assets and liabilities associated with these components are presented in our consolidated balance sheet as discontinued operations. The results of operations related to these components are included in the consolidated statements of operations as loss from discontinued operations net of tax. The cash flows of these components are also presented separately in our consolidated statements of cash flows. All corresponding prior year periods presented in our financial statements and related information in the accompanying notes have been reclassified to reflect the discontinued operations presentation.

與這些組成部分相關的資產和負債在我們的合併資產負債表中作為已終止經營業務列示。與這些組成部分相關的經營業績作為已終止經營業務的稅後淨損失納入合併經營報表中。這些組成部分的現金流量也在我們的合併現金流量表中單獨列報。我們的財務報表中列出的所有相應的往年期間以及所附附註中的相關信息均已重新分類，以反映已終止經營業務的列報。

Revenue for continuing operations in the quarter was $8.2 million, 13% lower than the same time last year. Revenue for continuing operations for the first half of 2023 was $13.8 million, 19% higher than the same period last year. As we've exited the Timios title and escrow business and the China market, essentially all of this revenue is from sales of EV-related and charging-related products and services in our core markets of North America and Europe. Gross profit from continuing operations was $0.7 million, representing a gross margin of 8.4%. This is an increase of roughly $1.2 million compared to a loss of $0.5 million last year. Operating expenses, excluding impairments from continuing operations for the quarter was $32.7 million, down 15% from the $38.4 million in the first quarter. This is in large part due to the cost reduction and operational efficiency measures Robin spoke of during our previous conference calls.

該季度持續運營收入為 820 萬美元，比去年同期下降 13%。 2023年上半年持續運營收入為1380萬美元，比去年同期增長19%。由於我們已經退出 Timios 所有權和託管業務以及中國市場，基本上所有收入都來自我們在北美和歐洲核心市場銷售電動汽車相關和充電相關的產品和服務。持續經營業務毛利潤為 70 萬美元，毛利率為 8.4%。與去年虧損 50 萬美元相比，增加了約 120 萬美元。本季度運營費用（不包括持續運營減值）為 3,270 萬美元，比第一季度的 3,840 萬美元下降 15%。這在很大程度上是由於羅賓在我們之前的電話會議中談到的成本降低和運營效率措施。

I'd like to hand this over to Robin Mackie, Chief Operating Officer, who will discuss our operations in more detail.

我想將此事交給首席運營官 Robin Mackie，他將更詳細地討論我們的運營情況。

Thank you, Scott. As mentioned a few weeks ago, our quarter 1 earnings call, whilst market conditions have remained challenging, my focus remains on improving efficiency across the business to make progress on product development and order books despite the capital constraints. We continue to reduce costs at both the corporate and operating company levels. This is starting to become apparent in our quarter 2 results with a steep reduction in operating expenses as mentioned by Scott earlier.

謝謝你，斯科特。正如幾週前在我們的第一季度財報電話會議上提到的，儘管市場狀況仍然充滿挑戰，但我的重點仍然是提高整個業務的效率，以在資本限制的情況下在產品開發和訂單方面取得進展。我們繼續降低公司和運營公司層面的成本。正如斯科特之前提到的，隨著運營費用的急劇下降，這一點在我們第二季度的業績中開始變得明顯。

It is our intent to continue to review our costs on a regular basis. As mentioned before, where there are strategic and financial cases to do so, we intend to sell or seek direct investment in our operational businesses to return value to our shareholders. We've initiated this process with several of the businesses already. Given that we've spoken about our focus being on last mile delivery vehicles and the associated charging products, businesses like Energica and Solectrac fall outside of that focus.

我們打算繼續定期審查我們的成本。如前所述，如果有戰略和財務理由，我們打算出售或尋求對我們的運營業務的直接投資，以便為股東回報價值。我們已經與幾家企業啟動了這一流程。鑑於我們已經談到我們的重點是最後一英里送貨車輛和相關的充電產品，像 Energica 和 Solectrac 這樣的企業不屬於這個重點。

We have begun work with advisers and potential investors to evaluate if the sale of those businesses would produce suitable returns for our shareholders. With WAVE Charging and US Hybrid being more aligned to our future strategy, we have begun speaking with potential strategic investors to provide nondilutive capital to enable further growth. In particular, following the previously mentioned consolidation of our charging assets and IP into WAVE Charging, we see an opportunity with strategic investors with extensive knowledge of the global charging market, complementary products and synergistic IP to reinforce WAVE's position as a global leader in the high car inductive charging market. Despite market conditions and the capital constraints, the management teams at each of our businesses have worked diligently to ensure they continue to make progress.

我們已開始與顧問和潛在投資者合作，評估出售這些業務是否能為我們的股東帶來適當的回報。隨著 WAVE Charging 和 US Hybrid 與我們未來的戰略更加契合，我們已開始與潛在的戰略投資者交談，以提供非稀釋資本以實現進一步增長。特別是，在前面提到的將我們的充電資產和知識產權整合到WAVE Charging 之後，我們看到了與對全球充電市場具有廣泛了解、互補產品和協同知識產權的戰略投資者合作的機會，以鞏固WAVE 作為高端充電領域全球領導者的地位。汽車感應充電市場。儘管市場條件和資本限制，我們每項業務的管理團隊都努力工作，以確保他們繼續取得進展。

Now back to Alf for closing remarks.

現在回到阿爾夫做結束語。

Thank you, Robin. 2023 has been a challenging year for all of the commercial EV industry, and the decisions we have taken this year (inaudible) Ideanomics as a much leaner, more efficient organization which is able to execute on its business objectives and position us for success. Thank you all for tuning in today. And from everyone at Ideanomics, thank you for your continued interest and support.

謝謝你，羅賓。 2023 年對於所有商用電動汽車行業來說都是充滿挑戰的一年，我們今年做出的決定（聽不清）Ideanomics 是一個更精簡、更高效的組織，能夠執行其業務目標並為我們的成功奠定基礎。感謝大家今天的收聽。 Ideanomics 的全體員工感謝您一直以來的關注和支持。

This is all the time we have for today. This concludes the Ideanomics' Q2 2023 Investor Earnings Conference Call. We encourage our community to continue to reach out so we can answer any questions that you may have individually. You can send those questions to ir@ideanomics.com. We would like to thank our listeners, shareholders and analysts and others who have taken the time to listen to our earnings call. We urge you to refer to the SEC's latest filings for any information that you need. This call will be available on the website in the Investors section, and you can find a link there.

這就是我們今天的全部時間了。 Ideanomics 2023 年第二季度投資者收益電話會議至此結束。我們鼓勵我們的社區繼續伸出援手，以便我們能夠回答您可能提出的任何問題。您可以將這些問題發送至 ir@ideanomics.com。我們要感謝聽眾、股東、分析師以及其他花時間聆聽我們財報電話會議的人。我們強烈建議您參閱 SEC 的最新文件以獲取您需要的任何信息。該電話會議將在網站的投資者部分提供，您可以在那裡找到鏈接。

To be alerted to news, events and other information in a timely manner, we recommend you following us on social media, sign up to our newsletter and explore our website at www.ideanomics.com. Thank you, everyone, for participating and listening to the call today.

為了及時了解新聞、事件和其他信息，我們建議您在社交媒體上關注我們，訂閱我們的時事通訊並瀏覽我們的網站 www.ideanomics.com。感謝大家今天參與並收聽電話會議。