micromobility.com inc (MCOM) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Helbiz Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's program will be recorded. If anyone objects, please disconnect now.

感謝您的支持，歡迎來到 Helbiz 2022 年全年收益電話會議。 （操作員說明）作為提醒，今天的節目將被錄製。如果有人反對，請立即斷開連接。

I'd like to introduce your host for today's call, Gary Dvorchak, Managing Director with The Blueshirt Group. Mr. Dvorchak, please go ahead.

我想介紹一下今天電話會議的主持人，The Blueshirt Group 的常務董事 Gary Dvorchak。 Dvorchak 先生，請繼續。

Thank you, operator, and hello, everyone. Welcome to Helbiz Full Year 2022 Results Conference Call. We issued our financial results press release today after the market close. It's available via newswires and on our website at investors.helbiz.com. A replay of this conference call will be available later today on the Investor Relations page of our website.

謝謝接線員，大家好。歡迎來到 Helbiz 2022 年全年業績電話會議。我們今天收市後發布了財務業績新聞稿。它可以通過新聞專線和我們的網站 investors.helbiz.com 獲得。本次電話會議的重播將於今天晚些時候在我們網站的投資者關係頁面上提供。

With us today are Founder and Chief Executive Officer, Salvatore Palella; Chief Financial Officer, Giulio Profumo; and Chief Operating Officer, Jonathan Hannestad. The team will review our results for 2022. Investors with questions can send them to us via the link to Say Technologies, which is provided in our earnings press release. The Q&A function will be open until tomorrow, March 29 at 5:00 p.m. Eastern Time. We'll answer questions via the Say Technology reply function.

今天和我們在一起的是創始人兼首席執行官 Salvatore Palella；首席財務官 Giulio Profumo；和首席運營官 Jonathan Hannestad。該團隊將審查我們 2022 年的業績。有疑問的投資者可以通過我們的收益新聞稿中提供的 Say Technologies 鏈接將問題發送給我們。問答功能將開放至明天，即 3 月 29 日下午 5 點。東部時間。我們將通過 Say Technology 回复功能回答問題。

Please note that our press release and this conference call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors. Helbiz can give no assurance that these statements will prove to be correct. We have no obligation to update these statements.

請注意，我們的新聞稿和本次電話會議包含受風險和不確定因素影響的前瞻性陳述。這些前瞻性陳述僅是預測，可能由於多種因素而與實際的未來事件或結果存在重大差異。 Helbiz 無法保證這些陳述將被證明是正確的。我們沒有義務更新這些聲明。

I will now turn the call over to Salvatore to begin. Salvatore?

我現在將電話轉給 Salvatore 開始。薩爾瓦多？

Thank you, Gary, and good day, everyone. Thank you for joining us to review our business performance and financial results for the full year of 2022. First, I will discuss our strategic transformation. Next, Jonathan will elaborate our -- in details our change of operation. Finally, Giulio will give us the financial perspective.

謝謝你，加里，祝大家有美好的一天。感謝您與我們一起回顧我們 2022 年全年的經營業績和財務業績。首先，我將討論我們的戰略轉型。接下來，Jonathan 將詳細闡述我們的操作變更。最後，Giulio 將為我們提供財務方面的信息。

Over the past few months, we made the difficult decision but necessary to set Helbiz on a path to near-term profitability and sustainable growth. Since our founding and since going public, our ambition has been grand, matching the many large market opportunity we see out there. Building on our initial success in micromobility, our vision extends to be an enabler of the modern urban lifestyle.

在過去的幾個月裡，我們做出了艱難但必要的決定，讓 Helbiz 走上近期盈利和可持續增長的道路。自我們成立和上市以來，我們的雄心壯志與我們看到的許多巨大市場機會相匹配。基於我們在微型機動性方面的初步成功，我們的願景擴展為成為現代城市生活方式的推動者。

We still believe those opportunities are out there. But our experience in 2022 taught us that we also need to match our ambition to our size and resource. We are not yet a larger company, and we [can't] do everything on day 1. We have a fantastic opportunity in micromobility, and we need to focus on that. Our goal now is to build on our foundation to get Helbiz scale to be profitable. Once micromobility is growing and generating cash flow, we will have the resource for other opportunities. Starting now, we are leaving many of those other opportunities for another day.

我們仍然相信這些機會就在那裡。但我們在 2022 年的經驗告訴我們，我們還需要使我們的雄心壯志與我們的規模和資源相匹配。我們還不是一家大公司，我們[不能]在第一天就把所有事情都做完。我們在微移動領域擁有絕佳的機會，我們需要專注於此。我們現在的目標是在我們的基礎上再接再厲，使 Helbiz 規模化並實現盈利。一旦微移動性發展並產生現金流，我們將擁有其他機會的資源。從現在開始，我們將把許多其他機會留到另一天。

These are the actions that we need over the past few months, and we are talking now to refurbishing Helbiz on our core opportunity. First, we have to shut down most unprofitable cities. The other are either profitable, or we have a plan to achieve profit very soon quickly. We also have Wheels B2B2C operations in several cities. Jonathan will discuss these initiatives in grander detail in a moment.

這些是我們過去幾個月需要採取的行動，我們現在正在討論利用我們的核心機會翻新 Helbiz。首先，我們必須關閉大部分無利可圖的城市。另一個要么盈利，要么我們有計劃很快實現盈利。我們還在多個城市開展 Wheels B2B2C 業務。 Jonathan 稍後將更詳細地討論這些舉措。

Second, we completed the merger with Wheels, which extend our vehicle type and refine our business model. Helbiz is our share model. You can find a healthy vehicle on any street corner in which we operate. We can rent it for a few minutes to a few hours. In contrast, Wheels is a B2B2C model. A great example is in hospitality. A hotel can rent 20 vehicles at a flat monthly rate that have them available in the lot before gets to user or rently hour. Another example is in college campus, which we can rent fleets that are available to students to use as needed to their -- to go around the campus.

其次，我們完成了與車輪的合併，擴展了我們的車型並完善了我們的商業模式。 Helbiz 是我們的共享模型。您可以在我們經營的任何街角找到健康的車輛。我們可以租用幾分鐘到幾個小時。相比之下，Wheels 是 B2B2C 模式。一個很好的例子是熱情好客。一家酒店可以以固定的月租費率租用 20 輛車，這些車輛在到達用戶或租用時間之前就可以使用。另一個例子是在大學校園裡，我們可以租用車隊，學生可以根據需要在校園裡穿梭。

We will sustainably increase our revenue run rate and give us the ability to expand the model to other cities. Today, we are operating in several city and universities, including California, Hawaii and Massachusetts. But there is room to grow. Most important become B2B is a direct lease to a business, no licenses required. This save a huge amount of money and enable a very quick time to market. We intend to mostly pursue the Wheels B2B model as we grow in the U.S.

我們將持續提高我們的收入運行率，並使我們能夠將該模型擴展到其他城市。今天，我們在多個城市和大學開展業務，包括加利福尼亞、夏威夷和馬薩諸塞州。但還有增長空間。最重要的是成為 B2B 是對企業的直接租賃，不需要許可證。這可以節省大量資金並加快上市速度。隨著我們在美國的發展，我們打算主要採用 Wheels B2B 模式。

Third, we have restructured how we are approaching food delivery, which is another extension of our mobility business. Helbiz Kitchen got good early traction in Milan, leading to us operating other 2 facilities with a partner. But we extend our footprint into the U.S. by partnering with Kitchen United, a U.S. operator that share infrastructure kitchen. Kitchen United will provide the capital-intense facility so that Helbiz can concentrate on many innovation and the app interface for ordering. For example, Santa Monica and Los Angeles are now the first 2 cities in the U.S. where you can order food and rent a vehicle using the Helbiz app. Jonathan will elaborate on this initiative as well.

第三，我們重組了送餐方式，這是我們移動業務的另一個延伸。 Helbiz Kitchen 在米蘭早期獲得了很好的關注，導致我們與合作夥伴一起經營其他 2 家設施。但我們通過與共享基礎設施廚房的美國運營商 Kitchen United 合作，將我們的足跡擴展到美國。 Kitchen United 將提供資本密集型設施，以便 Helbiz 可以專注於許多創新和用於訂購的應用程序界面。例如，聖塔莫尼卡和洛杉磯現在是美國首批可以使用 Helbiz 應用訂餐和租車的城市。 Jonathan 也將詳細介紹這一舉措。

Finally, while media revenue is growing, we are seeking the right strategy partner to manage the business with us or even take over the business. We love the idea to complementing go-out mobility with stay-in food and entertainment, but the capital required for media is better deployed in our mobility business. That is the main reason that we are looking for a partner in the media business.

最後，在媒體收入增長的同時，我們正在尋找合適的戰略合作夥伴與我們一起管理業務，甚至接管業務。我們喜歡用留在家中的食物和娛樂來補充外出移動的想法，但媒體所需的資金最好部署在我們的移動業務中。這是我們尋找媒體業務合作夥伴的主要原因。

The new Helbiz you see today is very much focused on 2 things: achieve profitability operations and quickly -- as quickly as possible and refocusing our fantastic opportunity in our core business mobility business. Our ambition were large, but market conditions did not support the growth. So now we are concentrating our profitability.

您今天看到的新 Helbiz 非常專注於兩件事：實現盈利運營和快速 - 盡可能快地重新關注我們在核心業務移動業務中的絕佳機會。我們的野心很大，但市場條件不支持增長。所以現在我們正在集中我們的盈利能力。

As the largest shareholder on Helbiz, I am painfully aware of this. We know how to ride the ship. We have a great market opportunity, upon which we can build a large profitable business over the time. In fact, we are firmly convinced that the best is yet to come. In the next few days, we will unveil a major transformation that, we believe, will create an even stronger and more exciting company. This next initiative is going to [bold] and will mark a turning point in the life of our company. We are sure you will not be disappointed. So pay us attention. The unveiling is caring son.

作為 Helbiz 的最大股東，我痛苦地意識到這一點。我們知道如何駕馭這艘船。我們擁有巨大的市場機會，隨著時間的推移，我們可以在此基礎上建立一個龐大的盈利業務。事實上，我們堅信最好的還在後頭。在接下來的幾天裡，我們將推出一項重大轉型，我們相信，這將創建一家更強大、更令人興奮的公司。下一個舉措將 [大膽] 並將標誌著我們公司生活的轉折點。我們相信您不會失望的。所以請注意我們。揭幕是有愛心的兒子。

Now I will turn the call over to Jonathan, our COO. Jonathan will go over details with our operational transformation today. Jonathan?

現在我將把電話轉給我們的首席運營官喬納森。 Jonathan 將在今天詳細介紹我們的運營轉型。喬納森？

Thank you, Salvatore, and good day, everyone. As Salvatore described, Helbiz is transforming itself into a lean, focused organization with only 2 goals: get to profitability as quickly as possible and focus on delivering the best customer experience in our core micromobility market. We are well on our way to achieving those goals. I'll now give you more detail on how we're implementing the transformation that Salvatore described.

謝謝你，Salvatore，祝大家有美好的一天。正如 Salvatore 所描述的那樣，Helbiz 正在將自己轉變為一個精簡、專注的組織，只有兩個目標：盡快實現盈利，並專注於在我們的核心微移動市場提供最佳客戶體驗。我們正朝著實現這些目標邁進。我現在將向您詳細介紹我們如何實施 Salvatore 描述的轉型。

First, our core micromobility business. In Helbiz scooter sharing, we have shut down operations in most unprofitable cities. During 2022, we shut down 5 cities and opened 10 new cities, including 7 new cities and 3 campus communities by leveraging the Wheels network. At year-end 2022, we had 10 active licenses in the U.S. and 20 in Europe. Meanwhile, we closed the Wheels acquisition and have eliminated redundancies and rationalized operations. Most of the operational folks are still with us. We did need to eliminate redundant corporate positions and took the remaining Wheels employees into our corporate operation. As Salvatore pointed out, the Wheels B2B2C model does not require licensing, which is a huge cost savings. Since we are no longer pursuing vehicle-sharing licenses in unprofitable cities, we do not need to carry the expense of our government relations teams. We have eliminated most positions while shifting some to B2B sales, which are extremely cost-effective.

首先，我們的核心微移動業務。在 Helbiz 滑板車共享方面，我們已經關閉了大多數無利可圖城市的運營。 2022年，我們關閉了5個城市，並利用Wheels網絡開放了10個新城市，其中包括7個新城市和3個校園社區。到 2022 年底，我們在美國擁有 10 個有效許可證，在歐洲擁有 20 個。同時，我們完成了對 Wheels 的收購，並消除了裁員和合理化運營。大多數運營人員仍在我們身邊。我們確實需要消除多餘的公司職位，並將剩餘的 Wheels 員工納入我們的公司運營。正如 Salvatore 所指出的，Wheels B2B2C 模式不需要許可，這是一個巨大的成本節約。由於我們不再在不盈利的城市申請共享汽車牌照，因此我們不需要承擔政府關係團隊的費用。我們取消了大部分職位，同時將一些職位轉移到 B2B 銷售，這是非常划算的。

To keep our mobility offering fresh, valuable and growing, we're expanding it through low-cost, low-capital partnerships with industry leaders. For example, we partnered with WeTaxi, a top taxi-hailing app in Italy. Our users can easily get a ride from their smartphone and transition from Helbiz vehicle to a taxi. Another example is a partnership with Google Maps, which allows users to easily find Helbiz vehicles in their area.

為了讓我們的出行產品保持新鮮、有價值和不斷增長，我們正在通過與行業領導者的低成本、低資本合作夥伴關係來擴展它。例如，我們與意大利頂級打車應用 WeTaxi 合作。我們的用戶可以輕鬆地通過他們的智能手機搭便車，並從 Helbiz 車輛轉換為出租車。另一個例子是與穀歌地圖的合作夥伴關係，它允許用戶輕鬆找到他們所在地區的 Helbiz 車輛。

Furthermore, we plan to move into public transit. We'll kick off with a pilot program that integrates third-party public transit options into the Helbiz platform. This will enable users to easily purchase, store and redeem train tickets through the Helbiz app. This initiative will enable our users to use different modes of transportation within one single journey.

此外，我們計劃進入公共交通。我們將啟動一個試點項目，將第三方公共交通選項集成到 Helbiz 平台中。這將使用戶能夠通過 Helbiz 應用程序輕鬆購買、存儲和兌換火車票。這一舉措將使我們的用戶能夠在一次旅程中使用不同的交通方式。

Now let me turn the call over to our CFO, Giulio to discuss our financial performance.

現在讓我將電話轉給我們的首席財務官 Giulio，討論我們的財務業績。

Thank you, Jonathan. Our detailed financials can be found in our earnings release and 10-K filings. So we will concentrate on discussing the drivers of financial performance. Keep in mind that all figures given are for the full year 2022, and all comparisons are with full year 2021, unless I note otherwise.

謝謝你，喬納森。我們的詳細財務信息可以在我們的收益發布和 10-K 文件中找到。因此，我們將集中討論財務業績的驅動因素。請記住，所有給出的數字都是 2022 年全年的數據，所有比較都是與 2021 年全年進行的，除非我另有說明。

Revenue was $15.5 million, up 21%, primarily driven by mobility revenue of $8.4 million and media revenue of $6.5 million. The combined pro forma full year revenue of Helbiz and Wheels Labs Inc. would have amounted to $21.2 million.

收入為 1550 萬美元，增長 21%，主要受移動收入 840 萬美元和媒體收入 650 萬美元的推動。 Helbiz 和 Wheels Labs Inc. 的綜合預估全年收入將達到 2120 萬美元。

In 2022, we had over 460,000 annual active platform users, up 15%. Trip slipped in 2022 due to the decrease in operating cities. This was partially offset by the addition of cities in which Wheels operates, although Wheels also only contributed from November 18 onwards.

2022 年，我們的年度活躍平台用戶超過 46 萬，增長 15%。由於運營城市的減少，2022 年的出行量有所下滑。這部分被 Wheels 運營城市的增加所抵消，儘管 Wheels 也是從 11 月 18 日起才做出貢獻的。

Beyond lower trips, a stronger dollar versus the euro contributed to the decrease in mobility revenue. Constant currency mobility revenue would have been 9% higher. Mobility was 50% of revenue, with 77% from pay-per-ride and 16% from the growing subscription offering. Mobility cost of revenue decreased 10% as we rely more on the Wheels model that doesn't require licenses. We expect less licensing impact to mobility cost of sales.

除了出行次數減少之外，美元兌歐元走強也導致出行收入下降。固定貨幣流動性收入會高出 9%。移動性佔收入的 50%，其中 77% 來自按次付費，16% 來自不斷增長的訂閱服務。由於我們更多地依賴不需要許可證的 Wheels 模型，因此收入的移動成本下降了 10%。我們預計許可對移動銷售成本的影響較小。

Looking at Helbiz Kitchen in 2022 was the first full year of operations, and revenue tripled. While Helbiz Kitchen was a smaller contributor to revenue, we are confident it can grow rapidly in the U.S. Our strategic partnership with Kitchen United will help us drive that growth.

看看 2022 年的 Helbiz Kitchen 是第一個完整的運營年，收入增長了兩倍。雖然 Helbiz Kitchen 對收入的貢獻較小，但我們相信它可以在美國迅速增長。我們與 Kitchen United 的戰略合作夥伴關係將幫助我們推動這一增長。

Now let's shift gears to operating expenses, which increased by 24%. The rise was in part due to the impairment charge against the fair value of mobility assets that occurred in Q3 of 2022, which was 12% of the total OpEx. The impairment was due to the cash back on operating e-mopeds and the adverse macroeconomic environment. Without impairment, OpEx would have been lower this year.

現在讓我們把話題轉到運營費用上，它增加了 24%。增長的部分原因是 2022 年第三季度發生的移動資產公允價值減值費用，佔運營支出總額的 12%。減值是由於運營電動助力車的現金返還和不利的宏觀經濟環境。如果沒有減值，今年的運營支出會更低。

Beyond that, noncash equity-based compensation expense was $3.3 million in 2022, another 4% of total OpEx. Looking ahead, we anticipate COGS to decline and, thus, gross margin to increase. A big part of that will be the reduction coming from media, which was a 46% of COGS and 22% of OpEx. We expect mobility costs to become more efficient by leveraging Wheels B2B2C model, thus reducing vehicle-sharing licensing expense.

除此之外，2022 年基於非現金股權的薪酬支出為 330 萬美元，佔運營支出總額的 4%。展望未來，我們預計銷貨成本將下降，因此毛利率將增加。其中很大一部分將是來自媒體的減少，佔 COGS 的 46% 和 OpEx 的 22%。我們預計通過利用 Wheels B2B2C 模型，移動成本將變得更有效率，從而減少車輛共享許可費用。

Additionally, we are constantly cutting operating costs and optimizing cost structure, particularly in general and administrative expenses. Ultimately, we are optimistic that our efforts to reduce operating expenses will yield a decrease across all areas of our business. This will bring us one step closer to achieving bottom line profitability, an intense focus for us right now.

此外，我們不斷削減運營成本並優化成本結構，特別是在一般和管理費用方面。最終，我們樂觀地認為，我們減少運營費用的努力將在我們業務的所有領域產生減少。這將使我們更接近實現底線盈利能力，這是我們目前關注的焦點。

Regarding our balance sheet and liquidity. As of December 31, 2022, cash and equivalents were $429,000. Cash used in 2022 was primarily for the acquisition of the Wheels as well as expansion in first half that we are now rationalizing. Since year-end, we raised $4.5 million, so we're okay with cash in the near term. Package came from the issuance of a convertible promissory note. We also entered into equity lines of credit in which we can sell up to $70 million of common stock. These lines provide us with the option but not an obligation. Also, we can do any issuance at the time of our choosing during the term of the agreement. During 2023, we plan to fund operations and expansion through more debt and equity financing as needed.

關於我們的資產負債表和流動性。截至 2022 年 12 月 31 日，現金及等價物為 429,000 美元。 2022 年使用的現金主要用於收購 Wheels 以及我們現在正在合理化的上半年擴張。自年底以來，我們籌集了 450 萬美元，因此我們可以在短期內使用現金。包裹來自可轉換本票的發行。我們還簽訂了股權信貸額度，我們可以在其中出售高達 7000 萬美元的普通股。這些線路為我們提供了選擇而非義務。此外，我們可以在協議期限內選擇任何發行時間。 2023 年，我們計劃根據需要通過更多的債務和股權融資為運營和擴張提供資金。

Let me now touch on our stock, in particular, compliance with the leasing requirements. On March 8, 2023, we received a letter from Nasdaq confirming our regained compliance with the market value of listed securities requirements. We still need to resolve the requirement of a share price above $1. We will soon announce our plan to resolve that issue.

現在讓我談談我們的庫存，特別是遵守租賃要求。 2023 年 3 月 8 日，我們收到納斯達克的一封信，確認我們重新符合上市證券市值要求。我們仍然需要解決股價高於 1 美元的要求。我們將很快宣布解決該問題的計劃。

Looking ahead, we're optimistic. Wheels brings in significant new revenue, new city coverage and an innovative lower-cost B2B2C model that we can use nationwide. Our aggressive cost rationalization is setting us up to reach profitable operations quickly. And as Salvatore mentioned, we have some big news coming in a few days that will cement our progress in transforming Helbiz into an even stronger leader in micromobility. So please stay tuned.

展望未來，我們很樂觀。 Wheels 帶來了可觀的新收入、新的城市覆蓋範圍和我們可以在全國范圍內使用的創新的低成本 B2B2C 模式。我們積極的成本合理化使我們能夠迅速實現盈利。正如 Salvatore 所提到的，我們將在幾天內發布一些重大消息，這些消息將鞏固我們在將 Helbiz 轉變為微交通領域更強大的領導者方面取得的進展。所以請繼續關注。

Let me turn the call back to Salvatore to wrap up. Salvatore?

讓我把電話轉回給 Salvatore 以結束。薩爾瓦多？

Thank you, Giulio. We are grateful for the dedication of our team and the support of our shareholders. Over the past few months, we have taken aggressive and painful action to rationalize our business and set it on a path for sustainability, profitability growth. Our initiatives were extensive, and they are not over yet. In fact, the best is yet to come. In the next few days, we will unveil some major change that, we believe, will accelerate our transformation and build an even stronger and more exciting company. Please keep an eye on us. This next initiative is going to be bold and will mark a turning point in the life of our company. We are sure we will not be disappoint.

謝謝你，朱利奧。我們感謝我們團隊的奉獻精神和股東的支持。在過去的幾個月裡，我們採取了積極而痛苦的行動來使我們的業務合理化，並使其走上可持續發展、盈利增長的道路。我們的倡議範圍很廣，而且還沒有結束。事實上，最好的還在後頭。在接下來的幾天裡，我們將公佈一些重大變化，我們相信這些變化將加速我們的轉型，打造一家更強大、更令人興奮的公司。請關注我們。下一個舉措將是大膽的，並將標誌著我們公司生活的一個轉折點。我們確信我們不會失望。

Now I will turn the call over to Gary for some [final instructions] regarding our Q&A. Gary, go ahead.

現在，我將把電話轉給加里，以獲得有關我們問答的一些 [最終說明]。加里，繼續。

Thanks, Salvatore. As a reminder, Helbiz partnered with Say Technologies to allow verified retail and institutional shareholders to submit and upvote questions, a selection of which will be answered by Helbiz management after the earnings call. The platform is open from Monday, March 27 at 12:00 Eastern Time, and we'll close on Wednesday, March 29 at 5:00 p.m. Eastern Time. To submit questions, please refer to the link we shared in our press release right after the market close today. This concludes today's conference call. Thank you for your participation. You may all now disconnect.

謝謝，薩爾瓦多。提醒一下，Helbiz 與 Say Technologies 合作，允許經過驗證的零售和機構股東提交和投票問題，Helbiz 管理層將在財報電話會議後回答其中的一些問題。該平台從東部時間 3 月 27 日星期一中午 12:00 開始開放，我們將於美國東部時間 3 月 29 日星期三下午 5:00 關閉。東部時間。要提交問題，請參閱我們今天收市後在新聞稿中分享的鏈接。今天的電話會議到此結束。感謝您的參與。你們現在可能都斷開連接了。