Polestar Automotive Holding Uk Plc (PSNY) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Polestar Third Quarter 2022 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, by Bojana Flint.

美好的一天，謝謝你的支持。歡迎參加 Polestar 2022 年第三季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的第一位發言人，Bojana Flint。

Bojana Flint;Head of Investor Relations^ Thank you, operator. Hello, everyone. My name is Bojana Flint, I'm Head of Polestar Investor Relations. Let me cover a few housekeeping points before handing over to Thomas Ingenlath, our CEO, for his opening remarks. Followed by Johan Malmqvist, our CFO, who will comment on our quarterly financial results in more detail. This will take about 15 minutes, and we will then open the line for analyst questions. If we have some time left, we will take questions from the web, which I will read out.

Bojana Flint；投資者關係主管^ 謝謝接線員。大家好。我叫 Bojana Flint，是 Polestar 投資者關係部的負責人。在讓我們的首席執行官 Thomas Ingenlath 發表開場白之前，讓我介紹一些內務要點。接下來是我們的首席財務官 Johan Malmqvist，他將更詳細地評論我們的季度財務業績。這大約需要 15 分鐘，然後我們將開通分析師問題熱線。如果我們還有一些時間，我們會從網上提出問題，我會宣讀這些問題。

Before handing over the call to Thomas, I would like to remind participants that many of our comments today will be considered forward-looking statements under the U.S. federal securities laws and are subject to numerous risks and uncertainties that may cause pauses actual results to differ materially from what has been communicated. Forward-looking statements made today are effective only as of today, and poster undertakes no obligation to update any of its forward-looking statements. For a discussion of some of the factors that could cause our actual results to differ, please review the Risk Factors section of our annual report on Form 20-F or our other recent filings with the SEC. You may also find more information or forward-looking statements in our filings with the SEC or in our investor presentation and recent press releases, which are posted on our Investor Relations website. With that, I would like to turn the call over to Thomas. Please go ahead.

在將電話交給 Thomas 之前，我想提醒與會者，我們今天的許多評論將被視為美國聯邦證券法下的前瞻性陳述，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致暫停實際結果存在重大差異從所傳達的內容。今天做出的前瞻性陳述僅在今天有效，Poster 不承擔更新其任何前瞻性陳述的義務。有關可能導致我們的實際結果不同的一些因素的討論，請查看我們 20-F 表格年度報告的風險因素部分或我們最近向美國證券交易委員會提交的其他文件。您還可以在我們提交給美國證券交易委員會的文件或我們的投資者介紹和最近的新聞稿中找到更多信息或前瞻性陳述，這些都發佈在我們的投資者關係網站上。有了這個，我想把電話轉給托馬斯。請繼續。

Yes. Thank you, Bojana. Hello, everyone. Thank you for joining our first quarterly results call. I will start with some opening remarks and then pass on to Johan to comment on our financial results and the 2022 outlook. Now this is an amazing year for Polestar full of major milestones. I'm particularly proud of the phenomenal global premier of the poster that we delivered in Copenhagen a few weeks ago in front of hundreds of media, shareholders and customers. Polestar is our first SUV, built for the electric age. It is full of fantastic features, centralized computing with NVIDIA Drive core computing, for example, running on software from Volvocars, making it one of the safest cars and prepared for the future of highway piloting. Polestar is a car that has been designed as a (inaudible) from start to finish. It defines the essence of our brand in terms of design, luxury and ambition. Other milestones were, of course, our successful listing on New York's NASDAQ in June.

是的。謝謝你，博亞娜。大家好。感謝您加入我們的第一個季度業績電話會議。我將從一些開場白開始，然後請約翰評論我們的財務業績和 2022 年展望。現在，對於 Polestar 來說，這是充滿重大里程碑的令人驚嘆的一年。幾週前，我們在哥本哈根向數百名媒體、股東和客戶展示了海報，讓我感到特別自豪。 Polestar 是我們的第一款 SUV，專為電動時代打造。它充滿了奇妙的功能，例如採用 NVIDIA Drive 核心計算的集中式計算，運行在 Volvocars 的軟件上，使其成為最安全的汽車之一，並為未來的高速公路駕駛做好準備。 Polestar 是一款從頭到尾都被設計成（聽不清）的汽車。它在設計、奢華和野心方面定義了我們品牌的精髓。當然，其他里程碑是我們於 6 月在紐約納斯達克成功上市。

A new global partnership with Hertz totaling 65,000 cars over the 5 years. We move fast here. Already today, you will find in 7 countries in Europe and in the U.S. and Canada, a Polestar fleet with Hertz. And we are continuing months after months to expand this offer of electric (inaudible) into the mobility on-demand arena. Last week, we have announced a $1.6 billion financing package from our major shareholders. We welcome their strong and continued support, especially when capital markets are volatile and unpredictable.

與 Hertz 建立新的全球合作夥伴關係，在 5 年內共售出 65,000 輛汽車。我們在這裡快速行動。今天，您會在歐洲的 7 個國家以及美國和加拿大發現赫茲的 Polestar 車隊。我們幾個月又幾個月繼續將這種電動（聽不清）產品擴展到移動按需領域。上週，我們宣布了主要股東提供的 16 億美元融資方案。我們歡迎他們的強有力和持續的支持，尤其是在資本市場動盪和不可預測的時候。

In the first 9 months of 2022, we delivered approximately 30,400 vehicles globally, up around 100% year-on-year. Our fourth quarter is expected to be our strongest on record yet, and we are delivering against our 50,000 cars target. This is us meeting our annual targets for 2 years in a row, having also achieved our 2021 delivery target. We will celebrate next week a major production milestone, 100,000 poster 2 vehicles out of the factory gate. This solidifies our position as 1 of 2 global pure EV players already in mass production. Our cars have been recognized with multiple awards and I'm particularly proud that the car design awards recognized Polestar was a prestigious best brand design language for 2022.

2022 年前 9 個月，我們在全球交付了約 30,400 輛汽車，同比增長約 100%。我們預計第四季度將是有史以來最強勁的季度，我們正在實現 50,000 輛汽車的目標。這是我們連續 2 年實現年度目標，也實現了 2021 年的交付目標。我們將在下周慶祝一個重要的生產里程碑，即 100,000 張海報 2 輛汽車出廠。這鞏固了我們作為已經量產的全球 2 家純電動汽車廠商之一的地位。我們的汽車獲得了多項獎項，我感到特別自豪的是，獲得汽車設計大獎的 Polestar 是 2022 年久負盛名的最佳品牌設計語言。

I would like to conclude with investment highlights a different shape poster from others and will enable us to deliver on our strong strategy. One, a well-defined growth strategy, which are capturing by operating in fast-growing car segments, having a rapidly expanding premium product portfolio that includes 5 PEVs vehicles by 26 and with a global footprint of 27 active markets 2 day. Unlike most of our peers, our global ambitions, they are reality, not an aspiration. 2, the asset-light model, it combines the best of both worlds, agility of a startup with the stability and manufacturing know-how from (inaudible).

最後，我想以投資突出與其他人不同的形狀海報作為結束，這將使我們能夠實現我們強大的戰略。一是定義明確的增長戰略，通過在快速增長的汽車細分市場運營，擁有快速擴展的優質產品組合，其中包括 26 輛 5 輛 PEV 汽車，並在 2 天內覆蓋全球 27 個活躍市場。與我們的大多數同行不同，我們的全球抱負是現實，而不是願望。 2，輕資產模式，它結合了兩全其美，初創公司的敏捷性與穩定性和製造技術訣竅（聽不清）。

Importantly, this gives us access to production capacities across Asia, Europe and U.S. without having to build our own factories or find manufacturing partners. 3, we have a digital-first direct-to-consumer approach that is complemented by an extensive network of retail sales and service points. 4, our core pillars of design, innovation and sustainability, coupled with relentless focus and attention to detail. This includes Avangard (inaudible) Scandinavian design, performance-oriented hardware technology, innovative software solutions and smart partnerships and the leading ambition to create a truly carbon-neutral car by 2030.

重要的是，這使我們能夠在亞洲、歐洲和美國獲得生產能力，而無需建立我們自己的工廠或尋找製造合作夥伴。 3，我們有一個數字優先的直接面向消費者的方法，輔之以廣泛的零售和服務點網絡。 4，我們的核心支柱是設計、創新和可持續性，再加上對細節的不懈關注。這包括 Avangard（聽不清）斯堪的納維亞設計、以性能為導向的硬件技術、創新的軟件解決方案和智能合作夥伴關係，以及到 2030 年打造真正碳中和汽車的領先目標。

I -- now lastly, demand for Post 2 remains very strong. We would have easily exceeded our vehicle sales target where it not for Shanghai lockdown earlier this year. Initial reception and demand for Polestar3 is also credible. Over 800,000 of YouTube viewers urged the world premier of Polestar3 online. It has created website traffic for Polestar, similar high to the bus that our extremely successful Super Bowl campaign produced earlier this year. I would like to reiterate, Polestar is a real car company. We are in production. We are putting cars on the road today, and we are delivering on our ambitious growth plan. Now Johan, I would like to ask you to comment on our financial results.

我——最後，對 Post 2 的需求仍然非常強勁。如果不是今年早些時候上海封鎖，我們本可以輕鬆超過我們的汽車銷售目標。對 Polestar3 的初步接受和需求也是可信的。超過 800,000 名 YouTube 觀眾在線敦促 Polestar3 的全球首映。它為 Polestar 創造了網站流量，與我們今年早些時候非常成功的超級碗活動所產生的巴士相似。我想重申一下，Polestar 是一家真正的汽車公司。我們正在生產中。我們今天讓汽車上路，我們正在實現我們雄心勃勃的增長計劃。現在約翰，我想請你對我們的財務業績發表評論。

Thank you, Thomas, and hello, everyone. And as Thomas said, thank you very much for joining our first quarterly earnings call. I look forward to interacting with many of you in the future, and please continue to engage with Bojana and the IR team who are always here to support. We are glad that you are joining us on our exciting journey as a listed company now and into the future. And moving on to the main part of my section. First, some operational highlights. We have delivered 3,424 cars globally in the first 9 months of this year, of which 9,239 in the third quarter, alongside continued expansion in existing and new markets.

謝謝你，托馬斯，大家好。正如托馬斯所說，非常感謝您參加我們的第一次季度財報電話會議。我期待著在未來與你們中的許多人互動，並請繼續與始終在這裡提供支持的 Bojana 和 IR 團隊互動。我們很高興您能加入我們作為一家上市公司的激動人心的現在和未來的旅程。繼續我的部分的主要部分。一是運營亮點。今年前 9 個月，我們在全球交付了 3,424 輛汽車，其中第三季度交付了 9,239 輛，同時在現有市場和新市場繼續擴張。

As of today, we are active in 27 markets on 4 continents and have 128 locations and over 1,000 service points. We reaffirmed earlier this year as well as today that we are on track to deliver 50,000 vehicles by the end of 2022. We said we would catch up on production, and we did. Our strong partnership with Volvo Cars and (inaudible) has allowed us to navigate through the supply chain constraints. The remaining 20,000 cars for 2022 have all been produced and are making their way or being delivered to customers across the globe. Q4 2022 is expected to be our strongest quarter on record yet. Now moving on to financial highlights for the 9 months ended September 30, 2022.

截至今天，我們活躍於四大洲的 27 個市場，擁有 128 個地點和 1,000 多個服務點。我們在今年早些時候和今天重申，我們有望在 2022 年底前交付 50,000 輛汽車。我們說我們會趕上生產，我們做到了。我們與沃爾沃汽車公司 (聽不清) 的牢固合作夥伴關係使我們能夠克服供應鏈的限制。 2022 年剩餘的 20,000 輛汽車已經全部生產出來，正在運送或交付給全球客戶。預計 2022 年第四季度將是我們有史以來最強勁的季度。現在轉到截至 2022 年 9 月 30 日的 9 個月的財務亮點。

As this is our first earnings call as a listed company, I will focus on 9 months year-to-date commentary versus the same period last year and provide additional color for notable exceptions for the third quarter. Revenue increased 98% from SEK 748 million in 2021 to NOK 1.48 billion in 2022, mainly driven by an increase in Polestar 2 vehicle sales across existing and new markets. This growth was partially offset by slightly lower revenue per vehicle due to product and market mix. And to put this into context, during the first 9 months of 2021, we mainly sold long-range due motor variants of the Polestar2.

由於這是我們作為上市公司的第一次財報電話會議，我將重點關註今年 9 個月以來與去年同期相比的評論，並為第三季度的顯著例外情況提供額外的顏色。收入從 2021 年的 7.48 億瑞典克朗增長 98% 到 2022 年的 14.8 億挪威克朗，這主要是由於 Polestar 2 汽車在現有市場和新市場的銷量增長所致。由於產品和市場組合，每輛車的收入略有下降，部分抵消了這一增長。綜上所述，在 2021 年的前 9 個月，我們主要銷售 Polestar2 的遠程到期電機變體。

While throughout this year, we are also selling lower price variance, which have an impact on revenue per vehicle. Gross profit increased from SEK 1 million in 2021 to $57 million in 2022, leading to a gross margin increase from 0.1% to 3.9%. This was driven by higher Polestar2 sales and lower fixed manufacturing costs. When we look at Q3 2022, gross margin was 0.9%. This is a reflection of 2 factors: firstly, a negative market mix from proportionately higher sales outside of Europe, where revenue per car is typically lower; and secondly, from FX headwinds.

在今年全年，我們也在銷售較低的價格差異，這對每輛車的收入有影響。毛利潤從 2021 年的 100 萬瑞典克朗增加到 2022 年的 5700 萬美元，導致毛利率從 0.1% 增加到 3.9%。這是由於 Polestar2 銷量增加和固定製造成本降低所致。當我們回顧 2022 年第三季度時，毛利率為 0.9%。這反映了兩個因素：首先，歐洲以外地區的銷售額比例較高，導致市場組合不利，而歐洲以外的地區每輛車的收入通常較低；其次，來自外匯逆風。

As our cars are produced in China, the majority of our costs are in (inaudible), which has strengthened against European country currencies, leading to a higher cost of sales. Selling, general and administrative expenses was only 31% higher at NOK 625 million compared to the 98% growth in revenues as we start to accrue benefits of scale. For the third quarter this year, SG&A expense was SEK 20 million lower compared to the same period last year. This reduction was driven by management actions in curtailing advertising, marketing and promotional activities in anticipation of the expected lower volumes in Q3. Research and development expenses were down 22% to SEK 123 million due to lower amortization of intangible assets, partially offset by higher spend on future vehicles and battery electric technologies.

由於我們的汽車是在中國生產的，我們的大部分成本都在（聽不清），這對歐洲國家的貨幣已經走強，導致更高的銷售成本。隨著我們開始積累規模效益，與收入增長 98% 相比，銷售、一般和管理費用僅增加 31%，達到 6.25 億挪威克朗。今年第三季度，SG&A 費用比去年同期減少了 2000 萬瑞典克朗。減少的原因是管理層因預計第三季度銷量下降而減少廣告、營銷和促銷活動。由於無形資產攤銷減少，研發費用下降 22% 至 1.23 億瑞典克朗，部分被未來汽車和電池電動技術的支出增加所抵消。

Operating loss was 64% higher at NOK 1.08 billion, impacted by NOK 372 million nonrecurring noncash share-based listing charge in connection with the business combination that we reported in Q2 2022. Excluding this listing charge, operating loss increased 8% from NOK 658 million in 2021 to NOK 709 million in 2022. For the third quarter of this year, operating loss decreased 33% to NOK 196 million, benefiting from higher revenues and active cost management actions. And lastly, net income for the third quarter was a positive NOK 299 million due to the gain on the change of the fair value of the earnout liability in warrants of $561 million, which is primarily attributable to the change in the share price. Moving on to the balance sheet. At the end of September 2022, cash and cash equivalents stood at NOK 988 million. Now in regards to cash flow, cash used for operating activities year-to-date was $1.02 billion, driven by an increase in working capital as well as higher operating losses and interest expenses.

營業虧損增加 64% 至 10.8 億挪威克朗，受到與我們在 2022 年第二季度報告的業務合併相關的 3.72 億挪威克朗非經常性非現金股份上市費用的影響。不包括該上市費用，營業虧損從 6.58 億挪威克朗增加 8% 2021 年至 2022 年的 7.09 億挪威克朗。今年第三季度，營業虧損減少 33% 至 1.96 億挪威克朗，這得益於更高的收入和積極的成本管理措施。最後，第三季度的淨收入為 2.99 億挪威克朗，這是由於認股權證中 5.61 億美元的盈利負債的公允價值變動收益，這主要歸因於股價的變化。轉到資產負債表。截至 2022 年 9 月底，現金及現金等價物為 9.88 億挪威克朗。現在就現金流而言，年初至今用於經營活動的現金為 10.2 億美元，這是由於營運資金增加以及經營虧損和利息支出增加所致。

Cash used for investing activities was NOK 653 million, mainly due to the cash settlements for the Polestar 2 3and 4 intellectual property investments. Cash provided by financing activities was NOK 1.97 billion, driven by the net listing proceeds of NOK 1.42 billion and short-term working capital facilities totaling NOK 1.56 billion, partially offset by nearly EUR 1 billion in principal repayments. As Thomas mentioned, we obtained a EUR 1.6 billion shareholder financing and liquidity package from our 2 major shareholders, which demonstrates their commitment and confidence in our future.

用於投資活動的現金為 6.53 億挪威克朗，主要是由於 Polestar 2、3 和 4 知識產權投資的現金結算。融資活動提供的現金為 19.7 億挪威克朗，受 14.2 億挪威克朗的上市淨收益和總計 15.6 億挪威克朗的短期營運資金貸款的推動，部分被近 10 億歐元的本金償還所抵消。正如 Thomas 所說，我們從 2 大股東那裡獲得了 16 億歐元的股東融資和流動性方案，這表明他們對我們未來的承諾和信心。

This financial and liquidity package comprises of an $800 million 18-month term loan from Volvo Cars, matched in terms of total amount by the direct and indirect financing and liquidity support from our other main shareholder, PSD investment. And you can find more detail on Slide 16 in our investor update presentation. With the current macroeconomic and capital market environment as a backdrop, the support from our major shareholders allows us to focus on ramping up the business to deliver the cars to our customers for (inaudible) 3-star production and first customer deliveries. This funding transaction also allows us time to unlock a broader range of longer-term financing alternatives when conditions in the capital markets improve.

該財務和流動性方案包括來自沃爾沃汽車公司的 8 億美元 18 個月定期貸款，與我們的另一大股東 PSD investment 提供的直接和間接融資和流動性支持的總額相匹配。您可以在我們的投資者更新演示文稿中找到有關幻燈片 16 的更多詳細信息。在當前宏觀經濟和資本市場環境的背景下，我們主要股東的支持使我們能夠專注於提升業務，將汽車交付給我們的客戶，實現（聽不清）三星級生產和首次客戶交付。這項融資交易還讓我們有時間在資本市場狀況改善時解鎖更廣泛的長期融資替代方案。

Before I hand over to the operator, let me wrap up with the outlook for the rest of this year. As I said before, despite continued supply chain constraints, we are on track to deliver on our full year guidance of 50,000 cars. We expect to deliver approximately NOK 2.4 billion in revenues, driven by strong Q4 2022 sales. We expect gross margins in the fourth quarter to be broadly in line with Q3 2022 with similar pressures from product and market mix alongside foreign exchange. We do expect a greater impact from higher raw material costs to flow through but to be partially mitigated by the vehicle price increases implemented earlier this year. In terms of accessible liquidity, with $988 million cash balance at the end of September 2022, the SEK 1.6 billion shareholder financing and liquidity package, alongside other potential financing solutions, we anticipate adequate funding through 2023.

在我交給運營商之前，讓我總結一下今年剩餘時間的展望。正如我之前所說，儘管供應鏈持續受限，我們仍有望實現 50,000 輛汽車的全年目標。在 2022 年第四季度強勁銷售的推動下，我們預計將實現約 24 億挪威克朗的收入。我們預計第四季度的毛利率將與 2022 年第三季度大致持平，產品和市場組合以及外匯帶來的壓力也類似。我們確實預計較高的原材料成本會產生更大的影響，但會因今年早些時候實施的汽車價格上漲而部分緩解。在可獲得的流動性方面，我們預計到 2023 年將有足夠的資金，截至 2022 年 9 月底，現金餘額為 9.88 億美元，16 億瑞典克朗的股東融資和流動性方案，以及其他潛在的融資解決方案。

Thank you again for joining. And now over to the operator for the Q&A section.

再次感謝您的加入。現在轉到問答部分的接線員。

(Operator Instructions) Now I'm going to take the first question, and it comes from line of Winnie Dong from Deutsche Bank.

（操作員說明）現在我要回答第一個問題，它來自德意志銀行的 Winnie Dong。

Yes, I was wondering if you can quantify sort of how much mix in revenue and FX was impacting revenue and gross margin in the quarter? And then what are the puts and takes for the Q4 margin as well there.

是的，我想知道您是否可以量化收入和外匯組合對本季度收入和毛利率的影響程度？然後還有什麼是第四季度保證金的看跌期權和看跌期權。

In regards to FX, I think what I can say there is that if we look at the FX exposure we have, it's predominantly related to the fact that we have manufacturing in China and therefore, the exposure to the (inaudible). If -- just to provide some guidance on sensitivity, I think, which is the best way to answer your question, if we look at a full year impact of a 10% change in the tiny versus SEK, that would equate to approximately $200 million on EBIT...

關於外匯，我想我可以說的是，如果我們看一下我們擁有的外匯敞口，這主要與我們在中國製造的事實有關，因此與（聽不清）的敞口有關。我認為，如果 - 只是為了提供一些關於敏感性的指導，這是回答你問題的最佳方式，如果我們看看全年對瑞典克朗的微小變化 10% 的影響，那將相當於大約 2 億美元一點...

Okay, got it. And then sort of a similar headwind and regional mix expected for Q4 impacting Q4 margin thus putting it sort of in line with Q3 is that's the right way to think about it?

好，知道了。然後，第四季度預計會出現類似的逆風和區域組合，影響第四季度的利潤率，從而使其與第三季度保持一致，這是正確的思考方式嗎？

Yes, that's correct. That's our expectation that the Q4 margins would be broadly in line with Q3, similar pressures from the product and market mix alongside the foreign exchange.

對，那是正確的。這是我們的預期，即第四季度的利潤率將與第三季度大致一致，產品和市場組合以及外匯帶來的類似壓力。

Okay. Got it. And then I was wondering if you can also then provide a bit more color on the $800 million in capital from PSD. How much of that is committed? And any specifics on like what form or shape the liquidity might come through at...

好的。知道了。然後我想知道你是否也可以為 PSD 的 8 億美元資本提供更多顏色。其中有多少是承諾的？以及任何關於流動性可能以何種形式或形狀出現的細節......

Sure. So just to provide some more color then on this EUR 1.6 billion shareholder financing and liquidity package. On the one hand, there's the $800 million term loan from Volvo cars with an optional equity conversion feature in connection with the future equity raise by Polestar. This is then matched in terms of total dollar amounts by PSD, who will support via a combination of various financing arrangements and that's ranging them from funding certain assets, and that may include purchasing noncore assets or entering into sale and leaseback arrangements, also ensuring access to additional working capital facilities, and that may include them providing collateral support either directly or indirectly. And all of this, we expect to materialize during the course of next year.

當然。因此，只是為這個 16 億歐元的股東融資和流動性方案提供更多色彩。一方面，沃爾沃汽車提供的 8 億美元定期貸款具有可選的股權轉換功能，與 Polestar 未來的股權融資有關。然後由 PSD 根據美元總額進行匹配，PSD 將通過各種融資安排的組合提供支持，範圍從為某些資產提供資金，可能包括購買非核心資產或簽訂售後回租安排，同時確保准入額外的營運資金設施，這可能包括他們直接或間接提供抵押支持。所有這一切，我們都希望在明年實現。

That's very helpful. And then how do we think about puts and takes for sort of 2023 in terms of demand? What are you seeing sort of in the U.S., Europe and China, how they're affecting soda into 2023 deliveries? Do you anticipate additional packing actions?

這很有幫助。然後我們如何考慮 2023 年的需求？您在美國、歐洲和中國看到了什麼，它們如何影響汽水到 2023 年的交付？您預計會有額外的打包行動嗎？

So we were not planning on providing any 2023 outlook today. This is something that we will come back to and provide some guidance on our next earnings call when we cover the Q4 and the full year...

因此，我們今天不打算提供任何 2023 年展望。這是我們將在我們涵蓋第四季度和全年的下一次財報電話會議上回來並提供一些指導......

(Operator Instructions) And the next question comes from the line of Charles Coldicott from Redburn.

（操作員說明）下一個問題來自 Redburn 的 Charles Coldicott。

So my first one on the comment about you having sufficient funds to last through 2023. I think the guidance that you gave during the leaseback process was that free cash flow would be close to neutral in 2024, but maybe that's changed. Could you tell us how much funding beyond this $1.6 billion you need to eventually become self-funding and what year that will be.

所以我的第一個關於你有足夠的資金持續到 2023 年的評論。我認為你在回租過程中給出的指導是自由現金流在 2024 年將接近中性，但也許這已經改變了。您能否告訴我們，除了這 16 億美元之外，您需要多少資金才能最終實現自籌資金，以及那將是哪一年。

Charlie, so I think given all the current market uncertainty, we're not going to give guidance on a specific point in time. I think what we can say is that we do expect to break even within the context of us reaching our 290,000 volume plan...

查理，所以我認為鑑於當前市場的所有不確定性，我們不會在特定時間點提供指導。我認為我們可以說的是，我們確實希望在實現 290,000 銷量計劃的情況下實現收支平衡......

Okay, understood. And then just coming back to the gross margin in Q4 and maybe into next year. In the text of your document, you mentioned that price increases for batteries and other components that have already taken place in the market have not actually been experienced by you yet because of the contract terms you have with Volvo. So could you talk about when you expect the impact of higher battery costs? And what will be the magnitude of that impact on the gross margin?

好的，明白了。然後回到第四季度的毛利率，也許到明年。在您的文件文本中，您提到由於您與沃爾沃的合同條款，您尚未真正體驗到市場上已經發生的電池和其他組件的價格上漲。那麼，您能否談談您預計何時會出現更高的電池成本影響？這對毛利率的影響有多大？

Sure. So when we look at raw materials, for example, we see that there was only a limited impact in Q3 from the increases in raw material costs. And then this is due to the time lag between when it's reflected in our building materials to when it flows through our P&L. With that being said, we also only experienced a limited impact from the previously implemented price increases this summer due to the price protection of the order book at the time. So we expect both of these to have a larger impact in Q4...

當然。因此，例如，當我們查看原材料時，我們發現原材料成本上漲對第三季度的影響有限。這是由於它在我們的建築材料中反映到它流經我們的損益表之間的時間差。話雖如此，由於當時訂單簿的價格保護，我們在今年夏天之前實施的價格上漲也只受到了有限的影響。所以我們預計這兩者都會在第四季度產生更大的影響......

Okay. And then Volvo launched the EX 90 yesterday. Now on a like-for-like basis, I think if I expect the cars with the same content, the launch version of the Polestar 2 long-range dual motor is about EUR 22,000 cheaper, which is about 20 percent than the EC. Obviously, partial 5C versus a 7-seat to put a lot of the hardware and the battery pack capacity are identical. So how confident are you that the unit economics of the Polarstar are going to work on a much lower price point than the EX90?

好的。然後沃爾沃昨天推出了 EX 90。現在按同價比計算，我想如果我期望相同內容的汽車，Polestar 2 遠程雙電機的發布版本大約便宜 22,000 歐元，比 EC 便宜 20% 左右。顯然，偏5C和7座放很多硬件和電池組容量是一樣的。那麼，您對 Polarstar 的單位經濟效益將以比 EX90 低得多的價格運行有多大信心？

Well, I cannot confirm the 20,000 that you refer here. I think that I cannot confirm there. And the picture is, of course, broader than that you have to look into U.S. China and Europe pricing. And then our pricing, of course is compared here with the Volvo pricing that includes LiDAR, where we have the pricing that you referred to with the pilot back without the LIDAR. So that will be, of course, an additional price on what you compare now. So all in all, we see that the positioning of the process 3 price-wise is not at all. If you (inaudible) it rightfully at the same level is not at all below the EX 90 pricing. So that I cannot confirm. We are definitely going here for a premium price with the Polestar 3.

好吧，我無法確認你在這裡提到的 20,000。我認為我無法在那裡確認。當然，情況比你必須研究美國、中國和歐洲的定價更廣泛。然後我們的定價，當然在這裡與包括 LiDAR 的沃爾沃定價進行比較，我們有你提到的沒有激光雷達的飛行員返回的定價。因此，這當然是您現在比較的價格的額外價格。所以總而言之，我們看到進程3在價格方面的定位一點都不為過。如果你（聽不清）它理所當然地處於同一水平，根本不低於 EX 90 定價。以至於無法確認。我們肯定會以高價購買 Polestar 3。

Okay. Understood. If I can sneak one last one then. The U.S. market, can you talk about the impact of the inflation Reduction Act, which obviously means that you don't get the incentive on the Polestar to anymore whether or not you can rectify that?

好的。明白了。如果我能偷偷最後一張的話。美國市場，你能談談降低通貨膨脹法案的影響嗎，這顯然意味著你對北極星沒有動力了，你是否可以糾正它？

(inaudible) Yes, it's a bit difficult to comment on that because there are still too many uncertainties, and we have to see really the full picture in the next year. Our customers are already at the moment, excluded from that because of combined household income that takes them obviously above that threshold. So for that reason, this is set for now, not a major event for us. But again, it's a little bit too early to really comment on that, that we have to see how it develops in the new year.

（聽不清）是的，對此發表評論有點困難，因為仍有太多不確定性，我們必須在明年看到真正的全貌。我們的客戶目前已經被排除在外，因為他們的家庭總收入明顯高於該門檻。因此，出於這個原因，這只是暫時的，對我們來說不是一件大事。但同樣，現在就此發表評論還為時過早，我們必須看看它在新的一年裡會如何發展。

(Operator Instructions) And the next question comes from the line of Itay Michaeli from Citi.

（操作員說明）下一個問題來自花旗的 Itay Michaeli。

Just a couple of follow-ups. First, maybe I'm going back to the Polestar time I was hoping you can maybe put a little bit around what you might be seeing on reservations, broader demand as well as maybe what you're seeing by region and as well as a configurator, what portion of consumers might be choosing the performance pack for the Polestar 3.

只是一些後續行動。首先，也許我要回到 Polestar 時代，我希望你可以稍微談談你可能會看到的預訂、更廣泛的需求以及你可能會看到的地區和配置器, 哪一部分消費者可能會選擇 Polestar 3 的性能包。

Yes, reception for Polestar has been fantastic. I mean the launch was we are satisfied and happy with the reception of it. You have to excuse me being a (inaudible) this around. We have much more focus now for us to really concentrate now on start of production of this car, first customer deliveries, that is what we are concentrating on our focus because we actually don't worry or don't -- are not in doubt about the customer demand here. We really want to make sure now that customers don't have to wait too long for the car and that we are actually able to deliver on that demand. And for that reason, that's our strong focus.

是的，Polestar 的接待非常棒。我的意思是發布是我們對它的接受感到滿意和高興。你必須原諒我是一個（聽不清）周圍的人。我們現在有更多的注意力讓我們真正專注於這輛車的開始生產，第一批客戶交付，這就是我們專注於我們的重點，因為我們實際上不擔心或不 - 毫無疑問關於這裡的客戶需求。我們現在真的想確保客戶不必為汽車等待太久，而且我們實際上能夠滿足這種需求。因此，這是我們的重點。

Great. And then Thomas, how about on the Polestar maybe if you could ride an update there on -- it looks like from the slides, it's still slated to launch next year. Just curious when you think production may start or if you can give us a little bit more color on when you may reveal that vehicle.

偉大的。然後是 Thomas，在 Polestar 上怎麼樣，如果你可以在那裡進行更新——從幻燈片上看，它仍計劃於明年推出。只是好奇您認為什麼時候可以開始生產，或者您是否可以給我們更多關於何時可以展示該車輛的顏色。

Yes, that will be indeed part of our 2023 program to launch the car, at least and where it will go into market first. We have the situation that, of course, the development of Polestar 4 is on track very well advanced. A little bit of explanation here, obviously, being spread out with the R&D forces here, having here the Polestar complete different team working on it secures that there is a very strong focus from that site on this development, and it is therefore nicely on track, and we indeed will be preparing to bring this car to market within 2023.

是的，這確實是我們 2023 年推出汽車計劃的一部分，至少是它將首先進入市場的地方。當然，我們的情況是，Polestar 4 的開發進展順利。顯然，這裡有一點解釋，在這裡與研發力量一起分散，在這裡有 Polestar 完整的不同團隊從事它確保該網站非常關注這個開發，因此它很好地走上了正軌，我們確實會準備在 2023 年將這款車推向市場。

Perfect. And then maybe just a last question maybe for Johan. As you think about cash flow in the fourth quarter. Any color you could provide on just how to think about working capital and maybe CapEx as well?

完美的。然後也許只是最後一個問題，也許是給 Johan 的。當你考慮第四季度的現金流時。您可以提供有關如何考慮營運資金和資本支出的任何顏色嗎？

Yes, sure. working capital in the fourth quarter, I would expect an increase in working capital in the fourth quarter, but not to the same extent that we've seen year-to-date. And the fourth quarter working capital increase would then be driven primarily by an increase in accounts receivable following the higher sales in Q4, whereas I would expect inventory and accounts payable balances to be -- remain very similar to what they were in Q3. In regards to CapEx, there, I would expect CapEx to be proportionately higher in Q4, but I would not expect it to exceed $1 million in total for the full year. I think any delta to prior CapEx guidance is related to timing rather to than a change in the investment spend. So that would rather spill over into the next year then.

是的，當然。第四季度的營運資金，我預計第四季度的營運資金會增加，但不會達到我們今年迄今為止看到的程度。第四季度營運資金的增加將主要受第四季度銷售額增加後應收賬款增加的推動，而我預計庫存和應付賬款餘額將與第三季度非常相似。關於資本支出，我預計第四季度的資本支出會按比例增加，但我預計全年總額不會超過 100 萬美元。我認為之前資本支出指導的任何增量都與時間有關，而不是與投資支出的變化有關。因此，這寧願蔓延到明年。

(Operator Instructions) And the next question comes from the line of Alex Potter from Piper Sandler.

（操作員說明）下一個問題來自 Piper Sandler 的 Alex Potter。

Great. So my first question is regarding, I guess, supply chain health, generally speaking. And then specifically also regarding outbound vehicle shipments from China. I know that generalized ocean shipping rates they seem to have been coming down by a lot recently. But specific to the auto industry, I've heard that there's still a lack of ships that can be difficult to find ships that are capable of exporting cars out of China. So given how important China is to your manufacturing footprint. Just interested in hearing anything that you're willing to share on that topic of ocean shipping rates. And then also, like I mentioned, more generally on just the status of the supply chain overall...

偉大的。所以我的第一個問題是，我想，一般來說，供應鏈健康。然後特別是關於從中國出境的車輛出貨量。我知道廣義海運費率最近似乎下降了很多。但具體到汽車行業，我聽說目前還缺乏船舶，很難找到能夠從中國出口汽車的船舶。因此，考慮到中國對您的製造足蹟的重要性。只是想听聽您願意就海運費率主題分享的任何內容。然後，就像我提到的，更一般地說，只是供應鏈的整體狀況……

Yes, when it comes to the logistics, yes, they are, of course, challenging that is something that everybody is experiencing. Having said that, we have very, very experienced partners supporting us in that. us now having, for example, the 20,000 cars that are -- that have been produced that we still have to deliver to the 50,000 target, which we are confident in doing. Why are we confident? Because indeed, the logistics could be arranged. And yes, going out from China is one of the problems that you have to tackle in that, but there are alternatives around which we know how to deal with and work with and what we are using. So generally, the supply chain issues, the Covid19 stuff, there is a big experience but now over the 2 years that helps us to deal with that, specifically logistics is something that in the broader Volvo and Geely frame, this is something which is a very, very established and experienced organization that has been using these channels for the case and indeed have ways and means of how to cope with this.

是的，在物流方面，是的，它們當然具有挑戰性，這是每個人都在經歷的事情。話雖如此，我們有非常非常有經驗的合作夥伴支持我們。例如，我們現在有 20,000 輛已經生產的汽車，我們仍然需要交付到 50,000 輛的目標，我們有信心做到這一點。我們為什麼有信心？因為確實可以安排物流。是的，走出中國是你必須解決的問題之一，但我們知道如何處理和使用以及我們正在使用的替代方案。所以總的來說，供應鏈問題，Covid19 的事情，有很多經驗，但現在在過去的 2 年裡幫助我們處理這個問題，特別是物流是更廣泛的沃爾沃和吉利框架中的事情，這是一個非常、非常成熟和經驗豐富的組織，一直在使用這些渠道處理案件，並且確實有辦法和方法來處理這個問題。

Okay. Great. That's helpful. And anything regarding semiconductors that you would want to call out. Well, I want to say about this. semiconductors, yes, that's part of what I try to describe here 2 years of what I call the new normal have made us, of course, deal with this on a weekly, on a monthly base. And this is something that will it change in 2023?

好的。偉大的。這很有幫助。以及任何您想要提出的有關半導體的信息。嗯，我想說說這個。半導體，是的，這就是我在這裡試圖描述的內容的一部分 我稱之為新常態的 2 年當然讓我們每週、每月處理一次。這會在 2023 年改變嗎？

No, all the experience that we have collected now to deal with that, we will have to use again in 2023. Having said that, this catch-up that we have performed now here in August, September, October, of course, we're exactly under those conditions, and we managed to after the Shanghai lockdown to ramp up our production, have higher production than ever propose to under exactly those circumstances. And that is exactly where we feel, of course, as well that we go well prepared in 2023.

不，我們現在收集的所有經驗來處理這個問題，我們將不得不在 2023 年再次使用。話雖如此，我們現在在 8 月、9 月、10 月在這裡進行的這次追趕，當然，我們'正是在這種情況下，我們在上海封鎖後設法提高了產量，在這種情況下的產量比以往任何時候都高。當然，這正是我們的感受，我們也為 2023 年做好了充分準備。

Okay. Great. Yes, I can appreciate it's a challenging environment for you and for everyone else. So I feel for you on that front. Maybe I'll ask questions. Just regarding sales and marketing. You mentioned that it ticked down here sequentially. Do you think that -- I guess, I'm interested in learning maybe why that's the case? Are you just trying to preserve capital? Do you think this is a good sales and marketing run rate? Or do you think it will pick back up again now that you're going to be pushing harder on Polestar 3. Just any commentary you could give on the outlook for sales and marketing spend would be helpful.

好的。偉大的。是的，我能理解這對您和其他所有人來說都是一個充滿挑戰的環境。所以我在這方面同情你。也許我會問問題。只是關於銷售和營銷。你提到它在這裡按順序滴答作響。你認為——我想，我有興趣了解為什麼會這樣？你只是想保本嗎？您認為這是一個很好的銷售和營銷運行率嗎？或者你認為它會再次回升，因為你將更加努力地推動 Polestar 3。只要你能對銷售和營銷支出的前景發表任何評論都會有所幫助。

Sure. The -- our action to curtail that here in Q3 was in part driven by just recognizing that we would have the expected lower volumes. Of course, as we enter into Q4 and next year, we will ramp that back up again in order to support those volumes. So I would view it more as something that impacted Q3. With that being said, in light of the current market backdrop and of course, the macro environment that we have and is likely to persist, we are very stringent in our spend, specifically as it relates to our operational costs, not only advertising and promotion. And there, we are working across the company to identify and execute on cost efficient opportunities. And of course, that has to be balanced with the growth phase we're in. So we are very calculated in the areas we're looking to hold back spend on.

當然。我們在第三季度採取的減少這一行動的部分原因是認識到我們的預期銷量會下降。當然，隨著我們進入第四季度和明年，我們將再次增加備份以支持這些數量。所以我認為它更像是影響第三季度的事情。話雖如此，鑑於當前的市場背景，當然還有我們所擁有的並且可能會持續存在的宏觀環境，我們在支出方面非常嚴格，特別是因為這與我們的運營成本有關，而不僅僅是廣告和促銷.在那裡，我們正在全公司範圍內開展工作，以確定並執行具有成本效益的機會。當然，這必須與我們所處的增長階段相平衡。因此，我們在我們希望抑制支出的領域非常謹慎。

(Operator Instructions) And the next question comes from the line of Erik Golrang from SEB.

（操作員說明）下一個問題來自 SEB 的 Erik Golrang。

I have 4 questions, 3 of them have been asked. So I'll take the last one, and it sort of some help on your flexibility and maneuverability to the extent we get a clearly weaker sort of demand than economy next year. I mean you're saying now you're funded through 2023, and I assume that's based on your existing forecast, right? But let's say, things doesn't turn out as well as you expect, how much room is there for you to sort of cut down on CapEx managed working capital a bit more efficiently on the OpEx side, marketing, et cetera. I mean what -- how much room for weaker demand this there and while you still be able to keep a -- to stay funded to next year? Any out there?

我有 4 個問題，其中 3 個已被問到。所以我會採取最後一個，它對你的靈活性和機動性有一定幫助，因為明年我們的需求明顯弱於經濟。我的意思是你現在說你的資金到 2023 年，我假設這是基於你現有的預測，對吧？但是比方說，事情並沒有像你預期的那樣發展，你有多少空間可以在運營支出、營銷等方面更有效地削減資本支出管理的營運資金。我的意思是 - 那裡有多少需求疲軟的空間，同時你仍然能夠保持 - 為明年提供資金？有嗎？

Yes. I think we recognize that the macro environment is challenging and likely persists. So we're not necessarily waiting for times to get worse. We're already now taking actions to make sure that we're very prudent in our spend. So managing our operational cost, it's absolutely a key priority and that we are already taking actions towards, like I said, identifying and executing on cost efficiency opportunities. And so that's definitely one avenue. -- another avenue that we already today are working actively with and it's just around the whole revenue management and of course, in regards to optimizing mix levels of sales support, et cetera, et cetera. So I think if anything, all those work streams were just intensify, but again, we're not waiting for times to get worse. We're already acting on those now.

是的。我認為我們認識到宏觀環境充滿挑戰並且可能會持續存在。所以我們不一定要等待情況變得更糟。我們現在已經在採取行動，以確保我們在支出方面非常謹慎。因此，管理我們的運營成本絕對是一個關鍵的優先事項，我們已經在採取行動，就像我說的那樣，確定並執行成本效率機會。所以這絕對是一種途徑。 - 我們今天已經在積極合作的另一個途徑，它只是圍繞整個收入管理，當然，關於優化銷售支持的組合水平，等等。所以我認為，如果有的話，所有這些工作流都在加強，但同樣，我們不會等待時間變得更糟。我們現在已經在採取行動了。

And I think about this EUR 1.6 billion secure, of course, is as well the investment into our product portfolio. So that is in that way, secured and guaranteed that we will not have to compromise on that. Weaker market demand whatever. Of course, like we can work on marketing costs, not having to produce these cars automatically will be, of course, a different business plan for us. So I think the main key is with this funding support, we definitely can secure that we are on track, developing the company, our product portfolio, our business. So that's the projections, the ideas of where we want to be in 2025 are not influenced. And I can just echo what Thomas said and the whole point of this is to safeguard the card programs. And so with the new (inaudible) 3 product launches we have over the next 3 years, we're really focused on delivering on those milestones and those for those products to then start generating the revenues and the margins.

我認為這 16 億歐元當然是安全的，也是對我們產品組合的投資。因此，以這種方式，確保我們不必就此妥協。市場需求疲軟。當然，就像我們可以降低營銷成本一樣，不必自動生產這些汽車對我們來說當然是一個不同的商業計劃。所以我認為主要的關鍵是有了這筆資金支持，我們絕對可以確保我們走上正軌，發展公司、我們的產品組合和我們的業務。這就是預測，我們希望在 2025 年達到的目標的想法不會受到影響。我可以重複 Thomas 所說的，其全部意義在於保護卡片程序。因此，隨著我們在未來 3 年推出新的（聽不清）3 種產品，我們真正專注於實現這些里程碑以及這些產品的里程碑，然後開始產生收入和利潤。

Very good. And then if I could just follow up with -- to confirm what you said previously on the question of the Pulsar 4. What did you say that we will see both the reveal and the production start next year? Or did you just confirm that it will be presented to us next year...

很好。然後，如果我可以跟進 - 確認你之前在 Pulsar 4 問題上所說的話。你說什麼我們將在明年看到展示和生產？或者你剛剛確認它會在明年呈現給我們......

Well, we will launch the car, and that is not -- I'm not talking here that we just go and present you the design of the car. That will be the start of the launch that includes, of course, as well industrial milestones that we will hit along the line in 2023.

好吧，我們將推出汽車，那不是 - 我不是在這裡說我們只是去向你展示汽車的設計。這將是發布的開始，當然包括我們將在 2023 年實現的工業里程碑。

(Operator Instructions) And the next question comes from the line of Charles Coldicott from Redburn.

（操作員說明）下一個問題來自 Redburn 的 Charles Coldicott。

I want to ask on China as well. So I think, if I'm correct, you've only sold about 1,000 pulses in China this year? And I guess to an extent, you're prioritizing Europe because it sounds like it's higher margin for you. But is it demand in China is maybe a bit more muted than you would have liked? And if so, how do you solve that? Is it just that the domestic OEMs are very competitive when it comes to EVs in China...

我也想問問中國。所以我想，如果我沒記錯的話，你們今年在中國祇賣出了大約 1,000 個豆類？我想在某種程度上，你會優先考慮歐洲，因為這聽起來對你來說利潤更高。但中國的需求是否可能比您希望的要低一些？如果是這樣，您如何解決？難道只是國內整車廠在中國的電動汽車上很有競爭力……

Well, obviously, the launch of the poster -- and that I definitely should underline here, of course, the poster will be very crucial products for us to get into a competitive and strong position here in China. And for that reason, we definitely expect and work on a market in China where it poses 3 and 4, we will accelerate and make that as well an important part of our business...

好吧，很明顯，海報的發布——我絕對應該在這裡強調，當然，海報將是我們在中國取得競爭優勢和強勢地位的非常關鍵的產品。出於這個原因，我們肯定期待並致力於中國市場，它構成了 3 和 4，我們將加速並使其成為我們業務的重要組成部分......

Okay. Understood. And then just another one on the latest funding round is from Volvo and Geely again. I wonder at what stage do you think the Volvo July might be willing to perhaps reincrease some of their stake in order to increase the free float of wholesale.

好的。明白了。然後，最新一輪融資中的另一家又來自沃爾沃和吉利。我想知道您認為 Volvo July 在什麼階段可能願意重新增加部分股份以增加批發的自由流通量。

Yes, Charlie, I mean, that's really a question for them rather than for us. The lockup from the SPAC transaction expires here in December. And of course, that will release the shares not only from our 2 major shareholders, but from other -- or from non-related parties as well, which over time should help the free float. But in regards to your specific question for the show, I think that's more of a question for our shareholders.

是的，查理，我的意思是，這真的是他們的問題，而不是我們的問題。 SPAC 交易的鎖定將於 12 月在這裡到期。當然，這不僅會從我們的 2 個主要股東那裡釋放股份，還會從其他 - 或非關聯方那裡釋放股份，隨著時間的推移，這應該有助於自由流通。但關於你對節目的具體問題，我認為這更像是我們股東的問題。

(Operator Instructions) There are no further questions at this time. I would now like to hand the conference over to our speaker, Thomas Ingenlath for closing remarks.

（操作員說明）目前沒有其他問題。我現在想將會議交給我們的發言人 Thomas Ingenlath 作閉幕詞。

Okay. Then thank you all for joining on our first quarterly results call. Let me then finish with 3 points just to summarize where we see the highlights of today. And that is definitely that despite the challenges that are affecting our whole industry, we are very delighted that we are on track to reach the target of 50,000 deliveries this year. Secondly, we have launched a Polestar. That's a major real milestone for our company, taking us into that premium SUV sector -- and last but not least, the financing package secured from our shareholders allows Polestar to focus on delivering more cars to more customers. And as we talked about next year, you will not only see the first deliveries of the Polestar but we will also launch the Polestar 4. I look forward to telling you more when we speak next time. And hopefully, see you as well each other along this exciting journey of Polestar in 2023.

好的。然後感謝大家參加我們的第一個季度業績電話會議。然後讓我以 3 點結束，以總結我們今天看到的亮點。毫無疑問，儘管挑戰正在影響我們整個行業，但我們很高興我們有望在今年實現 50,000 輛交付的目標。其次，我們推出了 Polestar。這對我們公司來說是一個真正的重要里程碑，將我們帶入了高端 SUV 領域——最後但並非最不重要的一點是，從我們股東那裡獲得的融資方案使 Polestar 能夠專注於為更多客戶提供更多汽車。正如我們所說的明年，您不僅會看到 Polestar 的首批交付，我們還將推出 Polestar 4。我期待在下次談話時告訴您更多信息。希望在 2023 年的 Polestar 激動人心的旅程中，與您相見。

That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.

我們今天的會議到此結束。感謝您的參與。您現在可能會全部斷開連接。祝你今天過得愉快。