Electrameccanica Vehicles Corp (SOLO) 2022 Q3 法說會逐字稿

Thank you for joining us today to discuss ElectraMeccanica's third-quarter earnings and the road ahead. I'm joined by our new CFO, Mark Orsmond, who will offer some more granular insights into our financial performance shortly. As you may recall from some of the announcements we've made, Mark is one of a number of senior hires we've made over the past few months as we continue to professionalize our leadership team and improve our operational expertise in anticipation of our next phase of growth.

感謝您今天加入我們，共同探討 ElectraMeccanica 第三季的業績與未來發展方向。我們的新任財務長 Mark Orsmond 也將與我們一同分享，他很快將就我們的財務表現提供更詳盡的見解。您可能還記得我們之前發布的一些公告，Mark 是我們在過去幾個月聘請的眾多高級管理人員之一，我們將繼續提升領導團隊的專業化水平，並提升營運技能，以迎接下一階段的增長。

First, let's talk about the headline numbers. Solo production for the third quarter was 103 vehicles, a drop sequentially from this year's second quarter as our manufacturing partners and vendors were impacted by pandemic aftershocks and China's zero COVID policy. But roughly the same as production a year ago.

首先，我們來談談整體數據。第三季度，特斯拉單產汽車103輛，環比第二季度有所下降，原因是我們的製造合作夥伴和供應商受到了疫情餘波和中國「零新冠」政策的影響。但與去年同期的產量大致持平。

We saw very slightly lower sequential Solo deliveries during the quarter as we delivered 64 vehicles versus 68 last quarter. Revenues were correspondingly slightly lower at $1.44 million versus $1.55 million during the prior quarter, but roughly 12 times higher than the same quarter a year ago.

本季度，Solo 交貨量較上季略有下降，共交付 64 輛汽車，而上季為 68 輛。營收也相應略有下降，為 144 萬美元，而上季為 155 萬美元，但比去年同期高出約 12 倍。

Finally, and while we have a lot of work to do on this front, want to highlight that we also improved our gross margins by roughly 55 points from last quarter. We expect margins to be volatile from quarter to quarter, given the unpredictable macro environment. But directionally, we are headed in the right way and I want to give credit to everyone at ElectraMeccanica who is working hard to make sure that we're running our business as efficiently as we can.

最後，雖然我們在這方面還有很多工作要做，但我想強調的是，我們的毛利率也比上一季提高了約55個百分點。鑑於不可預測的宏觀環境，我們預期利潤率將逐季波動。但從方向上看，我們正朝著正確的方向前進，我要讚揚ElectraMeccanica的每一位員工，他們正在努力確保我們盡可能有效率地經營業務。

If you haven't had a chance to read our investor letter for this quarter, I encourage you to do so, but I wrote that there were three important takeaways from our business this quarter. Let me touch on them briefly.

如果您還沒有閱讀我們本季的投資者信，我建議您閱讀一下。我之前提到，本季我們的業務有三點重要收穫。讓我簡單介紹一下。

First, while we produced and delivered fewer vehicles this quarter than Q2, we don't see a slowdown in either demand or in our ability to scale in order to capture our horizontal market opportunity. Our manufacturing partners who faced a zero COVID policy headwind are back on track. And at the same time, right now, we are activating a new marketing campaign across multiple channels that we expect to have a significant impact at every point of our sales pipeline.

首先，雖然本季我們的汽車產量和交付量均低於第二季度，但我們並未發現需求放緩，也未發現我們為抓住橫向市場機會而擴大規模的能力有所減弱。我們的製造夥伴先前曾面臨新冠疫情零封鎖政策的不利影響，但如今已重回正軌。同時，我們正在多個管道啟動一項新的行銷活動，預計這將對我們銷售管道的每個環節產生重大影響。

What this means is that, across our key markets and in front of key audiences, the Solo will be visible, dynamic, and changing the conversation around mobility. If you want to see what this looks like, there are links to our newest video spots on our website, and I also think they are terrific. They perfectly convey the excitement, energy and maximal minimalism the Solo provides.

這意味著，在我們的主要市場和主要受眾面前，Solo 將清晰可見、活力四射，並改變圍繞出行的討論。如果您想一睹它的風采，我們網站上有我們最新視頻廣告的鏈接，我認為這些廣告非常精彩。它們完美地展現了 Solo 帶來的熱情、活力和極致的簡約。

The second takeaway, it's clear to me that the decision to onshore our manufacturing capabilities to our own facility in Mesa was exactly right. It will allow us to dramatically shorten our supply lines and associated lead times, reduce costs, avoid unforeseen tariffs, give us direct control over manufacturing and operations, place us in the heart of what we expect to be a key market. And not least, the potential to create hundreds of jobs in our home market, United States. And we got additional good news from Mesa where we were awarded a license to sell EVs in Arizona.

第二個要點是，我很清楚，將製造能力轉移到梅薩自有工廠的決定是完全正確的。這將使我們能夠大幅縮短供應鏈和相關的交貨時間，降低成本，避免不可預見的關稅，讓我們能夠直接控制製造和運營，並使我們處於我們預期的關鍵市場的核心位置。更重要的是，它有可能在我們的本土市場——美國——​​創造數百個工作機會。此外，我們還從梅薩獲得了額外的好消息，我們獲得了在亞利桑那州銷售電動車的許可證。

Part of our strategy is to be continually expanding our sales footprint, but Arizona and Phoenix in particular represent a valuable opportunity for ElectraMeccanica. In many ways, it represents a place and population that could not more closely align with our vision of an ideal market for the Solo, it's one of the largest metro areas in the US, it's home to thousands of businesses, dozens of colleges and universities, and tens of thousands of students.

我們的策略之一是不斷擴大銷售足跡，但亞利桑那州和鳳凰城對 ElectraMeccanica 來說尤其代表著寶貴的機會。從很多方面來看，這裡的地理位置和人口都與我們對 Solo 理想市場的願景完美契合。這裡是美國最大的都會區之一，擁有數千家企業、數十所大學和數萬名學生。

This area has popular major league sports teams, world-class recreational facilities and, of course, it's beautiful. Just outside the urban and suburban areas is some of the best biking and hiking anywhere in the country. And to get a sense of the opportunity for the Solo, as most recent US census data, nearly 1.5 million people in the area commute to work by driving alone. That's an incredible number and opportunity.

這個地區擁有熱門的大聯盟運動隊、世界一流的娛樂設施，當然，還有美麗的風景。市區和郊區之外，坐落著全美最佳的騎行和健行路線。為了了解獨行俠的機遇，根據最新的美國人口普查數據，該地區有近150萬人獨自駕車上下班。這是一個令人難以置信的數字，也是一個絕佳的機會。

For the third takeaway, Look, I want to be candid about how difficult this current environment is for everyone. Consumers are being battered by price increases on the things that matter the most from food to housing to energy. Businesses face similar cost pressures, something we feel keenly every day as we source the parts and materials we need to build our vehicles.

第三個重點是，我想坦誠地說，目前的環境對每個人來說都十分艱難。從食品、房屋到能源，消費者正遭受最重要商品價格上漲的衝擊。企業也面臨類似的成本壓力，我們在採購製造汽車所需的零件和材料時，每天都能深刻感受到這一點。

At the same time, ElectraMeccanica is in the fortunate position of having both high confidence in our strategy and our product, and importantly, the resources necessary to pursue and realize that strategy. Nothing about the current environment suggests to me that the long-term market opportunity ahead of us has diminished. In fact, the opposite is true.

同時，ElectraMeccanica 非常幸運，我們對我們的策略和產品充滿信心，更重要的是，我們擁有推行和實現該策略所需的資源。在我看來，當前的環境並沒有顯示我們面臨的長期市場機會已經減少。事實上，情況恰恰相反。

In an environment where the cost of simply getting to work is soaring, the Solo is an elegant, affordable solution for everyday need, shared by hundreds of thousands of commuters. And we have great people, the right approach to manufacturing, and we have managed our resources, particularly our balance sheet, with a view to making sure we have the runway we need to meet our goals. With that and before I offer some final remarks, let me turn to Mark to review the financial performance. Mark?

在如今通勤成本飆升的環境下，Solo 是一款優雅且經濟實惠的日常出行解決方案，深受數十萬通勤者的喜愛。我們擁有優秀的人才、正確的製造方法，我們管理我們的資源，尤其是我們的資產負債表，以確保我們擁有實現目標所需的發展空間。至此，在我發表最後評論之前，請容許我請馬克回顧一下財務表現。馬克？

Thanks, Kevin, and thanks, everyone, for joining today. I've had a chance to meet with some of our investors already, but I'm genuinely looking forward to getting to know more of you as I settle in. As Kevin said earlier, our revenues in the third quarter were $1.44 million, up 12 times from the previous year, and a slight 6.9% decline from the prior quarter.

謝謝凱文，也謝謝大家今天的到來。我已經有機會和一些投資者見面了，但我真心期待在適應之後能與大家進一步了解。正如凱文之前所說，我們第三季的營收為144萬美元，年增12倍，季減6.9%。

Reflected by the reduction from our 68 solar deliveries to 64, our production, as Kevin mentioned, was 103 vehicles. We believe production figures are influenced by temporary pressures on our vendors, manufacturing partners and related supply chain disruptions resulting from zero COVID policies.

正如Kevin所說，我們的太陽能交付量從68輛減少到64輛，產量也因此下降至103輛。我們認為，產量數據受到了供應商、製造合作夥伴暫時面臨的壓力以及零新冠政策導致的相關供應鏈中斷的影響。

Our gross margin was minus 66.3%, which represents a 55% sequential improvement from the previous quarter. Obviously, we are pleased with the direction and scale of this change, but we we're mindful that we could experience some volatility here on a quarter-to-quarter basis.

我們的毛利率為-66.3%，季增55%。我們當然對這項變化的方向和規模感到滿意，但我們也意​​識到，季度環比可能會出現一些波動。

In the near term, like every manufacturing business, we are managing against inflationary pressures and costs and the supply chain issues. Over time as we complete the process of onshoring our manufacturing facility in Mesa, this will enable us to have a greater control over our supply chain, avoid unpredictable tariff policies, and expect that this will positively contribute to our gross margins.

短期內，與所有製造業企業一樣，我們正在應對通膨壓力、成本和供應鏈問題。隨著時間的推移，我們將逐步完成梅薩製造工廠的本土化，這將使我們能夠更好地控制供應鏈，避免不可預測的關稅政策，並有望對我們的毛利率產生積極影響。

Our operating expenses, which include SG&A and R&D, increased 14.2% sequentially over the prior quarter to $20.9 million, reflecting higher costs to support our expanding operations. We continue to be disciplined as possible when it comes to allocating our capital while at the same time making investments that are core to our strategy and success as a business.

我們的營運費用（包括銷售、行政及行政費用和研發費用）季增14.2%，達到2,090萬美元，這反映了我們為支持業務擴張而產生的成本增加。在資本配置方面，我們將繼續盡可能嚴謹，同時進行對我們策略和業務成功至關重要的投資。

Consistent with this, our investment in both R&D sales and marketing have increased on a year-on-year basis reflected in the higher OpEx expenditures. All in all, our net loss for the third quarter was $21.5 million, a 6.1% sequential increase from the prior quarter.

與此相符的是，我們在研發、銷售和行銷方面的投入同比增長，這體現在營運支出的增加上。整體而言，我們第三季的淨虧損為2,150萬美元，較上季成長6.1%。

Finally, and importantly, our balance sheet remains healthy with a working capital of just over $173 million at the end of the quarter. Everyone's working hard here to ensure that the financial and operation machinery is in place to support our strategy and growth and we appreciate your confidence. With that, I will return the call to Kevin. Thank you.

最後，也是最重要的一點，我們的資產負債表保持穩健，本季末營運資本略高於1.73億美元。公司全體員工都在努力工作，確保財務和營運機製到位，支持我們的策略和成長，我們感謝您的信任。至此，我會回電給Kevin。謝謝。

Thanks, Mark. Before I go, I want to say again that I'm encouraged as I look forward. We have great momentum for both our vehicles and brand and our business.

謝謝，馬克。在離開之前，我想再次說，我對未來充滿信心，充滿期待。我們的車型、品牌和業務都保持著強勁的發展勢頭。

On the vehicle front, as some of you might have seen, maybe even in person depending on where you live, in September, we launched a pilot project with California's largest Pizza Hut franchise, American West Restaurant Group.

在車輛方面，正如你們中的一些人可能已經看到的那樣，甚至可能親眼看到過，這取決於你們居住的地方，9 月份，我們與加州最大的必勝客特許經營店 American West Restaurant Group 啟動了一個試點項目。

Over the course of the 13-week pilot, which ends in December of this year, AWRG will have put at least 12 of our Solo Cargo vehicles through their paces, delivering pizza in its temperature-controlled custom-built cargo area across Los Angeles and other Southern California counties. We'll be learning alongside with the folks at AWRG which will in turn contribute significantly to the development of our Solo Cargo program.

為期13週的試點計畫將於今年12月結束。在該計畫期間，AWRG將至少對12輛Solo Cargo車輛進行全面測試，在其客製化的溫控貨運區內，為洛杉磯及南加州其他縣市的居民送去披薩。我們將與AWRG的員工一起學習，這將為Solo Cargo計畫的發展做出重大貢獻。

And as I said, earlier. We are also continuing to up level our senior leadership team, and we are pleased to welcome not only Mark Orsmond as CFO, but also just welcome our new General Counsel and Corporate Secretary, Tony Dent, both have hit the ground running.

正如我之前所說，我們也在繼續提升我們的高級領導團隊，我們很高興不僅歡迎馬克·奧斯蒙德擔任首席財務官，還歡迎我們的新任總法律顧問兼公司秘書托尼·登特，他們兩位都已開始積極工作。

Last quarter, we also committed to improving our communication and connectivity with you, our investors. We are making good on that commitment. We have launched not only a refreshed Investor Relations website, but a brand-new landing page for not just investors, but anyone curious about the latest developments in our business and our markets, emdinsights.com. We've already heard from a number of you that the insights and engagement are helpful and appreciated, and we encourage everyone to visit.

上個季度，我們也致力於改善與各位投資人的溝通與聯繫。我們正在兌現這項承諾。我們不僅推出了全新的投資者關係網站，還推出了一個全新的登陸頁面 emdinsights.com，不僅面向投資者，也面向所有對我們業務和市場最新發展感興趣的人士。我們已經收到許多投資者的回饋，他們表示，這些見解和互動非常有幫助，我們對此表示讚賞，並鼓勵大家參觀。

Finally, and while it is some time away, we'll be hosting our first Investor Day at our Mesa facility in February. Investors will have an opportunity to see not only the plant and our assembly line, but meet the people at ElectraMeccanica who are working every day to meet the mobility challenges of the future. We'll provide more details on this event in the near future.

最後，雖然還有一段時間，但我們將於二月在梅薩工廠舉辦首屆投資者日活動。投資者不僅有機會參觀工廠和裝配線，還能與 ElectraMeccanica 的員工見面，他們每天都在努力應對未來的出行挑戰。我們將在不久的將來公佈更多有關此活動的詳細資訊。

We're excited about the next quarter and the next year. With the launch of our new marketing campaigns, the Solo will be more visible to more people than ever before. Our pilot program with AWRG will provide valuable insights as we develop the Solo Cargo. Every day we're closer to bringing our manufacturing onshore and in-house, and we continue to expand our sales footprint.

我們對下一季和明年充滿期待。隨著我們新行銷活動的推出，Solo 將比以往任何時候都更容易被更多人看到。我們與 AWRG 合作的試點計畫將為我們開發 Solo Cargo 提供寶貴的參考。我們每天都在朝著將製造業務本地化和內部化邁進，我們將繼續擴大銷售足跡。

When I took over as CEO almost a year ago, I said that I wanted our company to be understood as an OEM because that was how we were going to operate our business and deliver returns to our investors, making and selling great vehicles. Nothing about that has changed and every day we continue to put the pieces in place that will allow us to scale into a mobility opportunity that continues to grow. That's a lot to look forward to for everyone at ElectraMeccanica and for you, our investors, too. thank you again for your confidence and stay simply electric.

大約一年前，當我接任執行長時，我就說過，我希望我們公司能夠被理解為一家原始設備製造商 (OEM)，因為這就是我們經營業務、為投資者帶來回報的方式，製造和銷售優秀的汽車。這一點從未改變，我們每天都在不斷改進各項措施，以便我們能夠拓展業務，成為持續成長的出行領域。對於 ElectraMeccanica 的每一位員工，以及各位投資者來說，這都是值得期待的。再次感謝你們的信任，也願我們繼續秉持「簡單電動」的理念。