Wallbox NV (WBX) 2022 Q2 法說會逐字稿

Hello, everyone, and welcome to the Wallbox's Second Quarter 2022 Earnings Conference Call and Webcast. My name is Victoria and I will be your operator for today's call. (Operator Instructions) I would now like to turn the call over to Matt Tractenberg, Wallbox's Vice President of Investor Relations. Matt, please go ahead.

大家好，歡迎參加 Wallbox 2022 年第二季度收益電話會議和網絡廣播。我叫維多利亞，我將擔任您今天通話的接線員。 （操作員說明）我現在想將電話轉給 Wallbox 投資者關係副總裁 Matt Tratenberg。馬特，請繼續。

Thank you, Victoria, and good morning, and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's second quarter 2022 results. This event is being broadcasted over the web and can be accessed from the Investor section of our website at investors.wallbox.com.

謝謝你，Victoria，各位聽眾早上好，下午好。感謝您參加今天的網絡廣播，討論 Wallbox 2022 年第二季度的業績。該活動正在網絡上直播，您可以從我們網站的投資者部分訪問，網址為investors.wallbox.com。

I am joined today by Enric Asuncion, Wallbox's CEO; Jordi Lainz, our CFO, as well as Douglas Alfaro, General Manager of Wallbox North America. Earlier today, we issued our press release announcing results for the second quarter 2022, period ended June 30, 2022, which can also be found on our website.

今天，Wallbox 首席執行官 Enric Asuncion 也加入了我的行列。我們的首席財務官 Jordi Lainz 以及 Wallbox 北美地區總經理 Douglas Alfaro。今天早些時候，我們發布了新聞稿，宣布截至 2022 年 6 月 30 日的 2022 年第二季度業績，您也可以在我們的網站上找到該業績。

Before we begin, I'd like to remind everyone that certain statements made on today's call are forward-looking, that may be subject to risks and uncertainties relating to future events and/or the future financial performance of the company. Actual results could differ materially from those anticipated. The risk factors that may affect results are detailed in the company's most recent public filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2021, which can be found on our website at investors.wallbox.com and on the SEC website at www.sec.gov.

在開始之前，我想提醒大家，今天電話會議中的某些陳述具有前瞻性，可能會受到與未來事件和/或公司未來財務業績相關的風險和不確定性的影響。實際結果可能與預期存在重大差異。可能影響業績的風險因素詳見該公司最近向美國證券交易委員會提交的公開文件，包括截至 2021 年 12 月 31 日的 20-F 表格年度報告，該報告可在我們的網站 Investors.wallbox.com 和 SEC 網站 www.sec.gov 上找到。

We will be presenting unaudited financial statements in IFRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IFRS financial measures on this call and reconciliations of these measures are included in the presentation posted on the Investor section of our website. Also, a copy of these prepared remarks can be obtained from the investor relations website, under the Quarterly Results section, so you can more easily follow along with us today.

我們將以國際財務報告準則格式提交未經審計的財務報表，反映管理層對實際結果的最佳評估。另請注意，我們在本次電話會議中使用了某些非 IFRS 財務指標，並且這些指標的調節包含在我們網站投資者部分發布的演示文稿中。此外，您還可以從投資者關係網站的“季度業績”部分獲取這些準備好的評論的副本，以便您今天可以更輕鬆地關注我們。

So with that out of the way, I'll turn it over to Enric.

因此，解決這個問題後，我會將其交給 Enric。

Thank you, Matt, and thanks everyone for joining us today. In addition to reviewing highlights from the second quarter of 2022, I will also share some updates on a new partnership, 2 acquisitions we just recently completed, and provide you with a view of the market. Douglas is joining us today to offer some insight into our North American business, the new manufacturing facility, the NEVI program and the recently announced Inflation Reduction Act, or IRA, and what it all means for us. We'll then turn the call over to Jordi, who will provide a more detailed review of our financial results, before I return to communicate our guidance for the third quarter of 2022. We will end by taking questions from our covering research analysts.

謝謝你，馬特，也感謝大家今天加入我們。除了回顧 2022 年第二季度的亮點之外，我還將分享有關新合作夥伴關係、我們最近完成的兩項收購的一些最新情況，並為您提供市場看法。道格拉斯今天加入我們，深入了解我們的北美業務、新製造工廠、NEVI 計劃和最近宣布的通貨膨脹削減法案 (IRA)，以及這一切對我們意味著什麼。然後，我們將把電話轉給喬迪，他將對我們的財務業績進行更詳細的審查，然後我回來傳達我們對 2022 年第三季度的指導。最後，我們將回答我們的覆蓋研究分析師的問題。

The second quarter played out as we expected, with strength across regions and technologies. Despite a complicated geo-political backdrop and continued global supply chain disruptions, Wallbox continues to perform exceptionally well and again exceeded expectations in the second quarter of 2022. I'm proud to share our record results which highlight our continued commitment to executing our business plan. I want to thank our team for their hard work in helping to deliver on our commitments to investors, partners, and customers.

第二季度的表現符合我們的預期，跨地區和技術均表現強勁。儘管地緣政治背景複雜且全球供應鏈持續中斷，Wallbox 的表現仍然異常出色，並在 2022 年第二季度再次超出預期。我很自豪地分享我們創紀錄的業績，這突顯了我們對執行業務計劃的持續承諾。我要感謝我們的團隊為幫助履行我們對投資者、合作夥伴和客戶的承諾所做的辛勤工作。

It was a very busy quarter for us producing solid results. Revenue growth was 124% on a year-over-year basis, and we're pleased with our gross margin of 41.1%. We've forged new exciting partnerships, including one in the U.S. with Nissan. For this, Wallbox will offer a complete solution to buyers of the new Nissan EV Ariya, a beautiful new SUV hitting the market soon. We see this as proof of the trust and confidence we've built with global leading brands like Nissan and we look forward to a successful launch.

對於我們來說，這是一個非常繁忙的季度，取得了紮實的成果。收入同比增長 124%，我們對 41.1% 的毛利率感到滿意。我們建立了令人興奮的新合作夥伴關係，其中包括在美國與日產建立的合作夥伴關係。為此，Wallbox 將為新款 Nissan EV Ariya 的買家提供完整的解決方案，這是一款即將上市的漂亮的新型 SUV。我們認為這是我們與日產等全球領先品牌建立的信任和信心的證明，我們期待著成功的推出。

We also acquired 2 very attractive, but very different companies; COIL and ARES Electronics. They are great examples of opportunities we see that can expand our offering, addressable market and capabilities, and which can ultimately deliver value for shareholders and customers.

我們還收購了兩家非常有吸引力但又截然不同的公司；線圈和 ARES 電子產品。它們是我們看到的機會的絕佳例子，可以擴大我們的產品、潛在市場和能力，並最終為股東和客戶帶來價值。

Turning to the financial results, first quarter revenue of EUR 39.5 million was up 124% year-over-year. The outstanding performance was fueled by broad strength across much of Europe, with notable growth in Spain, the Netherlands and Belgium, all at approximately 400%, and Sweden and France both exceeding 200% on a year over year basis. North America, which now includes sales in Canada and Mexico, grew by almost 500% over the prior year period. We are making great progress in Asia-Pacific with Australia and New Zealand growing year-over-year by 300% and 600%, respectively. LATAM, while early in its EV transition, continues to show promise and we expect it to be an attractive source of growth for Wallbox in the coming years.

財務業績方面，第一季度收入為 3950 萬歐元，同比增長 124%。歐洲大部分地區的廣泛實力推動了這一出色的業績，其中西班牙、荷蘭和比利時的增長率顯著，均達到約 400%，瑞典和法國的同比增長率均超過 200%。北美地區（目前包括加拿大和墨西哥）的銷售額比去年同期增長了近 500%。我們在亞太地區取得了巨大進步，澳大利亞和新西蘭分別同比增長 300% 和 600%。 LATAM 雖然處於電動汽車轉型的早期階段，但仍繼續展現出希望，我們預計它將成為 Wallbox 未來幾年有吸引力的增長來源。

Consolidated gross margin in the quarter was 41.1%, driven by continued cost control on key components, even in the face of global shortages. We continue to navigate the supply shortage of critical items better than most, and will continue to re-engineer products and establish strategic purchasing agreements for critical components. And finally, we sold almost 64,000 chargers in the quarter, with 77% in Europe, 16% in the U.S., 5% in APAC, and 2% in LATAM. Notable share gains continue to occur in Southern Europe, Sweden, and the U.S. with new markets like Australia and New Zealand ramping up nicely.

即使在全球短缺的情況下，由於對關鍵零部件的持續成本控制，該季度的綜合毛利率為 41.1%。我們將繼續比大多數公司更好地解決關鍵產品的供應短缺問題，並將繼續重新設計產品並為關鍵部件建立戰略採購協議。最後，我們在本季度售出了近 64,000 個充電器，其中 77% 在歐洲，16% 在美國，5% 在亞太地區，2% 在拉丁美洲。南歐、瑞典和美國的份額繼續出現顯著增長，澳大利亞和新西蘭等新市場也出現了良好的增長。

Today, we're experiencing a unique market dynamic. The demand for EVs is stronger than most imagined. At the same time, EV manufacturers are struggling to keep up. Capacity constraints and component shortages are resulting in longer lead times and lower EV delivery volumes than industry sources expected. Often, buyers are quoted 6- to 12-month delivery dates. And while I'm encouraged by the amount of investment made in expanding that capacity in 2023 and beyond, there is little that can be done in the short term. However, even in the face of this imbalance, we've been able to achieve our sales and gross margin targets. We see these market share gains a result of our agile manufacturing model, brand reputation and strong focus on meeting customer needs.

今天，我們正在經歷獨特的市場動態。對電動汽車的需求比大多數人想像的要強勁。與此同時，電動汽車製造商正在努力跟上。產能限制和零部件短缺導致交貨時間延長，電動汽車交付量低於行業人士的預期。通常，買家收到的交貨期為 6 至 12 個月。儘管我對 2023 年及以後擴大產能的投資金額感到鼓舞，但短期內幾乎無能為力。然而，即使面對這種不平衡，我們仍然能夠實現銷售額和毛利率目標。我們看到這些市場份額的增長得益於我們的敏捷製造模式、品牌聲譽以及對滿足客戶需求的高度重視。

For example, in the first quarter of 2022, European EV deliveries grew by 24% year-over-year. In that same period, we sold 155% more units compared to Q1 of 2021. Similarly, in the most recent quarter, even though European EV deliveries declined by 2%, we sold 70% more units than Q2 of 2021. Our business model and brand reputation are helping drive our ability to gain share, and these share gains enable us to meet our commitments to investors.

例如，2022 年第一季度，歐洲電動汽車交付量同比增長 24%。同期，我們的銷量比 2021 年第一季度增加了 155%。同樣，在最近一個季度，儘管歐洲電動汽車交付量下降了 2%，但我們的銷量比 2021 年第二季度增加了 70%。我們的商業模式和品牌聲譽正在幫助提高我們獲得份額的能力，這些份額增長使我們能夠履行對投資者的承諾。

Build. Buy. Partner. 3 methods of growing your business. Wallbox builds exceptional products. That is something that you likely know. We also consider ourselves adept at identifying and acquiring attractive companies. I'll talk more about this in a minute. But partnering, that's probably where most companies fall short. It's hard to do well, but we work very hard at establishing the right ones, and being a good partner.

建造。買。夥伴。發展業務的 3 種方法。 Wallbox 打造卓越的產品。你可能知道這一點。我們還認為自己擅長識別和收購有吸引力的公司。我稍後會詳細討論這個問題。但合作可能是大多數公司的不足之處。做好很難，但我們非常努力地建立正確的合作夥伴並成為良好的合作夥伴。

When we first enter a market, the fastest path to the customer is direct retail. That is done through sites like Amazon.com, Wallbox.com, Best Buy, Lowes, Walmart, and Napa Auto Parts. You can see the success we've had here. While delivering products through that first channel, we are investing in developing the second channel, which consists of distributors, contractors, and installers. This channel is something we spoke to you last quarter about our strategy here and how valuable this is for Wallbox. The agreement with City Electric is one great example, and Svea Solar, the solar solution provider for IKEA, is another. Svea now includes Wallbox chargers in their solutions seen on the IKEA showroom floor, that is part of their holistic approach to energy management and it's a passion we strongly share.

當我們剛進入一個市場時，接觸客戶的最快途徑是直接零售。這是通過 Amazon.com、Wallbox.com、Best Buy、Lowes、Walmart 和 Napa Auto Parts 等網站完成的。您可以在這裡看到我們所取得的成功。在通過第一個渠道交付產品的同時，我們正在投資開發第二個渠道，該渠道由分銷商、承包商和安裝商組成。這個頻道是我們上個季度與您討論過的我們的策略以及這對 Wallbox 的價值。與 City Electric 的協議就是一個很好的例子，而宜家的太陽能解決方案提供商 Svea Solar 則是另一個例子。 Svea 現在在宜家展廳的解決方案中加入了 Wallbox 充電器，這是其整體能源管理方法的一部分，也是我們強烈分享的熱情。

Those types of relationships take time to cultivate and formalize, so it's our second path to the customer. And while you are servicing those channels and investing in their success, you're speaking with large, often global OEMs and utilities. Partnerships are often the business method here, and a great example is what we announced with Nissan in June. Nissan has been a leader in the EV space from the beginning. The Nissan Leaf is one of the bestselling EVs on the market and they've assembled an impressive list of new and exciting vehicles to come. Their new SUV, named Ariya, is expected to be in high demand, and we're proud to be included in the launch. Buyers are directed to a co-branded website that allows them to select a charger and schedule an installation, all at a reduced price.

這些類型的關係需要時間來培養和正式化，因此這是我們通往客戶的第二條途徑。當您為這些渠道提供服務並對其成功進行投資時，您正在與大型的、通常是全球性的原始設備製造商和公用事業公司進行交流。合作夥伴關係通常是這裡的商業方法，一個很好的例子就是我們六月份與日產宣布的合作。日產從一開始就是電動汽車領域的領導者。日產聆風是市場上最暢銷的電動汽車之一，他們已經推出了一系列令人印象深刻的令人興奮的新車。他們的新款 SUV 名為 Ariya，預計需求量很大，我們很自豪能夠參與此次發布。買家被引導至一個聯合品牌網站，允許他們選擇充電器並安排安裝，所有這些都以折扣價進行。

Nissan chose Wallbox because of our commitment to high-quality hardware and innovative software features, as well outstanding customer support. And what's more is that the installation services are facilitated by COIL. Our recent partnership with EDF is another great example. They are one of the world's largest utilities with more than 5.5 million customers and have recently launched a new platform servicing homes and small businesses that includes sales and installation of EV charging infrastructure, called IZI. Through the platform, EDF customers can choose a Wallbox charger and schedule installation, all from EDF's new website. These are only a few of the many partnerships we've put in place and there's more to come. We have ongoing conversations with most household names around the world and look forward to sharing more with you as we make our way through the year.

Nissan 選擇 Wallbox 是因為我們致力於高質量的硬件和創新的軟件功能以及出色的客戶支持。更重要的是，安裝服務是由 COIL 提供的。我們最近與 EDF 的合作是另一個很好的例子。他們是世界上最大的公用事業公司之一，擁有超過 550 萬客戶，最近推出了一個為家庭和小型企業提供服務的新平台，其中包括電動汽車充電基礎設施的銷售和安裝，稱為 IZI。通過該平台，EDF 客戶可以選擇 Wallbox 充電器並安排安裝，所有這些均來自 EDF 的新網站。這些只是我們建立的眾多合作夥伴關係中的一小部分，未來還會有更多合作夥伴關係。我們正在與世界各地大多數家喻戶曉的人物進行對話，並期待在這一年中與您分享更多信息。

As we look out over the mid- to long-term, we expect Wallbox to continue its evolution into a holistic provider of energy management hardware and software. Some of that will be done organically. Quasar, for example, is designed to enable consumers to more efficiently manage their energy consumption and put energy stored in their EV, back into the grid when needed. However, some of this journey can be accelerated through the acquisition of innovative technology or talented teams. We expect there will be consolidation in the charging market and we intend to closely watch for opportunities that align with our strategic plan while allowing us to create shareholder value.

從中長期來看，我們預計 Wallbox 將繼續發展成為能源管理硬件和軟件的整體提供商。其中一些將有機地完成。例如，Quasar 的設計目的是讓消費者能夠更有效地管理能源消耗，並在需要時將存儲在電動汽車中的能源重新輸入電網。然而，通過收購創新技術或優秀團隊可以加速這一進程。我們預計充電市場將會出現整合，我們打算密切關注符合我們戰略計劃的機會，同時讓我們能夠創造股東價值。

The 2 transactions recently closed align very closely with our strategy and bring clear commercial and operating synergies to Wallbox. The consideration for both transactions was made largely in Wallbox stock, which highlights their trust in the long term vision of the company. Financial impact in the short term is relatively benign. COIL is a fast growing provider of installation services within the energy management space and they expand our addressable market into a large and growing segment. They've been a key path to market for Wallbox, and now they're part of the family.

最近完成的兩筆交易與我們的戰略非常吻合，並為 Wallbox 帶來了明顯的商業和運營協同效應。這兩筆交易的考慮因素主要是 Wallbox 股票，這突顯了他們對公司長期願景的信任。短期內的財務影響相對良性。 COIL 是能源管理領域內快速發展的安裝服務提供商，他們將我們的目標市場擴展到一個龐大且不斷增長的細分市場。它們一直是 Wallbox 進入市場的關鍵途徑，現在它們已成為該家族的一員。

Installations and solution sales are an important element to the comprehensive solution, especially within semi-public and public settings. Installers are often the face of the brand, and the expertise and relationships COIL brings to Wallbox will help strengthen our competitive offering. In return, the investment and scale we can offer COIL is expected to open new opportunities and business models that will benefit everyone. The commercial synergies here are compelling and we believe the purchase price allows for significant value creation over the mid- and long-term.

安裝和解決方案銷售是綜合解決方案的重要組成部分，特別是在半公共和公共環境中。安裝人員通常是品牌的代言人，COIL 為 Wallbox 帶來的專業知識和關係將有助於增強我們的產品競爭力。作為回報，我們可以提供 COIL 的投資和規模預計將帶來新的機遇和商業模式，讓所有人受益。這裡的商業協同效應非常引人注目，我們相信收購價格可以在中長期內創造巨大的價值。

Remember that the total purchase price of a charger and installation is often multiples of the hardware price alone. And when you account for an addressable market that is of equal size to that of hardware, the value of this business combination is extremely compelling. We'll share more details on how we expect to benefit as we look into 2023. ARES Electronics designs and assembles innovative printed circuit boards, or PCBs, for technology companies including Wallbox. We've been their largest customer and we're excited to bring these capabilities in-house.

請記住，充電器和安裝的總購買價格通常是硬件價格的數倍。當您考慮到與硬件規模相同的潛在市場時，這種業務組合的價值非常引人注目。我們將分享更多關於展望 2023 年時我們預計將如何受益的詳細信息。ARES Electronics 為包括 Wallbox 在內的科技公司設計和組裝創新印刷電路板 (PCB)。我們一直是他們最大的客戶，我們很高興能夠將這些功能引入內部。

We're excited about this for 2 reasons; first, this will put us in a good position to help ensure a consistent supply of high quality components that are critical to winning orders in today's market. And second, it allows us to be closer to the point of innovation, further differentiating our product by designing unique components and innovative features. We do not anticipate a material revenue impact from this transaction, but we do expect cost synergies that will be realized given the expected scale of our business in the coming years. This transaction is a great example of ways to improve or accelerate our path to profitability. ARES has both attractive gross margins and generates positive EBITDA with a payback period of less than 2 years. I'm looking forward to seeing the impact they will have.

我們對此感到興奮有兩個原因：首先，這將使我們處於有利地位，幫助確保高質量組件的持續供應，這對於在當今市場上贏得訂單至關重要。其次，它使我們能夠更接近創新點，通過設計獨特的組件和創新功能進一步使我們的產品脫穎而出。我們預計此次交易不會對收入產生重大影響，但考慮到我們未來幾年的預期業務規模，我們確實預計將實現成本協同效應。這項交易是改善或加速我們盈利之路的一個很好的例子。 ARES 不僅具有有吸引力的毛利率，還能產生正的 EBITDA，投資回收期不到 2 年。我期待看到他們將產生的影響。

The last topic is one that Douglas is going to speak on, and that's the current state of the North American market, our position there and the subsidy programs currently being discussed. Douglas, I'll hand it to you.

最後一個話題是道格拉斯要講的話題，那就是北美市場的現狀、我們在那裡的立場以及目前正在討論的補貼計劃。道格拉斯，我把它交給你。

Thanks, Enric. Happy to join everyone today to talk about exciting things happening for Wallbox in North America. We've been really busy building the local leadership team and putting in place the systems, infrastructure, and relationships needed to be a leader in this market. We've been moving fast and delivering results from key activities like activating new warehouses to get our products out faster to our growing list of customers, building an exceptional team of now over 100 employees across the US, and making strong progress toward the opening of our new factory in Arlington, Texas next month.

謝謝，安瑞克。今天很高興能和大家一起談論 Wallbox 在北美髮生的令人興奮的事情。我們一直在忙於建立本地領導團隊，並建立成為該市場領導者所需的系統、基礎設施和關係。我們一直在快速行動並從關鍵活動中取得成果，例如啟用新倉庫以更快地將我們的產品交付給不斷增長的客戶群，在美國建立一支目前擁有 100 多名員工的卓越團隊，並在下個月在德克薩斯州阿靈頓開設新工廠方面取得重大進展。

Finally, we're further deepening and expanding on key and highly visible partnerships with leading names like Uber, Napa Auto Parts, City Electric Supply, and especially Nissan, which we're very excited about. It's incredible to think that Wallbox entered the US market in just February of last year, and today, we're already a major player. Our strategy of providing high-quality and innovative products for the home has really resonated with customers. The ease of installation and setup of our chargers has proven valuable to our network of distributors and installers and we keep on delivering new features, capabilities and products that continue to serve our customers' growing demand for EV charging.

最後，我們正在進一步深化和擴大與 Uber、Napa Auto Parts、City Electric Supply、尤其是 Nissan 等領先品牌的重要且高度可見的合作夥伴關係，對此我們感到非常興奮。令人難以置信的是，Wallbox 去年 2 月才進入美國市場，而今天我們已經成為主要參與者。我們為家居提供高品質和創新產品的戰略確實引起了客戶的共鳴。事實證明，我們的充電器易於安裝和設置，這對我們的分銷商和安裝商網絡非常有價值，我們不斷提供新的特性、功能和產品，繼續滿足客戶對電動汽車充電日益增長的需求。

While we've seen a lot of momentum for EVs in the US in the first half of this year, the US market has historically had slower rates of EV adoption compared to Europe, and parts of Asia. This picture however is quickly changing. For example, the NEVI program, which came out of the Bipartisan Infrastructure Law last year, has allocated $7.5 billion over 5 years to improve the charging infrastructure in the US. It requires that states install and operate DC fast charging station every 50-miles along highways across the country. The $5 billion formula program will be allocated and administered directly by individual states.

儘管今年上半年我們看到美國電動汽車的強勁發展勢頭，但與歐洲和亞洲部分地區相比，美國市場的電動汽車採用率歷來較慢。然而，這種情況正在迅速改變。例如，去年根據兩黨基礎設施法推出的 NEVI 計劃，已在 5 年內撥款 75 億美元，用於改善美國的充電基礎設施。它要求各州在全國高速公路沿線每 50 英里安裝和運營直流快速充電站。 50 億美元的公式計劃將由各州直接分配和管理。

An additional $2.5 billion discretionary program with more ample reach in terms of charging technologies will also be introduced with more details to come later this year. For the formula program, the federal government has released technical guidance that calls for minimum technology standards, and Wallbox is already engaged and providing comments as they finalize these requirements. The requirements as drafted include 4 chargers per site with each charger needing to charge to at least 150 kW of power. This aligns perfectly with Wallbox's introduction of Hypernova to the US market.

還將推出一項額外的 25 億美元酌情計劃，該計劃在充電技術方面具有更廣泛的影響力，更多細節將於今年晚些時候公佈。對於配方計劃，聯邦政府已經發布了要求最低技術標準的技術指南，Wallbox 已經參與其中，並在最終確定這些要求時提供評論。起草的要求包括每個站點 4 個充電器，每個充電器需要充電至至少 150 kW 的功率。這與 Wallbox 向美國市場推出 Hypernova 的計劃完美契合。

Additional guidelines include requirements around uptime and reliability, open payment systems, and of course the location of manufacturing and materials to be used in the equipment. With respect to the NEVI program time line, states have already submitted their plans by the August 1st deadline, and the federal government will review and approve these goals from now through September 30th. We anticipate most state programs to begin launching in 2023, with additional opportunities for public engagement ahead of those RFP announcements.

其他準則包括有關正常運行時間和可靠性、開放支付系統的要求，當然還有製造地點和設備中使用的材料。至於NEVI計劃的時間表，各州已在8月1日截止日期之前提交了計劃，聯邦政府將從即日起至9月30日審查並批准這些目標。我們預計大多數州計劃將於 2023 年開始啟動，並在 RFP 公告之前提供更多公眾參與的機會。

Wallbox is engaging with key priority states based on their funding allocation, EV market penetration and other funding opportunities to position Wallbox as a leading provider of NEVI-compliant EV chargers ahead of program implementation. We believe that the largest opportunity over the long term will be in the 150kW to 400kW range, which aligns with the NEVI program and also Wallbox's Hypernova DC charger. While most electric cars on the road today don't benefit from the maximum power available in this range, we're already seeing vehicles with higher power charging capabilities hit the road who would be looking to benefit from faster charging than what's being installed today.

Wallbox 正在根據資金分配、電動汽車市場滲透率和其他融資機會與關鍵優先州進行合作，以便在計劃實施之前將 Wallbox 定位為符合 NEVI 的電動汽車充電器的領先供應商。我們相信，從長遠來看，最大的機會將在 150kW 至 400kW 範圍內，這與 NEVI 計劃以及 Wallbox 的 Hypernova 直流充電器相一致。雖然當今道路上的大多數電動汽車無法受益於該範圍內的最大可用功率，但我們已經看到具有更高功率充電能力的車輛上路，它們希望受益於比目前安裝的充電更快的充電速度。

For this reason, we've prioritized the development, certification, and production of Hypernova. This ensures that we are set up for success over the long-term. In addition, our new capabilities through COIL allow for the installation of different configurations and types of qualifying infrastructure which puts us in a great position to win business. Investing in the right technologies for the long-term viability of the business is key, and our goal is to be a leader in the ultra-fast public charging space in the coming years.

因此，我們優先考慮 Hypernova 的開發、認證和生產。這確保我們為長期成功做好準備。此外，我們通過 COIL 獲得的新功能允許安裝不同配置和類型的合格基礎設施，這使我們處於贏得業務的有利位置。投資正確的技術以實現業務的長期生存是關鍵，我們的目標是在未來幾年成為超快速公共充電領域的領導者。

The other piece of legislation getting attention is the Inflation Reduction Act of 2022. This was just passed through the Senate over the weekend and is expected to pass under the reconciliation process next week. The Inflation Reduction Act is a massive package that includes $379 billion in climate investments and represents the United States' largest single investment in this area in history. The package includes both consumer and corporate incentives and loans with the aims of reducing emissions by 40% by 2030. The main mechanisms for the incentives are tax credits and loans.

另一項引起關注的立法是《2022 年通貨膨脹削減法案》。該法案剛剛在周末獲得參議院通過，預計將在下週的和解程序中獲得通過。 《減少通貨膨脹法案》是一項龐大的一攬子計劃，其中包括 3790 億美元的氣候投資，是美國歷史上在該領域最大的單筆投資。該計劃包括消費者和企業激勵措施以及貸款，目標是到 2030 年將排放量減少 40%。激勵措施的主要機制是稅收抵免和貸款。

There are a few key elements of this bill that will benefit Wallbox both directly and indirectly. First, consumer tax credits known as 30D for the purchase of EVs are expected to be extended and renewed. $7,500 will be offered to buyers of new EVs, and most importantly, $4,000 will be offered to buyers of used EVs. The language also removes the manufacturing cap, leading to more vehicles, including Tesla, being eligible for the tax credit, ultimately this accelerates adoption of our products by creating additional demand for home and public charging. It's worth pointing out that the used EV rebate is the first of its kind from the federal government, creating additional accessibility in the growing second-hand EV market and also helping to fill in the near-term production capacity constraints that many automakers have today.

該法案中有幾個關鍵要素將直接和間接使 Wallbox 受益。首先，購買電動汽車的 30D 消費者稅收抵免預計將得到延長和更新。購買新電動汽車的買家可獲得 7,500 美元的補貼，最重要的是，購買二手電動汽車的買家可獲得 4,000 美元的補貼。該語言還取消了製造上限，使包括特斯拉在內的更多車輛有資格獲得稅收抵免，最終通過創造家庭和公共充電的額外需求來加速我們產品的採用。值得指出的是，二手電動汽車折扣是聯邦政府首次推出此類折扣，為不斷增長的二手電動汽車市場創造了更多便利，也有助於填補許多汽車製造商目前面臨的近期產能限制。

Second, the 30C EV Infrastructure tax credit has been extended and dramatically expanded from 30% or $30,000 per site to now 30% or $100,000 per charger installed. The package also now qualifies bi-directional charging equipment as eligible a unique area of leadership for Wallbox. I'd like to highlight that the individual tax credit of 30% of the cost up to $1,000 toward a home charger plus installation is also expected to be extended as it has been expired since the end of last year. Again, with the addition of COIL we are very well positioned to benefit here as well since installation costs are an important component to maximize the value of the incentives toward business and customers. The expansion of these credits could bring in new-sustained demand for charging hardware that Wallbox is well-positioned to deliver.

其次，30C 電動汽車基礎設施稅收抵免已得到延長，並從每個站點的 30% 或 30,000 美元大幅擴大到現在的 30% 或每個安裝的充電器 100,000 美元。該套件現在還使雙向充電設備成為 Wallbox 獨特的領導領域。我想強調的是，家庭充電器加安裝費用最高 1,000 美元的 30% 的個人稅收抵免預計也將延長，因為它自去年年底以來已經過期。同樣，隨著 COIL 的加入，我們也能從中受益，因為安裝成本是最大化企業和客戶激勵價值的重要組成部分。這些積分的擴大可能會帶來對充電硬件的新的持續需求，而 Wallbox 可以很好地滿足這些需求。

Another area of incentives to mention is the extension of the 45W tax credit for commercial vehicle purchases. Ranging from $7,500 all the way up to $40,000, this incentive will help expedite the electrification of commercial fleets and will ultimately benefit Wallbox through additional commercial opportunities to provide EV charging, installation, and energy management services to fleet partners. It's Important to note that these changes have been extended until 2032, providing a steady stream of federal incentives over the next 10 years. The size and scale of this proposal is viewed by many as the most ambitious and impactful infrastructure program in the last 70 years. We are in a great position to participate and we're focusing now on bringing new products and services to the market as quickly as possible.

另一個值得一提的激勵領域是延長商用車購買的 45W 稅收抵免。該激勵措施的金額從 7,500 美元一直到 40,000 美元不等，將有助於加快商業車隊的電氣化，並最終通過向車隊合作夥伴提供電動汽車充電、安裝和能源管理服務的額外商業機會使 Wallbox 受益。值得注意的是，這些變化已延長至 2032 年，從而在未來 10 年內提供源源不斷的聯邦激勵措施。許多人認為該提案的規模和規模是過去 70 年來最雄心勃勃、最具影響力的基礎設施計劃。我們處於參與的有利位置，現在我們的重點是盡快將新產品和服務推向市場。

The final subject I want to provide an update on is our new factory in Arlington Texas. You've heard us mention it a few times so far and I'm excited to share that it is on track and looking great. The production lines are being installed, raw materials are in stock and in place, and employees are eagerly moving in to work directly from within the facility. We continue to hire and train production team members and supply chain agreements are being finalized to prepare for an aggressive ramp-up to meet upcoming demand. We'll have a formal celebration when the time is right, so stay tuned for that. Bringing this capacity online is important given all the opportunities we have discussed today. I'm encouraged by the progress we've made and look forward to even more of what's to come.

我想提供的最後一個主題是我們位於德克薩斯州阿靈頓的新工廠。到目前為止，您已經聽我們多次提到過它，我很高興與大家分享，它已步入正軌並且看起來很棒。生產線正在安裝，原材料已備有庫存並就位，員工們正急切地直接從工廠內搬進去工作。我們繼續僱用和培訓生產團隊成員，供應鏈協議正在敲定，以便為積極的產能提升做好準備，以滿足即將到來的需求。我們將在適當的時候舉行正式的慶祝活動，敬請期待。考慮到我們今天討論的所有機會，將這種能力引入線上非常重要。我對我們所取得的進展感到鼓舞，並期待未來取得更多進展。

Jordi, I'll turn it over to you for comments on our financial details.

喬迪，我會將其轉交給您，請您對我們的財務詳細信息發表評論。

Thank you, Douglas. Good morning and good afternoon to everyone. Before I review the financials, I'd like to point out that a full set of annual audited financial results can be found in our 20-F. As a reminder, our intention is to provide you with key unaudited financial and operational measures as we make our way through the year, so you can remain informed of our progress. Also note that neither ARES nor COIL are included in our second quarter results.

謝謝你，道格拉斯。大家早上好，下午好。在查看財務數據之前，我想指出，完整的年度經審計財務結果可以在我們的 20-F 中找到。謹此提醒，我們的目的是在這一年中為您提供未經審計的關鍵財務和運營措施，以便您隨時了解我們的進展。另請注意，ARES 和 COIL 均未包含在我們第二季度的業績中。

Like Enric, I'm very pleased with our record quarterly results and the acquisitions we've been able to close. Our revenues, gross margins, number of units sold, geographic footprint and head count, highlight the scalability of the business model and the strength of the EV market.

和安瑞科一樣，我對我們創紀錄的季度業績以及我們能夠完成的收購感到非常滿意。我們的收入、毛利率、銷售數量、地理足跡和員工人數凸顯了業務模式的可擴展性和電動汽車市場的實力。

For the second quarter 2022, revenue was EUR 39.5 million, a 124% increase from the year-ago period, driven by strength across all regions and products. Now let me share with you some key highlights that allowed us to perform so well in the quarter. First, our regional mix, now with more than 100 countries, continues to improve upon the benefit of geographic diversification. Europe now represents 81% of our revenue mix, down from 89% last year. North America accounts for 13%, up from 7% in the prior year period. And Asia-Pacific is 2 percentage points higher than last year, now at 5%.

2022 年第二季度，在所有地區和產品實力的推動下，收入為 3950 萬歐元，同比增長 124%。現在讓我與您分享一些使我們在本季度表現如此出色的關鍵亮點。首先，我們的區域組合目前已覆蓋 100 多個國家，並在地域多元化的優勢下繼續得到改善。歐洲現在占我們收入組合的 81%，低於去年的 89%。北美佔 13%，高於去年同期的 7%。亞太地區比去年高出 2 個百分點，目前為 5%。

We expect these mix trends to continue as stronger growth in newer geographies shapes our global footprint. Second, gross margins continue to be resilient in the face of continued component shortage, and 41.1% is something we're very proud of. For most of our products, we've been able to navigate these supply challenges quite well. This consistency is something investors have come to expect from Wallbox, and we work very hard to deliver results that meet, and when we can, exceed expectations. We're building a company that is delivering results in a time of hyper growth and expansion. Balancing the capital needs of the numerous opportunities we see, in an uncertain economic climate, requires us to remain disciplined and focused on executing our strategic plan. I'm proud of the team and their commitment to delivering consistent and strong gross margins.

我們預計，隨著新地區的強勁增長塑造我們的全球足跡，這些混合趨勢將持續下去。其次，面對組件持續短缺的情況，毛利率繼續保持彈性，41.1%是我們非常自豪的。對於我們的大多數產品，我們已經能夠很好地應對這些供應挑戰。這種一致性是投資者對 Wallbox 的期望，我們非常努力地提供滿足並儘可能超出預期的結果。我們正在建立一家在高速增長和擴張時期取得成果的公司。在不確定的經濟環境下，平衡我們看到的眾多機會的資本需求，要求我們保持紀律並專注於執行我們的戰略計劃。我為我們的團隊及其致力於提供穩定且強勁的毛利率的承諾感到自豪。

Adjusted EBITDA loss for the quarter was EUR 15.6 million, relatively flat on a sequential basis. Our balance sheet remains strong, with EUR 127 million of cash and equivalents available, which we believe is enough for us to fund operations until positive cash flow. We ended the quarter with EUR 23.3 million of long-term debt. As of June 30, there were more than 1,100 Wallbox employees around the world. We intend to strategically add talent in areas that fuel our growth and remain disciplined in cost control actions.

本季度調整後 EBITDA 虧損為 1,560 萬歐元，與上一季度相比相對持平。我們的資產負債表依然強勁，擁有 1.27 億歐元的可用現金和等價物，我們相信這足以為我們的運營提供資金，直到出現正現金流。本季度結束時，我們的長期債務為 2,330 萬歐元。截至 6 月 30 日，Wallbox 在全球擁有超過 1,100 名員工。我們打算在推動我們增長的領域戰略性地增加人才，並在成本控制行動中保持紀律。

With that, I will now turn it back to Enric to provide you with some commentary around Q3 and the full year.

現在，我將把它轉回安瑞科，為您提供有關第三季度和全年的一些評論。

Thanks, Jordi. As I stated earlier, EV deliveries continue to fall well short of EV orders. In the long term, I'm not overly concerned by this. In the near term, it may have a slight impact on the timing of our sales. There are numerous positive trends that we are benefiting from, and often in an industry that experiences growth of this magnitude, manufacturing expansion comes in fits and starts. We understand the capacity constraints are within the scope of normal growing pains and we will continue to take share where we can, manage our supply chain and acquire attractive businesses that expand our opportunities and capabilities.

謝謝，喬迪。正如我之前所說，電動汽車交付量仍然遠遠低於電動汽車訂單。從長遠來看，我對此並不過分擔心。短期來看，這可能會對我們的銷售時間產生輕微影響。我們受益於許多積極的趨勢，而且在一個經歷如此大規模增長的行業中，製造業的擴張往往是斷斷續續的。我們知道產能限制屬於正常的成長痛苦範圍，我們將繼續盡可能地分享，管理我們的供應鏈並收購有吸引力的業務，以擴大我們的機會和能力。

Given what we see and have discussed here today, we expect consolidated revenues in the third quarter of between EUR 44 and EUR 49 million, or growth of approximately 140% to 170% year-over-year. We also expect gross margin of approximately 40% in the third quarter, in line with our full year expectations. For the full year 2022, we expect revenue of between EUR 175 million, and EUR 195 million, representing an annual growth rate of between 145% and 170%.

鑑於我們今天所看到和討論的情況，我們預計第三季度的合併收入將在 44 至 4900 萬歐元之間，即同比增長約 140% 至 170%。我們還預計第三季度毛利率約為 40%，與我們全年預期一致。 2022 年全年，我們預計收入在 1.75 億歐元至 1.95 億歐元之間，年增長率在 145% 至 170% 之間。

I want to leave you with a few key thoughts. First, we are confident in our ability to execute our business plan and meet our commitments to investors, customers and partners, achieving consistent results, including revenue growth and gross margin is key to our philosophy and long-term success. Second, our portfolio continues to evolve and expand, designed to meet the future needs of customers around the world. Third, the scale at which we operate provides a platform for us to reach more customers and continue to take market share.

我想留給大家一些重要的想法。首先，我們對執行業務計劃和履行對投資者、客戶和合作夥伴的承諾的能力充滿信心，實現一致的結果，包括收入增長和毛利率是我們的理念和長期成功的關鍵。其次，我們的產品組合不斷發展和擴展，旨在滿足全球客戶的未來需求。第三，我們的經營規模為我們提供了接觸更多客戶並繼續佔領市場份額的平台。

And finally, the [perception] of EV as a less desirable option is history. EVs are now the first choice for many drivers and the amount of consumer demand, industry support and government subsidies have brought us to a critical inflection point. We are also confident that auto manufacturers will ultimately be able to meet this demand, as they invest in new factories and fortify supply chains.

最後，電動汽車作為不太理想的選擇的[看法]已經成為歷史。電動汽車現在是許多駕駛員的首選，消費者需求、行業支持和政府補貼已將我們帶到了一個關鍵的拐點。我們也相信，汽車製造商最終將能夠滿足這一需求，因為他們投資新工廠並強化供應鏈。

In summary, we have an exceptional business with a great team in a large and growing market. We couldn't be more excited about the future of Wallbox and the EV industry. That concludes our prepared remarks today. And now, we will take questions from our covering analysts.

總而言之，我們在一個龐大且不斷增長的市場中擁有出色的業務和優秀的團隊。我們對 Wallbox 和電動汽車行業的未來感到非常興奮。我們今天準備好的發言到此結束。現在，我們將回答我們的分析師的提問。

Welcome back, everyone. To our analysts, we ask that you pose one question with a follow-up if needed, then reenter the queue, if there's more. This will allow each of you to ask your questions upfront, and we'll get to as many -- as questions -- many questions as time allows. Victoria, I think you have some instructions for our audience today.

歡迎回來，大家。對於我們的分析師，我們要求您提出一個問題並在需要時進行跟進，然後重新進入隊列（如果還有更多問題）。這將允許你們每個人提前提出問題，我們將在時間允許的情況下回答盡可能多的問題。維多利亞，我想你今天對我們的觀眾有一些指示。

(Operator Instructions) And our first question comes from Chris Snyder at UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的克里斯·斯奈德。

I was hoping for an update on Supernova production. The release noted that the company is working to aggressively ramp production. I was just hoping for any color around units produced in the second quarter and how we should expect that to trend over the rest of the year?

我希望能得到有關《超新星》製作的最新消息。該新聞稿指出，該公司正在努力積極提高產量。我只是希望第二季度生產的產品有任何顏色，我們應該如何預期今年剩餘時間的趨勢？

Hi, Chris, thank you for the question, and thank you for attending. This is Enric. So right now, we are producing this month of August around 15 units of Supernova per week, and we expect by the beginning of September to ramp up to 40 units a week, as we believe assembly line is already going to be fully operative. That means that for Q2, we achieve our target of deliveries of roughly around 100 units. And for Q2 and Q3, we will be able to more than double this in Q2 and double again in Q -- sorry, double in Q3 and double in Q4 again. So production is growing as expected. The new assembly line is working fine. And as I said, by beginning of September, there's going to be -- [we will divide by 3], our current production rate with the production rate.

嗨，克里斯，謝謝你的提問，也感謝你的出席。這是安瑞克。因此，目前，我們在 8 月份每週生產大約 15 台 Supernova，預計到 9 月初，每週產量將增加到 40 台，因為我們相信裝配線已經全面投入運行。這意味著第二季度我們實現了大約 100 台左右的交付目標。對於第二季度和第三季度，我們將能夠在第二季度將其增加一倍以上，並在 Q 中再次增加一倍——抱歉，在第三季度中增加一倍，在第四季度中再次增加一倍。因此產量正在按預期增長。新的裝配線運轉良好。正如我所說，到 9 月初，我們當前的生產率將除以 3。

Very happy to hear the ramp is ongoing. And then I guess, for my follow-up, I really appreciate all the color and insight on the U.S. infrastructure and just broader investment in the EV space. I'm not sure if that was still on the line. But I guess my question would be within all of that, the data you shared, did anything stand out, as, I guess, the most positive for Wallbox, and there -- was there anything in the bills or the legislator -- legislature that surprised you guys?

很高興聽到坡道正在進行中。然後我想，對於我的後續行動，我真的很欣賞對美國基礎設施的所有色彩和見解以及對電動汽車領域更廣泛的投資。我不確定那是否還在線上。但我想我的問題是在所有這些中，你分享的數據，有什麼突出的，我想，對 Wallbox 來說最積極的，以及 - 法案或立法者 - 立法機構中有什麼讓你們感到驚訝的嗎？

Douglas, do you want to take this question?

道格拉斯，你想回答這個問題嗎？

Yes. Absolutely. No problem. Yes. It's actually great to see the levels of support that have come through related to investments in climate from the administration and the final makeup of the bill as has been proposed and passed by the Senate over the weekend. One of the, let's call it, most exciting aspects of it is that it's well grounded and very aligned with where Wallbox is in terms of producing products, services and also product road map from a technical standpoint. So that really begins with the renewal of the consumer tax credits related to the purchase of new EVs.

是的。絕對地。沒問題。是的。實際上，很高興看到政府對氣候投資的支持程度以及參議院週末提出並通過的法案的最終構成。我們稱之為最令人興奮的方面之一是，它具有良好的基礎，並且從技術角度來看，它在生產產品、服務以及產品路線圖方面與 Wallbox 的定位非常一致。因此，這實際上是從更新與購買新電動汽車相關的消費者稅收抵免開始的。

So removing the caps on previously expired credits from certain brands that are leading in this market is very exciting because the single passenger vehicle market really drives the purchase of home and workplace chargers, which is where most charging happens and that's an area that we're very active and leading today in the U.S. market.

因此，取消該市場領先的某些品牌的先前過期積分上限是非常令人興奮的，因為單一乘用車市場確實推動了家庭和工作場所充電器的購買，這是大多數充電發生的地方，也是我們今天在美國市場非常活躍和領先的領域。

Another exciting aspect of this was the addition of tax credits towards used EVs. So with supply chain constraints and deliveries being pushed out for many new EVs in the market, being able to access and increase the total addressable market on the used EV side was a great surprise, and I think an area that will perform quite well.

另一個令人興奮的方面是對二手電動汽車增加稅收抵免。因此，隨著市場上許多新電動汽車的供應鏈限制和交付被推遲，能夠進入並增加二手電動汽車方面的總可尋址市場是一個很大的驚喜，我認為這個領域將表現得相當不錯。

And lastly, really, if the elements that all of these tax credits, whether they're targeted towards residential, commercial or even highway corridors are in place over the next 10 years. So that gives us a sustained outlook in terms of possible opportunities to participate and benefit from participation in the incentive programs and delivering our products out to customers and partners across the U.S.

最後，實際上，如果所有這些稅收抵免的要素（無論是針對住宅、商業還是高速公路走廊）在未來 10 年內落實到位。因此，這使我們對參與激勵計劃並從中受益以及向美國各地的客戶和合作夥伴提供我們的產品的可能機會保持了持續的展望。

Victoria, next question?

維多利亞，下一個問題？

Our next question comes from Stephen Gengaro at Stifel.

我們的下一個問題來自 Stifel 的 Stephen Gengaro。

I think 2 things for me. The first -- just a follow-up on the prior question. Is there -- one of the things that's come out from [like], I think, the United Auto Workers and just some of the things we read in the press is that -- is the income cap on the federal tax credits for new EVs. I'm just wondering, if you were to dug into that at all, if you had any thoughts around that, the impact on sales.

我認為對我來說有兩件事。第一個——只是前一個問題的後續。我想，來自美國汽車工人聯合會以及我們在媒體上讀到的一些內容，其中之一是新電動汽車聯邦稅收抵免的收入上限。我只是想知道，您是否要深入研究這個問題，是否對此有任何想法，對銷售的影響。

Sure. I'm happy to comment on this. In terms of -- sorry, go ahead, Matt.

當然。我很高興對此發表評論。抱歉，請繼續，馬特。

No. I was just going to say any thoughts on that, Douglas.

不，我只是想說一下對此的任何想法，道格拉斯。

Oh, sure. Sure. Absolutely. So as it relates to the income caps in terms of where the industry has landed on these and where the bill is going with them, I believe the limits are for single earners [150,000], for household [300,000] in terms of income limits, which in terms of what's been communicated from administration officials and the industry actually applies to a large swath of folks across the U.S.

哦沒問題。當然。絕對地。因此，由於它與收入上限有關，即行業在這些方面的落腳點以及法案的適用範圍，我認為這些限制是針對單身收入者[150,000]，針對家庭[300,000]的收入限制，根據政府官員和行業傳達的信息，這實際上適用於美國各地的很大一部分人。

So from our point of view, we're quite happy with the outcome of the bills. We think there's a broad application for incentives across many different parts of the bill, in addition to the purchase of new EVs, like also increasing access for folks purchasing used EVs. And all of this is also to say that there are incentives, which are being brought back from [expiration], like the residential tax credit for EV charging, which allows for 30% of the cost of charger plus installation, up to $1,000 for the purchase of EV chargers and that has no income limit. So as far as infrastructure is supported, there's no limits and really supports the consumer and businesses.

因此，從我們的角度來看，我們對法案的結果非常滿意。我們認為，除了購買新電動汽車之外，該法案的許多不同部分都有廣泛的激勵措施，例如增加人們購買二手電動汽車的機會。所有這一切也表明，有一些激勵措施正在從[到期]中恢復，例如電動汽車充電的住宅稅收抵免，它允許充電器加安裝成本的30％，購買電動汽車充電器的費用最高為1,000美元，而且沒有收入限制。因此，只要基礎設施得到支持，就沒有限制，並且真正支持消費者和企業。

That's helpful on the charging side. And then the other -- just follow-up, and I know this is probably -- there's probably a lot of moving pieces and it's a complicated answer. But if we think about the mix shift, I know you get the Supernova's and Hypernova's rolling and address some of that maybe fast charging needs. What does that do to the gross margin profile, if we were to assume kind of the inflationary environment just kind of stays where it is, I know there's a lot of cost pieces. But what does that mix ultimately do to gross margins over the next couple of years?

這對充電方面很有幫助。然後另一個——只是後續行動，我知道這可能是——可能有很多變化，這是一個複雜的答案。但如果我們考慮混合轉變，我知道你會得到 Supernova 和 Hypernova 的滾動並解決一些可能的快速充電需求。如果我們假設通脹環境保持不變，這對毛利率狀況有何影響，我知道有很多成本。但這種組合最終會對未來幾年的毛利率產生什麼影響呢？

I think, Stephen, in the short term, it does have a slight impact only as we ramp up production, right? And so as you achieve scale, those margins improve. And I think that they -- we expect them to be within the range of sort of corporate average.

我認為，斯蒂芬，從短期來看，只有當我們提高產量時，它才會產生輕微的影響，對嗎？因此，當你實現規模化時，利潤率就會提高。我認為他們——我們期望他們在公司平均水平的範圍內。

I think over the longer term, we don't expect the shift in mix to have a drastic impact to gross margin. So I wouldn't change anything in your model. As we bring on new products, though, in the first quarter or 3, there tends to be some movement around margins, but we've been able to navigate that actually quite well, as you've seen over the last 2 quarters, even in the face of ramping up Supernova.

我認為從長遠來看，我們預計組合的轉變不會對毛利率產生巨大影響。所以我不會改變你的模型中的任何內容。不過，當我們在第一季度或第三季度推出新產品時，利潤率往往會出現一些變化，但正如您在過去兩個季度所看到的那樣，即使面對 Supernova 的增長，我們實際上也能夠很好地應對這一變化。

Victoria, next question?

維多利亞，下一個問題？

Our next question comes from Gabe Daoud at Cowen and Co.

我們的下一個問題來自 Cowen and Co 的 Gabe Daoud。

Guys, I was hoping we can maybe just get a little bit of color on the 2 acquisitions. So COIL, could you just maybe talk about the strategy here? Will you continue to install third-party hardware, maybe just anything on geographic footprint? And then, ARES, similar question, will you continue to supply PCBs to third-parties? Or is this more about just bringing that functionality and how to help Wallbox solely.

伙計們，我希望我們能在這兩次收購中獲得一些色彩。 COIL，您能談談這裡的策略嗎？您會繼續安裝第三方硬件，也許只是地理足跡上的任何東西嗎？然後，ARES，類似的問題，你們會繼續向第三方供應PCB嗎？或者這更多的是只是帶來該功能以及如何單獨幫助 Wallbox。

So - Gabe, thank you for joining today. Regarding ARES, the second one, we expect to -- that they sell to us if we have additional capacity. So if we have additional capacity [that company] has additional capacity will sell to us. But I don't expect this to happen to -- in high numbers in the midterm because only our expected growth will keep them very easy.

那麼 - Gabe，感謝您今天加入。關於 ARES，第二個，我們希望——如果我們有額外的產能，他們就會賣給我們。因此，如果我們有額外的產能，[該公司]就會將其出售給我們。但我不認為這種情況會在中期大量發生，因為只有我們預期的增長才能讓它們變得非常容易。

As we have been the main customer for them historically since we started our commercial relationship. And basically, what we are bringing with ARES is faster product development cycles, making sure we can deliver our products. And obviously, there's going to be cost synergies that we expect to give you more information, as we come into 2023, but we expect improvements in cost of all the products, as we include the positive EBITDA of ARES in the production.

因為自從我們建立商業關係以來，我們一直是他們的主要客戶。基本上，我們通過 ARES 帶來的是更快的產品開發週期，確保我們能夠交付我們的產品。顯然，隨著我們進入 2023 年，我們預計會產生成本協同效應，為您提供更多信息，但我們預計所有產品的成本都會有所改善，因為我們將 ARES 的正 EBITDA 納入生產中。

Regarding COIL is a -- is a totally different acquisition is in the other side of the vertical integration. COIL increase our addressable market. They are installing for others. They install for some of our customers and some of our competitors even. We are happy that they keep doing that. This actually help us to start having revenue for some products that we don't have today or maybe we will not be interested in having in the future. They do installations for any type of charger. And so maybe, some [pass on] segments, we're going to go come later or we never will come.

對於 COIL 來說，這是一次完全不同的收購，是垂直整合的另一面。 COIL 增加了我們的潛在市場。他們正在為其他人安裝。他們為我們的一些客戶甚至我們的一些競爭對手安裝。我們很高興他們繼續這樣做。這實際上幫助我們開始為一些我們今天沒有的產品創造收入，或者我們將來可能不會有興趣擁有這些產品。他們為任何類型的充電器進行安裝。因此，也許，某些[傳遞]部分，我們會稍後再去，否則我們永遠不會來。

As you know, our focus is in home charging and fast charging, but they install any kind of charger. So we are happy that they sell to us and provide service to others. It makes us learn. It help us enter faster markets. It increases our total addressable market. And again, it increases the revenue per customer. And I think both acquisitions at the end what they are doing not only make us grow faster, also bring our positive EBITDA and positive cash flow sooner. And I look forward, as we go -- come into 2023 to give you more color in this.

如您所知，我們的重點是家庭充電和快速充電，但他們安裝任何類型的充電器。因此，我們很高興他們向我們出售產品並為其他人提供服務。它讓我們學習。它幫助我們更快地進入市場。它增加了我們的總目標市場。再次，它增加了每個客戶的收入。我認為這兩項收購最終不僅讓我們增長得更快，也更快地帶來了正的 EBITDA 和正的現金流。我期待著 2023 年能夠為您帶來更多色彩。

Gabe, remember that bringing COIL into Wallbox allows us to enter that conversation. It allows us to enter that project earlier than we normally would, right? So COIL is often one of the first folks in the ecosystem to engage with that end customer. They help design the project and they can make recommendations. And so entering that project at an earlier phase certainly puts us at an advantage. And some of the -- some of the partnership (technical difficulty) sorry, go ahead.

Gabe，請記住，將 COIL 引入 Wallbox 可以讓我們進入對話。它使我們能夠比平常更早地進入該項目，對嗎？因此，COIL 通常是生態系統中最先與最終客戶接觸的人之一。他們幫助設計項目並提出建議。因此，儘早進入該項目無疑使我們處於優勢。一些——一些合作夥伴（技術困難）抱歉，繼續吧。

No. Sorry. My follow-up was just going to be around guidance for this year. I think, if we just kind of do the math, it implies a pretty big ramp in 4Q. And I think historically you've said that, that usually is the strongest quarter of the year, just given spending around the holiday season. So I was just curious if you can maybe confirm that and just talk a little bit about that ramp?

不，抱歉。我的後續行動只是圍繞今年的指導。我認為，如果我們計算一下，這意味著第四季度會有相當大的增長。我認為從歷史上看，您曾說過，考慮到假期期間的支出，這通常是一年中最強勁的季度。所以我很好奇你是否可以確認這一點並談談那個坡道？

Yes. Absolutely. So we are keeping the guidance we told you during the IPO last year. And we want to make sure that we give a guidance range -- guidance range that we believe is reasonable and achievable. Historically, it's like that Q2 and Q4 are very strong quarters because we are following EV deliveries. Car manufacturers always try to deliver all the cars they can before the end of the year, so in Q4. So always, Q4 has been a very strong quarter for us. And internally, we are following the Q2 guidance that we expected growing 140% to 170%, which is what we should be doing to achieve the full year guidance. So [it as] expected Q4 will be the stronger quarter. I always [assume] like that.

是的。絕對地。因此，我們將保留去年 IPO 期間告訴您的指導。我們希望確保給出一個指導範圍——我們認為合理且可實現的指導範圍。從歷史上看，第二季度和第四季度是非常強勁的季度，因為我們正在跟踪電動汽車的交付量。汽車製造商總是試圖在年底之前交付所有的汽車，所以在第四季度。一如既往，第四季度對我們來說是一個非常強勁的季度。在內部，我們遵循第二季度的指導，預計增長 140% 至 170%，這是我們為實現全年指導而應該做的事情。因此，正如預期的那樣，第四季度將是表現更強勁的季度。我總是這樣[假設]。

Victoria?

維多利亞？

Our next question comes from Ben Kallo at Ben & Co -- Baird & Co.

我們的下一個問題來自 Ben & Co（Baird & Co.）的 Ben Kallo。

Just my question was about the -- is about the bidirectional charging and just how energy prices have maybe impacted the demand, whether it's in Europe, U.K. or here in the United States because of your ability there?

我的問題是關於雙向充電以及能源價格如何影響需求，無論是在歐洲、英國還是在美國，因為你們在那裡的能力？

Ben, thank you for joining. So -- we are actually seeing this last quarter, an increase on Quasars -- Quasar 1 sales, mostly V2G projects, as we used to -- we have been selling. But yes, there's more and more customer interest on Quasar 2, which is the ideal product for what you are mentioning, especially also in case of a blackout, Quasar 2, we'll be able to provide you with electricity. We are hearing these things in Europe. I know in some states in the U.S., it already happened the blackout, but in Europe is a new thing, the blackout. But we have -- we are hearing this from our government in most European countries that there could be energy challenges, as we move into the winter.

本，謝謝你的加入。所以 - 我們實際上看到上個季度 Quasars - Quasar 1 的銷售有所增加，主要是 V2G 項目，就像我們過去一樣 - 我們一直在銷售。但是，是的，越來越多的客戶對 Quasar 2 感興趣，這是您提到的理想產品，特別是在停電的情況下，Quasar 2 我們將能夠為您提供電力。我們在歐洲聽到了這些事情。我知道在美國的一些州已經發生了停電，但在歐洲這是一個新事物，停電。但我們從大多數歐洲國家的政府那裡聽到，隨著我們進入冬季，可能會出現能源挑戰。

So we are accelerating the development of Quasar 2 to have it in production, as soon as possible, hopefully, beginning of next year. And we believe it's going to be a very successful product everywhere in Europe and the U.S. But yes, there's more and more, more comments about these. People is looking forward for this product, not only for saving money, energy prices, now about the blackouts and having a more resilient grid at home. That's what people is looking for.

因此，我們正在加速 Quasar 2 的開發，希望盡快在明年初投入生產。我們相信它將成為歐洲和美國各地非常成功的產品。但是，是的，關於這些的評論越來越多。人們期待這款產品，不僅是為了節省金錢、能源價格，現在還為了停電和在家中擁有更具彈性的電網。這就是人們正在尋找的。

And just a follow-on. I know you guys touched on this, but can we just talk about your cash and cash usage going through the year, as you ramp up factories and things like that. So how we should expect cash at the end of the year?

這只是一個後續。我知道你們談到了這一點，但是我們可以談談你們這一年的現金和現金使用情況，因為你們擴大了工廠之類的事情嗎？那麼我們應該如何期待年底的現金呢？

It's Jordi Lainz, Ben. Well, as we mentioned in our presentation [used in] [cashing] available at the end of June was [127] is in line, which was we forecasted in our finance model. And we are still confident that we will have enough cash to cover all our finance model until we are expecting to achieve profitability on 2024. So we are -- we have increased significantly our working capital finance lines in order to finance our growth. And this is what we are expecting also from the rest of the year that we will have enough capacity to finance our growth in inventories and receivables for financing our growth.

我是喬迪·萊因茨，本。好吧，正如我們在演示中提到的，6 月底可用的 [用於] [兌現] 是 [127] 符合，這是我們在財務模型中預測的。我們仍然有信心，我們將有足夠的現金來覆蓋我們所有的財務模式，直到我們預計在 2024 年實現盈利。因此，我們大幅增加了營運資本融資額度，以便為我們的增長提供資金。這也是我們對今年剩餘時間的預期，即我們將有足夠的能力為庫存和應收賬款的增長提供融資，從而為我們的增長提供融資。

Yes. I want to add Ben, then that we are being super conscious on spending -- for example, CapEx and OpEx, especially in the CapEx side, the U.S. factory, we split the process in 2 steps in terms of CapEx to make sure we have enough capacity for the next year, and then there's going to be a second phase in Arlington for mid-2023. So we are investing very thoughtfully to make sure we don't -- we just use what we need for the next 12 months.

是的。我想補充一下 Ben，我們對支出非常有意識——例如，資本支出和運營支出，特別是在資本支出方面，美國工廠，我們在資本支出方面將流程分為兩個步驟，以確保我們明年有足夠的產能，然後 2023 年中期將在阿靈頓進行第二階段。因此，我們正在非常深思熟慮地進行投資，以確保我們不會——我們只使用未來 12 個月所需的東西。

The same [are with] hiring, making sure, we hire exactly what we need. And even with acquisitions, these acquisitions are not only helping bring cash flow positive forward. Also, we are making sure we pay them mostly almost everything with [stocks], which I think is great that these companies and the leadership in these companies accept this method of payment. And they are looking forward to have this payment because that means, they trust in logos and the performance of our stock. So we have -- we all have extra highs, obviously, not impacting at all our growth, but making sure that we bring forward the profitability as a company.

招聘也是如此，確保我們僱傭的正是我們需要的人。即使進行收購，這些收購也不僅有助於帶來正現金流。此外，我們確保我們用[股票]向他們支付幾乎所有費用，我認為這些公司和這些公司的領導層接受這種付款方式是很好的。他們期待收到這筆付款，因為這意味著他們信任我們的徽標和庫存的表現。因此，我們都有——顯然，我們都有額外的高點，這不會影響我們的所有增長，但會確保我們提高公司的盈利能力。

Victoria?

維多利亞？

Our next question comes from Alexander Virgo at Bank of America.

我們的下一個問題來自美國銀行的 Alexander Virgo。

I wonder if I could just touch a little bit on Enric [still], your comment there about the vagaries and the volatility of EV production. And I wondered if you could just give us your view or commentary on how that looks like it may or may not sort of improve, I guess, over the balance of the year and into next. I mean, it's obviously not really showing up in your own growth, which looks fantastic. But just trying to understand whether you feel that there's been constraints in your growth because of that whether it could even have been stronger. And I think, I guess, where I'm coming out really is if we see a slower ramp in EV sales or EV production in Europe and the U.S., is that something we just need to be a little bit mindful of as we think about the balance of the year for you guys?

我想知道我是否可以稍微談談安瑞克（Enric），您對電動汽車生產的變幻莫測和波動性的評論。我想知道您是否可以向我們提供您的看法或評論，我想，在今年餘下的時間里以及明年，情況可能會或可能不會有所改善。我的意思是，這顯然並沒有真正體現在你自己的成長中，這看起來很棒。但只是想了解你是否覺得自己的成長受到了限制，因此你的成長是否可以變得更強。我想，我想，如果我們看到歐洲和美國的電動汽車銷售或電動汽車產量增長放緩，我真正想說的是，在我們為你們考慮今年的餘額時，我們是否需要稍微注意一下這一點？

And I guess, if I could ask as a follow-up to Jordi. Can you give us any feel for the buckets of that cash movement in the quarter, with respect to how much of it was working capital, how much of it was inventory build? Because I know you guys have done a great job of making sure that you can always get product to the customer either in contrast to some of your peers?

我想，如果我可以問作為喬迪的後續行動。您能否讓我們了解本季度現金流動的情況，其中有多少是營運資金，有多少是庫存建設？因為我知道你們在確保總能向客戶提供產品方面做得很好，與你們的一些同行相比？

Thank you, Alex. Yes. So Q2 EV deliveries in Europe were not great. Also in the U.S., were not -- we didn't grow as expected. As I say, EV deliveries in Europe in Q2 dropped 2% versus 2021. That said, as you point out, we were able to grow as expected, even over perform, given our market share increase bigger than we expected. So obviously, as EV deliveries ease and we even can see that [terminal factories] can catch up. We are seeing all of the factories being announced. Hyundai investing [5.5] billion in the new factory, the new factory of Rivian, [5 billion], Ford [50 billion], GM [7 billion]. So there's a lot of new factories coming, and obviously, that will take some time.

謝謝你，亞歷克斯。是的。因此，第二季度歐洲的電動汽車交付量並不理想。同樣在美國，我們也沒有按預期增長。正如我所說，第二季度歐洲的電動汽車交付量比 2021 年下降了 2%。也就是說，正如您所指出的，鑑於我們的市場份額增幅超出了我們的預期，我們能夠按預期增長，甚至超出預期。顯然，隨著電動汽車交付的放緩，我們甚至可以看到[終端工廠]可以迎頭趕上。我們看到所有的工廠都被宣布了。現代汽車新工廠投資[5.5]億，Rivian新工廠[50億]、福特[500億]、通用汽車[70億]。因此，有很多新工廠即將建成，顯然，這需要一些時間。

But if in the next quarters, the supply chain gets easier and deliveries increase, there's potential for upside for us. The numbers we are giving you for guidance, we are taking in mind that the market slightly improved because I think Q2 was [this war] because especially the conflict in Ukraine, given there were some harness provider -- the cable harness provider that [couldn't] deliver and that affected a lot of EV and car manufacturing. So I think that was part of the impact. But as you point out, if -- given the increase in market share that we have and we have more market share than we anticipated now, if EV deliveries ease and increase, we have potential for upside.

但如果在接下來的幾個季度，供應鏈變得更加容易並且交付量增加，那麼我們就有上漲的潛力。我們為您提供指導的數字，我們考慮到市場略有改善，因為我認為第二季度是[這場戰爭]，因為特別是烏克蘭的衝突，考慮到有一些線束供應商——電纜線束供應商[無法]交付，這影響了很多電動汽車和汽車製造。所以我認為這是影響的一部分。但正如您所指出的，如果考慮到我們的市場份額的增加，並且我們的市場份額比我們現在預期的要多，如果電動汽車的交付量減少並增加，我們就有上漲的潛力。

Alex, in terms of why that we are planning to invest, as we mentioned, our existing cash is basically focused to finance and fund our CapEx and OpEx for the next 18 months. And basically, what we are expecting in terms of working capital, as we are increasing our inventories, as we are launching new products [as] Supernova and Hypernova, and we are launching a new factory in U.S., is to achieve the working capital finance capacity.

Alex，就我們計劃投資的原因而言，正如我們所提到的，我們現有的現金基本上主要用於為未來 18 個月的資本支出和運營支出提供資金和資金。基本上，隨著我們增加庫存、推出 Supernova 和 Hypernova 等新產品，以及我們在美國開設新工廠，我們對營運資金的期望是實現營運資金融資能力。

Today, in [hours], we have over more than 75% of our needs for year-end, then it means that we are quite comfortable that we will achieve it, and we will not have to engage any additional euro for financing working capital. Basically, with our focus set in our new factory at the beginning of this year in Barcelona, [B26], and also in our new factory in Arlington that as mentioned [ready for], we will inaugurate in September.

今天，在[小時]內，我們已經完成了年底需求的75%以上，那麼這意味著我們對實現這一目標感到非常滿意，而且我們將不必再動用任何額外的歐元來融資營運資金。基本上，我們的重點是今年年初在巴塞羅那的新工廠，[B26]，以及我們在阿靈頓的新工廠，正如前面提到的[準備就緒]，我們將於 9 月落成。

Victoria, I think we have time for one more question.

維多利亞，我想我們還有時間再問一個問題。

Our final question comes from Stephen Gengaro at Stifel.

我們的最後一個問題來自 Stifel 的 Stephen Gengaro。

I'll make it quick. But earlier, there was a question on the bidirectional chargers front. And I was curious, it seems like -- and you guys are a little closer to this plan, but it seems like more and more manufacturers are including that and that capability is embedded in a lot of the new EVs, which the OEMs are rolling out. Are you seeing that? And do you expect to see a ramp in demand for the bidirectional chargers driven by that over the next couple of years?

我會盡快處理的。但早些時候，有一個關於雙向充電器的問題。我很好奇，你們似乎離這個計劃更近了一些，但似乎越來越多的製造商正在考慮這一計劃，並且該功能已嵌入到原始設備製造商正在推出的許多新電動汽車中。你看到了嗎？您預計未來幾年對雙向充電器的需求會因此而增加嗎？

Yes. Thank you, Stephen. Absolutely. And we are seeing in both directions, AC bidirectional and DC bidirectional. We're making sure our products are compatible with both systems, AC and DC. The main problem that is now with all these new cars announcing bidirectional compatibility is that today, there's no standard for bidirectional charging. And that will be hard for a company that just starts to make -- tries to start making a bidirectional charger. But however, because we have already won, and we are being contacted by all -- many of the car manufacturers that are launching these functionalities, we are making sure that Quasar 2 is compatible with a lot of these new car manufacturers.

是的。謝謝你，斯蒂芬。絕對地。我們看到的是兩個方向，交流雙向和直流雙向。我們確保我們的產品與交流和直流系統兼容。現在所有這些宣布雙向兼容性的新車面臨的主要問題是，目前還沒有雙向充電的標準。對於一家剛剛開始製造雙向充電器的公司來說，這將是困難的。但是，由於我們已經獲勝，並且所有推出這些功能的汽車製造商都在聯繫我們，因此我們確保 Quasar 2 與許多新汽車製造商兼容。

So the lack of standard is not helping in the short term, but it's giving us an advantage, as we are making sure working with the car manufacturers together that our product is going to be compatible with many of the car models. So yes, it's good. It's increasing our total addressable market. And in the short term, I believe we have an advantage compared to others due to the lack of standards.

因此，缺乏標准在短期內沒有幫助，但它給我們帶來了優勢，因為我們正在與汽車製造商合作，確保我們的產品將與許多車型兼容。所以是的，這很好。它正在增加我們的總目標市場。從短期來看，我相信由於缺乏標準，我們比其他人有優勢。

Got it. Well, to our audience, that's going to be our last question. Thanks, everybody, for joining us today. We hope you found today's call a good use of your time. Our next quarterly earnings call will be held in November. And also please note that we have numerous investor events held throughout August and September. And so if you'd like to spend some time with us, just check the calendar of upcoming events for conferences or you can reach out to us at investors@walbox.com. Let us know if we can help you in any way. Have a great day, everyone.

知道了。好吧，對於我們的觀眾來說，這將是我們的最後一個問題。謝謝大家今天加入我們。我們希望您認為今天的電話會議充分利用了您的時間。我們的下一個季度財報電話會議將於 11 月舉行。另請注意，我們在八月和九月舉辦了許多投資者活動。因此，如果您想與我們共度時光，只需查看即將舉行的會議活動日曆，或者您可以通過 Investors@walbox.com 與我們聯繫。如果我們可以以任何方式幫助您，請告訴我們。祝大家有個美好的一天。