Wallbox NV (WBX) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to Wallbox's Third Quarter 2023 Earnings Conference Call and webcast. My name is Charlie and I'll be your operator for today's call. (Operator Instructions)

大家好，歡迎參加 Wallbox 2023 年第三季財報電話會議和網路廣播。我叫查理，我將擔任您今天通話的接線生。 （操作員說明）

I will now turn the call over to Matt Tractenberg, Wallbox's Vice President, Investor Relations, to begin. Matt, please go ahead.

我現在將把電話轉給 Wallbox 投資者關係副總裁 Matt Tratenberg。馬特，請繼續。

Thank you, Charlie, and good morning and good afternoon to everyone listening in today. Thank you for joining today's webcast to discuss Wallbox's Third Quarter 2023 results. This event is being broadcasted over the web and can be accessed from the Investors section of our website at investors.wallbox.com.

謝謝你，查理，今天收聽的每個人早上好，下午好。感謝您參加今天的網路廣播，討論 Wallbox 2023 年第三季的業績。活動正在網路上直播，您可以從我們網站的投資者部分造訪：investors.wallbox.com。

I'm joined today by Enric Asuncion, Wallbox's CEO; and Jordi Lainz, our CFO. Earlier today, we issued our press release announcing results from the third quarter period ending September 30, 2023, which can also be found on our website.

今天，Wallbox 執行長 Enric Asuncion 也加入了我的行列。以及我們的財務長喬迪·萊因茨 (Jordi Lainz)。今天早些時候，我們發布了新聞稿，宣布截至 2023 年 9 月 30 日的第三季業績，該新聞稿也可以在我們的網站上找到。

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. Risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including in the annual report, Form 20-F for the fiscal year ended December 31, 2022, filed on March 31, 2023. We will be presenting unaudited financial statements in IFRS format that reflect management's best assessment of actual results.

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/或公司未來財務表現相關的風險和不確定性的影響。實際結果可能與預期有重大差異。可能影響業績的風險因素詳見該公司最近向 SEC 公開提交的文件，包括於 2023 年 3 月 31 日提交的截至 2022 年 12 月 31 日財年的年度報告 20-F 表。採用IFRS 格式的未經審計的財務報表，反映了管理階層對實際結果的最佳評估。

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 Investors section of our website. Also, a copy of these prepared remarks can be obtained from the Investor Relations website under Quarterly Results section, so you can more easily follow along with us today.

另請注意，我們在本次電話會議中使用了某些非國際財務報告準則財務指標，並且這些指標的調節包含在我們網站投資者部分發布的簡報中。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 renewing highlights from the third quarter 2023, we will spend some time discussing how the current market environment is evolving and how our strategy fits within. We will also dig into the ABL transaction and why it has the opportunities to transform our competitive position in the years to come. And then we will review some recent partnerships and commercial wins.

謝謝你，馬特，也謝謝大家今天加入我們。除了更新 2023 年第三季的亮點之外，我們還將花一些時間討論當前市場環境如何演變以及我們的策略如何適應其中。我們還將深入探討 ABL 交易以及為什麼它有機會在未來幾年改變我們的競爭地位。然後我們將回顧一些最近的合作夥伴關係和商業勝利。

Jordi will then offer some color on our cost reduction efforts, provide additional detail on our quarterly performance and share some thoughts on our balance sheet as we close out the year. And finally, I will return to discuss our view of the market and what we are focused on for the remainder of the year and into the next. We will end by taking questions from our covering research analysts. So let's get started.

然後，喬迪將介紹我們削減成本的努力，提供有關我們季度業績的更多細節，並在年底時分享一些關於我們資產負債表的想法。最後，我將回來討論我們對市場的看法以及我們在今年剩餘時間和明年的重點工作。最後，我們將回答我們的研究分析師的問題。那麼就讓我們開始吧。

While the third quarter revenue finished below our expected range at EUR 32.5 million, down on a year-over-year basis, driven by continued channel destocking, we made great progress on a number of critical initiatives that were improving profitability, partnerships, balance sheet management and strategic M&A. As we said this year, a large inventory build occurred within our distribution partners in both Q2 and Q3 last year in anticipation of stronger EV deliveries in 2022, which ultimately did not play out as planned. This created digital comps, both in revenue and unit volumes on a year-over-year basis for both Q2 and Q3 this year.

儘管在持續通路去庫存的推動下，第三季收入低於我們預期的 3,250 萬歐元，同比下降，但我們在改善盈利能力、合作夥伴關係、資產負債表等多項關鍵舉措上取得了巨大進展管理和策略併購。正如我們今年所說，去年第二季度和第三季度，我們的分銷合作夥伴內部都出現了大量庫存，預計 2022 年電動車交付量將增加，但最終沒有按計劃進行。這創造了今年第二季和第三季的數字比較，無論是收入還是銷售量。

The trend that we discussed last quarter has continued and as a result, sell-through via our distributors exceeded the unit sold into those channels. That fell through unit growth on a global basis amounts to approximately 30% year-over-year, a reasonable growth rate in our opinion. On a regional basis, a sell-through growth was 22% in Europe and APAC combined and 16% in North America. We continue to work with our distributors to put in place systems and processes to provide better visibility and more properly [aligned inventory] with end market demand. We also continue to believe that we are approaching (inaudible) adjustment and we'll provide more information as we have.

我們上季度討論的趨勢仍在繼續，因此，透過我們的經銷商的銷售量超過了這些管道的銷售量。全球銷量年增約 30%，我們認為這是一個合理的成長率。從地區來看，歐洲和亞太地區的銷量成長了 22%，北美地區的銷量成長了 16%。我們繼續與經銷商合作，建立適當的系統和流程，以提供更好的可見度並更適當地[調整庫存]與終端市場需求。我們也繼續相信我們正在接近（聽不清楚）調整，我們將提供更多資訊。

It was another solid quarter for our DC business, driving 285% unit growth and 350% revenue growth, both on a year-over-year basis. While we spoken at length about the balance and diversification, the DC offering brings to our portfolio, it's worth mentioning again. DC demand is less correlated to deliveries that (inaudible) installations. It is a public infrastructure buildup and often driven by government and utilities. The robustness of the network is expected to drive in the adoption, not the way around. For this reason, we continue to allocate resources to this opportunity globally and believe we are extremely well positioned. We expect there will be times that one portion of the portfolio outperforms the other.

這是我們的 DC 業務又一個穩健的季度，銷量年增 285%，營收成長 350%。雖然我們詳細討論了 DC 產品為我們的投資組合帶來的平衡和多元化，但值得再次提及。直流電需求與（聽不清楚）安裝的交付之間的相關性較小。它是公共基礎設施建設，通常由政府和公用事業公司推動。網路的穩健性預計將推動採用，而不是相反。因此，我們繼續在全球範圍內為這一機會分配資源，並相信我們處於非常有利的位置。我們預計有時投資組合的一部分會優於另一部分。

The fact that we have a comprehensive solution across a global footprint to give the investors confidence we are working to cut the energy transition from a number of fronts. We believe this is within our control, and we expect to win in the marketplace.

事實上，我們擁有覆蓋全球的全面解決方案，讓投資者對我們正在努力從多個方面削減能源轉型充滿信心。我們相信這在我們的控制範圍內，我們期望在市場上獲勝。

The balance that we discussed with you in the past continues to evolve and, in some cases, accelerate. ABL provides access to applications and geographies that we were underrepresented in. What you see from us as we enter 2024, is a business that plays across regions, product categories, applications, customer segments and economic drivers. The purchasing decisions across residential, commercial and public charge are as different as those who made them. It's equally so on a geographical level, based on government initiatives and consumer preferences.

我們過去與您討論的平衡持續發展，在某些情況下，甚至加速發展。 ABL 提供了對我們代表性不足的應用程式和地區的存取權。進入 2024 年，您將看到我們是一家跨地區、產品類別、應用程式、客戶細分和經濟驅動因素開展業務的業務。住宅、商業和公共設施的購買決策與做出這些決策的人一樣不同。根據政府措施和消費者偏好，在地理層面也是如此。

This reduction of correlation to European deliveries is intentional. And so the shareholders will benefit from in the coming years in the form of consistency and stability. It will be overnight, but slowly through organic and inorganic means, and we are at a meaningful point in that transformation. As ABL in Europe, this is globally by the external charges will create commercial forces, which we drive and many other new products hit the market and continue materially, you will see big changes from us.

與歐洲交付的相關性的降低是有意為之的。因此，股東將在未來幾年以一致性和穩定性的形式受益。這將在一夜之間，但透過有機和無機手段緩慢進行，我們正處於這一轉變的一個有意義的時刻。作為歐洲的ABL，這是全球範圍內透過外部收費將創造商業力量，我們推動和許多其他新產品進入市場並繼續實質性，你會看到我們的巨大變化。

Continuing on with the performance. Gross margins were 35% in the third quarter, a 530 basis points sequential improvement, driven largely by product mix. Our cost reduction program is front and center and allow us to reduce cash expenses by an additional EUR 4.5 million sequentially. We expect to see the EUR 50 million reduction target previously discussed. Jordi will spend more time on that in a minute.

繼續表演。第三季毛利率為 35%，季增 530 個基點，這主要是由產品組合推動的。我們的成本削減計劃是重中之重，它使我們能夠連續減少現金支出 450 萬歐元。我們預計將實現先前討論的 5000 萬歐元的削減目標。喬迪稍後會花更多時間在這上面。

Adjusted EBITDA loss was EUR 16.6 million, a EUR 4.6 million improvement over the second quarter loss of EUR 21.2 million. This brings us to the facet of EV demand in general. We have all seen comments made by large OEMs regarding challenges they're experiencing as they gain in the competitive environment and we've seen pricing actions taken. There will be quarters or even years where consumer behavior is (inaudible) as would be expected. But over the long term, replacing hundreds of millions of ICE vehicles and putting in place infrastructure to keep EVs charge and moving is one of the largest investment undertakings we may ever see.

調整後 EBITDA 虧損為 1,660 萬歐元，比第二季虧損 2,120 萬歐元減少了 460 萬歐元。這讓我們看到了電動車需求的整體情況。我們都看到大型原始設備製造商對他們在競爭環境中獲得優勢時所遇到的挑戰發表的評論，並且我們也看到了採取的定價行動。消費者行為將在幾季甚至幾年內（聽不清楚）符合預期。但從長遠來看，更換數億輛內燃機汽車並建立基礎設施以保持電動車充電和行駛是我們可能見過的最大的投資項目之一。

The current variability we've seen is not unexpected, nor that we change our thesis. In fact, EV demand relative to ICE appears to be relatively healthy. And while they may not match the OEM initial forecast, we believe in the adoption continues to grow path forward. I can tell you this, the early transition from fossil fuels to alternative sorters is occurring and will continue for decades. The management of (inaudible) will take center stage, intelligent systems to optimize our generation, storage and use will be critical. We continue to build that offering and is resonating with customers.

目前我們看到的變化並不意外，我們也不會改變我們的論點。事實上，相對於內燃機車，電動車的需求似乎相對健康。雖然它們可能與 OEM 最初的預測不符，但我們相信採用率將繼續增長。我可以告訴你，從化石燃料到替代分類機的早期轉變正在發生，並將持續數十年。 （聽不清楚）的管理將佔據中心舞台，優化我們的發電、儲存和使用的智慧系統將至關重要。我們將繼續開發該產品並與客戶產生共鳴。

Through financial incentives, governments are expected to continue to encourage consumers to see from ICE to EV. It will not be smooth and may continue to crawl in fits and starts. But we believe that this will accelerate as we make our way through the next 3 to 5 years. EV prices need to reach parity with ICE vehicles. EV prices will continue to decline as competition from Asian OEMs versus improvements from North America and European manufacturers. Low-cost producers will disrupt incumbents, forcing productivity gets, lower prices will bring consumers to the market that will otherwise be left out.

透過財政激勵措施，政府預計將繼續鼓勵消費者從內燃機轉向電動車。它不會一帆風順，可能會斷斷續續地繼續爬行。但我們相信，隨著我們未來 3 到 5 年的發展，這一趨勢將會加速。電動車價格需要與內燃機汽車持平。由於亞洲原始設備製造商的競爭以及北美和歐洲製造商的改進，電動車價格將繼續下降。低成本生產商將擾亂現有企業，迫使生產力提高，較低的價格將把消費者帶入否則將被排除在外的市場。

A market consolidation within maybe channel space will contribute. Scale our global footprint and a comprehensive portfolio will be critical to winning in this marketplace. Given the size and scope of the reduction we see ahead, even with the small local companies with (inaudible) offerings will be left out. And as all companies we complete software and hardware portfolios will prevent.

通路空間內的市場整合可能會有所貢獻。擴大我們的全球足跡和全面的產品組合對於贏得這個市場至關重要。考慮到我們預計未來削減的規模和範圍，即使是提供（聽不清楚）產品的小型本地公司也將被排除在外。與所有公司一樣，我們完整的軟體和硬體組合將防止。

For the third quarter 2023, Europe contributed to EUR 22.7 million or 70% of the total revenue. North America contributed EUR 6.7 million or 21%. APAC was EUR 2 million or 6%, and LatAm was EUR 1 million or 3%. Variability in AC demand as a result of continued destocking was partially offset by strength in public DC charge. Supernova 150, our second-generation DC fast charger continues to see strong reception from those customers. DC represented 25% of our revenue in the third quarter with AC 59% and softwared services and accessories, the remaining 16%. 2023 has brought with the large DC orders from big strategic customers, including Iberdrola, Atlante, Powy, Osprey, BeCharge and others. In some cases, these orders are in the tens of millions of euros over several years.

2023 年第三季度，歐洲貢獻了 2,270 萬歐元，佔總營收的 70%。北美貢獻了 670 萬歐元，佔 21%。亞太地區為 200 萬歐元，即 6%，拉丁美洲為 100 萬歐元，即 3%。持續去庫存導致的交流電需求波動被公共直流電充電的強勁部分抵消。我們的第二代直流快速充電器 Supernova 150 繼續受到這些客戶的強烈歡迎。 DC 占我們第三季營收的 25%，AC 佔 59%，軟體服務和配件佔剩餘的 16%。 2023年帶來了大量大戰略客戶的DC訂單，包括Iberdrola、Atlante、Powy、Osprey、BeCharge等。在某些情況下，幾年內這些訂單的金額高達數千萬歐元。

We see a lot of opportunity here and we'll ramp up production in a controlled fashion in quality and reliability in force. This is a critical time for both Wallbox and the market, one which requires the relentless proceed of (inaudible). We see retraction and customers have responded with repeat orders. It's encouraging to see and we remain committed to staying true to those stats.

我們在這裡看到了很多機會，我們將以受控的方式提高生產品質和可靠性。對 Wallbox 和市場來說，這都是一個關鍵時刻，需要不懈的努力（聽不清楚）。我們看到撤回，客戶也以重複訂單作為回應。看到這些令人鼓舞，我們仍然致力於忠於這些統計數據。

Gross margins were 35%, an increase from last quarter, but lower than our long-term target. Margins were impacted by product needs, which we expect to ease as we make our way to 2024. To provide color, approximately 60% of DC units sold in the quarter were Supernova 150, up from 40% in the prior quarter. And while there'll be a higher gross margin profile in Supernova 60, our first-generation product is still lower than AC. So in time, as that mix shifts continues and the cost profile of the new product declines we anticipate that impact to lessen.

毛利率為 35%，較上季有所成長，但低於我們的長期目標。利潤率受到產品需求的影響，我們預計到2024 年，這種需求會有所緩解。為了提供色彩，本季售出的DC 設備中約有60% 是Supernova 150，高於上一季的40% 。雖然 Supernova 60 的毛利率更高，但我們的第一代產品仍然低於 AC。因此，隨著這種組合變化的持續以及新產品成本狀況的下降，我們預計這種影響會逐漸減輕。

We also made progress on our cost-saving initiatives. Employee benefits and OpEx on a combined basis totaled EUR 33.2 million, EUR 4.5 million better than the last quarter and EUR 16.8 million better than Q4 2022, our point of measurement. We have removed EUR 38.8 million of expenses so far this year. The rightsizing of our business, given the demand environment has put us in a position of strength and one that gives us line of sight to profitability in the coming year. The processes and policies will now put in place will provide the structure for the next phase of growth, while allowing for the flexibility we'll need to navigate dynamic market conditions.

我們在成本節約措施方面也取得了進展。員工福利和營運支出合計為 3,320 萬歐元，比上一季增加 450 萬歐元，比我們的衡量點 2022 年第四季增加 1,680 萬歐元。今年到目前為止，我們已經削減了 3,880 萬歐元的費用。鑑於需求環境，我們業務的規模調整使我們處於優勢地位，並使我們能夠在來年實現盈利。現在即將實施的流程和政策將為下一階段的成長提供結構，同時允許我們靈活應對動態市場條件。

The ABL transaction, which was closed on November 2, is one of the most important events in our company's history. This has the opportunity to drastically change our financial profile and provide meaningful commercial, operational and financial synergies. They are the market share leader in German, one of the most important geographies in the world. The commercial market, we operate in is less correlated with EV deliveries and residential installations. This is even more true of the demand drivers of DC public charging infrastructure. This transaction further diversifies our portfolio, provides balance and expand our product and service addressable markets. While the EV demand curve might see variability, this transactions offers further cushion against those near-term impacts.

ABL 交易於 11 月 2 日完成，是我們公司歷史上最重要的事件之一。這有機會徹底改變我們的財務狀況，並提供有意義的商業、營運和財務協同效應。他們是德國這個世界上最重要的地區之一的市場份額領導者。我們經營的商業市場與電動車交付和住宅安裝的相關性較小。對於直流公共充電基礎設施的需求驅動因素更是如此。這項交易進一步豐富了我們的產品組合，提供了平衡並擴大了我們的產品和服務的目標市場。雖然電動車需求曲線可能會出現變化，但這筆交易為這些近期影響提供了進一步的緩衝。

The size of the German EV market is second only to China and North America. There are almost 2.7 million EVs on the roads there today. It's massive. And as I just discussed, since variability based on government incentives. Additionally, Germany requires a new certification called (inaudible). This ensures that the amount of electricity delivered to the vehicle is measured accordingly, so payments can occur. Any commercial and public application where energy is being sold requires it as well as many residential use cases where company cars are provided, a common occurrence in general.

德國電動車市場規模僅次於中國和北美。如今，那裡的道路上有近 270 萬輛電動車。它是巨大的。正如我剛才討論的，因為可變性是基於政府激勵措施。此外，德國需要一項名為（聽不清楚）的新認證。這確保了輸送到車輛的電量得到相應測量，以便可以進行付款。任何出售能源的商業和公共應用都需要它，許多提供公司汽車的住宅用例也需要它，這通常是常見的情況。

ABL has a long history of offering innovative technologies. The management team has established itself as a trusted partner to brands, including (inaudible), and they have sold more than 600,000 chargers today. The product offering has been focused on these commercial applications and delivery chargers are (inaudible) something Wallbox did not have. Because of this, the product overlap is minimal. This transaction provides us immediate access to a market where we were underrepresented and provides opportunity to expand our offerings into established sales channels. Bringing Wallbox products like Supernova, Pulsar and Quasar in Germany and ABL products to the rest of the world is something that will drive exciting value for both companies.

ABL 在提供創新技術方面擁有悠久的歷史。管理團隊已成為包括（聽不清楚）在內的品牌值得信賴的合作夥伴，如今他們已售出超過 60 萬個充電器。產品供應一直專注於這些商業應用，而交付充電器是 Wallbox 所沒有的（聽不清楚）。因此，產品重疊很少。這項交易使我們能夠立即進入我們代表性不足的市場，並提供將我們的產品擴展到現有銷售管道的機會。將德國的 Supernova、Pulsar 和 Quasar 等 Wallbox 產品以及 ABL 產品帶到世界其他地區將為兩家公司帶來令人興奮的價值。

As a reminder, Wallbox paid EUR 10 million in cash already and we'll pay another EUR 5 million in 2024 to acquire the operations and assets of ABL. This was structured as an asset deal, which narrates the need to pursue their liabilities. Instead, we bring the intellectual property, inventory, facilities and equipment, employee contracts, customer relationships and talented management team to work, whether the company will be the largest European EV charging name with the most comprehensive offering and broader ceratin footprint. We anticipated (inaudible) between EUR 60 million and EUR 75 million of revenue and positive adjusted EBITDA in 2024. This will be immediately accretive to Wallbox in the upcoming years.

提醒一下，Wallbox 已經支付了 1,000 萬歐元現金，我們將在 2024 年再支付 500 萬歐元來收購 ABL 的業務和資產。這是一項資產交易，說明了追究其債務的必要性。相反，我們將智慧財產權、庫存、設施和設備、員工合約、客戶關係和才華橫溢的管理團隊發揮作用，無論該公司是否會成為歐洲最大的電動車充電品牌，提供最全面的產品和更廣泛的業務。我們預計（聽不清楚）2024 年的營收將達到 6,000 萬歐元至 7,500 萬歐元，調整後的 EBITDA 為正數。這將在未來幾年立即為 Wallbox 帶來增值。

As (inaudible), in 2022, ABL generated approximately EUR 150 million in sales with positive EBITDA. In 2021, the company began investing in new facilities to bring its new products to market, the eM4. That investment occurred just before government subsidies were turned off late last year. The (inaudible) timing in turn, created opportunities that brought Wallbox and ABL together. Incentivizing and aligning objectives between ABL and Wallbox shareholders is extremely important. For this purpose, earn-outs are utilized.

截至 2022 年（聽不清楚），ABL 的銷售額約為 1.5 億歐元，且 EBITDA 為正值。 2021 年，該公司開始投資新設施，將新產品 eM4 推向市場。這項投資是在去年年底政府補貼取消之前進行的。 （聽不清楚）時機反過來又創造了將 Wallbox 和 ABL 結合在一起的機會。激勵 ABL 和 Wallbox 股東並協調其目標極為重要。為此目的，利用收益。

In summary, ABL management has a minority ownership stake in the business entity will create. While the sales and margin targets are ambitious higher than those shared with you here, both ABL team and Wallbox shareholders will be rewarded if they are achieved. We are excited to see the team hit the ground running.

總之，ABL 管理層在將創建的商業實體中擁有少數股權。雖然銷售和利潤目標遠高於在此與您分享的目標，但如果實現了這些目標，ABL 團隊和 Wallbox 股東都將獲得獎勵。我們很高興看到團隊開始運作。

Now I want to spend a few minutes on the benefits we expect to capture as a result of this transaction. The commercial synergies are the first I'd like to discuss. (inaudible) certified product portfolio is the most visible and tangible commercial benefit we see. The certification was something we were working on is (inaudible). The experience (inaudible) is navigating the standards and requirements with accelerated process with Supernova ultimately providing faster access to the market in 2024.

現在我想花幾分鐘談談我們期望透過這筆交易獲得的好處。商業綜效是我首先要討論的。 （聽不清楚）經過認證的產品組合是我們看到的最明顯、最有形的商業利益。認證是我們正在做的事情（聽不清楚）。經驗（聽不清楚）是透過 Supernova 的加速流程來滿足標準和要求，最終在 2024 年更快進入市場。

For the applications, in addition to lithium commercial, we now can bring the full Wallbox offering through establish (inaudible) channel in German. (inaudible), our (inaudible) charger, and the industry first will benefit from the strong relationship (inaudible). Given the size and focus of the general market or intelligent energy management solutions, we are optimistic about the opportunity. And finally, there will be other markets within Europe where the ABL offering is better aligned with the market needs.

對於應用，除了鋰商業之外，我們現在可以透過建立（聽不清楚）德語管道提供完整的 Wallbox 產品。 （聽不清楚），我們的（聽不清楚）充電器和業界第一將受益於牢固的關係（聽不清楚）。考慮到一般市場或智慧能源管理解決方案的規模和重點，我們對這個機會感到樂觀。最後，在歐洲其他市場，ABL 產品更能滿足市場需求。

For example, ABL (inaudible) charger, the eM4 meet the needs of customers looking for a robust solution for fleets, apartments and office and workplace. The market segment is growing faster than others and puts us immediately in a leadership position. The ability to quickly leverage that solution in countries that ABL cover we are not operating, offers a unique opportunity that we will quickly go after. Pulling the eM4 in our (inaudible) channels only accelerates our ability to participate in those projects.

例如，ABL（聽不清楚）充電器、eM4 滿足了為車隊、公寓、辦公室和工作場所尋找強大解決方案的客戶的需求。該細分市場的成長速度快於其他市場，使我們立即處於領先地位。在我們未開展業務的 ABL 涵蓋的國家/地區快速利用該解決方案的能力為我們提供了一個獨特的機會，我們很快就會抓住這一機會。將 eM4 拉入我們的（聽不清楚）管道只會加速我們參與這些專案的能力。

The operational synergies are equally compatible. ABL brings with its 2 manufacturing. The location in Germany is nearly 100% automated, and the location in Morocco is cost optimized. The facilities also with capabilities that we don't have at Wallbox, including injection molding and socket manufacturing. By leveraging these from ABL and not Wallbox fleets like PCB (inaudible), the combined entity can further increase the (inaudible) and (inaudible). The savings could be millions a year. The scale and scope of our combined offering and footprint also allows for both vendors and sourcing consolidation and leverage.

營運協同效應同樣相容。 ABL 帶來了其 2 製造。德國的工廠幾乎 100% 自動化，摩洛哥的工廠則進行了成本優化。這些設施也具備 Wallbox 所不具備的能力，包括射出成型和插座製造。透過利用 ABL 的這些功能，而不是 PCB 等 Wallbox 隊列（聽不清楚），合併後的實體可以進一步增加（聽不清楚）和（聽不清楚）。每年可節省數百萬美元。我們組合產品和足跡的規模和範圍也允許供應商和採購整合和利用。

Simply put, given our size, we are a major force in EV charging and expect to realize volume discounts that will immediately benefit gross margins. Optimizing R&D and CapEx is another operational benefits, we see effect. Combining 2 product road maps into 1 will allow us to, in some cases, do more and others to spend less. A example of this is how it will impact our (inaudible) at Wallbox, [upcoming] answer to commercial applications.

簡而言之，考慮到我們的規模，我們是電動車充電領域的主要力量，並期望實現批量折扣，這將立即有利於毛利率。優化研發和資本支出是另一個營運效益，我們看到了效果。將 2 個產品路線圖合併為 1 個，在某些情況下，我們可以做得更多，而其他人則可以花更少的錢。一個例子是它將如何影響我們（聽不清楚）Wallbox，[即將]對商業應用程式的回答。

ABL eM4 satisfied the European market immediately and can be sold throughout our channels today. But this also allows us to see for R&D and CapEx, which is no longer needed in Europe to North America. Customers there have been eagerly awaiting a robust commercial solution and Orion will meet their needs perfectly. This refocusing of investment and resources while expanding our service and product addressable market is a function of a complementary offering and footprint and there's more examples to share.

ABL eM4 立即滿足了歐洲市場的需求，並且現在可以透過我們的管道進行銷售。但這也讓我們看到了研發和資本支出，而歐洲和北美不再需要這些。那裡的客戶一直熱切地等待強大的商業解決方案，而 Orion 將完美滿足他們的需求。在擴大我們的服務和產品潛在市場的同時，重新調整投資和資源的重點是互補產品和足跡的功能，還有更多例子可以分享。

And the financial synergies provide for enormous shareholder value creation. As I mentioned, ABL generated substantial revenue and positive adjusted EBITDA in 2022. As the new products hit the stride, we anticipate them achieving their targets and generating positive adjusted EBITDA next year. It only increased our confidence in our ability to deliver positive adjusted EBITDA at the consolidated level in 2024.

財務綜效為股東創造了巨大的價值。正如我所提到的，ABL 在 2022 年產生了可觀的收入和正的調整後 EBITDA。隨著新產品的大步前進，我們預計他們明年將實現目標並產生正的調整後 EBITDA。這只會增強我們對 2024 年在合併水準上實現正向調整 EBITDA 的能力的信心。

To the (inaudible) context, ABL and Wallbox on a combined basis delivered revenue of approximately EUR 46 million in the third quarter. ABL gross margin are within rates the global (inaudible) strips as well, approximately 40%, and we see more opportunities to improve them further.

在（聽不清楚）背景下，ABL 和 Wallbox 在第三季的合併收入約為 4,600 萬歐元。 ABL 毛利率也在全球（聽不清楚），約 40%，我們看到了更多進一步提高毛利率的機會。

And finally, regarding operating costs at ABL, prior to the transaction, the company completed a cost improvement program to rightsize the business relative to market demand. This allows a more targeted approach to identifying potential savings that can arise from the buses combination. We will always go on a case by case basis and ensure we're optimizing the combined operations in order to (inaudible) volume for all stakeholders.

最後，關於 ABL 的營運成本，在交易之前，該公司完成了一項成本改進計劃，以根據市場需求調整業務規模。這樣可以採用更有針對性的方法來確定總線組合可能帶來的潛在節省。我們將始終根據具體情況進行處理，並確保我們正在優化聯合運營，以便為所有利益相關者提供（聽不清楚）數量。

In summary, this transaction has the ability to accelerate our strategic plan. It will provide a level of scale that does not exist today. With that scale, we respectively profitable (inaudible) moving forward. It will offer unique opportunities to follow the investments and bring new products to new markets. It's transformational for Wallbox, and I'm excited to see where it leads us.

綜上所述，本次交易能夠加速我們的策略計畫。它將提供當今不存在的規模。憑藉這樣的規模，我們分別實現了獲利（聽不清楚）。它將提供獨特的機會來追蹤投資並將新產品推向新市場。它對 Wallbox 來說是一場變革，我很高興看到它引領我們走向何方。

The third partnership we announced in the quarter was Kia. Kia selected Wallbox as its partner in the launch of this beautiful new electric SUV, the EV9. Here, we'll offer U.S. customers and solutions that include Quasar 2, our bidirectional charger, the next generation, 11.5 kilowatt bidirectional charger will enable EV owners to charge and discharge their electric vehicle to power their home or send energy back to the grid. Kia EV9 can hold up to 100-kilowatt hours of energy over 5x the amount of energy of a standard 13.5 kilowatt hours home storage system and power a typical household energy consumption for up to 4 days, removing the need for expensive home energy storage systems.

我們在本季宣布的第三個合作夥伴是起亞。 Kia選擇 Wallbox 作為合作夥伴，推出這款漂亮的新型電動 SUV EV9。在這裡，我們將為美國客戶提供包括Quasar 2 在內的解決方案，我們的雙向充電器是下一代11.5 千瓦雙向充電器，將使電動車車主能夠為電動車充電和放電，為家庭供電或將能量發送回電網。 Kia EV9 可容納高達 100 千瓦時的能量，是標準 13.5 千瓦時家庭儲存系統能量的 5 倍以上，可為典型家庭能源消耗提供長達 4 天的電力，因此無需昂貴的家庭儲能係統。

In case of power outage, Quasar 2's power recovery mode automatically switches the users' power source from the grid to their vehicle to allow a homeowner to use their EV battery as an emergency generator. This type of backup service is becoming not only increasingly important, but crucial given the sheer volume and duration of power outages in the U.S. Last year, Californian alone witnessed 39 power outages and more than 414 hours of total outage time. Across the U.S., unforeseen power outages cost the U.S. economy $150 billion annually. We're excited to work with Kia America toward our shared vision for accelerating electrification and transforming how we harness and interact with energy.

如果發生停電，Quasar 2 的電力恢復模式會自動將使用者的電源從電網切換到車輛，以便房主將電動車電池用作緊急發電機。考慮到美國停電的數量和持續時間，這種類型的備份服務不僅變得越來越重要，而且至關重要。去年，光是加州航空就發生了 39 次停電，總停電時間超過 414 小時。在美國各地，意外停電每年對美國經濟造成 1500 億美元的損失。我們很高興與起亞美國公司合作，實現我們的共同願景，即加速電氣化並改變我們利用能源和與能源互動的方式。

The next announcement we made was with Free2move eSolutions, which is a joint venture with Stellantis. We alluded to this collaboration on the past calls, and we are proud to finally discuss who is with. The opportunity will involve both Pulsar AC charger for the customers and Supernova 180 for dealerships. We will be shipping Supernova in the current quarter and expect to accelerate as we make our way to 2024.

我們發布的下一個公告是與 Free2move eSolutions 發布的，它是與 Stellantis 的合資企業。我們在過去的電話中提到了這次合作，我們很自豪地最終討論了合作夥伴。該機會將涉及為客戶提供的 Pulsar AC 充電器和為經銷商提供的 Supernova 180。我們將在本季出貨 Supernova，預計到 2024 年出貨速度會加快。

I'd like to point out how we come an opportunity dealerships bring there. Remember, in dealerships, we mean both AC and DC as well as bidirectional capabilities. You cannot service a fully charged [EV]. So capturing that energy through bidirectional charging, which today is wasted and moving into other vehicles or selling it back to the (inaudible) is a compelling value proposition for dealerships, and there are more than 21,000 of them in North America alone. One, we need to invest between $100,000 and $1 million to be ready, the massive market, and we are uniquely positioned. We look forward to bring a competency management factor to them.

我想指出經銷商如何為我們帶來機會。請記住，在經銷商中，我們指的是交流和直流以及雙向功能。您無法維修充滿電的 [EV]。因此，透過雙向充電捕獲能源（如今這些能源被浪費並轉移到其他車輛或將其賣回（聽不清楚））對於經銷商來說是一個引人注目的價值主張，僅在北美就有超過21,000家經銷商。第一，我們需要投資 10 萬到 100 萬美元才能做好準備，這是一個巨大的市場，而且我們處於獨特的地位。我們期待為他們帶來能力管理因素。

And finally, we've announced a strategic partnership with Osprey, one of the U.K.'s largest and leading rapid EV charger networks. The collaboration will bring in by expanding the open network with 125 units of Wallbox Supernova DC charger, coupled with Wallbox’ care program, offering preventative and creative maintenance for the Supernova fleet. Charge point availability and reliability are both crucial for consumer confidence in making the switch to electric vehicles. Wallbox’ Supernova uses a modular design with a simple user-centric experience and payment process. This ensures that EV drivers get ease of use and a high standard of reliability, whilst charge point operators can scale the units easily to improve availability.

最後，我們宣布與英國最大且領先的快速電動車充電網路之一 Osprey 建立戰略合作夥伴關係。此次合作將透過擴展開放網路來引入 125 個 Wallbox Supernova 直流充電器，再加上 Wallbox™ 護理計劃，為 Supernova 車隊提供預防性和創造性的維護。充電點的可用性和可靠性對於消費者轉向電動車的信心至關重要。 Wallbox™ Supernova 採用模組化設計，具有簡單的以使用者為中心的體驗和支付流程。這確保了電動車駕駛員的易用性和高標準的可靠性，而充電點營運商可以輕鬆擴展設備以提高可用性。

Jordi, I'll turn it over to you to comment further on our financial details.

喬迪，我會將其交給您進一步評論我們的財務細節。

Thank you, Enric Good morning and good afternoon to everyone. Our third quarter results came in lighter than expected, driven by additional channel inventory adjustments and some regional variability from residential applications. I'll provide more detail on these results discuss some financing activities we've announced and shared some puts on the remainder of the year. For the third quarter of 2023, revenue was EUR 32.5 million, flat from the previous quarter.

謝謝你，安瑞克，大家早安，下午好。由於額外的通路庫存調整和住宅應用的一些區域差異，我們第三季的業績低於預期。我將提供有關這些結果的更多詳細信息，討論我們已宣布的一些融資活動，並分享今年剩餘時間的一些看跌期權。 2023 年第三季營收為 3,250 萬歐元，與上一季持平。

On a year-over-year basis, revenue declined in both the U.S. and Europe driven largely by continued destocking. On a sell-through basis, unit volumes increased by 30% driven by strength in the U.S. The inventory build that occurred last year continued in the quarter, and while it's difficult to say for sometime based on the pattern we saw last year, we expect less of impact going forward.

與去年同期相比，美國和歐洲的收入均下降，主要原因是持續去庫存。在銷售量的基礎上，在美國市場強勁的推動下，單位銷量增長了30%。去年出現的庫存增加在本季度仍在繼續，雖然根據我們去年看到的模式很難說會持續一段時間，但我們預計未來影響較小。

Gross margin for the quarter was 35% at a 130 basis point improvement over the last quarter. Mix shifts from new products continue to impact our margins, but progress is being made. DC margins are now above 30%, up from 10% last year. As we continue to transition from Gen 1 to Gen 2, we believe we will see gradual improvement, enabling consolidated gross margins back in the mid- to high series in the fourth quarter.

本季毛利率為 35%，較上季提高 130 個基點。新產品的組合轉變繼續影響我們的利潤，但正在取得進展。 DC 利潤率目前已超過 30%，高於去年的 10%。隨著我們繼續從第一代過渡到第二代，我們相信我們將看到逐步改善，使綜合毛利率在第四季度回到中高水平。

We were able to further reduce both employee-related cash expenses and OpEx, which amounted to EUR 33.2 million in the period. If you recall, our intention was to reduce 2023 expenses by EUR 50 million using the fourth quarter 2022 as our (inaudible). Through the third quarter, we have removed EUR 38.8 million from our 2023 costs. The most recent quarterly cash expenses are EUR 16.8 million lower than Q4 2022. This implies that we will exceed our planned reduction something we are proud to share with you today. We see additional opportunities to reduce costs further, and we will aggressively go after them.

我們能夠進一步減少與員工相關的現金支出和營運支出，該支出在此期間達到 3,320 萬歐元。如果你還記得的話，我們的目的是以 2022 年第四季為目標（聽不清楚），將 2023 年費用減少 5,000 萬歐元。截至第三季度，我們已從 2023 年成本中削減了 3,880 萬歐元。最近的季度現金支出比 2022 年第四季度減少了 1,680 萬歐元。這意味著我們將超出計劃的削減量，今天我們很自豪地與您分享這一點。我們看到了進一步降低成本的更多機會，我們將積極追求這些機會。

Adjusted EBITDA loss for the period was EUR 16.6 million, a 22% sequential improvement and 20% improvement over the prior year period. We remain extremely focused on cost and conserving cash and have seen tangible benefits of both efforts.

該期間調整後 EBITDA 損失為 1,660 萬歐元，較上季改善 22%，比去年同期改善 20%。我們仍然高度關注成本和節省現金，並看到了這兩項努力的實實在在的好處。

We also improved our balance sheet in the quarter. We ended September with approximately EUR 81 million of cash and equivalents. In October, we secured an additional EUR 35 million loan from several European banking partners at a rate of 3-month (inaudible) 3.25%. That will combine with the attractive purchase price of ABL, allows us to remain close to the EUR 100 million mark where we are comfortable. We ended the third quarter with EUR 65 million of long-term debt, which excludes that Q4 funding event. We did not utilize the ATM during the third quarter.

本季我們也改善了資產負債表。截至 9 月底，我們擁有約 8,100 萬歐元的現金及等價物。 10 月份，我們從多家歐洲銀行合作夥伴處獲得了額外 3,500 萬歐元的貸款，利率為 3 個月（聽不清楚）3.25%。這與 ABL 具有吸引力的收購價格相結合，使我們能夠保持在接近 1 億歐元大關的水平，這是我們感到滿意的。截至第三季末，我們的長期債務為 6,500 萬歐元，其中不包括第四季的融資事件。第三季我們沒有使用 ATM。

CapEx was again very in line with approximately EUR 4.2 million in the period with EUR 1.2 million spent on property, plant and equipment. Year-to-date, we've spent EUR 11.6 million. We expect an additional EUR 4 million to EUR 6 million of CapEx spent in the fourth quarter of 2023, resulting in a full year figure less than EUR 20 million and significantly less than the EUR 26 million previously planned for the year.

該期間的資本支出再次非常符合約 420 萬歐元，其中 120 萬歐元用於不動產、廠房和設備。今年迄今為止，我們已花費 1,160 萬歐元。我們預計 2023 年第四季將額外支出 400 萬至 600 萬歐元的資本支出，導致全年數字低於 2,000 萬歐元，並且大大低於先前計劃的 2,600 萬歐元。

Inventories were EUR 94 million, down slightly from the second quarter. Full-time headcount increased by almost 100 people on a quarter-over-quarter basis. We are at the headcount level of Q2 2022, and believe the absolute number will continue to trend down.

庫存為 9400 萬歐元，較第二季略有下降。全職員工人數較上季增加近 100 人。我們目前處於 2022 年第二季的員工數量水平，並相信絕對數量將繼續呈下降趨勢。

To provide a bit more detail on our balance sheet, here you see the debt recovery. As of September, we had approximately EUR 65 million of interest bearing long-term loans with maturity greater than 1 year. We also have EUR 19 million of short-term loans. The EUR 65 million matures over the coming 5 years. Our fixed rate debt is at 4.1%, and our floating rate debt is at an average 3 months (inaudible) close to 5.8%. These balances exclude the new EUR 35 million loan brought on in October. As you can see, we have careful finance business and do not have meaningful near-term interest rate risk. We believe we are adequately capitalized and are able to service our debt. Investors should be in comfort that we are in a solid position.

為了提供有關我們資產負債表的更多詳細信息，您可以在此處看到債務回收。截至 9 月，我們擁有約 6,500 萬歐元期限超過 1 年的帶息長期貸款。我們還有 1900 萬歐元的短期貸款。 6500 萬歐元將在未來 5 年內到期。我們的固定利率債務為 4.1%，浮動利率債務平均 3 個月（聽不清楚）接近 5.8%。這些餘額不包括 10 月新增的 3,500 萬歐元貸款。正如您所看到的，我們有謹慎的金融業務，並且沒有重大的短期利率風險。我們相信我們資本充足，有能力償還債務。投資者應該對我們的地位穩固感到放心。

Enric I'll turn it back to you to provide some closing commentary.

Enric 我會將其轉回給您並提供一些結束評論。

Thanks, Jordi. As we exit 2023 and prepared for 2024 is an extremely important time for Wallbox. We have set up to achieve scale on the business that will allow us to live profitability very soon. The multiple new products we are bringing to market today provides access to applications and geographies that we have not seen before. DC public charging in North America, DC and commercial charging in Germany, recharging in Europe or either in the U.S. for apartments and office lots, bidirectional around the world. These revenue opportunities are real. They will contribute meaningfully and ABL is an important part of that. We expect revenue growth to resume in the fourth quarter.

謝謝，喬迪。當我們結束 2023 年並為 2024 年做準備時，對 Wallbox 來說是一個極其重要的時刻。我們已經著手實現業務規模，這將使我們很快就能實現盈利。我們今天向市場推出的多種新產品提供了對我們以前從未見過的應用程式和地理位置的存取。北美的直流公共充電、德國的直流和商業充電、歐洲或美國的公寓和辦公室充電，全球雙向。這些收入機會是真實存在的。他們將做出有意義的貢獻，ABL 是其中的重要組成部分。我們預計第四季度營收將恢復成長。

Managing our cost base is equally critical as we enter 2024. While we've taken huge steps to rightsize the business given the environment, we see more opportunity ahead. We will be leaner, more efficient and more flexible in the coming year. Breaking even then generating positive adjusted EBITDA is now expected just a quarter later than originally planned. We believe that our operating leverage will be greater than previously sold given ABL's potential. It's an exciting time and one that we are very proud of.

進入 2024 年，管理我們的成本基礎同樣重要。儘管我們已根據環境採取了巨大措施來調整業務規模，但我們看到未來還有更多機會。新的一年，我們將更加精簡、更有效率、更有彈性。目前預計將實現損益平衡，然後產生正的調整後 EBITDA，僅比原計劃晚四分之一。我們相信，鑑於 ABL 的潛力，我們的經營槓桿將比之前出售的更大。這是一個激動人心的時刻，我們對此感到非常自豪。

We believe we are doing the right things and we measure our progress against our strategic plan by speaking with customers and staying close to the market transitions driving our business. Today, we are fully focused on what we can control. This includes taking market share, controlling costs and ensuring we (inaudible) to profitability in 2024. Each variable Wallbox is focused on this initiative, and we are willing to do whatever it takes to (inaudible). While we cannot control the markets, we can control how we compete within that. We are adding diversification across products, markets and geographies that rely less (inaudible). We will be largely profitable with a more efficient operational footprint and a more complete offer.

我們相信我們正在做正確的事情，我們透過與客戶交談並密切關注推動我們業務發展的市場轉型來衡量我們的策略計劃進展。今天，我們完全專注於我們可以控制的事情。這包括佔領市場份額、控製成本並確保我們（聽不清楚）在 2024 年實現盈利。每個可變的 Wallbox 都專注於這一舉措，我們願意不惜一切代價（聽不清楚）。雖然我們無法控制市場，但我們可以控制我們在市場中的競爭方式。我們正在增加依賴較少的產品、市場和地區的多元化（聽不清楚）。我們將透過更有效率的營運足跡和更完整的產品來實現大幅獲利。

We appreciate your trust, I look forward to turning the corner to profitability in the upcoming year. That, we believe, will set us apart from the competition and help (inaudible) on where it should be. the massive wave of (inaudible) and channel infrastructure that we see coming over the next decade, and we are ready for it.

我們感謝您的信任，我期待在未來一年扭虧為盈。我們相信，這將使我們在競爭中脫穎而出，並有助於（聽不清楚）我們應該處於什麼位置。我們預計未來十年將會出現大規模的（聽不清楚）和通路基礎設施浪潮，我們已做好準備。

With that, we are ready to take questions from our analysts.

至此，我們準備好回答分析師的問題了。

(Operator Instructions) Charlie, I think you have some instructions for our analysts and how to get into the queue.

（操作員說明）查理，我想您對我們的分析師以及如何進入隊列有一些說明。

(Operator Instructions) Our first question comes from George Gianarikas of Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Canaccord Genuity 的 George Gianarikas。

So I'd like to ask about your expectations around reaching EBITDA positive for next year. You said in 2024. I was wondering whether that means that you expect to reach profitability for the full year? And also your previous expectation about being EBITDA flat in the fourth quarter of '23?

所以我想問一下您對明年實現 EBITDA 為正值的期望。你說的是2024年，我想知道這是否意味著你預計全年能夠獲利？您之前對 23 年第四季 EBITDA 持平的預期也是如此？

Thank you, George. This is Enric. We are seeing great traction on cost reduction, and we expect by 2024 as a full year to be a profitable year in adjusted EBITDA basis. And what we are doing right now, and as I said during the call, we are reducing cost and adapting to the environment. Therefore, we expect that breakeven or actually profitability to be in Q1 2024. And we've been able to improve EBITDA 22% for this quarter. We believe we will make great progress in Q4 being in very small negative numbers, but actual positive numbers, we won't see them until Q1 2024.

謝謝你，喬治。這是安瑞克。我們看到成本削減的巨大推動力，我們預計到 2024 年全年將成為調整後 EBITDA 獲利的一年。我們現在正在做的事情，正如我在電話中所說，我們正在降低成本並適應環境。因此，我們預計 2024 年第一季將實現盈虧平衡或實際盈利。本季我們的 EBITDA 提高了 22%。我們相信，我們將在第四季度取得巨大進展，負數非常小，但實際的正數，我們要到 2024 年第一季才能看到。

And as a follow-up, I'd just like to switch gears a little bit and ask about the inventory destocking. I know last quarter, you mentioned that you thought it was -- you basically had a sort of an equilibrium, but you continue to see inventory in the channel. Can you just talk about the measures that you've put in place to understand where inventory currently stands and when you now expect to be through that flush?

作為後續行動，我想稍微轉換一下話題，詢問庫存去庫存的情況。我知道上個季度，您提到您認為基本上達到了某種平衡，但您繼續看到渠道中的庫存。您能否談談您為了解庫存當前狀況以及您現在預計何時能夠完成庫存而採取的措施？

Yes. So actually, if we look at the difference between sell-out and sell-in, so the chargers that were sold by our board partners, we see a EUR 10 million difference. And that's something that we have not seen materialize this quarter. When talking with partners and looking at the data, what we see is that they are carrying less inventory that they normally would. They used to have at least 1/4 of inventory and some of them are being more lean and having a couple of orders a quarter.

是的。事實上，如果我們看看售出和售入之間的差異，那麼我們的董事會合作夥伴出售的充電器，我們會看到 1000 萬歐元的差異。這是我們本季還沒有看到的事情。當與合作夥伴交談並查看數據時，我們發現他們的庫存比平常少。他們過去至少有 1/4 的庫存，其中一些公司變得更加精簡，每個季度都會有幾個訂單。

That's happening for some partners, big partners, especially that want to manage in a more smart way, they're working capital. And this is the gap that we've seen in Europe, mostly for AC charging, which was this EUR 10 million. As we look forward, we are seeing that it's getting better, and we expect Q4 and Q1 to be clean in terms of inventory.

對於一些合作夥伴、大合作夥伴來說，這種情況正在發生，特別是那些想要以更聰明的方式管理的合作夥伴，他們是營運資金。這是我們在歐洲看到的差距，主要是交流充電方面的差距，達 1000 萬歐元。展望未來，我們看到情況正在好轉，我們預計第四季和第一季的庫存將保持乾淨。

George, the only other thing I would add, it's Matt, by the way, is that this is now 4 quarters of channel destocking. So the inventory build at our channel partners ended in the third quarter of last year. So while we don't want to tell you that it's complete, the data that we're looking at suggests that we're nearing the end of that cycle. And so that's what Jordi was talking about, the impact being less going forward. That's what we believe, and we're getting that both from the data and from conversations with customers. So hopefully, that's helpful.

喬治，我要補充的唯一一件事是馬特，順便說一句，現在是渠道去庫存的四個季度。因此，我們通路夥伴的庫存建設已於去年第三季結束。因此，雖然我們不想告訴您它已經完成，但我們正在查看的數據表明我們已接近該週期的結束。這就是喬迪所說的，未來的影響會越來越小。這就是我們的信念，我們從數據和與客戶的對話中得到了這一點。希望這會有所幫助。

Our next question comes from Abhi Sinha of Northland Capital.

我們的下一個問題來自 Northland Capital 的 Abhi Sinha。

So I just want to understand on the ABL acquisition. I understand Germany was an import area where you were underrepresented. The first thing is, is that enough for you to make a breakthrough in Germany? Or would you require more similar acquisitions there? And second, is there any other import area in Europe where you are underrepresented and something more like this kind of acquisition might be a possibility?

所以我只想了解ABL收購案。據我所知，德國是進口地區，但您的代表性不足。首先，這足以讓你在德國取得突破嗎？或者您需要在那裡進行更多類似的收購？其次，在歐洲是否還有其他進口地區的代表性不足，並且有可能進行類似此類的收購？

Thank you, Abhi, this is Enric. So ABL is the market share leader in Germany. So when it comes to AC charging, yes, it's more than enough. And the commercial network they have established after 100 years of a company, it's massive in Germany. They have presence in municipalities, in distribution channels, with installers. They even have a training center for installers all across Germany. So we're bringing Supernova and Pulsar products through their commercial network is going to be obviously a huge synergy. So yes, it's an up for AC and for DC charging.

謝謝你，阿比，我是安瑞克。因此，ABL 在德國的市佔率處於領先地位。因此，當涉及交流充電時，是的，這已經足夠了。他們在公司成立 100 年後建立的商業網絡在德國非常龐大。他們在市政當局、分銷管道和安裝人員中都有業務。他們甚至為德國各地的安裝人員設立了訓練中心。因此，我們透過 Supernova 和 Pulsar 的商業網絡帶來產品，這顯然會產生巨大的協同效應。所以，是的，它是交流和直流充電的升級產品。

The ABL team is super excited to start selling Supernovas actually. And they bring a product that for us was Orion. Orion is our commercial charger focus to sell energy in commercial applications. The eM4 fulfills exactly what Orion should have fulfill. It's a product that is tested, that is being sold. So as we speak now, what we are doing, we are offering it to other geographies where ABL is underrepresented. Obviously, they are strong in Germany, but not in the rest of Europe. And we also see a lot of synergies coming from there.

ABL 團隊對於真正開始銷售 Supernova 感到非常興奮。他們為我們帶來了一款產品，那就是 Orion。 Orion 是我們的商業充電器，專注於在商業應用中銷售能源。 eM4 完全滿足了 Orion 應該滿足的要求。這是一個經過測試、正在銷售的產品。因此，正如我們現在所說，我們正在做的事情是，我們將其提供給 ABL 代表性不足的其他地區。顯然，他們在德國很強大，但在歐洲其他國家則不然。我們也看到了很多協同效應。

When you ask about other countries that you think -- we think we're underrepresented, I think we -- after this acquisition, we are a powerhouse in Europe. We are the #1 manufacturer of EV charging in the European continent with offering in all segments from home commercial and fast charging and even bidirectional charging. So Immediately, I say no. I say we don't need any other acquisition like this in Europe. But we also recognize there's going to be more consolidation in the European space. And we continue to look for opportunities. But by right now, our focus is making sure we can grow the ABL business together with the Wallbox business.

當你詢問其他國家時，你認為——我們認為我們的代表性不足，我認為——在這次收購之後，我們是歐洲的強國。我們是歐洲大陸排名第一的電動車充電製造商，提供從家用商業到快速充電甚至雙向充電的所有細分市場。所以我立即說不。我說我們在歐洲不需要其他類似的收購。但我們也意​​識到歐洲領域將會出現更多整合。我們繼續尋找機會。但目前，我們的重點是確保 ABL 業務與 Wallbox 業務一起發展。

Our next question comes from Stephen Gengaro of Stifel.

我們的下一個問題來自 Stifel 的 Stephen Gengaro。

I think 2 for me. Just ABL contributed, I don't know, about EUR 13.5 million in the quarter. Is that -- and I know you gave some guidance on 2024 as well. Is that a reasonable run rate? And is there any seasonality we should be thinking about in the ABL business? Did I lose you?

我認為對我來說是2。我不知道，光是 ABL 在本季就貢獻了約 1,350 萬歐元。我知道您也對 2024 年提供了一些指導。這是一個合理的運行率嗎？ ABL 業務中是否存在我們應該考慮的季節性因素？我失去你了嗎？

Sorry about that.

對於那個很抱歉。

I believe we've lost connection with the speaker team. There we go.

我相信我們已經與演講者團隊失去了聯繫。我們開始吧。

We're good. Okay. My apologies. So Stephen, just to clear that up, ABL did not contribute anything in the third quarter. The number that we gave you, which was approximately EUR 46 million was a data point to give you a sense of the size or the scale of the combined business. But remember, we closed the transaction on November 2. So we will include 2 months of Q4 in our Q4 numbers, but they didn't contribute today to the numbers that we reported here today.

我們很好。好的。我很抱歉。所以史蒂芬，澄清一下，ABL 在第三季沒有做出任何貢獻。我們向您提供的數字約為 4600 萬歐元，它是一個數據點，可讓您了解合併後業務的規模或規模。但請記住，我們於 11 月 2 日結束了交易。因此，我們將在第四季度的數據中包含第四季度的 2 個月，但它們今天並未對我們今天報告的數據做出貢獻。

Your question was about linearity, seasonality or sort of the path forward. And I think what we want to leave you with is that we expect somewhere between EUR 60 million and EUR 75 million during the 2024 period. We've set very aggressive targets for them and we'll continue to report on how their performance is. But how that shakes out over the next couple of quarters I think give us a quarter or 2 just to get our hands around the business and spend time with the team, and we'll share more with you on the next call. Okay?

你的問題是關於線性、季節性或前進的道路。我認為我們希望給您留下的是，我們預計 2024 年期間的收入將在 6000 萬歐元到 7500 萬歐元之間。我們為他們設定了非常積極的目標，我們將繼續報告他們的表現。但在接下來的幾個季度中，情況會如何發展，我認為給我們一兩個季度的時間來處理業務並花時間與團隊相處，我們將在下次電話會議上與您分享更多資訊。好的？

And then just as a follow-up, you mentioned how strong that business was in 2022. I understand Germany is a more mature market. But I'm just sort of trying to understand the drop in revenue. I mean if you cut half in 2022, what's behind that? Are they sold businesses? Is it just evolution of the German market? And is that EUR 150 million the kind of potential they could get back to?

作為後續行動，您提到 2022 年該業務有多強勁。我了解德國是一個更成熟的市場。但我只是想了解一下收入的下降。我的意思是，如果你在 2022 年削減一半，那背後的原因是什麼？他們是否出售業務？這只是德國市場的演變嗎？這 1.5 億歐元是他們可以收回的潛力嗎？

Stephen, this is Enric. So that's something that happened to all German companies and companies that participate in the market. We also saw this drop on sales in the German market. That was driven by the KfW incentive. There was -- the German bank was subsidizing commercial and home chargers in Germany, almost for free, basically, including installation. And when that stopped last year, at the end had an impact in the whole market. We are seeing -- as you can see, the EUR 13 million, EUR 15 million revenue quarterly right now. And we obviously believe that they can go back there to these numbers as the German market becomes more normalized after this year.

史蒂芬，這是安瑞克。這就是所有德國公司和參與市場的公司都發生的事情。我們也看到德國市場的銷售量下降。這是由德國復興信貸銀行的激勵措施所推動的。德國銀行正在為德國的商業和家用充電器提供補貼，基本上幾乎免費，包括安裝。當去年這種情況停止時，最終對整個市場產生了影響。正如您所看到的，我們現在的季度收入分別為 1300 萬歐元和 1500 萬歐元。我們顯然相信，隨著今年之後德國市場變得更加正常化，他們可以回到這些數字。

You have to think that it was a very subsidized time in 2022, 2023 after the subsidies were finished, obviously, the market dropped, because there has been a lot of people that have bought charges in that period. But now in the Q3 and Q4, we are starting to see exciting opportunities. And we also saw new incentives coming from KfW in the German market. So it's not only that the market is improving, also the same entity is adding smarter and less [disruptive] rates incentive, but still that support the growth of the charging business.

你要想想，2022年、2023年補助結束後，是一個非常補貼的時期，顯然，市場下降了，因為那段時間已經有很多人買了資費。但現在在第三季和第四季度，我們開始看到令人興奮的機會。我們也看到了德國復興信貸銀行在德國市場推出的新獎勵措施。因此，不僅市場在改善，而且同一實體正在增加更聰明、更少[破壞性]的費率激勵措施，但這仍然支持充電業務的成長。

So Stephen, yes, we -- I just want to be clear, we do believe it. Stephen, over time, we do believe that, that team can get back to those numbers. Okay.

所以史蒂芬，是的，我們——我只是想澄清，我們確實相信這一點。史蒂芬，隨著時間的推移，我們確實相信球隊可以恢復這些數字。好的。

Our next question comes from Ben Kallo of Baird.

我們的下一個問題來自貝爾德 (Baird) 的本卡洛 (Ben Kallo)。

All right. Just sticking to the acquisition there, can you give us any details about the process? Was it competitive? And then just because of that fluctuation in revenue from '22 to '23 and the thoughts about getting back to that. Can you talk how you guys looked at valuation when you made the acquisition?

好的。就收購而言，您能為我們介紹一下整個過程的細節嗎？有競爭力嗎？然後只是因為從 22 世紀到 23 世紀的收入波動以及重新回到這一點的想法。您能談談你們在進行收購時是如何看待估值的嗎？

Yes. Ben, it's Jordi Lainz. Well, it has been a very special process, because it was a private owned company by a family, it's a very old company. And they were doing significant efforts in 2022 in terms of investments to achieve higher growth on 2023, that finally, as Enric mentioned, did not come. This financing of these big investments and increase in headcount were expected for a market growth that didn't happen. And since first quarter 2023, this company show how their sales were not growing them on 15%, their sales were decreasing by 50%. It creates a distressed situation that became on a bankruptcy process in June 2023, where the business was managed by administrator and self-administration process. In that process, it's a third party, which is assisting to the existing owners to a selling process as quick as possible.

是的。本，我是喬迪‧萊因茨。嗯，這是一個非常特殊的過程，因為它是一家由家族擁有的私人公司，是一家非常古老的公司。他們在 2022 年在投資方面做出了重大努力，以期在 2023 年實現更高的成長，但正如安瑞科所提到的那樣，最終並沒有實現。這些大型投資的融資和員工人數的增加原本是為了市場成長，但並沒有發生。自 2023 年第一季以來，該公司的銷售額並未成長 15%，而是下降了 50%。它造成了一種困境，並於 2023 年 6 月進入破產程序，該業務由管理員和自我管理流程進行管理。在此過程中，它是第三方，協助現有業主盡快完成銷售過程。

In that situation, we were in front of a process with at least 2 competitors to European competitors and a couple of private venture companies and selected company that was the most excited and complementary in terms of achievement common goals, in terms of market share and complementary in products was Wallbox. And this is why Wallbox presented an offer in competition with other 3 offers that was best elected because it was considered as the best option for the future growth of the business. And this is why it has been, as you can -- and the market has seen a very competitive and attractive pricing for the business -- for the whole business.

在這種情況下，我們面臨一個過程，其中至少有 2 個歐洲競爭對手和幾家私人創投公司，並選擇了在實現共同目標、市場份額和互補性方面最興奮和最互補的公司。產品包括Wallbox。這就是為什麼 Wallbox 提出了與其他 3 個最佳報價競爭的報價，因為它被認為是未來業務成長的最佳選擇。這就是為什麼它一直如此，而且市場已經看到了對整個業務來說非常有競爭力和有吸引力的定價。

Ben, to add to that, this is Enric. So the owners of ABL at the time the family owner, they had part of the decision on who was the best offer. And the fact that there was no overlap between Wallbox and ABL, and they are very complementary companies. And that obviously keeps forward the thesis that was an important part of the decision. But yes, it was a very competitive process.

本，補充一下，這是安瑞克。因此，ABL 的所有者當時是家族所有者，他們對誰是最好的報價有部分決定權。事實上，Wallbox 和 ABL 之間沒有重疊，而且它們是非常互補的公司。這顯然推動了作為該決定的重要組成部分的論文。但是，是的，這是一個競爭非常激烈的過程。

As we think about gross margin and any kind of seasonality into next year, can you talk about if there is any seasonality impacts gross margin? And any kind of -- there's a bunch of factors that you talked about in the prepared remarks impacting gross margin, but how we should think about levers increasing it and kind of timing for the increases in gross margin?

當我們考慮明年的毛利率和任何季節性因素時，您能談談季節性因素是否會影響毛利率嗎？您在準備好的演講中談到了很多影響毛利率的因素，但我們應該如何考慮增加毛利率的槓桿以及毛利率增加的時機？

Yes. So we don't expect any seasonality. We expect constant improvement as the Generation 2 Supernova is becoming a bigger part of the product mix of our CFC sales. You have to see that Supernova has very high -- Supernova Gen-2 has higher gross margin than Supernova 1, which was much lower, and that's the biggest driver in gross margin. When next -- at the end of this year, this current quarter, we are also launching Supernova in the U.S., and it's coming with a very great gross margin closer to the 40%, which is the target of the company. And therefore, also this will support building margin.

是的。所以我們預計不會有任何季節性。隨著第 2 代 Supernova 成為我們 CFC 銷售產品組合的重要組成部分，我們預計會不斷改進。你必須看到Supernova的毛利率非常高——Supernova Gen-2的毛利率比Supernova 1高得多，後者要低得多，這是毛利率的最大推動因素。明年——今年年底，本季度，我們還將在美國推出 Supernova，它的毛利率非常高，接近 40%，這是公司的目標。因此，這也將支持建立利潤率。

Additionally, as we keep producing our own inventory, the one we have in our warehouses, that give us opportunities to improve the design to cost of our products. As we've been cleaning inventories from many products, we didn't have an opportunity to implement design to cost improvements that have not been seen, because we were eating through inventory. But already this quarter also, there's new initiatives that are coming and reduce cost and impact obviously gross margin. So I think we should expect to see in general, an improvement on gross margin, getting close to the 40% target of the company. There might be some quarters where we have an extra sale of Supernova and less AC or more AC and less Supernova, that's going to be what will create a little bit of noise. But in general, we expect improvement and no seasonability.

此外，隨著我們不斷生產自己的庫存（我們倉庫中的庫存），這使我們有機會改進產品的設計以降低成本。由於我們一直在清理許多產品的庫存，因此我們沒有機會實施尚未見過的成本改進設計，因為我們正在消耗庫存。但本季也出現了新的舉措，這些舉措將降低成本並明顯影響毛利率。因此，我認為我們應該期望看到毛利率總體上有所改善，接近公司 40% 的目標。可能在某些季度，我們會額外銷售 Supernova 和更少的 AC，或更多的 AC 和更少的 Supernova，這將產生一點噪音。但總的來說，我們期望有所改善，但沒有季節性。

(Operator Instructions) Our next question comes from Robert Jamieson of UBS.

（操作員說明）我們的下一個問題來自瑞銀集團的羅伯特·賈米森。

Just one, just to go back to ABL real quick, just 2-part question here. One, what's the level of EBITDA that they experienced in 2022? I know you said it was profitable and they generated EUR 150 million in revenue. And then, I guess, second to that, related to gross margin. I mean, look, it looks like you have a lot of opportunities here. You've got additional capacity for other components that you might have been buying from a third party, whether that's the socket manufacturing, injection molding. Can you maybe talk about how to think about that next year in terms of gross margin and benefits there? And then as well as any kind of benefits to reduction in CapEx or OpEx that you'll also receive from ABL?

只是一個，只是為了快速回到 ABL，這裡只是由兩個部分組成的問題。一、2022 年他們的 EBITDA 水準是多少？我知道你說過它是盈利的，他們創造了 1.5 億歐元的收入。然後，我想，其次，與毛利率有關。我的意思是，看起來你在這裡有很多機會。您可以獲得額外的能力來生產您可能從第三方購買的其他組件，無論是插座製造還是注塑成型。您能否談談如何考慮明年的毛利率和效益？然後，您還可以從 ABL 獲得減少資本支出或營運支出的任何好處？

Robert, it's Jordi Lainz. As we mentioned in the script, company reported positive adjusted EBITDA in 2022 with single digits, positive single digit on 2022. And last 3 years ago were constantly net profit. And this lower positive EBITDA, which do just that begin to decrease sales in the last quarter, but for year-end, was a positive adjusted EBITDA. And another point that we believe is really interesting is significant gross margins at the company has been reported historically in older portfolio that is around 40% and some months above.

羅伯特，我是喬迪‧萊因茨。正如我們在腳本中提到的，公司報告稱 2022 年調整後 EBITDA 為正個位數，2022 年為正個位數。而過去 3 年前一直是淨利潤。這種較低的正 EBITDA 導致上季度的銷售額開始下降，但到年底，調整後的 EBITDA 為正。我們認為真正有趣的另一點是，歷史上舊投資組合中報告的該公司的毛利率很高，約為 40%，甚至幾個月以上。

Yes. Robert, going to the gross margin potential improvements, you're right. There's a lot of upside for gross margin. So we are not including in our target of 40% for next year these potential upsides, but there's many things. So one thing that's very interesting is for our commercial products, for example, Pulsar socket or Copper SB, we use a device that a socket, that's important part of the cost of the charger actually is where all the power goes, so it's plastic with a lot of copper inside. And normally, we buy this from suppliers, but now ABL being an expert on the subject, they manufacture them. They manufacture them for all the different markets, because every market has a special socket designs.

是的。羅伯特，談到毛利率的潛在改進，你是對的。毛利率還有很大的上升空間。因此，我們不會將這些潛在的優勢納入明年 40% 的目標，但有許多方面。因此，對於我們的商業產品來說，非常有趣的一件事是，例如Pulsar 插座或Copper SB，我們使用一種設備，插座是充電器成本的重要組成部分，實際上是所有電力的來源，因此它是塑膠的裡面有很多銅。通常，我們會從供應商購買這些產品，但現在 ABL 是這方面的專家，他們負責生產它們。他們為所有不同的市場製造它們，因為每個市場都有特殊的插座設計。

So this immediately brings an improvement on gross margins for these kind of products. Obviously, we don't expect to hit our P&L until the second half of the year as we are working on that right now. Or for example, ARES, we make our PCBs, we assemble our own PCBs. And in this case, ABL has to buy PCBs from third parties. So in that case, also that's something we will work with ABL to provide to them. So there's a lot of opportunities here. Again, no overlap -- and that's why was so exciting to find out this about ABL and looking forward to this upside.

因此，這會立即提高此類產品的毛利率。顯然，我們預計要到今年下半年才能達到損益表，因為我們現在正在努力實現這一目標。或例如，ARES，我們製造 PCB，我們組裝自己的 PCB。而在這種情況下，ABL就必須從第三方購買PCB。因此，在這種情況下，我們也將與 ABL 合作向他們提供這些內容。所以這裡有很多機會。再說一次，沒有重疊——這就是為什麼我們如此興奮地發現 ABL 的這一點並期待它的好處。

Excellent. Congrats on the settings exciting for next year. And then I guess just kind of more stepping back to a higher level question in U.S. and nevi deployments. Just curious with your conversations that you might be having and obviously, it's a very competitive landscape given everyone is trying to get their chargers in the ground. But just curious, what are some of the most important attributes that customers are looking for in terms of the charging equipment itself? I mean, is there anything that you've seen through your conversations that's consistently a topic of conversation? Just curious any insight there?

出色的。恭喜明年令人興奮的設置。然後我想更多地回到美國和涅維部署中的更高級別問題。只是對你們可能進行的對話感到好奇，顯然，這是一個競爭非常激烈的環境，因為每個人都在努力讓他們的充電器落地。但只是好奇，客戶在充電設備本身方面尋找的最重要的屬性是什麼？我的意思是，在你們的談話中，有沒有什麼事情是一直成為話題的？只是好奇那裡有什麼見解嗎？

Yes, Robert, it's Matt. Thanks for the question. So I think that there's 3 things. One is the ability to effectively deploy OCPP. So what you're finding is that customers want to control the driver experience, we enable that. We're agnostic to it. And if that's something that they want, we're all for that. And that's not something that you see across the competitive landscape. Sometimes it's spoken about, but it's not particularly embraced. So that's the first thing that they're asking for.

是的，羅伯特，是馬特。謝謝你的提問。所以我認為有三件事。一是有效部署 OCPP 的能力。所以你會發現客戶想要控制駕駛體驗，我們可以實現這一點。我們對此不可知。如果這是他們想要的，我們都會支持。這不是你在競爭格局中看到的。有時人們會談論它，但並沒有特別受到歡迎。所以這是他們要求的第一件事。

The second thing is modularity or scalability, right? I think that they want to scale into the higher power chargers eventually. There's not a lot of cars on the road today that can charge at 300 or more kilowatt speeds. And so what you're seeing is that they want to gradually layer themselves into that infrastructure and spend when it's needed. So that's 2.

第二件事是模組化或可擴展性，對吧？我認為他們最終希望擴展到更高功率的充電器。如今，道路上能以 300 千瓦或更高速度充電的汽車並不多。所以你看到的是，他們希望逐漸將自己融入該基礎設施中，並在需要時進行支出。所以這是 2。

And then I think the third thing is reliability. It's really the most important factor that everybody is asking about. And so high quality, making sure the uptime is impeccable Christine. That is something that we've been focused on since the beginning. We have a lot of good data and a lot of great experience here in Europe, delivering very, very high-quality DC fast chargers, and that's something that's top of mind for customers as well. Does that answer your question?

然後我認為第三件事是可靠性。這確實是每個人都在問的最重要的因素。如此高的品質，確保了克里斯汀的正常運行時間無可挑剔。這是我們從一開始就一直在關注的事情。我們在歐洲擁有大量良好的數據和豐富的經驗，可以提供非常非常高品質的直流快速充電器，這也是客戶最關心的事情。這是否回答你的問題？

Yes, very helpful.

是的，非常有幫助。

Charlie, I think that that's going to be our last question. So I want to thank everybody for joining us today. We hope you found today's call a good use of your time. Please watch our website for details if you're interested in meeting with us. Let us know if we can help you in any way. Have a great day, everyone.

查理，我想這將是我們的最後一個問題。所以我要感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。如果您有興趣與我們會面，請關注我們的網站以了解詳細資訊。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。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。