Wallbox NV (WBX) 2023 Q4 法說會逐字稿

Hello, everyone. And welcome to Wallbox's fourth quarter and full year 2023 earnings conference call and webcast. My name is Charlie, and I'll be the operator for today's call.

大家好。歡迎參加 Wallbox 2023 年第四季和全年財報電話會議和網路廣播。我叫查理，我將擔任今天電話的接線生。

(Operator Instructions). I would now like to turn the call over to Matt Tractenberg, Wallbox's Vice President of Investor Relations to begin. Matt, please go ahead.

（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, Charlie. And good morning and good afternoon, to everyone listening in.

謝謝你，查理。各位聽眾早安，下午好。

Thank you for joining today's webcast to discuss Wallbox's fourth quarter and full year 2023 results. This event is being broadcast over the Web and can be accessed from the Investor Section of our website at investors.wallbox.com. I'm joined today by Enric Escorsa, Wallbox's CEO; and Jordi Lainz, our CFO.

感謝您參加今天的網路廣播，討論 Wallbox 第四季和 2023 年全年業績。活動正在網路上直播，您可以透過我們網站的投資者部分進行訪問：investors.wallbox.com。今天，Wallbox 執行長 Enric Escorsa 也加入了我的行列。以及我們的財務長喬迪·萊因茨 (Jordi Lainz)。

Earlier today, we issued our press release announcing results from the fourth quarter and year ended December 31, 2023, which can also be found on our website.

今天早些時候，我們發布了新聞稿，公佈了截至 2023 年 12 月 31 日的第四季度和年度業績，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.

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。

The risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including in the annual report on Form 20-F for the fiscal year ended December 31, 2022 filed on March 31, 2023.

該公司最近向 SEC 公開提交的文件中詳細介紹了可能影響業績的風險因素，包括於 2023 年 3 月 31 日提交的截至 2022 年 12 月 31 日的財政年度的 20-F 表格年度報告。

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 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.

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，反映管理階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.

謝謝你，馬特，也謝謝大家今天加入我們。

In addition to reviewing highlights from the full year and fourth quarter 2023, we'll spend some time discussing the current EV market and our position in it. We will also dig into the Generac announcement from December and why we are so excited about joining forces.

除了回顧 2023 年全年和第四季度的亮點之外，我們還將花一些時間討論當前的電動車市場以及我們在其中的地位。我們還將深入研究 12 月發布的 Generac 公告以及為什麼我們對聯手如此興奮。

Jordi will review our cost reduction achievements. He will offer some additional color on our quarterly financial performance and share some thoughts on our balance sheet as we prepare for a new year. And finally, we'll return to discuss our view of the market and what we are focused on in 2024. We'll end by taking questions from our covering research analysts. So let's get started.

Jordi 將回顧我們降低成本的成就。他將為我們的季度財務業績提供一些額外的信息，並在我們為新的一年做準備時分享對我們資產負債表的一些想法。最後，我們將回過頭來討論我們對市場的看法以及 2024 年我們的重點是什麼。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。

2023 was a bitter year for us with some challenges driving both reflection and action, as well as exciting milestones and celebration. Revenue for the full year totaled EUR143.8 million, essentially flat from the prior year. This was a result of a softer demand environment that many anticipated paired with corresponding inventory adjustments by our channel partners.

2023 年對我們來說是痛苦的一年，面臨一些推動反思和行動的挑戰，也有令人興奮的里程碑和慶祝活動。全年收入總計 1.438 億歐元，與上年基本持平。這是許多人預期的需求環境疲軟以及我們的通路夥伴相應的庫存調整的結果。

While the EV adoption curve is in the process of crossing the chasm and moving from early adopters to mainstream. These items drove variability in our forecast and results. And although those disruptions make for a challenging year, we focus on executing our long term strategic plan and achieve several outstanding milestones.

而電動車的採用曲線正在跨越鴻溝並從早期採用者轉向主流。這些項目導致了我們的預測和結果的變化。儘管這些幹擾使我們度過了充滿挑戰的一年，但我們仍專注於執行我們的長期策略計劃並實現了幾個傑出的里程碑。

We delivered 166,000 AC units and more than 1,400 DC units during the year, a solid outcome. We launched exotic new products to streamline our cost base to accelerate our path to profitability and forge meaningful new partnerships with global brands, including Generac, Costco, Kia, and Free2Move.

全年交付交流機組 166,000 台，直流機組 1,400 多台，成績斐然。我們推出了奇怪的新產品，以簡化我們的成本基礎，加速我們的獲利之路，並與 Generac、Costco、Kia 和 Free2Move 等全球品牌建立有意義的新合作夥伴關係。

We acquired an industry leader in ABL, placing us at the forefront of the largest EV market in Europe. And we raised almost EUR143 million of cash through debt and equity financing. It was a year of efficiency and innovation of operational improvements, of cost reductions and it has set us up extremely well for a successful 2024.

我們收購了 ABL 行業領導者，使我們處於歐洲最大電動車市場的前沿。我們透過債務和股權融資籌集了近 1.43 億歐元的現金。這是提高營運效率和創新、降低成本的一年，這為我們在 2024 年取得成功奠定了良好的基礎。

Turning to the quarter. Revenue came in within our expected range of EUR43.3 million, up almost 34% from the year ago period, driven both by organic and inorganic growth. ABL contributed EUR6 million of inorganic revenue as anticipated.

轉向季度。在有機和無機成長的推動下，營收達到了 4,330 萬歐元的預期範圍，較去年同期成長了近 34%。ABL 按預期貢獻了 600 萬歐元的無機收入。

Organic growth was once again a result of strong performance from our DC offering with sales growth of almost 150% year-over-year. Our AC portfolio saw some moderate destocking in Europe and North America, but AC unit growth was almost 38% quarter-over-quarter in Europe on a selling basis, which we view as a positive sign for the region.

有機成長再次得益於我們 DC 產品的強勁表現，銷售額較去年同期成長近 150%。我們的空調產品組合在歐洲和北美出現了一定程度的去庫存，但在歐洲，空調銷量環比增長近 38%，我們認為這對該地區來說是一個積極的信號。

Sell through was healthy as well and points towards continued growth. In total, we delivered almost 44,000 AC units globally, including ABL and almost 500 units of DC during the period. Gross margins were 32.8% in the fourth quarter, impacted by product mix shift and warranty and obsolescence cost.

銷售情況也很健康，預示著持續成長。在此期間，我們總共在全球交付了近 44,000 台交流機組，其中包括 ABL 和近 500 台直流機組。受產品結構轉變以及保固和報廢成本的影響，第四季毛利率為 32.8%。

We continue to believe that through cost engineering, changes to our product mix and strategic sourcing, gross margins in the midterm can return to the 38% to 40% range. We'll already have to implement actions in 2024 (inaudible).

我們仍然相信，透過成本工程、產品組合的改變和策略採購，中期毛利率可以恢復到 38% 至 40% 的範圍。我們必須在 2024 年採取行動（聽不清楚）。

Our cost reduction program in 2023 was front and center and allow us to reduce all of quarterly cash expenses by an additional EUR4.8 million sequentially. We are proud to announce that we have exceeded the original EUR50 million reduction targets previously discussed, and have achieved a total production of more than EUR60 million in 2023. Jordi will spend more time on that in a minute.

我們 2023 年的成本削減計劃是重中之重，使我們能夠連續減少所有季度現金支出 480 萬歐元。我們很自豪地宣布，我們已經超越了先前討論的最初 5000 萬歐元的削減目標，並在 2023 年實現了超過 6000 萬歐元的總產量。喬迪稍後會花更多時間在這上面。

Fourth quarter adjusted EBITDA loss was EUR14.7 million on a consolidated basis, which includes the impact of ABL, representing a year-over-year improvement of 54%. Due to the timing of the transaction and iteration, ABL broke with it one month of sales and two months of costs.

第四季調整後 EBITDA 綜合虧損為 1,470 萬歐元，其中包括 ABL 的影響，較去年同期改善 54%。由於交易和迭代的時間安排，ABL 打破了一個月的銷售和兩個月的成本。

Excluding ABL, Wallbox standalone adjusted EBITDA loss was EUR11.9 million in the quarter, representing a 63% improvement from Q4 of 2022. We continue to be focused on achieving positive adjusted EBITDA in the June quarter and look forward to celebrating the important milestone with you on the Q2 call.

不包括 ABL，Wallbox 本季獨立調整後 EBITDA 損失為 1,190 萬歐元，較 2022 年第四季減少 63%。我們繼續致力於在六月季度實現正調整 EBITDA，並期待在第二季度電話會議上與您一起慶祝這一重要里程碑。

For the fourth quarter of 2023, Europe contributed EUR34.3 million of consolidated sales or 79% of total revenue; North America contributed EUR6.4 million or 15%; APAC was EUR1.5 million or 4%; and LATAM was EUR1 million or 2%. These mix shifts were largely driven by the addition of ABL whose sales are entirely in the EMEA region.

2023年第四季度，歐洲貢獻了3,430萬歐元的綜合銷售額，佔總營收的79%；北美貢獻了 640 萬歐元，佔 15%；亞太地區為 150 萬歐元，即 4%；拉丁美洲為 100 萬歐元或 2%。這些組合轉變主要是由 ABL 的加入所推動的，ABL 的銷售完全位於歐洲、中東和非洲地區。

AC sales of EUR26.5 million represented approximately 61% of our global consolidated revenue, down 7 percentage points, driven by strength from our DC offering. Supernova 150, our second generation DC fast charger, continues to see strong reception from customers and drove the DC revenue contribution to 27%, up 12 percentage points.

AC 銷售額為 2,650 萬歐元，約占我們全球綜合收入的 61%，下降了 7 個百分點，這主要得益於我們 DC 產品實力的推動。第二代直流快速充電器Supernova 150持續受到顧客的熱烈歡迎，帶動直流收入貢獻達27%，提升12個百分點。

So for services and accessories contributed the remaining 11%. 2023 saw numerous new large customers including Iberdrola, Atlante [B-CHARGE]. In November, we announced that Atlante, which recently was selected to receive EUR49.9 million grant from the EU aims to install 5,000 fast charging points by 2025 and over 35,000 points by 2030 across Spain, Italy, France and Portugal. And they’ve chosen Wallbox as a preferred partner in the project due to our production capacity and high quality innovative offering.

因此，服務和配件貢獻了剩餘的 11%。 2023 年迎來了許多新的大客戶，包括 Iberdrola、Atlante[B-充電]。去年 11 月，我們宣布 Atlante 最近被選中獲得歐盟 4,990 萬歐元的資助，目標是到 2025 年在西班牙、義大利、法國和葡萄牙安裝 5,000 個快速充電點，到 2030 年安裝超過 35,000 個快速充電點。由於我們的生產能力和高品質的創新產品，他們選擇 Wallbox 作為該專案的首選合作夥伴。

Margins continue to be impacted by product mix, which we expect to ease as we make our way through 2024. To apply color, approximately 60% of these units sold in the quarter were Supernova 150, similar to last quarter. Recall that while the 150 brings higher gross margins profile than Supernova 60, our first generation product, it's still lower than AC.

利潤率持續受到產品組合的影響，我們預計隨著 2024 年的到來，這種影響將有所緩解。值得一提的是，本季售出的這些設備中約有 60% 是 Supernova 150，與上季類似。回想一下，雖然 150 的毛利率高於我們的第一代產品 Supernova 60，但它仍然低於 AC。

So in time, as that mix shift continues and the cost profile of the new product declines, we anticipate that impact to lessen. Generac is one of the most well respected names in the energy transition space. The transaction is one of the most exciting and impactful events in our history, and has the power to accelerate our commercial presence in North America at a critical time by opening important global opportunities for both companies.

因此，隨著這種組合轉變的持續以及新產品成本狀況的下降，我們預計這種影響將會減輕。Generac 是能源轉型領域最受尊敬的品牌之一。這項交易是我們歷史上最令人興奮、最具影響力的事件之一，透過為兩家公司提供重要的全球機遇，能夠在關鍵時刻加速我們在北美的商業佈局。

The announcement included a $31.6 million strategic investment led by Generac and an upcoming commercial agreement. The minority investment was completed at a price of [$3.05] per share, highlighting the inherent value both companies see and includes a seat on Wallbox Board of Directors.

該公告包括由 Generac 領導的 3,160 萬美元戰略投資以及即將簽署的商業協議。少數股權投資以每股 [3.05 美元] 的價格完成，凸顯了兩家公司所看到的內在價值，並包括在 Wallbox 董事會的席位。

Through the execution of the commercial relationship, Generac will offer its customers our full suite of EV charging solutions, including Pulsar Plus for residential, Pulsar Pro commercial and multi-tenant applications our bidirectional charger Quasar 2 and our DC fast charging Supernova, as well installation services through COIL.

透過執行商業關係，Generac 將為其客戶提供全套電動車充電解決方案，包括用於住宅的 Pulsar Plus、Pulsar Pro 商業和多租戶應用、我們的雙向充電器 Quasar 2 和直流快速充電 Supernova，以及安裝通過COIL 提供服務。

Generac’s 60 plus years of experience distributing energy resilience devices and its extensive network of over 87,000 dealers will be a strategic addition to Wallbox’s dealer network in the US. The European brand Pramac will offer these fast chargers through their energy storage sales network in some selected markets, strengthening the offering for commercial and industries customers.

Generac 在分銷能源恢復設備方面擁有 60 多年的經驗，其擁有超過 87,000 家經銷商的廣泛網路將成為 Wallbox 在美國經銷商網路的策略補充。歐洲品牌 Pramac 將透過其儲能銷售網路在一些選定的市場提供這些快速充電器，從而加強為商業和工業客戶提供的服務。

In turn, our strong relationship with tier one utilities and OEMs will open new doors. Bidirectional charging enabled by Quasar 2 will be extremely important for both companies, providing EV owners independence and security against outages, while saving money and tapping renewable sources is quickly becoming a reality, and giving utilities access to a vast network of stored energy during peak load times will allow huge populations to balance demand with supply, removing the need for new investment in power generation.

反過來，我們與一級公用事業公司和原始設備製造商的牢固關係將為我們打開新的大門。Quasar 2 支援的雙向充電對兩家公司都極為重要，它可以為電動車車主提供獨立性和安全性，防止停電，同時節省資金和利用再生能源正在迅速成為現實，並使公用事業公司在高峰負載期間能夠存取龐大的儲存能源網路時代將允許大量人口平衡需求與供應，從而消除對發電的新投資的需要。

Governments are starting to see the light and it's remarkable to watch. It has the unique ability to change the way we store and consume energy. Together, we plan on bringing that solution to market in 2024, so look for it. We're also exploring new architectures to adapt to the needs of applications in environments that lack the necessary power.

各國政府開始看到曙光，這現象值得關注。它具有改變我們儲存和消耗能源方式的獨特能力。我們計劃在 2024 年將解決方案推向市場，敬請期待。我們也正在探索新的架構，以適應缺乏必要功能的環境中的應用程式的需求。

(inaudible) Supernova with battery storage from Generac has the potential to reduce reliance on the grid, reducing installation cost and utility requirements, and accelerate time to market. That's just one of numerous new configurations given the combined capabilities we have.

（聽不清楚）配備 Generac 電池儲存的 Supernova 有潛力減少對電網的依賴，降低安裝成本和公用設施要求，並加快上市時間。考慮到我們擁有的綜合功能，這只是眾多新配置之一。

It's exciting to watch and I think customers will like what they see. We look forward to collaborating with the leadership team, aligning product roadmaps and aggressively competing in the global marketplace. The combination will be installed.

觀看起來很令人興奮，我認為客戶會喜歡他們所看到的。我們期待與領導團隊合作，調整產品路線圖並在全球市場上積極競爭。將安裝該組合。

I want to spend a moment discussing the markets which we operate in. As you know, there is a high correlation of sales of our AC products to EV deliveries. Deliveries have been lumpy based on geography in 2023, and price actions and commentary by large OEMs have created some noise.

我想花點時間討論一下我們經營的市場。如您所知，我們的空調產品銷售與電動車交付量具有很高的相關性。2023 年的交貨量因地區而異，大型原始設備製造商的價格行為和評論也造成了一些噪音。

There were almost 13.6 million EV sold globally in 2023. Promotion forecast global EV deliveries are set to reach 18 million units in 2024, representing growth of more than 32% year-over-year. To OEMs spending millions of new factories and developing new models, the number might be disappointing.

2023 年，全球電動車銷量接近 1,360 萬輛。促銷預測2024年全球電動車銷量將達到1,800萬輛，較去年同期成長超過32%。對於花費數百萬美元新建工廠和開發新車型的原始設備製造商來說，這個數字可能會令人失望。

To us, this continue to present attractive opportunities. There are a number of elements that we see as key to driving continued adoption, including the success of new models like Kia’s EV9 and Nissan’s Ariya. Innovative technological breakthroughs that improve range and quality, accessible and reliable power recharge infrastructure, which we expect Wallbox will be a major driver of economies of scale, which will help bring down vehicle costs and improve industry margins and continued financial incentives for EV buyers to bring price parity with IC vehicles.

對我們來說，這繼續提供有吸引力的機會。我們認為有許多因素是推動持續採用的關鍵因素，包括起亞 EV9 和日產 Ariya 等新車型的成功。創新技術突破可提高續航里程和質量，方便且可靠的充電基礎設施，我們預計Wallbox 將成為規模經濟的主要驅動力，這將有助於降低車輛成本，提高行業利潤率，並為電動汽車購買者帶來持續的經濟誘因與 IC 車輛價格平價。

We believe that early adopters are fully bolting into the value proposition of EVs. Their pocket you are reading about in the media is a function of where we are in the adoption curve. It's understandable and expected in an any large scaled technology adoption and we are prepared and well positioned to exit the current environment stronger than we entered, and well ahead of the competition.

我們相信，早期採用者正在完全接受電動車的價值主張。您在媒體上讀到的他們的口袋是我們在採用曲線中所處位置的函數。在任何大規模的技術採用中，這是可以理解和預期的，我們已經準備好並處於有利位置，可以比我們進入時更強大地退出當前環境，並遠遠領先於競爭對手。

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.

謝謝你，安瑞克。大家早安，下午好。

Our fourth quarter results came in as anticipated, driven by strong DC sales, stability within Europe and AC demand and contribution from ABL. Margins were softer than expected, but we have identified a remediation plan and intent to make improvement through the remainder of the year.

在強勁的直流銷售、歐洲穩定以及交流需求和 ABL 貢獻的推動下，我們第四季的業績符合預期。利潤率低於預期，但我們已經確定了一項補救計劃，並打算在今年剩餘時間內進行改進。

Cost controls continue to yield solid results and additional opportunities may present themselves in 2024. I'll provide more detail on these results and share some thoughts on the upcoming year.

成本控制持續取得紮實成果，2024 年可能會出現更多機會。我將提供有關這些結果的更多詳細信息，並分享對來年的一些想法。

For the fourth quarter 2023, revenue was EUR43.3 million, up 33% sequentially and up 34% year-over-year. On a year-over-year basis, total revenue increasing both DC fast charging and AC, the latter a result of the channel destocking discussed on previous calls.

2023 年第四季，營收為 4,330 萬歐元，較上季成長 33%，較去年同期成長 34%。與去年同期相比，直流快充和交流快充的總收入均有所增加，後者是先前電話會議中討論的管道去庫存的結果。

Consolidated gross margin for the quarter was 32.8% and were impacted by continued product mix shift and the timing of warranty and obsolescence charge. We were able to further reduce both employee related cash expenses and OpEx, which amounted to EUR28.4 million in the period, excluding ABL.

該季度的綜合毛利率為 32.8%，受到持續的產品結構轉變以及保固和報廢費用時間的影響。我們能夠進一步減少與員工相關的現金支出和營運支出，該支出在該期間達到 2,840 萬歐元（不包括 ABL）。

I want to thank all Wallbox-ers for their dedication and commitment to this initiative. It's taken everyone together to reach this target and we appreciate what you've helped us achieve. Going forward, including ABL, we anticipate both employee benefit or payroll expenses and OpEx combined to be approximately EUR30 million per quarter.

我要感謝所有 Wallbox 員工對這項舉措的奉獻和承諾。每個人都齊心協力才實現了這個目標，我們感謝您幫助我們實現的目標。展望未來，包括 ABL，我們預計員工福利或薪資支出以及營運支出總計約為每季 3,000 萬歐元。

This when paired with the gross margin improvement plan we've implemented is expected to allow us to achieve positive adjusted EBITDA in the second quarter and full year 2024. We commit to shareholders to keep this initiative in focus as we reaccelerate growth.

與我們實施的毛利率改善計劃相結合，預計將使我們能夠在 2024 年第二季和全年實現正調整 EBITDA。我們向股東承諾，在我們重新加速成長的同時，將繼續關注這項舉措。

Consolidated adjusted EBITDA loss for the quarter, including ABL, was EUR14.7 million, representing a 54% improvement over the prior year quarter. On a standalone basis, excluding ABL, we were able to reduce our adjusted EBITDA loss by 28% from the previous quarter and 63% from the prior year period. We remain extremely focused on cost and conserving cash and have seen tangible benefits of those efforts.

本季合併調整後 EBITDA 虧損（包括 ABL）為 1,470 萬歐元，比去年同期成長 54%。在獨立基礎上，不包括 ABL，我們能夠將調整後的 EBITDA 損失比上一季減少 28%，比上年同期減少 63%。我們仍然高度關注成本和節省現金，並看到了這些努力的實際好處。

Here, you see the three main metrics we have been focused on over the last year; revenue, cost and the resulting adjusted EBITDA. As you can see, cash personnel costs have been reduced from EUR23 million to EUR19 million and cash OpEx has gone from EUR27 million to EUR9 million.

在這裡，您可以看到我們去年關注的三個主要指標；收入、成本以及由此產生的調整後 EBITDA。如您所見，現金人員成本已從 2,300 萬歐元減少到 1,900 萬歐元，現金營運支出從 2,700 萬歐元減少到 900 萬歐元。

Combined, this represents a 44% reduction to Wallbox cash costs, excluding ABL. We've made exceptional progress against our goals. The trends are all moving in the right direction. And with ABL bringing increased revenue at a reasonable cost base, we believe profitability is within reach. The trends you see here should continue in 2024.

總計而言，這意味著 Wallbox 現金成本降低了 44%（不包括 ABL）。我們在實現目標方面取得了非凡的進展。趨勢都在朝著正確的方向發展。隨著 ABL 以合理的成本基礎增加收入，我們相信獲利是可以實現的。您在這裡看到的趨勢應該會在 2024 年繼續下去。

The financing events in 2023 paired with aggressive cost reductions we went after allowed us to end December with approximately EUR107 million of cash, cash equivalents and financial instruments. Long term debt was approximately EUR81 million at the end of the year. We did not utilize the ATM during the fourth period as we continue to believe that our current stock price is not reflective of the shareholder value we are creating.

2023 年的融資事件加上我們追求的積極成本削減，使我們在 12 月底擁有約 1.07 億歐元的現金、現金等價物和金融工具。截至年底，長期債務約 8,100 萬歐元。我們在第四個時期沒有使用 ATM，因為我們仍然相信我們目前的股價並不能反映我們正在創造的股東價值。

CapEx, excluding capitalized R&D, was again, very light with EUR4.6 million in the fourth quarter with EUR3.4 million of that spent on property, plant and equipment. For the full year, we have spent EUR16.2 million in 2023 versus EUR46 million in 2022 after opening two new factories.

資本支出（不包括資本化研發）再次非常少，第四季為 460 萬歐元，其中 340 萬歐元用於房地產、廠房和設備。開設兩家新工廠後，我們 2023 年全年支出為 1,620 萬歐元，而 2022 年支出為 4,600 萬歐元。

I'm pleased with our ability to quickly adjust the spend levels with the current demand environment as evidenced by the GAAP versus our original EUR26 million target for 2023. Inventory reduction is another initiative we made significant progress on with Wallbox levels falling by 11% or more than EUR10 million from the third quarter and ended the year at EUR83.9 million.

我很高興我們能夠根據當前的需求環境快速調整支出水平，GAAP 就證明了這一點，而我們最初的 2023 年目標是 2600 萬歐元。庫存減少是我們取得重大進展的另一項舉措，Wallbox 水準較第三季下降了 11% 或超過 1,000 萬歐元，年終達到 8,390 萬歐元。

ABL brought EUR8.6 million of inventory, which is an appropriate amount given their projections. Our goal is to continue to bring a total inventory down by the end of the year. This will also contribute meaningfully to reducing our cash part rate.

ABL 帶來了 860 萬歐元的庫存，根據他們的預測，這個數字是合適的。我們的目標是在年底繼續降低總庫存。這也將為降低我們的現金部分率做出有意義的貢獻。

Full time headcount, excluding ABL decreased by 82 people or 7% on a quarter-over-quarter basis. We are slightly above the level reached in Q1 of 2022, and may see the number come down in specific areas. ABL brought with 281 people.

全職員工人數（不包括 ABL）較上季減少 82 人，即 7%。我們略高於 2022 年第一季達到的水平，並且可能會看到特定領域的數字有所下降。ABL 帶來了 281 人。

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

說到這裡，Enric，我會將其轉回給您，以提供一些結束評論。

Thanks Jordi. I'm optimistic as we enter 2024. We worked very hard to position ourselves well for that coming year. Our growth will be fueled by new products like Pulsar Pro, Pulsar Socket, Supernova 240 in Europe or 108 in the US, by Quasar 2 with Kia and Generac.

謝謝喬迪。進入 2024 年，我感到樂觀。我們非常努力地為來年做好準備。我們的成長將受到新產品的推動，例如歐洲的 Pulsar Pro、Pulsar Socket、Supernova 240 或美國的 108，以及與 Kia 和 Generac 合作的 Quasar 2。

ABL's strong offering and our ability to cross sell both their products to our customers and our products to theirs will contribute meaningfully. It will be fueled by Wallbox's products sold through Generac’s extensive distribution network, and it will be fueled by new partnerships with leading brands like Atlante, Free2move, Costco and Kia.

ABL 強大的產品和我們將他們的產品交叉銷售給我們的客戶以及我們的產品交叉銷售給他們的能力將做出有意義的貢獻。Wallbox 透過 Generac 廣泛的分銷網絡銷售的產品以及與 Atlante、Free2move、Costco 和 Kia 等領先品牌的新合作夥伴關係將推動這一趨勢。

Our gross margins will be improved through cost engineering of existing products by better leveraging areas and their capabilities, by continued vertical integration of key components and by more strategic sourcing and price negotiations.

我們的毛利率將透過現有產品的成本工程、更好地利用領域及其能力、關鍵部件的持續垂直整合以及更具策略性的採購和價格談判來提高。

Our personnel and operating costs will continue to be optimized through disciplined controls and headcount management. As a result of this, 2024 will be a year in which Wallbox achieves profitability, an important milestone in our history.

我們的人員和營運成本將透過嚴格的控制和人員管理繼續優化。因此，2024 年將是 Wallbox 實現盈利的一年，這是我們歷史上的一個重要里程碑。

And while much of our investment in infrastructure is complete, reducing the need for additional CapEx we will explore opportunities to further realize our global footprint, leveraging efficiencies and cost benefits. We'll also continue to reduce inventories by utilizing common components across multiple platforms, strategic vendor management and leveraging growth.

雖然我們對基礎設施的大部分投資已經完成，但減少了額外資本支出的需求，我們將探索機會進一步實現我們的全球足跡，利用效率和成本效益。我們還將透過利用跨多個平台的通用組件、策略供應商管理和利用成長來繼續減少庫存。

For the reasons, positive free cash flow is within reach, which will set us apart from competitors and highlight the resiliency of our business model. And we will allocate that capital to the higher return projects, including M&A, new product innovation and capturing market share.

由於這些原因，正的自由現金流是可以實現的，這將使我們從競爭對手中脫穎而出，並凸顯我們商業模式的彈性。我們將把這些資金分配給回報率更高的項目，包括併購、新產品創新和佔領市場份額。

In summary, meaningful growing revenues through both organic and inorganic means, new products and big commercial partnerships while improving gross margins, all off a lower operating spends base while conserving cash will create significant value for shareholders this year.

總之，透過有機和無機手段、新產品和大型商業合作夥伴關係實現有意義的收入成長，同時提高毛利率，降低營運支出基礎，同時節省現金，今年將為股東創造巨大價值。

That's our plan and we are aggressively executing it to the shareholders, partners and employees who have trust us and believe in us. We thank you and we are grateful to have you with us. We'll work hard to ensure you are rewarded.

這就是我們的計劃，我們正在積極向信任我們、相信我們的股東、合作夥伴和員工執行它。我們感謝您，也很高興有您和我們在一起。我們將努力確保您得到回報。

With that, we are ready for the questions from our analysts.

這樣，我們就準備好回答分析師的問題了。

Welcome back everyone. To our analysts we ask that you pose one question with a follow up if needed. Then reenter the queue if you have more questions. This will allow each of you to ask your questions upfront and we’ll to as many questions as time allows. Charlie, I think you have some instructions for our analysts.

歡迎大家回來。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。如果您還有其他問題，請重新進入佇列。這將使你們每個人都可以提前提出問題，我們將在時間允許的情況下回答盡可能多的問題。查理，我想你對我們的分析師有一些指示。

(Operator Instructions) George Gianarikas, Canaccord.

（操作員說明）George Gianarikas，Canaccord。

If you could just share please a little detail on the broad strokes of the Generac relationship? And I know you're still working on the commercial agreement. But whose product or whose name plate is going into different channels, what is the relationship going to be when there may be some channel conflict and some retailers, any details that would be helpful?

您能否分享一下有關 Generac 關係的大致情況的一些細節？我知道你們仍在製定商業協議。但是誰的產品或誰的銘牌進入不同的管道，當可能存在一些通路衝突和一些零售商時，兩者之間的關係會是什麼，有什麼有用的細節嗎？

This is Enric. So right now the main focus of the agreement is on the Level 2 chargers for North America. Obviously, this 8,700 installers, electricians that has access to will immediately allow an important growth of this channel.

這是安瑞克。因此，目前該協議的主要焦點是北美的 2 級充電器。顯然，這 8,700 名安裝人員、電工一旦接觸到，將立即使該管道實現重要成長。

Next step at which we are working in parallel actually it's fast charging sales, Supernova sales, because this something they can sell in the US in their commercial industrial business, but also in Europe, they are very strong in the commercial industrial space.

我們並行的下一步實際上是快速充電銷售、超新星銷售，因為他們可以在美國的商業工業業務中銷售這種東西，而且在歐洲，他們在商業工業領域也非常強大。

They are actually working on a product they already have that includes a generator plus storage, plus solar storage that can be paired with Supernovas. So we are working also together to make sure we integrate this product.

他們實際上正在開發一種已經擁有的產品，其中包括發電機和儲存裝置，以及可以與超新星配對的太陽能儲存裝置。因此，我們也在共同努力，確保我們整合該產品。

So these are the two first things. The third thing is going to be Quasar, which as we commented in April, we are starting to deliver it with Kia, which we are very excited, Quasar to do start in the US delivering it. And to ensure we don't (inaudible) at the end both companies have the same goal.

所以這是首要的兩件事。第三件事是 Quasar，正如我們在四月評論的那樣，我們開始與起亞一起交付它，我們非常興奮，Quasar 開始在美國交付它。為了確保我們最終不會（聽不清楚）兩家公司都有相同的目標。

We have the goal to make both companies successful. We are making a product under their brand and with Wallbox branding, we are connecting with their software platform. Obviously, we provide our infrastructure and our software work, we make sure they take advantage of their ecosystem.

我們的目標是讓兩家公司都成功。我們正在以他們的品牌和 Wallbox 品牌生產產品，我們正在與他們的軟體平台連接。顯然，我們提供我們的基礎設施和軟體工作，我們確保他們利用他們的生態系統。

So if you want the Wallbox ecosystem, you can buy Wallbox with the Wallbox app and all the things that has the Wallbox ecosystem. If you want the Generac ecosystem, you can do the same.

因此，如果您想要 Wallbox 生態系統，您可以購買帶有 Wallbox 應用程式的 Wallbox 以及具有 Wallbox 生態系統的所有東西。如果你想要 Generac 生態系統，你也可以這樣做。

And maybe as a follow up, just to focus on ABL. Could you just kind of give us some comments on how that's going? And also the financial contribution for 2024, from a revenue perspective, you mentioned EUR7 million in Q4, I think you said one month. What broadly can we expect from a revenue perspective from ABL in 2024?

也許作為後續行動，只是為了關注 ABL。您能給我們一些關於進展的評論嗎？還有 2024 年的財務貢獻，從收入角度來看，您提到第四季度 700 萬歐元，我想您說的是一個月。從 ABL 2024 年的營收角度來看，我們可以大致預期什麼？

So basically, we announced that we will be between EUR60 million and EUR75 million of revenue, we are still in that range. When we look into the February numbers, it looks like the company is working towards that direction, and it's normal. The first quarter has been only one month of revenue.

所以基本上，我們宣布我們的收入將在 6000 萬歐元到 7500 萬歐元之間，我們仍然在這個範圍內。當我們查看二月的數據時，看起來該公司正在朝這個方向努力，這是正常的。第一季只有一個月的收入。

Even the fact that we had to integrate the systems, we moved from an old company to a new company. We had to move customers, we had to move different agreements and contacts with customers, so that took one month. And then we had Christmas, which was the last week of December, which in Germany, there's not really much sales activity.

即使我們必須整合系統，我們還是從一家老公司搬到了一家新公司。我們必須轉移客戶，我們必須轉移與客戶的不同協議和聯絡方式，所以花了一個月的時間。然後我們過了聖誕節，那是十二月的最後一周，在德國，銷售活動並不多。

So when we look right now, things look like we'll be on that EUR60 million to EUR75 million. And the main focus now is making sure we make a successful cross selling. Our priority number one, apart from what we’ve done now, which is restart annual operations.

因此，當我們現在看時，看起來我們將需要 6000 萬至 7500 萬歐元。現在的主要焦點是確保我們成功進行交叉銷售。除了我們現在所做的事情之外，我們的首要任務是重新啟動年度營運。

The second thing is that we can take advantage of the eM4 four, which is ABLs product. So we are starting very soon to sell it to other markets where Wallbox has presence and ABL has not, because ABL is a mostly a dark region company. And we’re also bringing a Wallbox Pulsar ABL version for the German market.

第二件事是我們可以利用eM4 4，這是ABL的產品。因此，我們很快就會開始將其出售給 Wallbox 擁有業務而 ABL 尚未涉足的其他市場，因為 ABL 基本上是一家黑暗地區公司。我們也為德國市場推出了 Wallbox Pulsar ABL 版本。

So customers are very enthusiastic. They are looking for both products in both ends of the spectrum in home charging and commercial charging. And I think that it will provide an extra revenue that we have not accounted in our focus.

所以顧客非常熱情。他們正在尋找家庭充電和商業充電領域的兩種產品。我認為它將提供我們尚未關注的額外收入。

(Operator Instructions) Ben Khalo, Baird.

（操作員說明）Ben Khalo，Baird。

Maybe just with the tough backdrop for some charging companies, can you just maybe update us on how you think the competitive market has changed and kind where you guys sit at it both in home charging and commercial charging?

也許只是在一些充電公司面臨艱難的背景下，您能否向我們介紹一下您認為競爭市場發生了怎樣的變化以及您在家庭充電和商業充電方面的立場？

So I think we have to differentiate AC charging Level 2 from DC fast charging. So in general, if you are a DC fast charging company today that has an acceptable gross margin like we, over 30% and very high up time, the market is a blue ocean.

所以我認為我們必須區分交流充電 2 級和直流快速充電。所以總的來說，如果你現在是一家直流快充公司，像我們一樣擁有可以接受的毛利率，超過30%並且正常運行時間非常長，那麼市場就是一片藍海。

Basically, we've seen that we've grown 325% in a year and we continue expecting import and growth given the fact that we just recently launched our Supernova in the US and we're launching Supernova with higher power in Europe, Supernova 200 plus, 240 kilowatts.

基本上，我們已經看到我們在一年內增長了 325％，並且考慮到我們最近剛剛在美國推出了 Supernova，並且我們正在歐洲推出了更高功率的 Supernova Supernova 200，我們將繼續預期進口和增長另外，240千瓦。

In terms of AC charging, I think it has been more challenging, 2023. The channel destocking has impacted most of the companies. And when we look our public peers in Europe, we've seen an average at 25% to 50% Level 2 drop in selling in sales.

就交流充電而言，我認為2023年更具挑戰性。渠道去庫存影響了大多數公司。當我們觀察歐洲的上市同業時，我們發現銷售額平均下降了 25% 至 50% 的二級下降。

We've been hit less than others given our European presence and the presence in many, many, many markets. And if you look at the revenue improvement in Q4, we already can see that the channel inventory issue, it's easing, and we had EUR5 million of improvement coming from organic sales.

鑑於我們在歐洲以及許多市場的業務，我們受到的打擊比其他公司要少。如果你看看第四季度的收入改善，我們已經可以看到通路庫存問題正在緩解，並且我們的有機銷售帶來了 500 萬歐元的改善。

And the OEM partnership channel, just how much is that contributing and how much time you saw -- I saw the Lucid is going to start offering a Wallbox charger. I think, they announced that. And I'm just wondering if of your channels where you're seeing the most, I guess, take out of it or growth out of the different channels?

OEM 合作夥伴頻道，具體貢獻了多少以及您看到了多少時間 - 我看到 Lucid 將開始提供 Wallbox 充電器。我想，他們宣布了這一點。我只是想知道您最常看到的頻道是從中刪除還是從不同頻道中成長？

I think, the OEMs have tried many times to their own product. And at the end, it's very challenging to have compliance in all countries compliance with the installation. You have to do the actual installation. And to be competitive, you have to be able to claim different subsidies in different regions. You have to be able to connect with utilities.

我認為，OEM廠商已經對自己的產品進行了多次嘗試。最後，讓所有國家都遵守安裝規定是非常具有挑戰性的。您必須進行實際安裝。為了保持競爭力，你必須能夠在不同地區申請不同的補助。您必須能夠連接公用事業。

So there's companies that have longer term in the space like Nissan and we're working with them globally or Kia, one of the major players in the EV space, we are also working with them, or BYD it’s also -- we work with them in some markets.

因此，有些公司在該領域擁有較長的歷史，例如日產，我們正在全球範圍內與他們合作，或者起亞，電動汽車領域的主要參與者之一，我們也在與他們合作，或者比亞迪- 我們也在與他們合作在某些市場與他們合作。

So it's very challenging to be a global EV charging player that can be competitive in every market. And that's what the focus of OEMs. We keep working with them. We collaborate with them. And an example of that is Free2move, for example, which is part of Stellantis (inaudible).

因此，成為一家在每個市場都具有競爭力的全球電動車充電公司非常具有挑戰性。這正是 OEM 廠商的焦點。我們繼續與他們合作。我們與他們合作。Free2move 就是一個例子，它是 Stellantis 的一部分（聽不清楚）。

And what we are doing is making sure we provide the most competitive products for the different brands of the company. But we believe that that's the way forward given all the challenges that you need to be a competitor (inaudible)

我們正在做的是確保為公司的不同品牌提供最具競爭力的產品。但我們相信，考慮到成為競爭對手所需的所有挑戰，這就是前進的道路（聽不清楚）

Thanks Ben. Charlie, I think that that's all the questions that we have in our queue. So if that's the case, we're going to let everybody go. We hope that 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, because we're going to be at multiple investor events in March. So let us know if we can help you in any way. Have a great day, everyone.

謝謝本。查理，我想這就是我們隊列中的所有問題。因此，如果是這樣的話，我們將讓所有人離開。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，請觀看我們的網站以了解詳細信息，因為我們將在三月參加多個投資者活動。因此，如果我們可以以任何方式幫助您，請告訴我們。祝大家有美好的一天。

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。