Gogoro Inc. (GGR) Q4 2022 Earnings Call Transcript

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Gogoro Inc. (NASDAQ:GGR) Q4 2022 Earnings Conference Call February 16, 2023 7:00 AM ET

Company Participants

Bruce Aitken - CFO

Michael Bowen - ICR

Horace Luke - CEO

Conference Call Participants


Welcome to nan Gogoro Inc. Q4 Earnings Call. This convention will beryllium recorded.

I'd for illustration to present Bruce Aitken, CFO of Gogoro who will footwear america off. Thank you.

Bruce Aitken

Thanks usability and acknowledgment to everyone for taking nan clip to subordinate america today. I'm Bruce Aitken, CFO of Gogoro, and I'm pleased to invited you to our 4th fourth 2022 net call.

Hopefully, by now you've seen our net release. If you haven't, it's disposable connected nan Investor Relations tab of our website, We will besides beryllium displaying materials connected nan webcast surface arsenic we go.

We're looking guardant to sharing our Q4 and afloat twelvemonth results, arsenic good arsenic providing immoderate guidance connected what we're seeing arsenic nan outlook for 2023. Before our CEO, Horace Luke shares, I'd for illustration to present Michael Bowen of ICR who will stock nan process for today's telephone and supply immoderate important disclosures. Michael?

Michael Bowen

Thanks Bruce. I'm judge you're each looking guardant to proceeding from Horace -- [Technical Difficulty]. But earlier that, let maine to punctual you a fewer things. You are each presently connected mute. If you person a circumstantial question, please usage nan chat usability successful nan strategy to taxable questions and we'll reply arsenic galore arsenic clip allows. After Horace has fixed a little overview of Gogoro and immoderate of nan business highlights from Q4, first we'll spell a spot deeper into nan Q4 financial results.

During nan call, we will make statements regarding our business that whitethorn beryllium considered forward-looking wrong applicable securities laws, including statements regarding our 4th fourth and fiscal 2022 results.

Management's expectations for our early financial and operational performance, nan capabilities of our technology, projections of marketplace opportunity and marketplace share, our imaginable growth, statements relating to nan expected effect of nan COVID-19 pandemic, proviso concatenation issues, and different headwinds facing nan company; nan company's business plans including its description plans; nan company's expectations relating to growth successful overseas market; statements relating to nan imaginable of our strategical collaborations, partnerships and associated ventures; statements regarding regulatory developments and our plans, prospects and expectations.

These statements are not promises aliases guarantees and are taxable to risks and uncertainties, which could origin them to disagree materially from existent results. Information concerning these risks is disposable successful our net property merchandise distributed anterior to nan marketplace unfastened coming and successful our SEC filings. We undertake nary responsibility to update forward-looking statements, isolated from arsenic required by law.

Further, during nan people of today's call, we will mention to definite adjusted financial measures. These non-IFRS financial measures should beryllium considered successful summation to, not arsenic a substitute for aliases successful isolation from IFRS measures.

Additional accusation astir these non-IFRS measures, including reconciliation of non-IFRS to comparable IFRS is included successful our property merchandise and investor position provided today.

Now, complete to Horace.

Horace Luke

Thanks Bruce and Michael. Thanks for joining our telephone today. We're pleased to person this opportunity to meet pinch you each and supply an update connected some nan 4th fourth and afloat twelvemonth 2022 consequence arsenic good arsenic springiness immoderate guidance for 2023.

2022 was an important twelvemonth for Gogoro. We transitioned from being a backstage institution to being a nationalist institution successful April of 2022. We announced caller partnerships and aviator programs successful India, Singapore, and nan Philippines. We proceed to turn our full number of subscribers successful Taiwan and proceed to widen sum of our manufacture starring GoStation and smart artillery packs.

We besides launched caller Gogoro-branded and partner branded vehicles passim nan twelvemonth and we unfastened caller markets successful Israel, continuing to waste into South Korea, and our China business, while impacted by COVID, is now operational successful 3 cities.

Given nan challenging economical backdrop to nan afloat year, compounded by COVID pandemic, I'm proud of nan activity done by our full Gogoro squad successful 2022. And I'm looking guardant to proceed to bring our artillery swapping successful conveyance technologies to caller markets successful 2023.

Q4 played retired arsenic expect successful Taiwan. We delivered financial results successful statement pinch our guidance for some nan 4th and nan afloat year. our Gogoro web business continued to -- is predictable accumulation of subscribers who incrementally subordinate existing cohorts of ace sticky customers.

In summation to continued maturation successful Taiwan, we saw expanded liking successful our exertion from consumers, imaginable partners, and governments successful caller markets. In Q4, we announced a business pinch Zypp Electric successful India. That announcement was complemented precocious pinch nan news that Gogoro led Zypp's latest information of funding. It is breathtaking to spot Zypp's maturation scheme for some fleet description and geographic description successful India.

We are besides moving straight pinch a assortment of B2B players successful India, wherever nan worth proposition of artillery swapping is very clear. Any downtime for charging aliases refueling equates to nonaccomplishment of orders, some for nan riders and nan level and an acceptable sacrifice successful a fast-paced, ultra-competitive transportation ecosystem.

We besides precocious announced an MOU pinch nan State of Maharashtra, India's starring system and bell-rise industry. This MOU is simply a awesome illustration of really nationalist and backstage assemblage and investments are beneficial to take of electrical mobility.

In India, our vehicles and position person passed each required information and certification requirements. Those GoStations are installed astatine strategical locations to support our B2B aviator motorboat successful Delhi and we expect to summation immoderate meaningful customer feedback, which will further thrust commercialization successful India.

In nan Philippines, we announced an MOU pinch marketplace leaders Globe's 917Venture and Ayala Group to motorboat a pilot. Some clip for web successful vehicles to beryllium deployed successful Manila and elsewhere successful nan Philippines, but nan first shipment of Gogoro GoStation, artillery packs, and vehicles person already been received. And we'll supply updates passim nan twelvemonth connected nan progress.

In Singapore, successful collaboration pinch Jardine Cycle & Carriage, we person deployed GoStations and vehicles and are excited to spot last-mile deliveries utilizing Gogoro Smart Scooters successful nan adjacent future. Stay tuned for further news and announcements.

In Indonesia, we're continuing to seizure information from our existing aviator program, still underway pinch spell to Electrum and Pertamina. As a consequence of some our ongoing occurrence successful Taiwan, nan momentum astir our world description pilots and nickname of Gogoro exertion activity and development, Frost & Sullivan has again recognized Sullivan arsenic nan Company of nan Year successful 2022 for nan Global Swappable Battery Electric Smart Scooter Industry. We're humbled by this nickname and gratified by nan award.

We're committing to proceed to create our innovative products and services and introducing them to caller markets.

Our Gogoro web continues to accumulate users and we now person complete 526,000 progressive monthly subscribers. We proceed to deploy those GoStations successful Taiwan to turn web capacity, support web efficiency, and guarantee affirmative customer experience.

As always, these stations are deployed intelligently utilizing information we accumulate from complete 380,000 artillery swaps done each time and nan to 380 cardinal artillery swaps done since we started.

The two-wheeler marketplace successful Taiwan continues on nan inclination that began successful 2021 arsenic a consequence of wide economical factors. Total scooter income successful nan 12 months of 2022 are down by 9.3% versus 2021.

A full of 21,250 Gogoro and our partner-branded vehicles were registered successful Q4. While nan wide two-wheeled marketplace successful Taiwan is slowing, electrical 2 wheelers penetration continues to turn pinch electrical conveyance sales, representing 12% of each conveyance income successful 2022 versus conscionable 11.6% of each vehicles sold successful 2021.

Sales of Gogoro and partner vehicles are 10.7% of each vehicles sold successful 2022. In Taiwan, maintaining 2021 marketplace share. Gogoro and partner-branded conveyance income represented 89.8% of each electrical vehicles sold.

In Taipei, our marketplace stock and PBG and marketplace stock penetration reached 18.7% and 24.3% respectively successful 2022. We judge these trends towards nan take of electrical conveyance will proceed arsenic consumers take cleaner, greener mobility solutions. Gogoro continues to lead nan marketplace and EV take successful Taiwan.

By nan extremity of 2022, we person cumulated complete 380 cardinal artillery swaps and complete 6.8 cardinal kilometers ridden. We person much than 526,000 satisfied subscribers successful Taiwan, and pinch 12,000 GoStations astatine 2,300 locations deployed and complete 1.1 cardinal batteries successful circulation. Consumers proceed to take smart, greenish solutions for their mobility needs.

Our macro strategy for 2023 are to turn our marketplace stock successful Taiwan, to proceed to hone nan ratio of our Taiwan Gogoro network, to show via pilots successful world markets that our solution is best-in-class, and to group nan shape for early growth.

As announced successful December, nan Taiwan authorities has taken connected 2 initiatives to velocity nan modulation to electrical 2 wheelers. The first inaugural is simply a nationalist extremity for electrical penetration rates. The authorities has mandated that by 2040, each caller rider vehicles sold successful Taiwan will beryllium electric.

Further, interim goals for nan take of electrical vehicles see that by 2030, 35% of each caller vehicles should beryllium electric, and by 2030, 2035, 70% of caller vehicles should beryllium electric.

Goals specified arsenic these are important successful driving nan basal modulation from accepted ICE vehicles to electric-powered vehicles.

Not satisfied pinch conscionable goals, nan Taiwan authorities has extended its Electric Scooter Industry Environmental Value-Added Subsidy Program from 2023 to now 2026, and has committed complete $191 cardinal complete nan adjacent two-year sky successful operation of one, a continuation of direct-to-consumer subsidy for nan acquisition of caller electrical vehicles; two, subsidy for nan installation of artillery swapping and charging facilities; and three, financial assistance provided to shop owners for nan translator of accepted scooter repair shops and channels to servicing electrical vehicles.

This exemplary of authorities activity successful nan modulation to cleanable sustainable municipality mobility has resulted successful astir 12% of vehicles sold successful 2022 being electric. Clearly there's a batch of room for further maturation and nan gait of penetration will request to summation successful bid to for nan authorities to meet it's transitional goals.

We promote different governments to study from an emulate nan Taiwan acquisition and make some existent commitments to electrification and create a assortment of inducement structures that will velocity nan transition.

The societal costs of utilizing accepted state scooter; pollution, wellness complication, sound pollution, and others should beryllium amended quantified and taken into information some by policymakers arsenic good arsenic individual consumers arsenic they bargain caller vehicles. We promote each 2 instrumentality riders to subordinate america connected this travel toward cleaner transportation.

It took clip for Taiwanese consumers to flooded their concerns astir transitioning to electrical vehicles. So, Gogoro delivering a Smart Scooter that exceeded nan capacity of state powered vehicles successful position of torque, speed, safety, and cost.

Gogoro addressed these concerns and paved nan way. But it besides required a awesome woody of superior deployed successful our artillery swapping infrastructure and a awesome woody of user education.

In 2016, electrical vehicles arsenic a percent of full marketplace successful Taiwan were only 2.5%. Now fast-forward to 2022, and now electrical accounts for astir 12% of each 2 wheelers sold.

In nan aforesaid way, nan transitioning Taiwan was not an instant one, it will return clip for nan nationalist successful countries for illustration India, Indonesia, and different parts of Southeast Asia, wherever state conveyance makes up much than 99% of each vehicles connected nan roadworthy to consciousness comfortable adopting an electrical solution. The affirmative news is that we do person a exemplary for modulation successful Taiwan and do expect nan modulation to hap successful different market.

Given nan wide inclination toward electrification, this could hap moreover much quickly than we've seen successful Taiwan. In those country, we prosecute a phased attack to marketplace entry. We statesman pinch a comparatively mini aviator deployment and nan constricted geographic distribution of GoStation. This is really we started successful Taiwan.

We launched Taipei pinch astir 30 stations and successful six years since launch, we now accumulate complete 12,000 GoStations astatine 2,300 locations, and pinch 1.1 cardinal batteries now successful circulation, servicing complete 526,000 riders.

In immoderate cities, astir 10 to 20 GoStations tin supply ample swapping location and ample number of batteries to motorboat a aviator service. This aviator deployment is utilized to cod data, customize conveyance hardware if required, trial roadworthy condition, and biology information for illustration power and dust, and supply a level of comfortableness to some B2B and B2C riders that a conveyance powered by nan Gogoro artillery swapping ecosystem tin meet nan needs of immoderate marketplace segment.

As nan impervious constituent increases, we standard our web increasing pinch conscionable successful clip CapEx deployment. In overseas market, we intend to finance this web description pinch section partners truthful that Gogoro is plus ray versus successful Taiwan, wherever our finance is much than $500 million. We'll accumulate gross done hardware income and via package arsenic a work licence interest for utilizing our artillery swapping solution.

This exemplary and maturation successful these countries will not beryllium immediate. So we still expect gross from Taiwan to dress up nan lion's stock of our gross successful 2023. And expect to spot reasonable gross from world cognition successful 2024 successful 4 timeframes.

Big interest for nan planet, contamination reduction, and nan clear needs for cleaner municipality mobility is why Gogoro exists. We are coming publishing our first ever Impact Report. The study is afloat of galore specifications regarding our publication to a cleaner planet, merchandise information and strategy resilience, responsible business and societal impact.

Since nan first Gogoro rider deed nan roadworthy successful 2015, Gogoro riders person offset 287 cardinal liters of gasoline and avoided 603 cardinal kilograms of CO2 emissions. That is balanced to nan magnitude of c dioxide removed by 1,330 New York Central parks each year.

In nan report, we show for example, nan full c benefits of buying a Gogoro conveyance arsenic good arsenic nan full contamination simplification publication by Gogoro riders. Each kilometer driven makes a quality and we invited some government, business owners and individual consumers to subordinate america connected this travel and make nan world a amended place, 1 conveyance and 1 artillery switch astatine a time.

While this transformation, particularly successful countries, pinch a 50 twelvemonth history of state conveyance power will not hap immediately. It will happen. We judge it will hap champion pinch Gogoro sustainability technology. I promote you to download nan study from our website and study more. We besides proceed to summation nan amount of Green Energy that we're utilizing successful some our manufacturing arsenic good arsenic unit environments. And we'll proceed to do truthful passim 2023 and into nan future.

I'm proud of nan activity nan squad has put successful to proceed to make advancement towards these goals, which will let america to proceed to penetrate nan Taiwan marketplace without conveyance partners and statesman to build momentum for oversea growth.

I'd for illustration to induce Bruce to update immoderate cardinal business highlights and reappraisal our financial results successful a spot much detail.

Bruce Aitken

Thanks for Horace. Q4 2022 was successful statement pinch expectations contempt nan challenging outer marketplace conditions. We delivered to our provided guidance connected quarterly gross continued to make affirmative EBITDA and support patient separator of 17.2% somewhat supra our afloat twelvemonth 2022 margin.

Our results grounds some continued advancement successful difficult circumstances, and that nan displacement to electrical mobility continues to summation momentum. Specifically, I'll supply colour into our revenue, gross separator EBITDA and nett nonaccomplishment results arsenic good arsenic providing guidance for 2023.

According to statistic published by Taiwan's Department of Motor Vehicles, nan full Taiwan 2 wheeler scooter marketplace measurement of astir 734,000 units for nan afloat twelvemonth 2022 is nan lowest full since 2016. Despite this debased volume, location are affirmative indicators for some nan modulation to electrical 2 wheelers, arsenic good arsenic for Gogoro and for are powered by nan Gogoro web partners.

We extended our Taiwan transmission and now Gogoro vehicles are being sold successful 604 accepted scooter income locations, making Gogoro vehicles broadly disposable and expanding nan customer touch points is important. Our marketplace stock successful nan six biggest cities successful Taiwan stay strong, pinch Taipei continuing to beryllium nan largest azygous marketplace stock metropolis pinch 18.7% stock successful nan afloat twelvemonth of 2022.

Our Gogoro web business continues to show beardown gross and subscriber growth. We besides proceed to put successful partner for world description pinch aggregate related announcements successful Q4.

Before I spell into nan specifications of nan financial results, fto maine opportunity a fewer words astir speech rates. We booked nan immense mostly of our gross successful Taiwan dollars, but reported successful US dollars. This twelvemonth nan alteration successful speech complaint has been substantial, pinch nan US dollar strengthening against nan Taiwan dollar by 12.7% versus nan mean speech complaint of past year.

Given our gross attraction successful Taiwan dollars, this is not really an operational issue, but purely a overseas speech translator issue. This speech complaint resulted successful a US dollar reporting quality of almost $26 cardinal successful gross for 2022.

For nan 4th quarter, gross was $95.5 cardinal down 20.8% year-over-year and down 10.5% year-over-year connected a changeless rate basis. Our overseas speech rates stay changeless pinch nan mean complaint of nan aforesaid 4th past twelvemonth gross would person been up by an further $12.4 million.

Sales of hardware and different gross for nan 4th was $64.1 million, down 32.1% year-over-year, and down 23.1% year-over-year connected a changeless rate basis. For nan full 2 wheeler markets, income successful Taiwan successful nan 4th fourth were down 25.6% year-over-year, and electrical scooter income were down 30.4% compared to nan aforesaid 4th past year.

These declines some successful nan wide marketplace and Gogoro hardware gross were chiefly attributable to a larger than normal amount of 2 wheelers income successful nan aforesaid 4th past year, arsenic a consequence of various authorities and marketplace incentives.

Gogoro web for gross for nan 4th was $31.4 million, up 19.5% year-over-year, and up 34.6% year-over-year connected a changeless rate bases. Total subscribers astatine nan extremity of nan 4th fourth were much than 526,000 up to 16.8% from 450,000 subscribers astatine nan extremity of nan aforesaid 4th past year. Gogoro web gross summation was chiefly owed to our expanding subscriber guidelines and nan precocious retention complaint of each of our existing subscribers.

For nan afloat twelvemonth 2022, gross was $382.8 cardinal of 4.6% year-over-year, up 11.7% year-over-year connected a changeless rate basis. Had overseas speech rates stay changeless pinch nan mean complaint successful each of nan comparable quarters of past twelvemonth gross would person been up by an further $26 million.

Sales of hardware and different gross for nan afloat twelvemonth was $261.2 million, down 2.0% year-over-year and up 4.7% year-over-year connected a changeless rate basis. We saw an summation owed to continued maturation successful nan Gogoro web gross and gross from trading Gogoro branded scooters, constituent kits to OEMs, batteries and swapping stations to our overseas business partners.

The summation was offset by a still anemic Taiwan scooter marketplace associated pinch uncertainties derived from macroeconomic volatility and nan COVID pandemic. Total scooter income successful Taiwan for nan afloat twelvemonth 2022 were down 9.3% year-over-year, while electrical scooter income declined by a smaller 6.7% compared to 2021.

Gogoro web gross was $121.6 million, up 22.2% year-over-year and up 30.3% year-over-year connected a changeless rate basis.

Gross margin, for nan 4th fourth gross separator was 15%, down from 21% successful nan aforesaid 4th past year. Quarterly non-IFRS gross separator was 17.2% down from 21.5% successful nan aforesaid 4th past year. The non-IFRS gross separator alteration was driven by nan higher accumulation costs per conveyance arsenic a consequence of earthy worldly costs increases and decreases successful income volumes.

For nan afloat twelvemonth 2022, gross separator was 15.1% down from 16.7% past year. The afloat twelvemonth non-IFRS gross separator was efficaciously level astatine 16.8% compared to 16.9% past year. For nan 4th fourth nett nonaccomplishment was $12.5 million, down $1.7 from $14.2 cardinal successful nan aforesaid 4th past year. The alteration was chiefly owed to a favorable alteration successful nan adjacent marketplace worth of financial liabilities of $18.4 cardinal offset by a full of $17.2 cardinal from some a alteration successful gross profit and an summation successful stock based compensation.

For nan afloat twelvemonth 2022 nett nonaccomplishment was $98.9 million, up $31.5 cardinal from $67.4 cardinal past year. The summation was chiefly owed to a $32.9 cardinal summation successful stock based compensation offset by an approximate 3 cardinal nett alteration pinch nan operation of increases successful listing expenses, spending associated pinch being a nationalist company, exit activities, R&D expenses and a favorable alteration successful nan adjacent worth of financial liabilities.

The afloat twelvemonth non-IFRS nett nonaccomplishment was $63.3 million, up $12.9 cardinal from $50.4 cardinal past year. The summation was chiefly owed to $6.9 cardinal successful expenditures associated pinch being a nationalist institution and a $4.1 cardinal summation successful R&D expenses.

For nan 4th quarter, adjusted EBITDA was $9.2 million, down from $25.5 cardinal successful nan aforesaid 4th past year. The alteration was chiefly owed to a $9.5 cardinal alteration successful non-IFRS gross profit, $2.6 cardinal successful expenditures associated pinch being a nationalist company, and a $1.4 cardinal summation successful R&D expenses chiefly owed to accrued spending connected materials and prototype smart scooter models, arsenic good arsenic nan antagonistic overseas speech impact.

For nan afloat twelvemonth 2022, adjusted EBITDA was $41.2 million, down from $54.9 cardinal past year. The alteration was chiefly owed to $6.9 cardinal successful expenditures associated pinch being a nationalist institution and an finance of $4.1 cardinal successful R&D expenses.

We successfully amended and extended an existing $200 cardinal in installments installation for further 3 years to December 2025. With $236.1 cardinal successful rate equilibrium astatine nan extremity of 2022 and nan disposable further in installments facilities, we are good positioned for our short and longer-term superior needs.

For nan afloat twelvemonth 2023, we expect gross of betwixt $400 cardinal to $450 cardinal which represents an anticipated summation of 4.5% to 17.6% compared to 2022. We estimate that we will make 90% to 95% of 2023 afloat twelvemonth gross from nan Taiwan market.

As described successful our Q3 net release, we stay cautious regarding nan 2023 forecasts for [indiscernible] successful China. While nan [indiscernible] web is operational, and while some B2B and B2C designed vehicles are for waste successful nan market, we are not expecting important gross publication from China successful 2023.

We focused connected improving our operating ratio successful nan 4th quarter, and will proceed to thrust ratio successful nan coming year, while investing successful our maturation successful Taiwan, and internationally.

2022 was a twelvemonth of financial results successful statement pinch our expectations. 2023 is simply a twelvemonth of maturation some successful Taiwan and internationally. While astir of our gross successful 2023 is Taiwan based, we are paving nan measurement for important world gross publication successful 2024 and beyond.

Back to you, Michael.

Question-and-Answer Session

A - Michael Bowen

Thanks, Horace and Bruce for that update, specifications connected financial results and guardant guidance. As attendees are formulating nan questions, I will spell up and inquire 2 questions, which I deliberation are apt connected everybody's mind, fixed what you've conscionable heard.

Question number one, taxable would beryllium world markets and operational. There seems to beryllium galore announcements and partnerships successful nan India market. Do you expect nan India marketplace to beryllium nan main attraction for Gogoro successful 2023? And tin you elaborate and supply further accusation regarding announcements pinch India State of Maharashtra, and Zypp Electric?

Horace Luke

Thanks, Michael. Gogoro successful 2023 is each astir reaching velocity to spell beyond nan first deployment successful Taiwan. Our target is to motorboat successful India later portion of this year.

Although, nan Taiwan marketplace is meaningful for Gogoro, nan size of nan marketplace is limited. There are only astir [indiscernible] 2 wheeler riders connected nan road. India connected nan state has much than 290 cardinal vehicles connected nan roadworthy and is aggressively promoting electrical adoption. Also policies to limit nan usage of ICV vehicles particularly astir transportation and logistics, and via providing incentives to some consumers and manufacturers of electrical vehicles.

More than 80% of registered vehicles successful India are 2 aliases three-wheelers. So group dangle heavy connected their scooters and motorcycles arsenic E-commerce grows successful India, and nan request for transportation riders will increase.

As a authorities aliases metropolis level authorities instruction nan usage of electrical conveyance and arsenic besides consciousness of nan information and convenience of artillery swapping and really it tin use nan user, our solution tin capable up really. We now person complete a cardinal batteries safely deployed, and that validate our subscription based business exemplary successful Taiwan and respective different countries. We person a wide portfolio of products pinch much merchandise launches planned later this twelvemonth to proceed to seizure nan astir third-parties Taiwan, arsenic good arsenic adjacent important introduction into nan selected marketplace successful India.

The announcement that we made successful India demonstrates our committedness to maturation there, we are going our presence, collaborating pinch caller partners, and committed to make a quality pinch this, but making a difference. And past nan sojourn will beryllium helping them to summation rider uptime to artillery swapping capabilities. With nan authorities of Maharashtra, we're moving connected a number of initiatives to create accrued request for artillery swapping, and nan associated infrastructure.

We're excited astir nan marketplace opportunity successful India and different countries. And again, nan scheme for 2023 is to laic nan groundwork for and show occurrence successful world markets.

Michael Bowen

All right. Thank you. Thanks Horace. Question number 2 is successful nan realm pinch financial. So location are galore partnerships and pilots launched successful 2022? If you had to take to prioritize 1 complete nan different betwixt apical statement maturation versus profitability, which would you prime for nan adjacent 2 years? And fixed nan existent macro situation pinch layoffs, Fed actions and ostentation is nan institution comfortable pinch existent rate travel that is projecting? And is nan institution readying immoderate early financing successful 2023? Can you besides supply immoderate guidance to your expenses for 2023? And are location immoderate plans specified arsenic a ramp up successful R&D, which could amended artillery exertion aliases caller models of scooters successful your future? Thanks.

Bruce Aitken

Thanks, Michael. I'll return this one. Growth is important for america to Gogoro. We are a exertion company. So we person invested heavy successful R&D, will proceed to do truthful some for a hardware improvements arsenic good arsenic for package improvements. They could return a number of different shapes, they could beryllium caller scooters, they could beryllium artillery packs pinch much density, which gives longer scope to our customers, could beryllium package improvements that consequence successful amended web ratio aliases a amended personification experience.

In position of rate astatine nan extremity of 2022, we had $236 cardinal successful cash, which is capable to meet our existent maturation plans. And if nan request for financing arises, we consciousness assured that we could raise further equity. Although arsenic mentioned, we person nary contiguous plans.

We finance our Gogoro web description successful Taiwan done debt. And we've precocious received a ample syndicated indebtedness debt facility, which allows for that maturation successful Taiwan. So we consciousness good positioned for growth. There are clear marketplace needs. We person awesome exertion we're moving difficult to get pilots launched and past subsequently modulation and operational and commercialized networks.

As we've mentioned previously, erstwhile we grow internationally we scheme to do truthful successful an plus lightweight, specified that each of nan CapEx required to build retired ample networks is not 100% owned by Gogoro now.

Michael Bowen

Okay. Thanks Bruce. Operator, if you could spell up and--


Thank you. [Operator Instructions] Yes, speakers, location are nary questions complete nan phone. I would now for illustration to manus nan convention complete to our speakers Bruce and Horace for closing remarks.

Horace Luke

Thanks, Michael and Bruce. Both Q4 and 2022 financial results were successful statement pinch our expectations. We proceed to lead Taiwan electrical two-wheeler markets and our Gogoro web business continues to accumulate subscribers and continues to show gross maturation and enforce our recurring gross business model.

A awesome illustration is that Gogoro web gross grew by 30% successful 2022. The world is going to modulation to electrical mobility. And nan only mobility is really quickly will it happen? We're excited to proceed to activity pinch partners, policymakers and consumers to lead and thief electrified cities astir nan world. We're launching pilots and products passim 2023 and we'll spot that transition.

Thanks again everyone for attending today's call.


The convention has now concluded. Thank you for attending today's presentation. You now whitethorn each disconnect. Have a bully day.

Editor: Naga

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