Welcome to the Gogoro Inc. First Quarter 2022 Earnings Call. This session will be recorded. All participants are currently muted during the question-and-answer session. If your question is selected, your microphone will be muted so that you can ask your question. I would like to introduce Bruce Aitken, CFO of Gogoro. Who will kick us off.

Thanks, operator, and thanks to everyone for taking the time to join us today. I'm Bruce Aitken, CFO of Gogoro, and I'm pleased to welcome you to our first ever quarterly earnings call. Hopefully, by now, you've seen our earnings release. If you haven't, it is available on the Investor Relations tab of our website at www.investor.gogoro.com. We will also be displaying materials on the webcast screen as we go along. Given that this is our first earnings call, our Chairman and CEO, Horace Luke will provide a quick company introduction before we review Q1 results. We're pleased with our Q1 results. We look forward to sharing those with you, as well as giving some guidance into what we're seeing as the outlook for Q2 and the balance of 2022. Before Horace shares, I'd like to introduce Michael Bowen, who will share the process for today's call and provide some important disclosures.

Thanks, Bruce. As a reminder, you are all currently on mute, but we will then move into a Q&A session after the prepared remarks, and we'll answer as many questions as time allows. After Horace has given a brief overview of Gogoro's and some of the business highlights from Q1. Bruce will go a bit deeper into the Q1 financial results. Before we get started, allow me to remind you that during the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 2022 results. Management's expectations for our future financial and operational performance, the capabilities of our technology, projections of market opportunity and market share and our potential growth statements related - relating to the expected impact of the COVID-19 pandemic, statements relating to the potential of our strategic collaborations, partnerships and joint ventures, statements regarding regulatory developments and our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed prior to the market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-IFRS financial measures should be considered in addition to, not as a substitute for or in isolation from IFSR measures. Additional information about these non-IFSR measures, including reconciliation of non-IFRS to comparable IFRS is included in our press release and investor presentation provided today. Now over to Horace

Thanks, Bruce and Michael. This is our first earnings call as a publicly traded company, and we're thrilled to have this opportunity to meet with you all today. We completed our business combination with Poema Global on April 4 and began trading on the NASDAQ under the ticker GGR on April 5. I'd like to begin today by giving you a brief introduction to Gogoro and our business model. Perhaps it is well known to some of you today, but they may be new for others that are on the call. So I do want to spend a little time on a quick introduction and set the stage for business priorities for 2022. Gogoro was founded in 2011 with a mission to put smart swappable electric power in reach of every urban riders in the world. We believe that electric mobility adoption is inevitable and that 2-wheelers will drive this transformation faster than any other mode of transportation. In urban centers around the world where millions of people are living on top of each other, where space and time is really hard to come by, battery swapping is the only viable solutions to review these small agile two-wheelers. And by developing our own technology in a very customer-centric, vertically integrated way, it gives us a unique advantage over other competitors. And lastly, by partnering with some of the world's most well-known 2-wheel OEMs, we're able to reach over 0.5 billion riders in the world's largest 2-wheeler markets. Think of Gogoro as a technology and platform provider. Yes, we build and sell our own branded vehicles, which continue to be among the best-performing electric 2-wheelers available in the market today, but we also enable a total of 10 brands to sell over 47 different SKUs of vehicles on our battery swapping…

Thanks, Horace. Q1 2022 was a record Q1 revenue quarter for Gogoro and another solid quarter of execution. We saw a large increase in vehicle and hardware sales versus previous years and continued to accumulate subscribers on our Taiwan network. Additionally, we expanded our network offering in China to three cities and are continuing to make progress in other markets. Let me unpack each of those a bit in terms of our Q1 progress. According to statistics published by Taiwan's Department of Motor Vehicles, there were 12,806 Gogoro vehicles registered in Q1, up from 8,120 in 2021, a 57.7% increase. Additionally, partner vehicles, which are tracked under each brand's individual sales represented additional volume in Q1. We we extended our Taiwan channel, and now Gogoro vehicles are for sale in a total of 310 traditional scooter sales locations, making Gogoro vehicles broadly available and increasing the customer touch points is important. Our market share in the six biggest cities in Taiwan was 9.2% during Q1, up from 5.8% in Q1 2021. Our partners launched several new vehicles in Q1, perhaps most notably, the Yamaha EMF and also the A-motor-AI-4. In China, after initially launching in Hangzhou in Q4 of 2021, additional network services were launched in Wuxi and in Quinming. We now have more than 100 active stations in Hangzhou, 40 in Wuxi and 35 Go Stations operational in Kunming. Unfortunately, China's current COVID circumstances create uncertainty with regards to the balance of 2022, but our plans are to enter six cities before the end of this year. There are currently 6 SKUs of the ID vehicles available. Yadea plans to launch a total of more than 10 SKUs by year-end. DaChangJiang, another partner in China, will launch a one battery-powered emote this year as well. Providing customers with sufficient…

Thank you. We will now begin the question-and-answer session. Our first question comes from the line of Fone Zhong from Benchmark Company. Please go ahead.

Thanks for taking my questions First, Bruce, hi. Congrats on a very strong quarter. My first question is regarding the guidance. I understand there are a lot of moving parts right now, especially just given the COVID issue. So just wonder what are the assumptions you have baked in - in terms of low end versus your high end of the guidance, even how impactful, I guess, the COVID situation has been for the second quarter specifically? And secondly, your bottom line has been improving. Just wonder what's the assumption for our guidance for 2022 bottom line on the EBITDA side. And the key drivers behind it, if that’s possible.

So given the external headwinds on, that we mentioned, including COVID, some macroeconomic factors and those kinds of things, we decided to provide a revenue range as we thought that was a conservative approach. We don't know what will happen exactly in the second half of the year in China. We don't know exactly what will happen in Taiwan. We're excited about the products that we've got. We're excited about our technology. And so we've chosen to give the full year guidance of $460 million to $500 million. EBITDA will continue to grow this year. We're providing only revenue projections going forward. But we're excited again about the prospects. We do believe that there is going to be healthy EBITDA growth, and we'll be happy to share those results as we come across them every quarter.

Understood. Thanks, Bruce. Second question is in regards to your international expansion. You mentioned that you're on track to launch in India before year-end. Just wonder any additional color you could share at this point. In addition, I saw that you guys are scheduled to launch in Israel, I guess, in the summer. Just wonder what's the market opportunities there and potential, I guess, P&L contribution whether this year or probably more in the future?

Sure. So with our India expansion, as mentioned, we're on track to launch services towards the tail end of 2022. You may have seen recently that a number of different organizations have been slowing their electric transitions in India. We believe that our battery swapping solution provides a great opportunity for customers in India to have a really safe battery swap solution. And so we're excited to launch there. Vehicle development underway and early stage development of network underway as well. In terms of the announcements we made

Thank you, Bruce. I'll go back to the line.

Thank you. We have a follow-up question from Fone Zhong from Benchmark Company. Please go ahead.

A few follow-up on my side. First of all, any potential disruptions you guys have observed on the supply chain side, I just wonder what's the current observation and what expectation from here?

Thanks, Fong. Its Horace. So yes, there are obviously with the COVID impact and with all that's happening on - in the world, there are always a possibility of disruption. For the next quarter, we don't see much of that coming in and impacting us. However, we are very cognizant of that, and we're always watching out for anything that we need to do to kind of mitigate the risk. So on our side, I think we are cautious, but also at the same time, we are well prepared for it.

Understood. Thanks, Horace. Second follow-up is actually on your Southeast Asia. It seems like there's continued partnership with local governments there. I just wonder what's the road map on your side for further – I understand some pilot study going on. But I just wonder what are the potential scaling up to you in that market?

Yeah Obviously, with a market like Southeast Asia, especially with the pilot we launched in Jakarta with GoTo and Gojek team, the idea was really to test out whether or not the thing as well reset will be well received by the riders, especially for the commercial use that the right will be using for their very demanding use cases during the day. I would say that I'm happy to report that the feedback has been outstanding from just overall the in-writers usability and the swapability of the battery. We had also launched the pilot with the President of Indonesia showing up. And I would say that you were extremely excited about seeing electrification and how this could really impact his country. So we'll continue to work with not only the GoTo and the Gojek team, but also with Foxconn, as well as the Indonesian government to ensure that we have a very successful preparation for that market. I would say that we're excited about continuing to find out what we can do in addition to what we are currently offer today to be able to address all that diversity varies in that market.

Very helpful. Thanks, Horace. Last question on my side, it's about your capital deployment. You mentioned that there are a couple of directions you're thinking. Just wondering, it seems like company is very committed on the R&D side. Just wonder what are the major - what technology upgrades or product upgrades are we potentially expecting from here? And secondly, any potential consideration on the MAA side?

Okay. Great. I think as we look at our - what we offer from you can call product offering or technology offering, it goes from all the way from the vehicle side. So, of course, most recently, you've seen us launching for solid-state battery prototype for swappable battery. We'll continue to push forward in the end user side of it a user side of the innovation. But also at the same time, there's been a lot of innovation and a lot of work, hard work on the backside of the entire system. A great example is the question you asked earlier about Israel. The amazing thing we did with Israel is that we're able to launch both Israel and Jakarta without using sending any sort of call boots on the ground. We're able to do that all remotely with both a telematic system that's on this station, but also at the same time with all services and tools that we've been working so hard to prepare for over the last several years as we kind of refine our system in Taiwan going through, as Bruce mentioned earlier, generations of batteries and generations of stations and generations of AI tools and machine learning system in the backside to be able to launch successfully in both of those markets earlier this year. Now that is a great demonstration as to kind of how we're thinking about technology and innovation holistically from end-to-end, not just necessary from enabling technology or end user experience technology but also at the same time, the technology that's behind it that runs all of it. How do you ensure that you provide the right swap, have the right billing system, have the right O&M and management and ticketing system so that the entire network and infrastructure can be managed in a very smooth and efficient and low-cost kind of way. So that's the part on the technology side. And then as M&A, of course, Gogoro is always interested in looking at growing our abilities, not only within internally but also through partnerships or other possibilities. So we're always keeping an eye out, and I think this is a great decade. As we transition to clean mobility and electrification of vehicles, there is a lot of technologies and a lot of passionate companies out there that we can definitely partner with. So nothing to report here other than we of course, keep our eyes out. And I think over time, Gogoro has, of course, been the first mover in this market, and we'll continue to try and stay ahead with technology that are groundbreaking.

Understood. That's very helpful. Thanks, Horace. That’s all my questions. And congrats on the quarter.

Thank you. This concludes our question-and-answer session. I would like to turn the conference back to Horace and Bruce for any closing remarks.

Thanks, operator. Thank you, Bruce, and thank you, Michael. Thanks everybody for joining us on this call. Gogoro has had a record revenue quarter. We grew on a number of fronts. We'll continue to develop new technology, as I mentioned, increase our efficiency and focus on growing the user base on our Taiwan network and also expand internationally into markets that we already have established partnerships in. With a recent merger with Poema Global, we are well summit and excited to stick our vision to over 0.5 billion riders in the countries that we're going into it. I can't wait to report any future results. So thank you, everybody, for joining the call today. I'm super excited to be talking to you guys. Thank you.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.