Welcome to the Gogoro Inc. Q4 Earnings Call. This session will be recorded. I'd like to introduce Bruce Aitken, CFO of Gogoro who will kick us off. Thank you.

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 fourth quarter 2022 earnings call. Hopefully, by now you've seen our earnings release. If you haven't, it's available on the Investor Relations tab of our website, www.investor.gogoro.com. We will also be displaying materials on the webcast screen as we go. We're looking forward to sharing our Q4 and full year results, as well as providing some guidance on what we're seeing as the outlook for 2023. Before our CEO, Horace Luke shares, I'd like to introduce Michael Bowen of ICR who will share the process for today's call and provide some important disclosures. Michael?

Thanks Bruce. I'm sure you're all looking forward to hearing from Horace -- . But before that, allow me to remind you a few things. You are all currently on mute. If you have a specific question, please use the chat function in the system to submit questions and we'll answer as many as time allows. After Horace has given a brief overview of Gogoro and some of the business highlights from Q4, first we'll go a bit deeper into the Q4 financial results. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our fourth 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, our potential growth, statements relating to the expected impact of the COVID-19 pandemic, supply chain issues, and other headwinds facing the company; the company's business plans including its expansion plans; the company's expectations relating to growth in overseas market; 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 these 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 IFRS measures. Additional information about these non-IFRS 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. Thanks for joining our call today. We're pleased to have this opportunity to meet with you all and provide an update on both the fourth quarter and full year 2022 result as well as give some guidance for 2023. 2022 was an important year for Gogoro. We transitioned from being a private company to being a public company in April of 2022. We announced new partnerships and pilot programs in India, Singapore, and the Philippines. We continue to grow our total number of subscribers in Taiwan and continue to extend coverage of our industry leading GoStation and smart battery packs. We also launched new Gogoro-branded and partner branded vehicles throughout the year and we open new markets in Israel, continuing to sell into South Korea, and our China business, while impacted by COVID, is now operational in three cities. Given the challenging economic backdrop to the full year, compounded by COVID pandemic, I'm proud of the work done by our entire Gogoro team in 2022. And I'm looking forward to continue to bring our battery swapping in vehicle technologies to new markets in 2023. Q4 played out as anticipate in Taiwan. We delivered financial results in line with our guidance for both the quarter and the full year. our Gogoro network business continued to -- is predictable accumulation of subscribers who incrementally join existing cohorts of super sticky customers. In addition to continued growth in Taiwan, we saw expanded interest in our technology from consumers, potential partners, and governments in new markets. In Q4, we announced a partnership with Zypp Electric in India. That announcement was complemented recently with the news that Gogoro led Zypp's latest round of funding. It is exciting to see Zypp's growth plan for both fleet expansion and geographic expansion in India.…

Thanks for Horace. Q4 2022 was in line with expectations despite the challenging external market conditions. We delivered to our provided guidance on quarterly revenue continued to generate positive EBITDA and maintain healthy margin of 17.2% slightly above our full year 2022 margin. Our results exhibit both continued progress in difficult circumstances, and that the shift to electric mobility continues to gain momentum. Specifically, I'll provide color into our revenue, gross margin EBITDA and net loss results as well as providing guidance for 2023. According to statistics published by Taiwan's Department of Motor Vehicles, the total Taiwan two wheeler scooter market volume of approximately 734,000 units for the full year 2022 is the lowest total since 2016. Despite this low volume, there are positive indicators for both the transition to electric two wheelers, as well as for Gogoro and for are powered by the Gogoro network partners. We extended our Taiwan channel and now Gogoro vehicles are being sold in 604 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 remain strong, with Taipei continuing to be the largest single market share city with 18.7% share in the full year of 2022. Our Gogoro network business continues to demonstrate strong revenue and subscriber growth. We also continue to invest in partner for international expansion with multiple related announcements in Q4. Before I go into the details of the financial results, let me say a few words about exchange rates. We booked the vast majority of our revenue in Taiwan dollars, but reported in US dollars. This year the change in exchange rate has been substantial, with the US dollar strengthening against the Taiwan dollar by 12.7% versus the average exchange rate of…

Thanks, Horace and Bruce for that update, details on financial results and forward guidance. As attendees are formulating the questions, I will go ahead and ask two questions, which I think are likely on everybody's mind, given what you've just heard. Question number one, topic would be international markets and operational. There seems to be many announcements and partnerships in the India market. Do you anticipate the India market to be the main focus for Gogoro in 2023? And can you elaborate and provide additional information regarding announcements with India State of Maharashtra, and Zypp Electric?

Thanks, Michael. Gogoro in 2023 is all about reaching velocity to go beyond the initial deployment in Taiwan. Our target is to launch in India later part of this year. Although, the Taiwan market is meaningful for Gogoro, the size of the market is limited. There are only about two wheeler riders on the road. India on the country has more than 290 million vehicles on the road and is aggressively promoting electric adoption. Also policies to limit the use of ICV vehicles especially around delivery and logistics, and via providing incentives to both consumers and manufacturers of electric vehicles. More than 80% of registered vehicles in India are two or three-wheelers. So people depend heavily on their scooters and motorcycles as E-commerce grows in India, and the need for delivery riders will increase. As a state or city level government mandate the use of electric vehicle and as also awareness of the safety and convenience of battery swapping and how it can benefit the user, our solution can fill up really. We now have over a million batteries safely deployed, and that validate our subscription based business model in Taiwan and several other countries. We have a broad portfolio of products with more product launches planned later this year to continue to capture the most third-parties Taiwan, as well as next significant entry into the selected market in India. The announcement that we made in India demonstrates our commitment to growth there, we are going our presence, collaborating with new partners, and committed to make a difference with this, but making a difference. And then the visit will be helping them to increase rider uptime to battery swapping capabilities. With the government of Maharashtra, we're working on a number of initiatives to create increased demand for battery swapping, and the associated infrastructure. We're excited about the market opportunity in India and other countries. And again, the plan for 2023 is to lay the groundwork for and demonstrate success in international markets.

All right. Thank you. Thanks Horace. Question number two is in the realm with financial. So there are many partnerships and pilots launched in 2022? If you had to choose to prioritize one over the other between top line growth versus profitability, which would you pick for the next two years? And given the current macro environment with layoffs, Fed actions and inflation is the company comfortable with current cash flow that is projecting? And is the company planning any future financing in 2023? Can you also provide any guidance to your expenses for 2023? And are there any plans such as a ramp up in R&D, which could improve battery technology or new models of scooters in your future? Thanks.

Thanks, Michael. I'll take this one. Growth is important for us to Gogoro. We are a technology company. So we have invested heavily in R&D, will continue to do so both for a hardware improvements as well as for software improvements. They could take a number of different shapes, they could be new scooters, they could be battery packs with more density, which gives longer range to our customers, could be software improvements that result in better network efficiency or a better user experience. In terms of cash at the end of 2022, we had $236 million in cash, which is enough to meet our current growth plans. And if the need for financing arises, we feel confident that we could raise additional equity. Although as mentioned, we have no immediate plans. We finance our Gogoro network expansion in Taiwan through debt. And we've recently received a large syndicated loan debt facility, which allows for that growth in Taiwan. So we feel well positioned for growth. There are clear market needs. We have great technology we're working hard to get pilots launched and then subsequently transition and operational and commercialized networks. As we've mentioned previously, when we expand internationally we plan to do so in an asset lightweight, such that all of the CapEx required to build out large networks is not 100% owned by Gogoro now.

Okay. Thanks Bruce. Operator, if you could go ahead and--

Thank you. Yes, speakers, there are no questions over the phone. I would now like to hand the conference over to our speakers Bruce and Horace for closing remarks.

Thanks, Michael and Bruce. Both Q4 and 2022 financial results were in line with our expectations. We continue to lead Taiwan electric two-wheeler markets and our Gogoro network business continues to accumulate subscribers and continues to demonstrate revenue growth and enforce our recurring revenue business model. A great example is that Gogoro network revenue grew by 30% in 2022. The world is going to transition to electric mobility. And the only question is how quickly will it happen? We're excited to continue to work with partners, policymakers and consumers to lead and help electrified cities around the world. We're launching pilots and products throughout 2023 and we'll see that transition. Thanks again everyone for attending today's call.

The conference has now concluded. Thank you for attending today's presentation. You now may all disconnect. Have a nice day.