TAIPEI,
Taiwan, Aug. 10, 2023 /PRNewswire/ -- Gogoro
Inc. (Nasdaq: GGR), a global technology leader in battery swapping
ecosystems that enable sustainable mobility solutions for cities,
today released its financial results for its second quarter ended
June 30, 2023.
Second Quarter 2023 Summary
- Revenue of $87.2 million, down
3.8% year-over-year and up 0.2% on a constant currency
basis
- Battery swapping service revenue of $33.3 million, up 9.6% year-over-year and up
14.2% on a constant currency basis
- Gross margin of 15.2%, up from 14.0% in the same quarter
last year. Non-IFRS gross margin of 16.0%, up 0.5%
year-over-year
- Net loss of $5.6 million, down
from a net loss of $121.1 million in
the same quarter last year primarily due to a one-time $178.8 million listing expense for the SPAC
merger transaction last year
- Adjusted EBITDA of $12.9
million, up from $9.3 million
in the same quarter last year
"We continue to see strong interest across the region and around
the world for sustainable two-wheel transportation and when
evaluated by B2B and B2C sectors, Gogoro battery swapping solutions
and vehicles are consistently being chosen. We are on track for
market availability in India and
the Philippines later this year.
In India, we announced a strategic
agreement, the first of its kind, with India's State of Maharashtra government to
manufacture our Smartscooters, Smart batteries and GoStations in
the state as well as to deploy the Gogoro battery swapping system
across the state. As part of the agreement, the Maharashtra
government is providing financial and other key incentives to
ensure the agreement is executed successfully," said Horace Luke, chairman, founder and CEO of
Gogoro. "In the second quarter, we improved gross margin, operating
expenses, and adjusted EBITDA. We also continued our growth in
battery swapping service revenue and saw a slight increase in our
overall revenue on a constant currency basis. Despite these
positive results, our scooter sales in Taiwan were slightly below that of the same
quarter last year. But we aren't standing still, we are
aggressively investing in our marketing and retail channel
expansion in Taiwan and we are
continuing to build out our portfolio. We plan to introduce several
vehicle models in the coming quarters that will expand our product
family, increase sales and grow revenue in both Taiwan and our other markets."
"We have established a strong foundation for a successful global
business and are well-positioned to increase our vehicle sales and
recurring battery swapping revenue across our markets. Our focus on
cost management has resulted in improved bottom-line performance,
and we continued to see healthy increases in our Gogoro battery
swapping revenue in the second quarter of 2023. In fact, our
performance against our key financial metrics for the first half of
2023 was solid," said Bruce Aitken,
CFO of Gogoro. "We saw a drop in our Taiwan hardware revenue this quarter, but our
international expansion continues to demonstrate solid progress
which we anticipate will begin turning into revenue in the second
half of 2023. We expect to continue our investment in research and
development, network infrastructure and international production
capacity into 2024 to lay the foundation for our international
expansion."
Despite achieving targeted financial results in the first half,
uncertainty in the market translates to a conservative second-half
outlook and we expect our scooter sales in the second half of 2023
to track to historical seasonality. Given the potential for ongoing
soft ePTW demand in the Taiwan
market, we are revising our full-year guidance to a revenue
forecast of $340 million to
$370 million.
Second Quarter 2023 Financial Overview
Operating Revenues
For the second quarter, revenue was $87.2
million, down 3.8% year-over-year and up 0.2% year-over-year
on a constant currency basis1. Had foreign exchange
rates remained constant with the average rate of the same quarter
last year, revenue would have been up by an additional $3.7 million.
- Sales of hardware and other revenues for the quarter were
$53.9 million, down 10.6%
year-over-year, and down 6.8% year-over-year on a constant currency
basis1. For the entire powered two-wheelers ("PTW")
market, sales in Taiwan in the
second quarter were up 13.4% year-over-year, returning to roughly
pre-pandemic levels, likely due to deferred purchases. Sales of
electric PTW vehicles have not mirrored this growth, sales were
down 5.1% compared to the same quarter last year. Much of the
growth in the PTW market was driven by a few specific internal
combustion engine ("ICE") models that continue to appeal to
price-sensitive consumers at the expense of competing ICE and
electric vehicles. Gogoro vehicle sales volume decreased by 8.1%
compared to the same quarter last year. Taiwan's consumer confidence index was at a
ten-year low at the beginning of 2023 which typically translates
into conservative purchase decisions when customers are refreshing
their vehicles. This makes our second-half financial outlook
difficult to predict. We view the second half conservatively and
are expecting our performance in the second half of 2023 to track
to historical seasonality.
- Battery swapping service revenue for the second quarter was
$33.3 million, up 9.6%
year-over-year, and up 14.2% year-over-year on a constant currency
basis1. Total subscribers at the end of the second
quarter exceeded 552,000, up 14.0% from 484,000 subscribers at the
end of the same quarter last year. The year-over-year increase in
battery swapping service revenue was primarily due to our larger
subscriber base compared to the same quarter last year and the high
retention rate of our subscribers. We continue to see the strength
of our subscription-based business model to accrue more customers
to maximize our battery swapping network efficiency.
Gross Margin
For the second quarter, gross margin was 15.2%, up from 14.0% in
the same quarter last year and non-IFRS gross margin1
was 16.0%, up from 15.5% in the same quarter last year. The gross
margin and non-IFRS gross margin1 increases were driven
by the improved cost efficiencies of Gogoro's battery swapping
service operations and an increase in average revenue per energy
subscriber due to a combination of new subscription programs and
longer riding distances post-pandemic. These increases were
partially offset by the higher production cost per vehicle as a
result of lower volumes and promotional expenditures on scooter
sales this year, while some of the adverse impacts were mitigated
by our favorable product portfolio.
Net Loss
For the second quarter, net loss was $5.6
million, down $115.5 million
from $121.1 million in the same
quarter last year. The decrease in net loss was primarily due to a
$178.8 million decrease in listing
expenses and a $24.4 million decrease
in operating expenses, primarily consisting of a $18.5 million decrease in acquisition-related
expenses, a $3.2 million decrease in
share-based compensation, and our tight control on expenses —
savings of $2.3 million in expenses
for sales and marketing programs and $1.5
million in general and administrative expenses. These
decreases were partially offset by an unfavorable change in the
fair value of financial liabilities of $88.5
million.
Adjusted EBITDA
For the second quarter, adjusted EBITDA1 was
$12.9 million, up from $9.3 million in the same quarter last year. The
increase was primarily due to a $2.3
million decrease in expenses for sales and marketing
programs as we implemented more efficient marketing campaigns and a
$1.5 million decrease in general and
administrative expenses mainly as a result of cost-saving
initiatives. The increase was partially offset by a $1.1 million increase in research and development
expenses for the development of new products.
Liquidity
We reduced operating cash outflow by $41.0 million compared to the same quarter last
year through tightening our business operations and reducing
working capital. We borrowed $22.7
million and paid back $14.3
million in bank loans in the second quarter to finance our
investing activities. With a $144.0
million cash balance at the end of the second quarter and
additional credit facilities, we believe we have sufficient sources
of funding to meet our near-term business growth
objectives.
Updated 2023 Guidance
Due to the soft demand in the Taiwan market, and to reflect our current
market outlook and the timing of realizing our international
projects, we are updating our 2023 revenue guidance to:
- Revenue of $340.0 million to
$370 million.
- We estimate that we will generate approximately 95% of 2023
full-year revenue from the Taiwan
market.
1
|
This is a non-IFRS
measure, see Use of Non-IFRS Financial Measures for a
description of the non-IFRS measures and Reconciliation of IFRS
Financial Metrics to Non-IFRS for a reconciliation of the
company's non-IFRS financial measures to their most directly
comparable IFRS measures.
|
Conference Call Information
Gogoro's management team will hold an earnings Webcast on
August 10th, 2023, at 8:00 a.m. Eastern Time to discuss the Company's
second quarter 2023 results of operations and outlook.
Investors may access the webcast, supplemental financial
information and investor presentation at Gogoro's investor
relations website (https://investor.gogoro.com) under the
"Events" section. A replay of the investor presentation and the
earnings call script will be available 24 hours after the
conclusion of the webcast and archived for one year.
About Gogoro
Founded in 2011 to rethink urban energy and inspire the world to
move through cities in smarter and more sustainable ways, Gogoro
leverages the power of innovation to change the way urban energy is
distributed and consumed. Recognized and awarded by Frost &
Sullivan as the "2023 Global Company of the Year for battery
swapping for electric two-wheel vehicles," Gogoro's battery
swapping and vehicle platforms offer a smart, proven, and
sustainable long-term ecosystem for delivering a new approach to
urban mobility. Gogoro has quickly become an innovation leader in
vehicle design and electric propulsion, smart battery design,
battery swapping, and advanced cloud services that utilize
artificial intelligence to manage battery availability and safety.
The challenge is massive, but the opportunity to disrupt the status
quo, establish new standards, and achieve new levels of sustainable
transportation growth in densely populated cities is even greater.
For more information,
visit https://www.gogoro.com/news and follow Gogoro on
Twitter: @wearegogoro.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events or Gogoro's future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as "may," "will," "should," "expects,"
"plans," "anticipates," "going to," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these words or other
similar terms or expressions that concern Gogoro's expectations,
strategy, priorities, plans or intentions. Forward-looking
statements in this communication include, but are not limited to,
statements in the section entitled, "Updated 2023 Guidance," such
as estimates regarding revenue and Gogoro's revenue generated from
the Taiwan market, and statements
by Gogoro's founder. chairman, and chief executive officer and
Gogoro's chief financial officer, such as projections of market
opportunity and market share, the timing of Gogoro's launch in
India and the Philippines, the capability of Gogoro's
technology, and Gogoro's business plans including its plans to grow
and expand in Taiwan and
internationally, expectation regarding the expansion of product
portfolio and expectation regarding continuous investment in
research and development, network infrastructure and its
international production capacity.
Gogoro's expectations and beliefs regarding these matters may
not materialize, and actual results in future periods are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected, including risks related to
the impact of the COVID-19 pandemic, risks related to macroeconomic
factors including inflation and consumer confidence, risks related
to the Taiwan scooter market,
risks related to political tensions, Gogoro's ability to
effectively manage its growth, Gogoro's ability to launch and ramp
up the production of its products and control its manufacturing
costs and manage its supply chain issues, Gogoro's risks related to
ability to expand its sales and marketing abilities, Gogoro's
ability to expand effectively into new markets, foreign exchange
fluctuations, Gogoro's ability to develop and maintain
relationships with its partners, risks related to operating in the
PRC, regulatory risks and Gogoro's risks related to strategic
collaborations, risks related to the Taiwan market, China market, India market, and other international markets,
alliances or joint ventures including Gogoro's ability to enter
into and execute its plans related to strategic collaborations,
alliances or joint ventures in order for such strategic
collaborations, alliances or joint ventures to be successful and
generate revenue, the ability of Gogoro to be successful in the B2B
market, risks related to Gogoro's ability to achieve operational
efficiencies, Gogoro's ability to raise additional capital, the
risks related to the need for Gogoro to invest more capital in
strategic collaborations, alliances or joint ventures, risks
relating to the impact of foreign exchange and the risk of Gogoro
having to update the accounting treatment for its joint ventures.
The forward looking statements contained in this communication are
also subject to other risks and uncertainties, including those more
fully described in Gogoro's filings with the Securities and
Exchange Commission ("SEC"), including in Gogoro's Form 20-F for
the year ended December 31, 2022,
which was filed on March 31, 2023 and
in its subsequent filings with the SEC, copies of which are
available on our website and on the SEC's website at www.sec.gov.
The forward-looking statements in this communication are based on
information available to Gogoro as of the date hereof, and Gogoro
disclaims any obligation to update any forward-looking statements,
except as required by law.
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain
non-International Financial Reporting Standards (collectively,
"IFRS") financial measures as issued by the International
Accounting Standards Board including foreign exchange effect on
operating revenues, non-IFRS gross profit, non-IFRS gross margin,
Non-IFRS Net Loss, EBITDA and Adjusted EBITDA.
Foreign exchange ("FX") effect on operating revenues. We
compare the dollar amount and the percent change in the operating
revenues from the period to the same period last year using
constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
revenues performed excluding the effect of foreign currency rate
fluctuations. To present this information, current period operating
revenues for entities reporting in currencies other than USD are
converted into USD at the average exchange rates from the
equivalent periods last year.
Non-IFRS Gross Profit and Gross Margin.
Gogoro defines non-IFRS gross profit and gross margin as gross
profit and gross margin excluding share-based compensation.
Share-based Compensation. Share-based compensation
consists of non-cash charges related to the fair value of
restricted stock units awarded to employees. We believe that the
exclusion of these non-cash charges provides for more
accurate comparisons of our operating results to our peer companies
due to the varying available valuation methodologies, subjective
assumptions and the variety of award types. In addition, we believe
it is useful to investors to understand the specific impact of
share-based compensation on our operating results.
Non-IFRS Net Loss. Gogoro defines non-IFRS net loss
as net loss excluding share-based compensation, the change in fair
value of financial liabilities including revaluation of redeemable
preferred shares, change in fair value of earnout, earn-in and
warrants associated with the merger of Poema, listing expenses and
one-time non-recurring costs associated with the merger. These
amounts do not reflect the impact of any related tax effects.
EBITDA. Gogoro defines EBITDA as net loss excluding
interest expense, net, provision for income tax, depreciation, and
amortization. These amounts do not reflect the impact of any
related tax effects.
Adjusted EBITDA. Gogoro defines Adjusted EBITDA, as
EBITDA excluding share-based compensation, the change in fair value
of financial liabilities including revaluation of redeemable
preferred shares, change in fair value of earnout, earn-in and
warrants associated with the merger of Poema, and one-time
non-recurring costs associated with the merger. These amounts do
not reflect the impact of any related tax effects.
Acquisition-related Expenses. Gogoro incurs
acquisition-related and other expenses which consist of costs
incurred after the issuance of a definitive term sheet for a
particular transaction and include legal, banker, accounting,
printer costs, valuation and other advisory fees. Management
excludes these items for the purposes of calculating non-IFRS
adjusted EBITDA. Gogoro generally would not have otherwise incurred
such expenses in the periods presented as part of its continuing
operations. The acquisition-related expenses are not recurring with
respect to past transactions, can be inconsistent in amount and
frequency from period to period and are significantly impacted by
the timing and magnitude of Gogoro's acquisitions. While these
expenses are not recurring with respect to past transactions,
Gogoro generally will incur these expenses in connection with any
future acquisitions.
Listing Expense. In connection with the merger with
Poema, the excess fair value of shares issued by Gogoro in exchange
for the net assets of Poema was recorded as listing expense in
operating expense. The listing expense for the merger is not
recurring with respect to past transactions, can be inconsistent in
amount and frequency from period to period and is significantly
impacted by the timing and magnitude of the merger.
These non-IFRS financial measures exclude share-based
compensation, interest expense, income tax, depreciation and
amortization, change in fair value of financial liabilities
including revaluation of redeemable preferred shares, change in
fair value of earnout, earn-in and warrants associated with the
merger of Poema, listing expense and one-time non-recurring costs
associated with the merger. The Company uses these non-IFRS
financial measures internally in analyzing its financial results
and believes that these non-IFRS financial measures are useful to
investors as an additional tool to evaluate ongoing operating
results and trends. In addition, these measures are the primary
indicators management uses as a basis for its planning and
forecasting for future periods.
Non-IFRS financial measures are not meant to be considered in
isolation or as a substitute for comparable IFRS financial
measures. Non-IFRS financial measures are subject to limitations
and should be read only in conjunction with the Company's
consolidated financial statements prepared in accordance with IFRS.
Non-IFRS financial measures do not have any standardized meaning
and are therefore unlikely to be comparable to similarly titled
measures presented by other companies. A description of these
non-IFRS financial measures has been provided above and a
reconciliation of the Company's non-IFRS financial measures to
their most directly comparable IFRS measures have been provided in
the financial statement tables included in this press release, and
investors are encouraged to review these reconciliations.
GOGORO
INC.
|
Condensed
Consolidated Balance Sheet
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
June
30,
|
|
December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
144,038
|
|
$
236,100
|
Trade
receivables
|
22,212
|
|
16,143
|
Inventories
|
131,964
|
|
114,701
|
Other assets,
current
|
27,566
|
|
30,961
|
Total current
assets
|
325,780
|
|
397,905
|
|
|
|
|
Property, plant and
equipment
|
429,759
|
|
442,969
|
Equity
investment
|
16,174
|
|
—
|
Right-of-use
assets
|
30,128
|
|
21,089
|
Other assets,
non-current
|
24,191
|
|
11,460
|
Total
assets
|
$
826,032
|
|
$
873,423
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Borrowings,
current
|
$
88,182
|
|
$
87,982
|
Financial liabilities
at fair value
|
49,859
|
|
46,949
|
Notes and trade
payables
|
42,764
|
|
38,879
|
Contract
liabilities
|
15,951
|
|
12,965
|
Lease liabilities,
current
|
11,046
|
|
10,073
|
Provisions for product
warranty, current
|
3,819
|
|
4,812
|
Other liabilities,
current
|
34,822
|
|
46,506
|
Total current
liabilities
|
246,443
|
|
248,166
|
|
|
|
|
Borrowings,
non-current
|
278,761
|
|
293,192
|
Provisions for product
warranty, non-current
|
2,284
|
|
3,238
|
Lease liabilities,
non-current
|
19,447
|
|
11,400
|
Other liabilities,
non-current
|
16,531
|
|
18,453
|
Total
liabilities
|
563,466
|
|
574,449
|
|
|
|
|
Total equity
|
262,566
|
|
298,974
|
Total liabilities and
equity
|
$
826,032
|
|
$
873,423
|
GOGORO
INC
|
Condensed
Consolidated Statements of Comprehensive Income
|
(unaudited)
|
(in thousands of
U.S. dollars, except net income (loss) per share)
|
|
|
Three
Months
Ended June
30,
|
|
Six
Months
Ended June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating
revenues
|
$
87,247
|
|
$
90,723
|
|
$
166,566
|
|
$
185,178
|
Cost of
revenues
|
73,947
|
|
78,047
|
|
143,005
|
|
159,604
|
Gross profit
|
13,300
|
|
12,676
|
|
23,561
|
|
25,574
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
11,534
|
|
14,698
|
|
23,377
|
|
27,713
|
General and
administrative
|
11,298
|
|
31,647
|
|
22,397
|
|
42,030
|
Research and
development
|
10,731
|
|
11,601
|
|
20,284
|
|
20,945
|
Listing
expense
|
—
|
|
178,804
|
|
—
|
|
178,804
|
Total operating
expenses
|
33,563
|
|
236,750
|
|
66,058
|
|
269,492
|
Loss from
operations
|
(20,263)
|
|
(224,074)
|
|
(42,497)
|
|
(243,918)
|
Non-operating income
and expenses:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,164)
|
|
(2,439)
|
|
(4,061)
|
|
(5,289)
|
Other income,
net
|
1,304
|
|
1,369
|
|
3,400
|
|
2,633
|
Change in fair value of
financial liabilities
|
15,603
|
|
104,092
|
|
(2,910)
|
|
103,805
|
Loss on investment
under equity method
|
(104)
|
|
—
|
|
(176)
|
|
—
|
Total non-operating
income (expenses)
|
14,639
|
|
103,022
|
|
(3,747)
|
|
101,149
|
Net loss
|
(5,624)
|
|
(121,052)
|
|
(46,244)
|
|
(142,769)
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Exchange differences on
translation
|
(5,605)
|
|
(6,574)
|
|
(3,433)
|
|
(12,700)
|
Total comprehensive
loss
|
$
(11,229)
|
|
$
(127,626)
|
|
$
(49,677)
|
|
$
(155,469)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.02)
|
|
$
(0.53)
|
|
$
(0.20)
|
|
$
(0.67)
|
Shares used in
computing basic and diluted net loss per share
|
231,951
|
|
230,290
|
|
232,506
|
|
211,914
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended June
30,
|
|
Six
Months
Ended June
30,
|
Operating
revenues:
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales of hardware and
others
|
$
53,908
|
|
$
60,303
|
|
$
100,964
|
|
$
125,377
|
Battery swapping
service
|
33,339
|
|
30,420
|
|
65,602
|
|
59,801
|
Operating
revenues
|
$
87,247
|
|
$
90,723
|
|
$
166,566
|
|
$
185,178
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended June
30,
|
|
Six
Months
Ended June
30,
|
Share-based
compensation:
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenues
|
$
655
|
|
$
1,389
|
|
$
1,265
|
|
$
1,918
|
Sales and
marketing
|
1,004
|
|
1,892
|
|
1,846
|
|
2,660
|
General and
administrative
|
3,397
|
|
3,678
|
|
6,174
|
|
5,149
|
Research and
development
|
2,076
|
|
4,060
|
|
4,013
|
|
5,654
|
Total
|
$
7,132
|
|
$
11,019
|
|
$
13,298
|
|
$
15,381
|
GOGORO
INC
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net loss8
|
$
(46,244)
|
|
$
(142,769)
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
49,479
|
|
49,081
|
Expected credit
loss
|
263
|
|
260
|
Loss on investment
under equity method
|
176
|
|
—
|
Change in fair value of
financial liabilities
|
2,910
|
|
(103,805)
|
Interest expense,
net
|
4,061
|
|
5,289
|
Share-based
compensation
|
13,298
|
|
15,381
|
Loss on disposal and
impairment of property and equipment, net
|
2,119
|
|
309
|
Write-down of
inventories
|
1,926
|
|
1,804
|
Recognition of listing
expense
|
—
|
|
178,804
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade
receivables
|
(6,332)
|
|
(2,409)
|
Inventories
|
(19,038)
|
|
(31,775)
|
Other current
assets
|
3,168
|
|
(52,523)
|
Notes and trade
payables
|
3,885
|
|
29,103
|
Contract
liabilities
|
2,986
|
|
(222)
|
Other
liabilities
|
(12,323)
|
|
(4,485)
|
Provisions for product
warranty
|
(1,947)
|
|
(2,191)
|
Cash used in
operations
|
(1,613)
|
|
(60,148)
|
Interest expense paid,
net
|
(3,903)
|
|
(5,508)
|
Net cash used in
operating activities
|
(5,516)
|
|
(65,656)
|
Cash flows from
investing activities
|
|
|
|
Payments for property,
plant and equipment, net
|
(50,555)
|
|
(57,685)
|
Payments for purchase
of equity investment
|
(16,351)
|
|
—
|
Increase in refundable
deposits
|
—
|
|
(77)
|
Payments of intangible
assets, net
|
(80)
|
|
(287)
|
(Increase) decrease in
time deposits and others
|
(135)
|
|
23,579
|
Net cash used in
investing activities
|
(67,121)
|
|
(34,470)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
borrowings
|
35,148
|
|
79,412
|
Repayments of
borrowings
|
(44,380)
|
|
(26,059)
|
Proceed from issuance
of shares
|
22
|
|
326,965
|
Repayments of financial
liabilities at fair value
|
—
|
|
(108,149)
|
Guarantee deposits
(refund) received
|
(27)
|
|
321
|
Repayment of the
principal portion of lease liabilities
|
(6,285)
|
|
(6,508)
|
Net cash (used in)
provided by financing activities
|
(15,522)
|
|
265,982
|
Effect of exchange rate
changes on cash and cash equivalents
|
(3,903)
|
|
(4,529)
|
Net (decrease) increase
in cash and cash equivalents
|
(92,062)
|
|
161,327
|
Cash and cash
equivalents at the beginning of the period
|
236,100
|
|
217,429
|
Cash and cash
equivalents at the end of the period
|
$
144,038
|
|
$
378,756
|
GOGORO
INC.
|
Reconciliation of
IFRS Financial Metrics to Non-IFRS
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
2023
|
|
2022
|
|
IFRS
revenue YoY
change %
|
|
Revenue
excluding FX
effect YoY
change %
|
Operating
revenues:
|
IFRS
revenue
|
|
FX
effect
|
|
Revenue
excluding FX
effect
|
|
IFRS
revenue
|
|
|
Sales of hardware and
others
|
$
53,908
|
|
$
2,300
|
|
$
56,208
|
|
$
60,303
|
|
(10.6) %
|
|
(6.8) %
|
Battery swapping
service
|
33,339
|
|
1,399
|
|
34,738
|
|
30,420
|
|
9.6 %
|
|
14.2 %
|
Total
|
$
87,247
|
|
$
3,699
|
|
$
90,946
|
|
$
90,723
|
|
(3.8) %
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2023
|
|
2022
|
|
IFRS
revenue YoY
change %
|
|
Revenue
excluding FX
effect YoY
change %
|
Operating
revenues:
|
IFRS
revenue
|
|
FX
effect
|
|
Revenue
excluding FX
effect
|
|
IFRS
revenue
|
|
|
Sales of hardware and
others
|
$
100,964
|
|
$
6,332
|
|
$
107,296
|
|
$
125,377
|
|
(19.5) %
|
|
(14.4) %
|
Battery swapping
service
|
65,602
|
|
4,159
|
|
69,761
|
|
59,801
|
|
9.7 %
|
|
16.7 %
|
Total
|
$
166,566
|
|
$
10,491
|
|
$
177,057
|
|
$
185,178
|
|
(10.1) %
|
|
(4.4) %
|
|
Three
Months
Ended June
30,
|
|
Six
Months
Ended June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Gross profit and gross
margin
|
$
13,300
|
15.2 %
|
|
$
12,676
|
14.0 %
|
|
$
23,561
|
14.1 %
|
|
$
25,574
|
13.8 %
|
Share-based
compensation
|
655
|
|
|
1,389
|
|
|
1,265
|
|
|
1,918
|
|
Non-IFRS gross profit
and gross margin
|
$
13,955
|
16.0 %
|
|
$
14,065
|
15.5 %
|
|
$
24,826
|
14.9 %
|
|
$
27,492
|
14.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended June
30,
|
|
Six
Months
Ended June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
|
$
(5,624)
|
|
$
(121,052)
|
|
$
(46,244)
|
|
$
(142,769)
|
Share-based
compensation
|
7,132
|
|
11,019
|
|
13,298
|
|
15,381
|
Change in fair value of
financial liabilities
|
(15,603)
|
|
(104,092)
|
|
2,910
|
|
(103,805)
|
Acquisition-related
expenses
|
—
|
|
18,540
|
|
—
|
|
20,855
|
Listing
expense
|
—
|
|
178,804
|
|
—
|
|
178,804
|
Non-IFRS net
loss
|
$
(14,095)
|
|
$
(16,781)
|
|
$
(30,036)
|
|
$
(31,534)
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended June
30,
|
|
Six
Months
Ended June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
|
$
(5,624)
|
|
$
(121,052)
|
|
$
(46,244)
|
|
$
(142,769)
|
Interest expense,
net
|
2,164
|
|
2,439
|
|
4,061
|
|
5,289
|
Depreciation and
amortization
|
24,804
|
|
23,660
|
|
49,479
|
|
49,081
|
EBITDA
|
21,344
|
|
(94,953)
|
|
7,296
|
|
(88,399)
|
Share-based
compensation
|
7,132
|
|
11,019
|
|
13,298
|
|
15,381
|
Change in fair value of
financial liabilities
|
(15,603)
|
|
(104,092)
|
|
2,910
|
|
(103,805)
|
Acquisition-related
expenses
|
—
|
|
18,540
|
|
—
|
|
20,855
|
Listing
expense
|
—
|
|
178,804
|
|
—
|
|
178,804
|
Adjusted
EBITDA
|
$
12,873
|
|
$
9,318
|
|
$
23,504
|
|
$
22,836
|
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SOURCE Gogoro