Arrival (ARVL) Q1 2023 Earnings Call Transcript

Arrival (ARVL) Q1 2023 Earnings Conference Call May 15, 2023 4:30 AM ET

Company Participants

Annie Wechter - Director IR
Igor Torgov - CEO
Michael Ableson - CEO of North America
John Wozniak - CFO

Conference Call Participants

Jeffrey Osborne - Cowen

Operator

Call starts abruptly…

Annie Wechter

…to discuss Arrival's first quarter 2023 business update. I'm Annie Wechter, Director of Investor Relations. And today, we have with us Igor Torgov, Arrival Group CEO; Mike Ableson, CEO of North America; and John Wozniak, CFO.

Before we begin, I'd like to remind everyone that certain statements made on this call today are forward-looking statements. These statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and the information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of these factors and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our filings with the SEC and our first quarter 2023 business update issued today on the 15th of May.

During the call, we also refer to certain non-IFRS financial measures. This should be considered in addition to and not as a substitute for or in isolation from our IFRS results. For further information, please refer to our Investor Relations website at investors.arrival.com.

With that in mind, I'll now turn it over to Igor.

Igor Torgov

Thank you, Annie, and good afternoon and evening, everyone. In Q1, we significantly reduced our cost base through the optimization initiatives we had planned for the quarter, including nearing our target for regular quarterly spend, which excludes settlement of legacy supplier obligations and other restructuring costs. These actions have allowed us to focus the organization on