Grab Holdings Limited (GRAB) 16 Nov 222022 Q3 Earnings call transcript

Ladies and gentlemen, thank you for joining us today. My name is Maxine Campbell, and I will be your conference operator for this session. Welcome to Grab's Third Quarter 2022 Earnings Results. After the speakers' remarks, there will be a question-and-answer session. I will now turn it over to Vivian Tong, to start the call.

welcome Third and Presentation. XXXX everyone, day, to Quarter Grab's Earnings Good Vivian Investor US Head at I'm of Relations Tong, Grab. Chief Officer; And Tan, joining Alex Financial Chief Anthony Hungate, and Executive Officer; me Peter Oey, today Operating Officer. are Chief

today, and will updates, quarter financial share key third Peter results. our will our of During Anthony XXXX business discuss details

Following Peter to respond – we'll the the to call open remarks, will prepared questions Anthony, where Q&A.

on SEC. These our statements about and the business F-X statements reminder, considered other are today. non-IFRS do than a risks, performance. based due to with earnings to of measures results quarter's today's discussion filings forward-looking any as risks a obligation statements. the IFRS As and Form number industry, this to registration macroeconomic, be which and any contains could beliefs a business, including is today materials. materially and reconciliation expectations, other – for also described financial events are of and our financial included should undertake financial together with Actual update uncertainties, in which regulatory and measures. not forward-looking differ A in The IFRS of rather non-IFRS substitute measures, We financial statement

presentation, review, For can performance, and after our opening I IR financial his to reach earnings our to third will be on supplemental detailed more press found over have presentation recent and which call disclosures please this to please the information XXXX quarter release additional on business refer to Anthony investor.relations@grab.com. for a remarks. you questions any with turn website. out And that, Should deliver

of substantially, revenue report basis, year-on-year today. set and Monthly XX% us joining results. third users up loss the period XXX% time, strong our transacting XX% delivery adjusted achieved quarter-on-quarter. important in for a of and group resulted over On incentive In quarters. improved grew ahead optimization our the from of a positive for everyone, I'm also quarters milestone. the pleased both spend the quarter turning guidance. you, to year-on-year in first and was Thank for an three accelerating quarter, we Greater has year-on-year, XX% our segment previous two EBITDA

July, after on and managed We also deliveries high-quality X growing innovating, in retaining billion our we billionth five achieved these by years XX rides. ride and mark and to serve cost our just focused staying We crossed users. results to reduce

market. As the we needs product profitably, our scale look to the our broad-based segments also ecosystem to various committed of adapting meet we're consumer this to in portfolio

to quicker. keenly risk currency ahead, fluctuations performance that our uncertainty, monitoring by growth we who it prospects underpinned expanding Asia's I'll Peter, we our levels. supply of recessionary of many a Fulfillment details on In the The GMV streamlined our on offices. Since heartened driver on and efforts was We're is to start doubling the strong how year driving supply have on-boarding to drivers recovery for driver travel has result we the improvement demand our our for we start rates, the measure of opened, rates and resumed, trends productivity. ago allow a year, robust recovering in of process the a our quarter, match revenue in them fulfillment well improve in by platform markets. pre-COVID Grab recovery to near momentum from for people partners strong capture supply. inflation, give will class. give post consumer the to for back This cars the at outlook still rental demand demand business. Looking an in but of and groundwork an we're are car is XX% to period making remain financials. to overview and there's it now recorded companies. and were the heading of where tide We're driver pre-COVID, turning on also headroom see With about them over same the digitalization improving are essential and rising back lease macroeconomic challenges to most demand we easier before optimistic growth, and outreach coming accelerating mobility of supply with a businesses, Southeast Economies to by us online. mobility our and potential mobility to partnering

on-boarding innovate in the meet to services consumers platform continue up invest enhancements driver we'll to productivity. ahead, mobility to and of our partner Looking on and needs improve speed our

rolled we And an For service. in mobility the launched mobility needs. Philippines, affordable affordable solutions In example, we short-distance to two-wheel meet Indonesia, an Grab out carpooling service. we re-launched on-demand consumer Share,

segment app capture variety for incentives. opportunities and a and delivery for reduce the will the same we We are wide high-quality for users.\ we we business optimize our and sets merchants on In incentive enhancements schedule out in retain serve. launching building the services period within well food superior revenue delivery us track retaining our saw on different the target a for to business, time, demand quarters puts of In quarters EBITDA cost high-quality our position continue to our adjusted spend two For focus product and and users and users affordable food. to leadership year quarter, our delivery food to reach by ahead offering our enhancements deliveries experience. This a deliveries normalization launch to ago food saw At quarter, percent in product cater on and options. stronger reached three-plus and to delivery, food breakeven despite them same compared footing seeking we cultivating the We deliveries pursue tripled margins. long-term us delivery third our solid of and to the milestone category key to of tapering growth segment a of three as continued despite ahead growth maintained

grocery we with experience a within acquisition a found other markets, deliveries, non-food our some In building Malaysia, our we are portfolio app. Jaya approach end-to-end segment. fit For our Grocer, In are we where towards an exploring partnerships. offer like markets retail of we grocery can

we example, one recently partnership grocery with largest retailers. Trans Indonesia's For announced a Retail, of

services, deliveries quarter, combined together our with to offerings saw our subscription program. believe attractive we ecosystem-wide allows In ecosystem-wide offer Unlimited, we Grab our subscription mobility for Lastly, positive the traction plans. us

Looking steady delivery segment even continues as to performance delivery post our ahead, of normalize food we see a demand world. COVID in

continue broad-based consumer that adapting We us to offerings drive different our strategy are confident which enable our to the growth. cater allows of will to market, to to us profitable cater to segments a

contributions Revenue Moving for grew Services lending our Financial overall by on to by Services. driven year-on-year, Financial higher from business. growth XX%

to ecosystem discussed started transactions our As Day, bear Investor during fruit. focus we our on has

EBITDA XXX% X% Stripping Digibank costs, ecosystem for ratio. quarter-on-quarter. a Grab NPL low our declined as segment ramped improved up the Services as quarter-on-quarter. partners, to quarter Financial single-digit rose while maintaining quarter in X% out segment lending, fin such the we year-on-year disbursements Our by driver Loan expenses adjusted third loans

with ecosystem in conducted three small end of also XXXX. segment's on a of August, Digibanks The will the GXS GXS the of give Services pool is overall The off-platform the supportive revenue. to we users. the like would an soft focus margins a positive launch have launch in and Our Financial plan update transactions margins, to improve I that by first Bank on driving region Digibanks. Bank end Singapore and to this allow us our

Financial and Southeast in one Digibanks, offerings one in financial, these Indonesia that our and optimistic Malaysia in inclusion are Singapore, one Services augment three Asia. will We grow in

our Lastly, our go want business. I rose quarter, driven advertising enterprise by our In in segment. XXX% to over third enterprise year-on-year, revenue gains

their spend times tool importance Grab do This, to a help an of about advertising returns Day in the performance giving this Investor in us. business, spoke them better September, data-driven more advertising from Advertising business. that helping advertising. grow. the by by ecosystem enabling can or merchants getting year. at to for which them returns we get in better grow third help in brings This their heart merchants our businesses Those online on access makes their them we this four are turn, sits tools, During our revenue the Grab effective through merchants targeting helps of as quarter on come seven

a breakeven and segment we to business, as sails, look the in review remain to call ahead, we for business food deliver the wind continue deliveries we deliveries stabilization puts over our the EBITDA Peter our achieving we recovery, profitable growth. financials. a now see continued and drive in As turn adjusted for confident to mobility the of I'll of

to currency basis growth We're Thanks, on grew $XXX across strong pleased million, reach report saw high. quarter. an to Anthony. all revenue We XXX% constant this all-time our of or results segments. year-on-year Revenues strong a a XXX% set

well back XXX%, our Jaya as mobility and than the respectively. of demand, of ride-hailing triple GMV. and enterprise from GMV doubled incentives growth, segment overall growth Services as while the recorded and contributions a by year-on-year, in XX% as of Our Financial revenue underpinned recovery deliveries percentage more lowered revenue revenues on

For third of GMV all-time also we an $X.X high. growth billion, the for year-on-year XX% to recorded quarter, reach

for XX% the GMV further stronger mobility translations, on were basis, TPV, US respectively. dollar. of along and exchange currency constant line line a year-on-year. impacted basis, group our Financial and with X%, currency quarter-on-quarter top also third our foreign and GMV constant And Notably, GMV quarter growth guidance. grew recorded our deliveries X% a by deliveries, with were reported Services, in given results Our our by Hence, on

Services mobility XX.X%, increase we Services Deliveries higher movements product year-on-year. of from were Year-on-year, while rates, up Financial Financial to and commission the from rates while shifts from overall commissions For country from to our deliveries commissions by driven and improved XX.X% X.X%, remained our on mobility lending commission mix, XX.X%. business. in commissions back saw X.X% to XX.X% contributions an flat in were relatively commissions up

and in to period and was XXX breakeven margins our XX.X% as declined which GMV, basis. are of as pleased on reduction food X.X% from A we quarter, basis segment also last achieve to points a deliveries a quarter. XXX And adjusted our adjusted EBITDA improved of year. for key points percentage result, same overall basis driver For this third this year-on-year quarter-on-quarter a deliveries the on EBITDA, incentives by

respectively. two of exhibited guidance, our are three a a X.X% strong EBITDA these X.X%, and Now, XXX positive to year-on-year point negative adjusted quarters improvement ahead improvement. margins segment basis Delivery from a quarters

expected margins XX and a For XX% point segment, in state from mobility to assumptions. year-on-year XX.X%, EBITDA improved basis our adjusted our line with steady improvement

year-on-year, banking XX% of declined For EBITDA shifted business as higher expenses Financial X.X% it in our while unit. X.X% negative due adjusted to to a negative TPV, from Services, percentage digital

with However, initiatives Day. X%. on EBITDA segment and Financial GrabFin a as shared adjusted strategic our Investor GrabFin a that X% declining by focus transactions our of to during Services expenses ecosystem on result we base segment streamline basis, came cost recent improved quarter-on-quarter our This

adjusted EBITDA. group to Turning

This XXXX. represents from negative improved improvement basis X.X% the margins negative the in of quarter a XXX Our an to year-on-year. X.X% XXXX of in of points quarter third third

also points reported adjusted improvements margins quarter. strong group XXX EBITDA of in We basis prior the from

reduction $XXX corporate for Our of X% quarter. XXXX third regional the million, were from prior the costs quarter a

GMV, regional and As a last in corporate costs year. percentage from third X.X% declined quarter of the X.X% in last from to quarter the X.X%

on on cost our We base focus continue optimizing to and internal greater efficiencies. maintain driving

team, Financial initiated to a Grab number aware macroeconomic transactions. be the that management are contribution the are and and in platform In spend. Stores drive of positive focusing Since have a of and costs year, start for fully of markets, we of our to in more incentive several globally. actions challenges Kitchens fixed closed we deliveries, have As experiencing reduce strategic segments this our are on core to companies Grab we Services, we

by we We discretionary began We've pausing while overheads. and costs, departments. aim regional R&D reinvesting corporate support costs development towards cost or also various in structure to been better limiting to slowing For optimize the our disciplined optimize process to spending will in ecosystem. hiring tech non-headcount

meet our by and for half quarter-on-quarter. remain direct trajectory XXXX confident second we spend Our declined breakeven to in in regional the XX% marketing Overall, our example, target. costs, ability

As XX% the representing for of period. reported we our $XXX million, in loss, third prior IFRS improvement of $XXX quarter year million loss from a a loss our

convertible million Grab's no non-cash interest when our revaluation IFRS from We was $XXX each million investments, line. highlight below quarter to was EBITDA longer to reducing of was the also includes reduction adjusted our the million preference Grab's of and elimination incurred adjusted In became which compensation. mark-to-market this, like would non-cash $XX EBITDA IFRS shares, that redeemable a million expense through was of due expenses from our in we our losses, public addition, loss $XXX company. which equity stock-based the of are $XX Of of loss

Turning to sheet. our balance

$XXX gross quarter position cash Our attributed strong of million liquidity with borrowing repayment and EBITDA and also declined from We the the to the to for and billion losses cash quarter payments. liquidity. of adjusted liquidity continue the third interest the $X.X third of second by XXXX, Cash quarter ended robust. be and predominantly of end

as the Our end of liquidity net cash of $X.X the billion was third quarter.

maintain a with how is outlined and capital, Grab's during our top prudent we allocation Day. framework We deploy will mind. capital allocate our Investor of in in stance preservation Cash we that line

With in Grab. we upon EBITDA adjusted net second as group expect As of that million Board liquidity have our issued Directors repurchase such, to was The B approved ample of of cash have in the billion quarter, $X.X our repurchase expected for of cash of net Loan to up reaching Term breakeven buffer $XXX half third to expense January XXXX. create of significant interest the the savings our outstanding is expected XXXX.

Turning now to guidance.

driven movement expected year-on-year foreign against exchange US exchange $XXX million dollar be have to reporting Grab's XXXX in significant the the GMV fourth currency On headwinds. that dollar, a throughout is headwind to is quarter. foreign US Given basis,

As we our investors a to result evaluate IFRS performance the constant of basis on top-line numbers. alongside encourage currency this, a

we and GMV XXXX are guidance. granularity more backdrop, fourth contextualize to this our than providing quarter typical Given

we expect impacts. quarter, fourth FX look to continued As see to the we ahead

we XX% in six roughly basis, fourth expect to This currency in GMV in points headwind quarter the deliveries on of billion based translates forecast. billion. FX constant $X.X to such, a X% GMV the deliveries $X.X fourth on As to grow quarter rate to exchange factoring percentage year-on-year

a to constant This basis. the $X.X For mobility, billion to to to on currency XX% XX% fourth we year-on-year in of expect translates $X.XX billion. GMV quarter grow GMV

see to in of continued normalization expect mobility with the improvement We demand economies as the segment reopen. ride-hailing

healthy either our X% of near maintaining of track assumptions we our remain several bullish continue the Notably, We a operate thesis X% in while margin deliveries we for deliveries, profitability we will or while towards For expect on above high-quality improve are to to transactions, drive GMV and markets steady-state marketplace. plus. long-term today margins.

expect only Services, $X.X to on year-on-year billion driving to ecosystem on consistent is translating we Financial $X.X billion. represents the our For to This on and XX% quarter-on-quarter but XX% transactions. constant contribution basis a currency grow focusing with decline a TPV on a basis, refocus to positive

losses do reduce we overall be Services, GMV softer the for Financial to such, improve and for segment As sequentially. but to adjusted quarter to in revenues fourth EBITDA expect continue to

our incentive $X.X translates are our $X.XX the on billion that full continue Looking at confident billion we basis, to optimizing range we are guidance constant XXX% growth focus year on of XXXX, such, This and as billion. we spend. to currency $X.XX outperform guidance our revenue as to XXX% billion can to initial to year-on-year at a raising to $X.XX be

a a We by in also reiterate our basis. XX% expectations strong XX% revenues on XXXX to to year-on-year constant currency grow

million a adjusted EBITDA our second half-on-half loss $XXX loss the raising expectations XXXX $XXX of also previously, are adjusted implies from improvement. a XX% a We EBITDA in to half which million

the the quarter. overall Anthony results and thank to currency expect GMV our and delivered XXXX, for Achieving delivery our third year-on-year. for our GMV merchant year business in for basis, now a to is to XX% want partners. for third to set hard driver constant growth XX% fiscal of is numbers making breakeven food and at want XX% growth the On we XX% a to their from also estimate critical work appreciation I XX% to conclusion, deliveries previously. deep Grabbers of In in a we we and terms these year-on-year strong In express in Grab. GMV be XX% milestone segment in possible, quarter

questions. and that time, us, strategies While sustainably. to segments we we confident balance sheet, our are now cost enable the ahead will your very grow strong there up for us work of to Thank open lot our much still a is you, discipline of will and call

Thank you. now start the the question-and-answer of Ladies and we gentlemen, portion call. will

Alex Financial Hungate, Goldman on question will [Operator the us Pang Officer; today Sachs. first Joining Officer. Chief Anthony Our comes and from Tan, Oey, session Chief Peter Officer; ahead. go question-and-answer Please Executive Chief Instructions] from Operating be

Your open. now line is

opportunity. from everyone, much Good questions very you the me. and for Two evening, thank

EBITDA EBITDA bringing all past cost terms improvement. in in management of segments few your with Firstly, of now, improved healthily quite will term? margin the now, on to to a that in even the why this from drive further breaking what going for Second group or more delivery terms forward we also and out in terms well, delivery terms driving lot already of that Are breakeven, breakeven are in you improvement ahead delivery guided related three quarters term? near what EBITDA On of quarters breaking push group forward, of target are more specifically, is now is Congratulations next group in fintech. your going in question given now? achieve now is not KPI And you around as growth you you to your schedule. the near the your forward even looking of EBITDA is

the seen nicely cash your next fintech can And quite growth despite quarters? quarter-on-quarter, your what growth we for push peak in of digital burn into profitability and Are the few improve cash of have terms terms past business? expect already we in bank. into burn further We

question to take take the after Thanks, Peter your and Pang. second first then will that. part, This part Alex. take question, the I'm of and first the is going Financial I'll Services

delivering allowed impulse marked we've the customers proposition that's all to know experience really thrilled lot to into for delivery breakeven, of we way that We're a that occasions, focusing First EBITDA to And on that. thank went us with say work much supermarket nine you, profitability. stronger deliveries, of and There's The it. instant schedule. want reach and our months all, I all focus frankly, propositions hard the for optimize less managed of of on are more then team the buying to where ahead there. with incentives customer price-sensitive, best-in-class that

to at time. Now, improve we need same the continue to grow and margins

It's about or profitable one growth. it's not So the other.

have to margins continue deliveries We we want We we our in do indicated overall. both. in the line still that X%-plus had of for to shoot sight,

And talk marching so to breakeven? our we're towards EBITDA step. you as next group want about the that do Peter,

time group a to us. Alex the very to we're profitability your time profitability to started milestone making mentioned, be and as about Pang, to our critical very us. And for accelerate also Yeah. line, breakeven getting continues going just On area here, Pang. deliveries was EBITDA for key Sure, We're get continue to question for we're base focused optimized on That's line sure focus deliveries a margin. steady that state a cost business. also as

upside margin, Now and second growth that continue we to also continue Yes, on to just see the and there to that is maintaining where continuing again. potential well can as your we And business on we question, acceleration for half accelerate. that are today, the time have that are quarter – room this as saw upside. focus to we for deliveries, line continuing But refine for guidance for focus the profitable there for XXXX? is to now,

in And then burn question manage your the X% we on to GFG did past Thanks, Well, cash overall Peter. by are the rate the on quarter. burn? for the peak GFG, we reduce

that where strongest And we've of we the best, and So to value at of also that's the described result focus customer on have platform, we the our where consolidated Day customers costs. the proposition. know we rationalization Investor products

helped overheads quite some reduction X% At that's the the XXX% lending course, the well. of will grow that that will that strategy grown that of as time, for cost reduce to forward. same has our products allowed And going bit, to mix continue going revenue rationalization sequentially forward. reduce So year-on-year. a We'll improve us us management we've and of margin GFin. GFin by and burn of And mean

the three On we're all of approaching XXXX launch banks. Digibanks, the when we'll

adding So this Indonesia Anthony as but be year, Malaysia. Singapore, mentioned we'll earlier, and

decline. continue build for that Investor our indicated But few after from you the EBITDA that continue the expect at breakeven Day, higher three And to – will should investment as tech that we start some XXXX. of begin to expect the to Investor banks by in – investments. of you banks the will the to the all at So that next – as stack indicated quarters burn combination Digibanks for require Day, will will should be

you. Thank

Pang. question, your for Thanks

you. Thank

Our Venugopal comes next question Please go from Bernstein. from Garre ahead.

is line Your now open.

opportunity on me. from a good and Two questions Thanks a congratulations Hi. the lot for quarter.

of of Firstly, that to sort of very in and at I So sort growth segment, probably but market tech profitability? just wanted wanted to especially structure growth. context the of does willing the is conservative what for of is market, touch off not as X% of level, on And midpoint is first that's the share profitability, clearly, entire also terms to to Is near-term, important sequential in I or recovering the you of the base which of for understand on my mean have sort Q-o-Q things. secondly, growth market GMV Asia, a that thinking that one it mobility preserving this in more side the you're the sort of it the situation global well? taking is targets most question. space. see And the trade cost in a a interesting view

peer cut basis, understand cost especially Asia, to overheads, EBITDA regional quarter-on-quarter a that in overall places. structure, changes for is is basically Thank $XXX but to brutal the well which breakeven look a $XXX globally, down the there for effort fairly the overhead million million, they roughly arrive Now as slightly basis, early you. in at both a an year, cost you at at towards some group, at broader fairly we look some of reducing operating just want employee like has which combination I is any to been aggressive materially an that you when something the potential level? on to overhead, site a not cuts, be which on of when seem as

first Thanks, me Venu. let Yes, again. question the take

to want I the second one. think would Peter take

category our profitability. trading not position are for off We

the incentives We're you've the that leadership quarters. last So of few we've the of despite demand in seen the category positioning ahead over region recovery. our optimization supply maintained

DAX the increased us, XX% So year-on-year. number monthly driving quarter-on-quarter in for and QX, of by X%

DAX now active what was XX% So population our of pre-COVID. is it

So that's I one terms in knows can you, recovery like ahead COVID. the will assure that category amount of in look for we're sure track position. demand recovery what of but No keeping

we One Grab that proactively do Share things is more the campus. like for don't to Indonesia, cost to allow affordable Grab sharing be mind a populations us in of introduce to grow want the more from TAM example, home mart and together student might to which services, target, ride sensitive but who

are you will and So us these services market the... introduced Peter, the making want grow do more to progressively to affordable. services take being region, across they addressable help those by the

departments. attrition. of we positions our choosing And natural by have we're our being said, headcount we've and in have seen this will in certain year, deliberate not costs in hiring created remain in the reductions couple Actually, disciplined of very streamlined Venu have I've that maintaining especially taken been certain had, the since and reduced I measures called public the also levels functions. we've question in of ago quarters pace headcount, -- of this the in Yes. in and also, of the proactive company, always judicious like certain that about this we've very reiterated we backfill hiring spending certain Since we've that of as regional slowed a you where to year, a beginning their terms and in also you spend, overhead always departments beginning around out.

that. that fine-tune quarter-on-quarter. in the at we'll initiative very QX So we'll came costs by direct about that We're prudent continue as other this on. quarter. think disciplined focused marketing We approach. third XX% and ongoing management we've tightened marketing and also continue It's adopt And down is Direct costs. looking lines we also to called an of out to XXXX,

We regional and with down attrition. with reviewing to by participation continuing headcount of our a our plan natural streamlining have bring strategy and approach

all we all as we'll to team. CapEx, office management also So are non-discretionary these spend, are expansions, that and at office, non-essential continue looking T&E, a reduce

important So base know cost is optimize structure we we to the to important it's that investor our that to continue us this. so

Thank you.

Thanks, Venu.

you. Thank

comes Citi. Yap question Alicia from from next ahead, Alicia. Our go Please

open. is line now Your

taking evening, two better management. and the Thanks Thank you. have questions. for I on solid guidance. the Good also questions. my bit Congrats

given further all, low-quality optimizing cross-selling spending So to First attractive the we balance between ways our the we users? of adoption have versus profitability still be target? as going the subsidy, how drive by short-term numbers quickly what Would the top-line higher -- share in the pretty just follow question frequency second any kind be the very are service but your program you then then growth? sacrifices of cash also that could your is the And that back up, and announced, good. you of adoption the buyback position service could you the driving scale that further also of

M&A there you you. with more many there candidate true, opportunity proactively then recently? is along, good would come business wondering, that also just any will be be into? in peers maybe -- their potential what a private down from if that looking consideration so come Thank especially, If it's And valuations segment

Alicia. Thanks,

again question the then Peter. hand Let and take to first me

cross-selling the in consumers, providing Actually, particular, right. just new better in there promotions embedding are to than point journey. of think and that the we ways customer You're of services incentives at need

So is ultimately embedded and they're cross-selling. best the way the in customer of completely seamless flow

like scenario cover are like that later or things at payment. of now the examples insurance, time pay So ride of buy

same last an year. our is XX% of increase which of the or quarter XX% two in services, versus our users now are more using So

on continue to we'll push So that.

very Net on The other we're thing that Promoter our is focused Score.

I'm Grab we're quarter-on-quarter So that very we did well. focused on new as And want on customers to services the increasing have trend. and from a want propensity so keeping buy to to up say to that go pleased

frequency a I you Unlimited of reduce those yet service frequency. frequency important we things, of to on still on absolute of described can basis ways driving We continue Grab two going three keep Unlimited but by drive key is user. cross-selling user. think, that really times margin the each Service in we've ratio us. that which help by transaction, us is the that So Grab The frequency up. the data contribution is one we And up incentives I on think contribution have to non-Grab Unlimited absolute a -- actually not Unlimited. to that and is the customers about basis per Grad

as focused deliveries There going and be that push in So build we're margin ads then something GMV than it the go part. program, quarter the subscriptions. very And And And continuing last value on Peter, out are now for we are as they the cornerstone we we the that the wants payments. to on our At everybody and mobility, high of that's and push merchants longer-term also where us, growing the deliveries. that growth of high be exclusivity to helps mentioned drive I Grab with been very terms across services in of quarter, facilitate and has last frequency on XXXX continues each potential we're these a of underneath we Signatures were And like want quickly and way we're and the deliveries you're from, driving we've I platform, rapidly exclusive a our scale, more business, us merchants we're frequency. Unlimited the in quarter also beyond towards large to other earlier, continuing encouraged, and as have certain financial at into that the then region. XX% finally, order loyalty with more with the city lending, of build high generally to customers. with GMV grown to programs because handle which of platform think profitability to and well.

cetera, M&A around Yes. and mind question management, really organic very driving Alicia, of from that, you in us. see et growth. quarter focused for That's we're your opportunities, top on of solid on that performance another

So capital. for we're Cash continue on framework. on Investor during capital high going Day we deploy critical M&A stance on always also. that. to prudent And And we extremely take how We focus is bar our that on us. preservation a mentioned allocation to also, our our is

remains our sure sheet growth. continue on continue strong. we'll So to focus to organic also We'll balance make very

that so as continue laser and going are getting we again, to focused And as we strong. to to we're remain on get as to sure make continues position profitability cash possible. quickly a Our there group,

Thank you.

Alicia. Thanks,

next from go HSBC. Piyush Choudhary Thank question The Please you. comes from ahead.

open. line now is Your

lot. couple questions. for the a management A the Thanks and presentation results. of for Thanks congrats

may segment, detail mentioned markets supply a Mobility probably continue that have improved. are below have which more. update Delivery if squeeze bit issues, Trans progress situation your on the the driver can has you in in little in the you us which And more Second markets Indonesia, Retail like question, give average But partnership Firstly, I the Can segment. one which face integration? supply of of you highlighted? XX%, with to on you

and flows, cash during you. acquisition in Could you those of have million interest the in On the of investments elaborate on acquisitions terms -- Thank initiatives? of do quarter $XXX you associated?

Piyush. Thanks,

questions me on Let the take first the two Trans partnership. mobility then Retail and

to is drive. of of the able as resulted number able cost rent who up Singapore. own to Singapore to supply supply want people cars to and licenses that supply work you're tight of the is a cars So between right, of One issue are driver of around the there markets through, a entitlement that trying procedural imbalance where Philippines, driving there's of certificate and we're some couple their issuing is terms The other still. processes where barrier in the issues is which backlog the vehicles where And that's is well. who in The vehicles, a the and afford not a not is, demand, vehicles supply is drive. strictly to have being drivers capped or the want the the driver because drivers tight -- creating of still drivers improving there being to are has Actually, Singapore, with even in we authorities. in market,

the working there our during using what intelligence earnings our is So, improving the for we're efficient day. on to drivers by help them more even get artificial

up reducing that to our pleased in earnings quarter-on-quarter, have fact been I'm say despite driver Singapore So, the that, incentives. gone we've

one? a you that's So, Peter, good the future. next do for take want sign the to

continuing It's And million the the it's that there. in And we Malaysia. as is also, our our out on we're also ability. we of also, in Trans three -- acquisition. line, an Trans. in you very a merchant acquisition a to Indonesia. It's small digital partnership bank with in our Retail related secondly, One thirdly, continuing Piyush, investment investment really, made more in called Sure. $XXX our made also, into part small CFI buckets

Bank we're and Bank partnership. Retail bank digital a mainly, So Trans Farm, Indonesia that our also

Yes.

Retail, question was so Trans on up. last Your let pick me that

a plan is we groceries, position is -- sweats believe, for the This store a use exist, Retail online for is Trans Indonesia. to to that there gray basically the it across Our because Jaya enable, do already in for are the picking Trans supply the the and we much technology that cost-advantaged building and turns. gets network to space across are assets chain the by online gray bases, customer asset the and done in then hypermarts staff you the is the premises shared same which same Mart offline same store, inventory, store have better where us Malaysia

as the we Jaya, So The same for technology that so building reuse are principle. well. that's we is that the technology can technology

So we sustainably the Indonesian think this supermarket is space. a good in way grow to

lot. a Thanks

Mark Please The ahead. Mahaney from next question you. from comes Thank Evercore. go

Your line open. is now

Any from This Thanks [ph] new are Thank in have reopening. lot. consumer I seeing introducing sensitivity either a or the some you Mark affordable just mentioned on or second is, anticipation ads, more demand questions. One delivery? But cases Jan shifts recovery, the versus macro for benefiting obviously on aside quarters? you. Thanks sticking a Are mobility high-level of that growing And merchants is the on obviously, the very read the from from on macro the healthily. question. more pre-COVID? Grab food seeing you either is this, use guess impact, also, mobility Mahaney. of insensitivity few because Great. any or I you services. next for macro grocery post-COVID couple And just permanent kind mobility Lee are

three Yes, Okay. questions there.

-- use mobility for in one is of Chinese travel which pattern, a on like what take looking catalysts The of markets particularly makes the like some would us one is proportion up And be me if of pre-COVID nature is There rides recovery are of Thailand, you from very for pre-COVID. similar the very forward are recovery. the business This mobility the Grab. airport we the for area people. the which missing, demand to is Let saw the Chinese tourists and growth we Chinese. in profitable. a the requirements cases therefore, relaxation for The high

and question? quite be So cover you want Anthony, you I the of. I are aware I it'd the Other guess, think to that's something, important shareholders patents analysts, think be similar. macro to than for that, as

Yes. Lee [ph]. Thanks, Jan

impacts, things. macro a the on few So

of our I do fuel one, merchant inflation. driver affects weakening think against currencies costs, and dollar. stronger which on local We number wood also our and and a see some higher some of food obviously There's partners.

times and the uncertain, us, during for as quickly we important when agile, part especially, adapt Now and situation the nimble it's remaining is macroeconomic evolves.

how as about extremely about -- growth. for talk number profitable than it committed Peter talked the costs being you one doubled our prudent revenue improved. with substantially Now quarter we more are loss managing to while

three-fourth customer incentives segment, up, you then went and overall above turned ahead adjusted satisfaction to -- guidance. even X.X%, delivery down, shared, Alex as came the saw, Our while as of EBITDA positive,

deliveries this about it time partners. everyone. whether where our we we are as come Now well. going with more we for address with it means can other as talked options, see lower windows as improved lower that sensitivity, drives our cost fulfillment affordable users price. increase very, rates for has thinking services have for for choose do on and our especially, very back, We which delivery and focused and We drive for how onboarding, down That's users win-win-win it's surge we example,

are mobility share These in That customer us. I will down. what the also win-win ways and we be Alex would on So Grab these that drive sure. are the are costs ways for also reiterated which for driver, in making Share we Philippines. continue to

Jan, And your Grab me ads. question Thanks. just up pick let on

of on Grab advertising north It's spend platform really is on return Our ads high. the times. three

cases, in some sometimes, return. six getting we're And times

So our clearing auction that for macro Grab pricing. those not we an auction And our to demand we ads. without the of the the introduce also improvement growing impacting in hopefully kinds to add four inventory as of situation the experience. macro for do situation result ads have build as impacting will is is pricing for returns, for the platform. on million the with for merchants pricing see What mechanism finally, we looking a We're then we're platform customer trying opportunities -- demand demand,

a Our capability. goal surface the -- penetration we're the is just scratching with as ads of

down new tail. start is long platform the our further self-serve to ads use go Our goal to to

already small the the use. the guys of get access some sophisticated guys targeting big So, can to that

the with So year-on-year growth we're our revenue things that I help But ads here. of three XXX% think obviously, the of scratching forward. only plus going just we those strong. Improving, us all in think surface still growth should the opportunity is

Thank Please you. ahead. comes next question Ranjan JPMorgan. The from from Sharma go

Your line now is open.

evening and for from the my questions thank you Hi. Good presentation. Two side.

to could is country? of please? rate exit someone But right, the look a might these you. second question of they be that might is competitors one acquiring on And some countries saying assets is repurchasing, assets, you or who on necessarily is you're are Asian. your what that Thank look view a the purchase what on Firstly, expressing loan of that, that I in not the you're you think based at leaving

this XXX. we in So Ranjan, January TLB on structure the on term the plus was The XXXX. TLB, took LIBOR

second on exiting, In opportunities in of of business. asked or we're your we're think question see competitors our ahead on lot look, Alicia question I organic M&A growth. I similar focused our a think terms us segments a very opportunities, We of around all -- of

be drivers on and our merchants cash preservation Again, going focused how allocation, just is very at in critical. serve have how prudent a we'll here framework also and deploy just very an in be our way. Grab looking we continue and we down consumers we're also, our can we capital heads within organic to capital. So to And strict

Thank you.

Ranjan. Thanks,

Jefferies. Thomas ahead, The comes from Please Chong from Thomas. next question go

now line Your open. is

landscape. management about Thanks questions. first the is Hi. My for Thanks. taking my question competitive

experience the on need do do in that user to you. and What from we XXXX given priority to Thank that do use how second question think number more one players order ROI all partner. are seeing on add to in focus drivers think to can my any I the our strategies, differentiate is landscape about merchants is their value, we on competitive the the the we And medium-term? peers? rationalizing you changes are investment in in us

Alex. Thomas. is Thanks, This

lot this should as take is Let should some the reduce this competitive of potentially flow referred markets course, intensity news a competitors Yes, going there forward. -- if to. and continues, about questions This the that. of exiting rationalizing me of

of capital you and of upsides increased with faced sheet is when have some competition. that the balance have, survive can get when of they -- to and One intense -- of rational cost have them the competitors a does one strong

in continues, we future. a really have this So User for if might reduced the competitive topic is intensity indeed, experience us. key

acquisition frequency bottom-line. in is One in numbers our The at et percentage opportunities impact can the data look funnel, the these make -- costs, the massive and continuing or of looking retention or in just bottom-line of can scientists of to and repurchase, there. point is the terms here differences improvement improve things the with reduction onboarding cetera currently we acquisition at opportunities a we're tweak looking the for that if funnel just to to

a going on, on funnels. there's of So our lot work

as We lucky creative help well the some marketers very behavior. that work to with then us can can data scientists us and who help are nudge consumer to talented really actually to very do fine-tuning who some

glad how talk the we, the management as sell-throughs. certainly time, about all we funnel, you a something the raised can I'm the we team, So It's customer can the improve how question. that experience, improve

company an what So makes that. successful well. often, a unsung but thanks for recognizing important, part That's of implement

you. Thank

Please comes Barclays. you. from Jiong ahead. question go Thank The Shao next from

Your line now is open.

much questions. have two you taking very my I Thank questions. for

that the as share terms your items. affect percentage to in should help obviously How delivery, for will dollars absolute should understand line a or revenue? if how with CAGR going can is much. was on, How forward us I sequentially somewhat you growth or for about years wondering of about should for of and next think at how perspective. trend, you question thoughts First it down that, My quarter, three OpEx if longer-term forward the your we in about came for we very is think is which mobility a us second will three of longer-term let's think we Grab? on I profitability? all say, look both opportunities Thank some near-term either going GMV

take Hi. questions. of me couple Jiong, let those

basis. to the revenue on growth perspective grow we're currency quite of of levels. mobility pre-COVID We're post ways to saw XX% So, mobility that itself, remain to go in still committed have in a constant back long-term coming on lines. on -- We we XX% we our revenue continuing growth to bullish to on -- XXXX you prospect we're also. where the for get And the

scratching about about crossed, supply earlier in our the up also terms we talked so So do what Alex will We're, confident be also then borders the mobility Deliveries, to and bullish Chinese they're with Alex increasing and grocery talked open also. all cases -- front. of we with fingers in demand. there non-local use commerce as the continue just We're We're delivery. seeing. surface the about. with We're keeping up can

organic growth business to revenue our continue step to We're robust. of So just platform we're XX% at in XXXX. to committed long-term today, engagement the remains itself, be you back, growth and if going prospect looking our improve on on our

to absolute prudent line our looking dollars, all we're in hiring. terms the deploy how items. everything we're should also our on we how and headcount where at Now be at this our think optimize look in items and OpEx to of to we looking how capital line, very question non-headcount continue structure around cost We're -- going going your about we're

-- on continue focus item. this down. in regional you'll that We're headcount line those we're see with see reduction we associated in focus we'll So on also you'll are to to And we also headcount. XXXX, -- -- costs continuing to come

a line a half that as main we'll and get this for profitability on as XXXX focus continue we'll to priority us. second of group So to item

your for much very thoughts. you Thank

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

for today. everyone, you, just the time Thank taking

Investor team everyone. to reach website. you Thank to If quarter. Relations out free any please Talk feel you, or visit our to you Investor have questions, Relations our next

Third you. Thank XXXX Call. concludes you your This for Thank Quarter Earnings Grab's Conference participation.

disconnect may You now your lines.