Grab Holdings Limited

Ladies and gentlemen, thank you for joining us today. My name is Bailey, and I'll be your conference operator for this session. Welcome to GRAB's fourth quarter and full year 2022 earnings results call. After the speaker's remarks, there will be a question and answer session. I will now turn it over to Vivian Tong to start the call. Please go ahead when you're ready.

Good day, everyone, and welcome to GRAB's fourth quarter and full year 2022 earnings call. I'm Vivian Tong, head of U.S. investor relations at GRAB. And joining me today are Anthony Tan, Chief Executive Officer, Alex Tunke, Chief Operating Officer, and Peter Owee, Chief Financial Officer. During the call today, Anthony will discuss our key strategic and business achievements, followed by Alex, who will provide operational highlights. And Peter will share details of our fourth quarter and full year 2022 financial results. Following prepared remarks, we will open the call to questions where Anthony, Peter, and Alex will respond to the Q&A. As a reminder, today's discussion contains forward-looking statements about the company's future business and financial performance. These statements are based on our beliefs and expectations as of today. Actual events and results could differ materially due to a number of risks and uncertainties, including macroeconomic, industry, business, regulatory, and other risks, which are described in our Form F-1 registration statement and other filings with the SEC. We do not undertake any obligation to update any forward-looking statements. The discussion today also contains non-IFRS financial measures, which should be considered together with, rather than as substitutes for, IFRS financial measures. A reconciliation of non-IFRS to IFRS financial measures is included in this quarter's earnings materials. For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed fourth quarter and full year 2022 financial review, which can be found on our IR websites. And with that, I will turn the call over to Anthony to deliver his opening remarks.

Thank you for joining us today. 2022 was a year of relentless execution, and we are pleased to have closed it on a strong note with solid financial fundamentals while maintaining category leadership in mobility and food deliveries. We had a single objective in 2022, and that was to grow sustainably and efficiently to build our business for the long term. To this end, our teams executed on three main areas. First, we focused on rebuilding our supply to capture the momentum in our mobility business. We worked on initiatives to improve the productivity of our driver partners as well as launch more affordable services. Second, we focused on product innovation to make our ecosystem stickier and more efficient by expanding services like Grab Unlimited. This also generates more recurring revenues to our ecosystem. Third, we reduced our cost to serve by optimizing incentives and our cost structure and streamlined our GrabFin business. As a result, we accelerated top line growth and narrowed our losses significantly during the year, while at the same time reduce incentives as a percentage of GMV. Throughout the pandemic and in 2022, we have maintained our category leadership in food deliveries and mobility. As COVID eases, we have continued to maintain and are committed to maintaining our category leadership. For the fourth quarter specifically, I'm pleased to report that on a year-on-year basis, group revenue rose over 300%. while we reduced our losses by 64% from the same period a year ago. We also saw two consecutive quarters of positive segment adjusted EBITDA margins for deliveries, which expanded to 2% of deliveries GMV in the fourth quarter. Mobility also rebounded strongly and continues to generate steady cash flows. Our 2022 results would not have been possible without the hard work of our grabbers and the millions of drivers and merchant partners who operated with resilience and agility to deliver the best possible service to our consumers. With 2022 firmly in the rearview mirror, we look towards 2023 with confidence and optimism. While there will be macroeconomic uncertainties ahead, we are laser-focused on accelerating our path to profitability and growing our ecosystem in a way that is sustainable and resilient. We're also optimistic on a recovery of tourism in the region and how that can benefit our business. And ultimately, our actions in 2022 and our plans for 2023 make us confident that we can achieve group break-even on an adjusted EBITDA basis in the fourth quarter of 2023. This is much earlier than our prior guidance of achieving group break-even in the second half of 2024. In the long run, we remain convicted in Southeast Asia's growth story. There is growing consumption in the region, a population that craves on-demand digital services, and governments who recognise digitalisation as an engine of economic growth and who are open to co-creating new ways of serving our communities together. I'll now hand over to Alex who will cover our fourth quarter operational highlights.