Grab Holdings Limited

ladies and gentlemen thank you for joining us today my name is emily and i'll be your conference operator for this session welcome to grab's first quarter 2023 earnings results call after the speaker's remarks there will be a question and answer session i'll now turn it over to vivian tong to start the call good day everyone and welcome to grab's first quarter 2023 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 Hungate, 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 will provide operational highlights, and Peter will share details of our first quarter 2023 financial results. Following the 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 20F for the year ended December 31, 2022, and other filings with the FCC. 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 material. For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed first quarter 2023 financial review, which can be found on our IR website. And with that, I will turn the call over to Anthony to deliver his opening remarks.

Thank you for joining us today. We kicked off 2023 with a solid set of results for the first quarter. Consistent with our focus to drive sustainable growth, Grab's year-on-year performance was strong with revenues more than doubling and adjusted EBITDA losses being reduced by 77%. With five consecutive quarters of adjusted EBITDA improvements under our belt, we remain disciplined in executing our strategy, accelerating our path to profitability, and extending our category leadership across mobility and food deliveries. As we look ahead towards the rest of the year, we expect continued growth off the back of four key trends that we are seeing. Firstly, we're seeing encouraging user trends. Monthly transacting users on our platform are growing at a healthy pace. We remain focused on building more innovative and affordable products and services that will allow us to sustainably serve a greater segment of Southeast Asia. Secondly, mobility demand continues on a positive trajectory, with travelers returning to Southeast Asia and demand picking up domestically. We've rolled out a series of product enhancements and partnerships to capture a greater share of the high-value traveler market and are optimistic about further recovery in the tourism segment, especially with China's reopening. Thirdly, despite seasonal headwinds impacting deliveries in the first quarter, we strengthened the profitability of our larger segment. Our focus on offering the best range of choice, affordable options, and value from our Grab Unlimited subscriptions programme positions us well for the rest of the year. Finally, demand for financial services within our ecosystem remains very healthy. We're seeing greater lending activity with a rollout of several credit products across various markets, including GXS Bank in Singapore. And this is all being done in a risk-prudent manner. I also want to share my thoughts around AI, which has always played a key role on our platform. We were early adopters of data science in the region, and our unique and high-frequency data set enables us to build highly effective tools that boosts our competitive advantage. An example of how we're using AI is demonstrated by our use of heatmaps. In our early years, these heatmaps helped to create more income opportunities for our driver partners, and today they're even more robust. Combined with other AI tools, these heatmaps are also used for better fulfillment of our on-demand services. This has helped to reduce surge pricing, create more efficient trips, and increase driver earnings. We're also using large language models to translate content and are piloting several initiatives to drive higher cost savings. We're excited to leverage generative AI to further boost productivity. We anticipate that it will play an increasingly important role for us to deliver better user experiences and drive greater cost efficiencies across our platform. We're confident that our strength as a platform and understanding of the Southeast Asian landscape should enable us to unlock more growth opportunities across the region. We will continue to set the bar high for ourselves and execute with cost discipline and focus to become Southeast Asia's largest and most efficient on-demand platform that enables local commerce, mobility and access to financial services. I'll now hand over to Alex to cover our first quarter operational highlights in more detail.