Grab Holdings Limited

Ladies and gentlemen, thank you for joining us today. My name is Faith, and I will be your conference operator for this session. Welcome to GRAB's first quarter 2024 earnings results call. After the speaker's remarks, there will be questions and answers session. I will now turn it over to Douglas Yu to start the call.

Good day, everyone, and welcome to GRAB's first quarter 2024 earnings call. I'm Douglas Yu, Director, Investor Relations at Truze Finance 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, who will provide operational highlights, and Peter will share details of our first quarter 2024 financial results. Following the prepared remarks, we will open the call to questions. During this call, we will be making forward-looking statements about future events, including our future business and financial performance. These statements are based on our current beliefs and expectations. Actual results could differ materially due to a number of risks and uncertainties as described on this earnings call, in the earnings release, and in our Form 20F, and other filings with the SEC. We do not undertake any duty to update any forward-looking statements. We will also be discussing non-IFRS financial measures on this call. These measures supplement but do not replace IFRS financial measures. please refer to the earnings materials for reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release and supplemental presentation available on our website. And with that, I will turn the call over to Anthony to deliver his remarks.

Thanks, Doug. Thank you for joining us today. First quarter 2024 was a standout quarter for us as we drove both hotline growth as well as bottom line adjusted EBITDA profitability, recording our ninth consecutive quarter of adjusted EBITDA improvement. Consumer activity was strong across Southeast Asia, in spite of seasonality arising from Chinese New Year festivities in January and the Ramadan fasting month which commenced in March. As such, we continued to achieve multiple milestones in the quarter, such as expanding the number of users on our platform to a record high of 38 million monthly transacting users, While at the same time, order frequency for on-demand also continued to track up healthily as we improved the affordability and reliability of our services. As a result, we have continued to bolster our competitive position and triple bottom line in Southeast Asia, enabling us to further improve usage frequency and engagement and increasing earnings for our drivers and merchant partners. At the same time, we're also driving joint initiatives with the governments and regulators in the region. We have been partnering with the Tourism Authority of Thailand to promote Thai tourism among local and foreign tourists and boosting economy through engagement activities and elevating travel experiences with Grab's mobility services. And in Indonesia, through Grab's Kota Masa Depan program, We work closely with local governments and several ministries to offer training and support to MSME business owners in second and third tier cities in the country, which enables them to effectively manage their business and to make the most of the opportunities on the Grab platform. The program was born in 2021 during the COVID pandemic and since then has already benefited 26,000 MSMEs in nine cities nationwide. As highlighted in our fourth quarter 2023 results, this is the year where we will build up on our foundations and execute on driving engagement and expanding the top of our funnel by leveraging bold product innovation and generative AI capabilities. We're making strong progress as on-demand GMV expanded to a new record of $4.2 billion in a quarter, increasing by 21% year-on-year in constant currency terms. As Alex will share later, there are numerous new strategic initiatives that we are incubating which are already beginning to drive LTV up lists. Products such as our small language model translation feature for tourists, saver and party deliveries, and our FlexiLoan product from GXS Bank have sharpened our competitive edge and led to a strong outperformance in the quarter. Finally, on creating incremental shareholder value, we initiated our $500 million share buyback program during the quarter and repurchased approximately 97 million of Class A ordinary shares. We are focused on taking the necessary steps to address our shareholder overhang and proactively engage with these shareholders as well as welcoming new institutional investors to bolster our shareholder base. In closing, our first quarter results demonstrate our relentless focus on driving profitable growth while staying true to our mission of empowering everyday entrepreneurs. In the upcoming weeks, we'll be releasing our 2023 ESG report where we share more about the progress we've made on our mission. Where over 1 million new driver partners and over 500,000 new MSME merchant partners registered on the Grab platform last year. And at scale, we continue to execute on our triple bottom line of 99.99% of all rides occurring without any safety incidents while we reduced our carbon intensity per kilometer in deliveries and mobility in 2023. We are incredibly excited about what lies ahead in the years to come and remain deeply committed to driving greater improvements in our core businesses to generate sustainable EBITDA and free cash flow. With that, I'll hand over to Alex, who will cover our first quarter operational highlights in more detail.