Grab Holdings Limited

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

Good day, everyone, and welcome to GRAB's third quarter 2024 earnings call. I'm Douglas Yu, Director, Investor Relations and Street 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 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 in this earnings call, in the earnings release, and in our Form 20F and other findings of 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 a reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release, remarks, and supplemental presentation available on our IR website. And with that, I will turn the call over to Anthony to deliver his opening remarks before we open it up for questions.

Thank you so much for joining us today. Third quarter 2024 was a strong quarter for us. The investments we have made or bin making across the business drove an acceleration of our on-demand GMB growth year-on-year. We continue to leverage our platform scale to drive profitable growth with Group Adjusted EBITDA more than tripling year-on-year to reach another record high of $90 million in our 11th consecutive quarter of Adjusted EBITDA improvement. sequential quarter of growth, growing 16% year-on-year to 42 million for the quarter. On the back of these strong results, we remain confident about Grab's growth potential and believe that we are in pole position to capture the opportunities of growing high-value transactions and strengthening domestic demand. And we are committed to doing this while ensuring profitable growth and sustainable free cash flow generation, improving operating leverage, and enhancing shareholder returns. As always, I would like to convey our sincere gratitude to our fellow grabbers, our customers, and partners for their contributions and support in driving these results. With that, I open the call for questions. Operator?