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| Statement |
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| One of these key affordability initiatives was the relaunch of Move It our two-wheel ride hailing app in the Philippines, which has seen daily rides grow phenomenally by over 30 times in less than eight months |
| We're very happy with our GFin team as they drove costs [Technical Difficulty] continue to grow with loan growth |
| In deliveries, we drove a reacceleration of our deliveries GMV, executing upon three consecutive quarters of sequential growth post-COVID normalization |
| In the fourth quarter of 2023, deliveries GMV reaccelerated to grow 13% year-on-year setting us up strongly for 2024 |
| At the same time, deliveries segment adjusted EBITDA margins expanded by over 160 basis points year-on-year as we continued to drive marketplace efficiencies and grow our category leadership position across all our core markets amid reductions in incentive spend |
| We are very excited, because we see revenue growth as our loan book scales |
| We are actually very confident as a team our ability to execute to drive revenue growth, especially, in the mid-term |
| We ended [Technical Difficulty] with record GMV and we're going to push this year also to make sure that we bring in new user base; but also, that these user base are sticky, these user base are constantly using our product base and that will lead to further acceleration in growth of revenue and margins for our Deliveries business in 2025 and 2026 |
| And if you step back in terms of what we've done in Deliveries margin, we've seen margin improvement of over 500 bps over the last two years itself |
| More importantly, our adjusted EBITDA continued to grow quarter-on-quarter |
| This showcases our ability to deliver strongly on the bottom line, which we are committed to improving in the coming years |
| Importantly, we took strides towards profitable growth while staying true to our mission empowering everyday entrepreneurs |
| So we hope that that will be a high margin and high growth opportunity for our MTUs going forward |
| And our average driver earnings per transit hour also grew by 14% year-on-year while also onboarding over 700,000 new merchants in the year itself |
| We achieved this by driving win-win solutions such as hyper-batching and just-in-time allocations, all of which enabled us to improve the productivity of our driver partners, enhancing their earnings potential while reducing our cost to serve |
| And then we think that we're barely tapped into the premium segment, the corporate premium segment and as we mentioned in our remarks there will be some really fantastic new offerings coming up for that segment |
| We think that that will improve the self-generated growth of MTUs, the network itself generating new MTUs |
| The GFin part or the Financial Services segment as Alex just alluded earlier will see improvements in the cost structure of our business, as well as they start to generate revenue especially from our banking and as we start to scale loan even further of that business |
| We are confident that we will be able to drive further uplift to customer lifetime value by stepping up cross-selling initiatives and service differentiation for our users, which will lead to improved usage frequency and retention rates |
| We've got GFin also doing well with its high velocity low ticket ecosystem lending |
| We've also seen strong traction with our Malaysian digital bank GXBank, which was launched in the fourth quarter of 2023 |
| Now, we do see opportunities for our Deliveries margin to expand in the midterm we quoted somewhere around 100 basis points to 200 basis points and this you will see part of the EBITDA expansion in 2025 and beyond |
| And that reflects the confidence that we have that we can continue with this organic strategy, driving growth and driving improved margin and driving better services for our consumers |
| So increasing CP in all markets, increasing margin in all markets, and we've even shared today that we expect our long-term margins in Deliveries to go up by another 1% to 2% higher than the 3% plus that we've mentioned in the past as our long-term target |
| And that means we've been able to then drive affordability which drives growth and improves our competitive position even better |
| And we've been able to translate that scale into significant efficiency advantages |
| First of all, congratulations on your first profitable quarter and announcing a positive surprise in the $500 million share buyback |
| And furthermore, our pilots also show an improvement in click-through rates as compared to content generated manually |
| First, by continuing to generate sustainable adjusted EBITDA growth; second, driving towards sustained positive adjusted free cash flow |
| In closing, Grab delivered a strong set of results in 2023, where we continued to grow across our top and bottom lines |
| Statement |
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| Clearly the traveler segment is not fully recovered since pre-COVID |
| And average delivery fees for batched orders were 8% lower than unbatched orders supporting our push for greater affordability |
| Separately in Financial Services, we expect losses to sequentially narrow heading into 2024, coming down from peak losses in the fourth quarter of 2023 |
| Financial Services segment adjusted EBITDA narrowed 13% year-on-year to negative $81 million |
| While we were anticipating some increase in losses sequentially given that you had noted the Malaysia launch |
| So two questions from me, firstly, I remember last year you had started with an EBITDA loss guidance of about $275 million to $325 million and eventually you ended up reporting a loss of only $20-odd million |
| Our mobility business, which was severely impacted by the pandemic exceeded pre-COVID levels as we exited 2023 |
| We had very broad numbers that many people thought we couldn't achieve |
| So that's why we're calling Q4 as the peak of the losses for the Grab Financial Services |
| So going forward, the last part of your question, Q4 does represent the peak of the quarterly losses for the Financial Services segment for Grab |
| 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 20-F and our filings with the SEC |
| So usually the law of large numbers is growth rate tend to decelerate, moderate as you get bigger |
| We have to be prudent |
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