GRABW - Grab Holdings Limited (GRAB) Q1 2024 Earnings Call Transcript

2024-05-15 23:44:08 ET

Grab Holdings Limited (GRAB)

Q1 2024 Earnings Conference Call

May 15, 2024, 8:00 PM ET

Company Participants

Douglas Eu - Director, Investor Relations and Strategic Finance

Anthony Tan - Chief Executive Officer

Alex Hungate - Chief Operating Officer

Peter Oey - Chief Financial Officer

Conference Call Participants

Alicia Yap - Citigroup

Pang Vitt - Goldman Sachs

Ian Peterson - Evercore

Piyush Choudhary - HSBC Singapore

Jiong Shao - Barclays

Ranjan Sharma - JPMorgan

Presentation

Operator

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 Eu to start the call.

Douglas Eu

Good day, everyone, and welcome to Grab’s first quarter 2024 earnings call. I’m Douglas Eu, Director of Investor Relations and Strategic Finance [ph] at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, Chief Operating Officer; and Peter Oey, 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 result -- 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 these earnings call, in the earnings release and in our Form 20-F 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.

Anthony Tan

Thanks, Doug. Thank you for joining us today. First quarter 2024 was a standout quarter for us, as we drove both topline growth, as well as bottomline 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....

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