GRABW - Grab Holdings Limited (GRAB) Q4 2023 Earnings Call Transcript
2024-02-22 13:15:02 ET
Grab Holdings Limited (GRAB)
Q4 2023 Earnings Conference Call
February 22, 2024 07:00 AM ET
Company Participants
Douglas Eu - Head, Asia Investor Relations
Anthony Tan - Chief Executive Officer
Alex Hungate - Chief Operating Officer
Peter Oey - Chief Financial Officer
Conference Call Participants
Pang Vitt - Goldman Sachs
Venugopal Garre - Bernstein
Sachin Salgaonkar - Bank of America
Piyush Choudhary - HSBC
Ranjan Sharma - JPMorgan
Alicia Yap - Citigroup
Jiong Shao - Barclays
Presentation
Operator
Hello, all, and thank you for joining us today. My name is Lydia, and I'll be your conference operator for this session. Welcome to Grab's Fourth Quarter and Full Year 2023 Earnings Results Call. After the speakers' remarks, there will be a question-and-answer session.
I'll now turn it over to Douglas Eu to start the call.
Douglas Eu
Good day, everyone, and welcome to Grab's fourth quarter and full year 2023 earnings call. I'm Douglas Eu, Head of Asia Investor Relations 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 fourth quarter and full year 2023 financial results. Following 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 20-F and our 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 a reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release and supplemental presentation available on our IR website.
And with that, I will turn the call over to Anthony to deliver his remarks.
Anthony Tan
Thank you for joining us today. 2023 was a pivotal year for Grab. We set out to achieve a number of big milestones and we delivered on our key goals. Our mobility business, which was severely impacted by the pandemic exceeded pre-COVID levels as we exited 2023. This was done through focused product investments into our key affordability initiatives and targeting traveler demand. 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....
Grab Holdings Limited (GRAB) Q4 2023 Earnings Call Transcript