Grab Holdings Limited (GRAB) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 18, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for joining us today. My name is Emily, and I'll be your conference operator for this session. Welcome to Grab's First Quarter, 2023 Earnings Results Call. [Operator Instructions].

I will now turn it over to Vivian Tong to start the call.

Vivian Tong

Good day, everyone, and welcome to Grab's first quarter 2023 earnings call. I'm Vivian Tong, Head of U.S. 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 will provide operational highlights, and Peter will share details of our first quarter 2023 financial results.

Following the prepared remarks, we will open the call to questions where Anthony, Peter, and Alex will respond to the Q&A.

As a reminder, today's discussion contains forward-looking statements about the company's future business and financial performance. These statements are based on our beliefs and expectations as of today. Actual events and results could differ materially due to a number of risks and uncertainties including macroeconomic, industry, business, regulatory, and other risks, which are described in our Form 20-F for the year ended December 31, 2022, and other filings with the SEC.

We do not undertake any obligation to update any forward-looking statements. The discussion today also contains non-IFRS financial measures, which should be considered together with rather than a substitute for IFRS financial measures. A reconciliation of non-IFRS to IFRS financial measures is included in this quarter's earnings material. For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed first quarter 2023 financial review, which can be found on our IR website.

And with that, I will turn the call over to Anthony to deliver his opening remarks.

Anthony Tan

Thank you for joining us today. We kicked off 2023 with a solid set of results for the first quarter. Consistent with our focus to drive sustainable growth, Grab's year-on-year performance was strong with revenues more than doubling and adjusted EBITDA losses being reduced by 77%.

With five consecutive quarters of adjusted EBITDA improvements under our belt, we remain disciplined in executing our strategy, accelerating our path to profitability, and extending our category leadership across mobility and food deliveries. As we look ahead towards the rest of the year, we expect continued growth off the back of four key trends that we are seeing.