Grab Holdings Limited (GRAB) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 16, 2022 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 Maxine Campbell, and I will be your conference operator for this session. Welcome to Grab's Third Quarter 2022 Earnings Results. After the speakers' remarks, there will be a question-and-answer session.

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

Vivian Tong

Good day, everyone, and welcome to Grab's Third Quarter 2022 Earnings Presentation. I'm Vivian Tong, Head of US Investor Relations at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Peter Oey, Chief Financial Officer; and Alex Hungate, Chief Operating Officer.

During today, Anthony will discuss our key business updates, and Peter will share details of our third quarter 2022 financial results. Following prepared remarks, we'll open the call to questions where Anthony, Peter – will respond to the Q&A.

As a reminder, today's forward-looking statements about the – 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 F-1 registration statement 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 materials.

For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed third quarter 2022 financial review, which can be found on our IR website. Should you have any questions after this presentation, please reach out to investor.relations@grab.com.

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

Anthony Tan

Thank you, everyone, for joining us today. I'm pleased to report a strong set of third quarter results. On a year-on-year basis, group revenue was up over 140% and loss for the period improved substantially, both year-on-year and quarter-on-quarter.

Monthly transacting users also grew 30% year-on-year, accelerating from 12% and 10% in the previous two quarters. In the quarter, we achieved an important milestone. Greater optimization of our incentive spend has resulted in our delivery turning segment adjusted EBITDA positive for the first time, three quarters ahead of our guidance.