Grab Holdings Limited (NASDAQ:GRAB) Q3 2023 Earnings Conference Call November 9, 2023 7:00 AM ET

Company Participants

Douglas Eu - Head, Asia Investor Relations

Alex Hungate - Chief Operating Officer

Peter Oey - Chief Financial Officer

Anthony Tan - Chief Executive Officer

Conference Call Participants

Navin Killa - UBS

Alicia Yap - Citigroup

Pang Vitt - Goldman Sachs

Divya Kothiyal - Morgan Stanley

Piyush Choudhary - HSBC

Reena Bhasin - Deutsche Bank

Operator

Ladies and gentlemen, thank you for joining us today. My name is Adam and I will be your conference operator for this session. Welcome to Grab's Third Quarter 2023 Earnings Results Call. After the speaker's remarks, there will be a question-and-answer session.

I will now turn it over to Douglas Eu to start the call.

Douglas Eu

Good day, everyone, and welcome to Grab's third quarter 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, Alex will discuss our operational highlights, followed by Peter who will share details of our third quarter 2020 financial results, and Anthony will then discuss our strategic outlook. Following the prepared remarks we will open the call to questions.

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 is described in our Form 20-F for the year ended December 31, 2022 and our 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 as substitutes 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 2023 financial review, which can be found on our IR website.

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

Alex Hungate

Thanks Doug, and thanks for joining us today everybody. I'm pleased to share that we reported a strong set of results this quarter. Grab has reported positive group adjusted EBITDA for the first time. And while this is an important milestone, it represents just one step in our journey as a public company. At the same time, our top line continues to grow from strength to strength. Revenues are up 61% year-on-year and 8% quarter-on-quarter, while group MTUs hit another all-time high.