Grab Holdings Ltd (GRAB) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Bailey, and I will be your conference operator for this session. Welcome to Grab's Fourth Quarter and Full Year 2022 Earnings Results Call. (Operator Instructions) I will turn it over to Vivian Tong to start the call. Please go ahead when you're ready.

女士們，先生們，感謝你們今天加入我們。我叫 Bailey，我將擔任本次會議的會議接線員。歡迎來到 Grab 的 2022 年第四季度和全年收益結果電話會議。 （操作員說明）我會把它交給 Vivian Tong 開始通話。準備好後請繼續。

Good day, everyone, and welcome to Grab's Fourth Quarter and Full Year 2022 Earnings Call. I'm Vivian Tong, Head of U.S. Investor Relations for Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, Chief Operating Officer; and Peter Oey, Chief Financial Officer.

大家好，歡迎來到 Grab 的第四季度和 2022 年全年收益電話會議。我是 Grab 美國投資者關係主管 Vivian Tong。今天加入我的是首席執行官 Anthony Tan； Alex Hungate，首席運營官；首席財務官 Peter Oey。

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 2022 financial results.

在今天的電話會議中，Anthony 將討論我們的關鍵戰略和業務成就，隨後 Alex 將提供運營重點，Peter 將分享我們第四季度和 2022 年全年財務業績的詳細信息。

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

在準備好的評論之後，我們將開始提問，Anthony、Peter 和 Alex 將回答問答。

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 F-1 registration statement and other filings with the SEC.

提醒一下，今天的討論包含有關公司未來業務和財務業績的前瞻性陳述。這些陳述是基於我們今天的信念和期望。由於許多風險和不確定性，包括宏觀經濟、行業、商業、監管和其他風險，實際事件和結果可能存在重大差異，這些風險和不確定性在我們的 F-1 表格註冊聲明和向美國證券交易委員會提交的其他文件中有所描述。

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 a substitute for IFRS financial measures. A reconciliation of non-IFRS to IFRS financial measures is included in this quarter's earnings materials.

我們不承擔任何更新任何前瞻性陳述的義務。今天的討論還包含非 IFRS 財務措施，這些措施應與 IFRS 財務措施一起考慮，而不是作為替代措施。本季度的收益材料中包含非 IFRS 與 IFRS 財務指標的調節。

For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed fourth quarter and full year 2022 financial review, which can be found on our IR website.

有關近期業務表現的更多信息和額外披露，請參閱我們的收益新聞稿和補充演示文稿，了解詳細的第四季度和 2022 年全年財務回顧，這些內容可在我們的 IR 網站上找到。

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

有了這個，我將把電話轉給安東尼來發表他的開場白。

Thank you for joining us today. 2022 as a year of relentless execution, and we are pleased to have closed it on a strong note with solid financial fundamentals while maintaining category leadership in Mobility and Food Deliveries. We had a single objective in 2022, and that was to grow sustainably and efficiently to build our business for the long term. To this end, our teams executed on 3 main areas.

感謝您今天加入我們。 2022 年是不懈執行的一年，我們很高興以穩固的財務基礎以強勁的業績結束這一年，同時保持移動和食品配送領域的類別領先地位。我們在 2022 年只有一個目標，那就是實現可持續且高效的增長，以建立我們的長期業務。為此，我們的團隊在 3 個主要領域開展了工作。

First, we focused on rebuilding our supply to capture the momentum in our Mobility business. We worked on initiatives to improve the productivity of our driver partners as well as launch more affordable services.

首先，我們專注於重建我們的供應以抓住我們移動業務的勢頭。我們致力於提高司機合作夥伴的工作效率以及推出更實惠的服務。

Second, we focused on product innovation to make our ecosystem stickier and more efficient by expanding services like Grab Unlimited. This also generates more recurring revenues to our ecosystem.

其次，我們專注於產品創新，通過擴展 Grab Unlimited 等服務，使我們的生態系統更具粘性和效率。這也為我們的生態系統帶來了更多的經常性收入。

Third, we reduced our cost-to-serve by optimizing incentives and our cost structure and streamline our GrabFin business. As a result, we accelerated top line growth and narrowed our losses significantly during the year, while at the same time, reduce incentives as a percentage of GMV.

第三，我們通過優化激勵措施和成本結構並簡化我們的 GrabFin 業務來降低服務成本。因此，我們在這一年中加快了營收增長並大幅減少了虧損，同時降低了激勵措施佔 GMV 的百分比。

Throughout the pandemic and in 2022, we have maintained our category leadership in Food Deliveries and Mobility. As COVID eases, we have continued to maintain and are committed to maintaining our category leadership. For the fourth quarter specifically, I'm pleased to report that on a year-on-year basis, group revenue rose over 300%, while we reduced our losses by 64% from the same period a year ago.

在整個大流行期間和 2022 年，我們在食品配送和流動性方面保持了類別領先地位。隨著 COVID 的緩解，我們繼續保持並致力於保持我們的類別領導地位。具體到第四季度，我很高興地報告，集團收入同比增長超過 300%，而我們的虧損比去年同期減少了 64%。

We also saw 2 consecutive quarters of positive segment adjusted EBITDA margins for Deliveries, which expanded to 2% of Deliveries' GMV in the fourth quarter. Mobility also rebounded strongly and continues to generate steady cash flows.

我們還看到連續兩個季度交付的細分調整後 EBITDA 利潤率為正，第四季度擴大到交付 GMV 的 2%。流動性也強勁反彈，並繼續產生穩定的現金流。

Our 2022 results would not have been possible without the hard work of our Grabbers and the millions of drivers and merchant partners who operated with resilience, and agility to deliver the best possible service to our consumers. With 2022 firmly in the rearview mirror, we look towards 2023 with confidence and optimism. While there will be macroeconomic uncertainties ahead, we are laser-focused on accelerating our path to profitability and growing our ecosystem in a way that is sustainable and resilient.

如果沒有我們的 Grabbers 以及數以百萬計的司機和商家合作夥伴的辛勤工作，我們不可能取得 2022 年的成績，他們以靈活、敏捷的方式為我們的消費者提供最好的服務。 2022 年牢牢地放在後視鏡裡，我們滿懷信心和樂觀地展望 2023 年。儘管未來會有宏觀經濟的不確定性，但我們專注於加速盈利之路，並以可持續和有彈性的方式發展我們的生態系統。

We're also optimistic on the recovery of tourism in the region and how that can benefit our business. And ultimately, our actions in 2022 and our plans for 2023, make us confident that we can achieve group breakeven on an adjusted EBITDA basis in the fourth quarter of 2023. This is much earlier than our prior guidance of achieving group breakeven in the second half of 2024.

我們也對該地區旅遊業的複蘇以及這如何使我們的業務受益持樂觀態度。最終，我們 2022 年的行動和 2023 年的計劃使我們有信心在調整後的 EBITDA 基礎上在 2023 年第四季度實現集團盈虧平衡。這比我們之前的下半年實現集團盈虧平衡的指導要早得多2024 年。

In the long run, we remain committed in Southeast Asia's growth story. There's growing consumption in the region, a population that craves on-demand digital services and governments who recognize digitalization as an engine of economic growth and who we are open to co-creating new ways of serving our communities together.

從長遠來看，我們仍然致力於東南亞的增長故事。該地區的消費不斷增長，人口渴望按需數字服務，政府將數字化視為經濟增長的引擎，我們願意共同創造新的方式共同為我們的社區服務。

I'll now hand over to Alex, who will cover our fourth quarter operational highlights.

我現在將交給亞歷克斯，他將介紹我們第四季度的運營亮點。

Thank you, Anthony. I would like to start by sharing the business and operational highlights for Mobility, which recorded strong year-on-year revenue and GMV growth in the fourth quarter. This growth came on the back of a strong recovery in demand with post-COVID reopening continuing across the region, in addition to our own efforts to increase supply to keep pace.

謝謝你，安東尼。我想首先分享 Mobility 的業務和運營亮點，第四季度錄得強勁的同比收入和 GMV 增長。這一增長得益於需求強勁復甦，COVID 後整個地區繼續重新開放，此外我們還努力增加供應以跟上步伐。

We saw a particularly strong rebound in airport rides, contributing to our Mobility segment. In the quarter, airport rides registered growth of 244% year-on-year and 14% quarter-on-quarter. Overall, our Mobility GMV is now back to 74% of pre-COVID levels in the fourth quarter of 2022. So there is still plenty of headroom for growth.

我們看到機場乘車特別強勁的反彈，為我們的出行業務做出了貢獻。本季度，機場乘車服務同比增長 244%，環比增長 14%。總體而言，我們的移動 GMV 現在已回到 2022 年第四季度 COVID 前水平的 74%。因此仍有很大的增長空間。

In the quarter, we continue to focus on bringing new drivers onto the platform and improving the productivity of our existing drivers. We did this primarily in 2 ways. First, we made our onboarding journey even more seamless, making it easier for driver partners to join us. This resulted in a 71% year-on-year increase in the number of drivers onboarded in the fourth quarter relative to the same period a year ago.

本季度，我們繼續專注於將新司機引入平台並提高現有司機的工作效率。我們主要通過兩種方式做到這一點。首先，我們讓我們的入職流程更加順暢，讓司機合作夥伴更容易加入我們。這導致第四季度入職司機數量與去年同期相比增長了 71%。

Second, our efforts to improve productivity, such as our new shift option for drivers also bore fruit. We saw driver wait times at merchants being reduced by 27% year-on-year and 12% quarter-on-quarter. Our Grab Navigation app within Grab Maps has also shown strong results. Based on data from driver partners who have utilized grab navigation across several cities last year, we saw a 7% improvement in trips per transit hour for Mobility and a 3% improvement in fulfillment rates.

其次，我們為提高生產力所做的努力，例如我們為司機提供的新輪班選擇也取得了成果。我們看到司機在商家處的等待時間同比減少了 27%，環比減少了 12%。我們在 Grab Maps 中的 Grab Navigation 應用程序也取得了不錯的成績。根據去年在多個城市使用抓取導航的司機合作夥伴的數據，我們發現 Mobility 每個過境小時的行程提高了 7%，履行率提高了 3%。

We also launched an updated version of GrabShare in the Philippines and recently in Singapore to provide more affordable mobility options for our users while optimizing supply. In addition, we will continue to work with governments to increase our pool of driver partners. For example, this month, the Philippines government announced that they would be opening up 100,000 more 2-wheel and 4-wheel licenses for all interested transportation network companies in the country.

我們還在菲律賓和最近在新加坡推出了 GrabShare 的更新版本，以便在優化供應的同時為我們的用戶提供更實惠的出行選擇。此外，我們將繼續與政府合作，增加我們的司機合作夥伴。例如，本月，菲律賓政府宣布他們將為該國所有感興趣的交通網絡公司再開放 100,000 個兩輪和四輪許可證。

Looking ahead, we are positioning Grab to benefit from the broader Southeast Asian reopening, especially from the rebound in the tourism sector. For example, we recently launched a partnership with WeChat to provide enhanced services to Chinese travelers and we rolled out pre-installation packages for China-based Android phones, which enables users to download the Grab app prior to arriving in Southeast Asia.

展望未來，我們將 Grab 定位為受益於更廣泛的東南亞重新開放，尤其是旅遊業的反彈。例如，我們最近與微信建立合作夥伴關係，為中國遊客提供更優質的服務，我們還推出了適用於中國 Android 手機的預安裝包，使用戶能夠在抵達東南亞之前下載 Grab 應用程序。

So we are hopeful that the rebound in tourism arrivals to the region will drive stronger demand for our Mobility services.

因此，我們希望該地區旅遊人數的反彈將推動對我們的移動服務的更強勁需求。

Moving into our Deliveries business. In the fourth quarter, we continued to focus on the profitability of our Deliveries segment, resulting in strong year-on-year and quarter-on-quarter margin improvement. Deliveries posted segment adjusted EBITDA margins of 2% in the fourth quarter. This puts our Deliveries segment firmly on the path to achieving our steady-state margin assumption of 3% plus.

進入我們的交付業務。第四季度，我們繼續關注交付部門的盈利能力，實現了同比和環比利潤率的強勁增長。第四季度交付部門調整後的 EBITDA 利潤率為 2%。這使我們的交付部門堅定地走上了實現我們 3% 以上的穩態利潤率假設的道路。

At the same time, we maintained our category leadership in food deliveries with our focus on driving high-quality transactions, lowering our cost-to-serve and continuously improving our quality of service for our users. During the quarter, we continued to roll out our GrabUnlimited subscriptions with more targeted incentives to augment users' spending habits.

與此同時，我們專注於推動高質量交易、降低服務成本並不斷提高我們為用戶提供的服務質量，從而保持了我們在食品外賣領域的領先地位。在本季度，我們繼續推出我們的 GrabUnlimited 訂閱服務，並提供更有針對性的激勵措施來增強用戶的消費習慣。

GrabUnlimited is now available in all 6 of our core markets, accounting for more than 1/4 of our Deliveries' GMV in the fourth quarter. GrabUnlimited's subscribers transact and spend over 3x more than nonsubscribers for food deliveries. This is a promising start for GrabUnlimited, and over time, we see more opportunities to evolve this subscription program as we deepen and broaden our relationship with our subscribers.

GrabUnlimited 現已在我們的所有 6 個核心市場推出，佔第四季度交付 GMV 的 1/4 以上。 GrabUnlimited 的訂戶在外賣方面的交易和支出是非訂戶的 3 倍以上。這對 GrabUnlimited 來說是一個充滿希望的開端，隨著時間的推移，隨著我們加深和擴大與訂戶的關係，我們看到了更多發展此訂閱計劃的機會。

As a result of these initiatives, we managed to reduce our deliveries incentive spend to 12% of GMV in the fourth quarter from 18% a year ago. In our nonfood deliveries business, we are focusing on delivering the best value proposition for our customers in a sustainable way.

由於這些舉措，我們設法將第四季度的交付獎勵支出從一年前的 18% 減少到 GMV 的 12%。在我們的非食品配送業務中，我們專注於以可持續的方式為我們的客戶提供最佳價值主張。

In Malaysia, where we own Jaya Grocer, we have continued to enhance our groceries marketplace to bring the convenience of on-demand grocery delivery to more consumers in Malaysia.

在我們擁有 Jaya Grocer 的馬來西亞，我們繼續加強我們的雜貨市場，為馬來西亞的更多消費者帶來按需雜貨配送的便利。

In the second half of 2022, we also exited dark stores and GrabKitchens' operations in most countries. While these closures had an impact on GMV in the fourth quarter, we also managed to reap significant cost savings from the move, which improved our overall deliveries profitability.

2022 年下半年，我們還退出了大多數國家的暗店和 GrabKitchens 業務。雖然這些關閉對第四季度的 GMV 產生了影響，但我們也設法從這一舉措中節省了大量成本，從而提高了我們的整體交付盈利能力。

Looking ahead, we will continue to improve our Deliveries segment profitability without sacrificing our category leadership position in food delivery.

展望未來，我們將繼續提高外賣業務的盈利能力，同時不會犧牲我們在食品外賣領域的領先地位。

Next, on to Financial Services. In the quarter, we posted strong revenue growth on the back of higher contributions from our lending business and lower incentives as a percentage of GMV. The strategic refocus we initiated in the second half of 2022 to primarily serve Grab's ecosystem is already showing results. GrabFin's cost base fell year-on-year and on a quarter-on-quarter basis. Our Lending business continues to grow and serve more driver and merchant partners. In the fourth quarter, the value of loans disbursed rose 57% year-on-year.

接下來是金融服務。在本季度，由於貸款業務的貢獻增加以及激勵措施佔 GMV 的百分比降低，我們實現了強勁的收入增長。我們在 2022 年下半年啟動的主要服務於 Grab 生態系統的戰略調整已經初見成效。 GrabFin 的成本基礎同比和環比下降。我們的貸款業務持續增長，服務於更多的司機和商戶合作夥伴。第四季度發放的貸款價值同比增長 57%。

Last month, we also announced strategic payment partnerships in Vietnam and the Philippines. These partnerships integrate our partners' e-wallets onto our platform, giving users more e-payment choices while optimizing our cost of funds in those countries. For Digibank, we have some promising signals from our limited launch in Singapore. During this initial period, we can only operate within the SGD 50 million deposit limit set by the regulator in Singapore. But on a positive note, we are not far from this deposit limit already with no acquisition costs to date. We were also pleased to see strong ecosystem linkages with 80% of GXS users linking their GXS accounts to Grab or to a partner e-wallet.

上個月，我們還宣布了在越南和菲律賓的戰略支付合作夥伴關係。這些合作夥伴關係將我們合作夥伴的電子錢包整合到我們的平台上，為用戶提供更多電子支付選擇，同時優化我們在這些國家/地區的資金成本。對於 Digibank，我們在新加坡的有限發布中獲得了一些有希望的信號。在此初始階段，我們只能在新加坡監管機構規定的 5000 萬新元存款限額內運營。但從積極的方面來看，我們已經離這個存款限額不遠了，迄今為止還沒有收購成本。我們也很高興看到強大的生態系統聯繫，80% 的 GXS 用戶將他們的 GXS 賬戶鏈接到 Grab 或合作夥伴的電子錢包。

Beyond deposits, GXS is expanding into lending, soft launching a credit product to Grab and GXS ecosystem employees earlier in January 2023. These developments in Singapore are encouraging signs as we prepare for the launch of our Indonesian and Malaysian Digibanks later this year.

除了存款之外，GXS 正在擴展到貸款領域，並於 2023 年 1 月早些時候向 Grab 和 GXS 生態系統員工試行推出信貸產品。在我們為今年晚些時候推出印度尼西亞和馬來西亞 Digibanks 做準備時，新加坡的這些發展是令人鼓舞的跡象。

Lastly, our enterprise segment continues to grow with segment adjusted EBITDA growing double digits year-on-year. This year, our teams continue to build out our advertising self-service platform that will allow more merchants to enjoy our ads offerings. We believe our advertising platform, together with the breadth of our ecosystem, could help many small merchants grow faster by reaching new customers.

最後，我們的企業部門繼續增長，部門調整後的 EBITDA 同比增長兩位數。今年，我們的團隊繼續構建我們的廣告自助服務平台，讓更多商家享受我們的廣告服務。我們相信我們的廣告平台以及我們廣泛的生態系統可以幫助許多小商家通過吸引新客戶來更快地發展。

Over time, this will incrementally accelerate our ads business growth and margin contribution to our overall business.

隨著時間的推移，這將逐步加速我們的廣告業務增長和對我們整體業務的利潤貢獻。

In closing, for 2023, to echo Anthony's opening remarks, we are focused on accelerating our path to profitability and driving sustainable growth for the long term, while maintaining category leadership in Mobility and Food Delivery. With a disciplined stance on costs, driving product innovation and strengthening cross-vertical synergies to reduce our cost-to-serve, we are confident we can get to group breakeven ahead of schedule.

在 2023 年結束時，為了回應安東尼的開場白，我們將專注於加快實現盈利的道路並推動長期可持續增長，同時保持移動和食品配送領域的類別領導地位。通過嚴格控製成本、推動產品創新和加強跨垂直協同效應以降低我們的服務成本，我們有信心能夠提前實現集團收支平衡。

I will now turn the call over to Peter to review fourth quarter and 2022 financials.

我現在將電話轉給彼得審查第四季度和 2022 年的財務狀況。

Thanks, Alex. We're pleased to report another strong set of results to close out 2022 on a high note. We exceeded our guidance for both revenues for the full year and adjusted EBITDA for the second half. We grew our GMV by 24% for 2022, which is in line with our guidance range of 22% to 25% year-over-year.

謝謝，亞歷克斯。我們很高興地報告另一組強勁的結果，以高調結束 2022 年。我們超出了我們對全年收入和下半年調整後 EBITDA 的指導。我們將 2022 年的 GMV 增長了 24%，這符合我們同比增長 22% 至 25% 的指導範圍。

Revenues in the fourth quarter grew strongly by 310% to $502 million and grew 346% on a constant currency basis. Full year revenues grew by 112% to $1.4 billion or 125% growth on a constant currency basis. Both our fourth quarter and full year reported revenues were record highs for the company. The strong revenue growth came from all segments of our business.

第四季度收入強勁增長 310% 至 5.02 億美元，按固定匯率計算增長 346%。全年收入增長 112% 至 14 億美元，按固定匯率計算增長 125%。我們的第四季度和全年報告的收入都創下了公司的歷史新高。強勁的收入增長來自我們業務的所有部門。

For Mobility, revenues grew 78% in the fourth quarter and 40% in 2022, underpinned by the continued recovery in ride-hailing demand and our efforts to improve supply across the region.

在移動業務方面，第四季度收入增長 78%，2022 年增長 40%，這得益於網約車需求的持續復甦以及我們為改善整個地區的供應所做的努力。

For Deliveries, revenues grew strongly from contributions from Jaya Grocer and lower incentives as a percentage of GMV. There was also a change in business model for certain delivery offerings in one of our markets to address certain licensing requirements, where we transitioned from being an agent, arranging for delivery services to our principal model. To note, if the model change had not taken place in the fourth quarter, our fourth quarter group would revenues be $434 million with full year group revenues of $1.37 billion, implying growth of 255% and 102%, respectively.

對於外賣，Jaya Grocer 的貢獻和較低的激勵措施（佔 GMV 的百分比）使收入增長強勁。在我們的一個市場中，某些交付產品的商業模式也發生了變化，以滿足某些許可要求，我們從代理人轉變為我們的主要模式，安排交付服務。需要注意的是，如果第四季度沒有發生模型變化，我們第四季度集團的收入將為 4.34 億美元，全年集團收入為 13.7 億美元，分別增長 255% 和 102%。

Revenues from Financial Services for the fourth quarter came in at $28 million from a negative $1 million in the same period last year, and it grew 166% on a full year basis attributed to greater optimization of our incentive spend and our increased focus on lending.

第四季度金融服務收入從去年同期的負 100 萬美元增加到 2800 萬美元，全年增長 166%，這歸功於我們對激勵支出的進一步優化以及我們對貸款的更多關注。

For Enterprise and New Initiatives, revenues grew 10% in the fourth quarter and 37% in 2022 on the back of a stronger contribution from advertising.

對於企業和新計劃，由於廣告的強勁貢獻，第四季度的收入增長了 10%，到 2022 年增長了 37%。

Turning over to GMV. For the fourth quarter, we recorded growth of 11% to reach $5 billion. And for the full year 2022, GMV grew 24% to reach around $20 billion. On a constant currency basis, our fourth quarter GMV grew 20% and while full year GMV grew 30%. We saw a strong year-over-year growth in Mobility GMV and Financial Services TPV in the fourth quarter, coming in line and above our guidance ranges, respectively.

轉向GMV。第四季度，我們錄得 11% 的增長，達到 50 億美元。 2022 年全年，GMV 增長了 24%，達到約 200 億美元。按固定匯率計算，我們第四季度的 GMV 增長了 20%，而全年 GMV 增長了 30%。我們在第四季度看到移動 GMV 和金融服務 TPV 的同比強勁增長，分別符合和高於我們的指導範圍。

Deliveries' GMV in the fourth quarter came softer than guidance range with GMV declining 4% year-on-year but it grew 5% on a constant currency basis. This softness came as a result of our continued focus to drive a more sustainable and profitable Deliveries business as we substantially improved our segment EBITDA margins quarter-on-quarter.

第四季度交付的 GMV 低於指導範圍，GMV 同比下降 4%，但按固定匯率計算增長 5%。這種疲軟是由於我們繼續專注於推動更具可持續性和盈利能力的交付業務，因為我們的分部 EBITDA 利潤率環比大幅提高。

Notably, we continued to maintain our category leadership position in Food Deliveries while reducing consumer incentive spend.

值得注意的是，我們繼續保持我們在外賣領域的領先地位，同時減少消費者激勵支出。

Moving on to segment adjusted EBITDA. We reported total segment adjusted EBITDA of $112 million in the fourth quarter and $65 million for the full year. In the fourth quarter, margins improved 477 basis points year-on-year and 131 basis points quarter-on-quarter. A key driver of this was the reduction of incentives as a percentage of GMV, which declined to 8.2% from 13% in the same period last year.

繼續細分調整後的 EBITDA。我們報告稱，第四季度總分部調整後 EBITDA 為 1.12 億美元，全年為 6500 萬美元。第四季度，利潤率同比提高 477 個基點，環比提高 131 個基點。其中一個關鍵驅動因素是激勵措施佔 GMV 的百分比下降，從去年同期的 13% 降至 8.2%。

In Deliveries, segment adjusted EBITDA was $47 million in the fourth quarter and negative $35 million for the full year. Fourth quarter margins in Deliveries expanded by 550 basis points year-on-year and 163 basis points quarter-on-quarter to reach 2% of Deliveries' GMV. This was a substantial improvement after achieving breakeven in the prior quarter driven by greater optimization of incentive spend.

在交付方面，第四季度分部調整後的 EBITDA 為 4700 萬美元，全年為負 3500 萬美元。第四季度 Deliveries 的利潤率同比增長 550 個基點，環比增長 163 個基點，達到 Deliveries GMV 的 2%。在激勵支出的更大優化的推動下，在上一季度實現收支平衡之後，這是一個實質性的改善。

For Mobility, segment adjusted EBITDA was $152 million in the fourth quarter and $494 million for the full year. Fourth quarter margins improved year-on-year by 312 basis points to 13%.

對於移動業務，第四季度經部門調整的 EBITDA 為 1.52 億美元，全年為 4.94 億美元。第四季度利潤率同比提高 312 個基點至 13%。

Going forward, we continue to maintain our steady-state margins of 12% for Mobility and we will aim to reinvest incremental margins to grow into underpenetrated cities and improve platform efficiency.

展望未來，我們將繼續保持移動業務 12% 的穩定利潤率，我們的目標是將增量利潤進行再投資，以發展到滲透率低的城市並提高平台效率。

For Financial Services, segment adjusted EBITDA was negative $93 million in the fourth quarter and improved 16% year-on-year. For the full year, segment adjusted EBITDA was negative $415 million. As a percentage of TPV, fourth quarter margins for Financial Services improved from negative 3% to negative 2% as we continue to streamline our cost base for GrabFin and to focus on driving ecosystem transactions.

對於金融服務，第四季度經部門調整的 EBITDA 為負 9300 萬美元，同比增長 16%。全年，部門調整後的 EBITDA 為負 4.15 億美元。作為 TPV 的百分比，第四季度金融服務的利潤率從負 3% 提高到負 2%，因為我們繼續精簡 GrabFin 的成本基礎並專注於推動生態系統交易。

Group adjusted EBITDA in the fourth quarter was negative $111 million, while the full year group adjusted EBITDA was negative $793 million. Group adjusted EBITDA margins in the fourth quarter improved by 454 basis points year-on-year and 94 basis points quarter-on-quarter, which sets us up on the right path towards achieving group adjusted EBITDA breakeven.

第四季度集團調整後 EBITDA 為負 1.11 億美元，而全年集團調整後 EBITDA 為負 7.93 億美元。第四季度集團調整後 EBITDA 利潤率同比提高 454 個基點，環比提高 94 個基點，這使我們走上了實現集團調整後 EBITDA 盈虧平衡的正確道路。

For the fourth quarter, our regional corporate costs was $223 million as compared to $192 million in the same period a year ago and $208 million in the prior quarter.

第四季度，我們的區域企業成本為 2.23 億美元，而去年同期為 1.92 億美元，上一季度為 2.08 億美元。

Our regional corporate costs for the full year was $858 million for 2022 as compared to $717 million in 2021. On a year-on-year basis, regional corporate costs in the fourth quarter were relatively flat, excluding a nonrecurring benefit reported in the fourth quarter of 2021. The quarter-on-quarter increase was predominantly driven by increases in seasonal direct marketing costs and professional fees.

我們 2022 年全年的區域企業成本為 8.58 億美元，而 2021 年為 7.17 億美元。與去年同期相比，第四季度的區域企業成本相對持平，不包括第四季度報告的非經常性收益2021 年環比增長的主要原因是季節性直接營銷成本和專業費用的增加。

Direct marketing costs saw an increase due to seasonally higher spend in the fourth quarter during the festive period. And for professional fees, the increase was due to higher expenses associated with being a publicly listed company such as SOX-related compliance and one-off systems implementation costs to improve automation.

由於節日期間第四季度的季節性支出增加，直接營銷成本有所增加。對於專業費用，增加的原因是與上市公司相關的費用增加，例如與 SOX 相關的合規性和一次性系統實施成本，以提高自動化程度。

Going into 2023, we'll continue to optimize our regional corporate costs to accelerate our path to profitability. There are a series of cost optimization initiatives being implemented across our organization as we used greater cost and capital discipline and cutting back on discretionary spending. For example, we anticipate cloud cost to reduce by 5% to 10% year-on-year driven by our efforts to optimize processing speeds and improve network costs. We've also implemented a series of zero-based budgeting on a number of our operating expense line items, including travel and professional fees.

進入 2023 年，我們將繼續優化我們的區域企業成本，以加速我們的盈利之路。隨著我們使用更嚴格的成本和資本紀律並削減可自由支配的支出，我們在整個組織中實施了一系列成本優化計劃。例如，由於我們努力優化處理速度和改善網絡成本，我們預計云成本將同比降低 5% 至 10%。我們還對一些運營費用項目實施了一系列零基預算，包括差旅和專業費用。

We've also frozen hiring across most of our regional corporate functions which is consistent with our efforts to slow down the pace of hiring across our organization. As such, we anticipate headcount under our regional corporate costs to be lower in 2023.

我們還凍結了大部分區域公司職能部門的招聘，這與我們放慢整個組織的招聘步伐的努力是一致的。因此，我們預計 2023 年區域企業成本下的員工人數將會減少。

Moving on to our IFRS loss. We reported a fourth quarter loss of $391 million, (inaudible) in the same period last year, and reducing our IFRS activity entirely on a group adjusted EBITDA basis coupled with the elimination of noncash interest expense of Grab's convertible, redeemable preference shares, which was no longer incurred when we became a public company.

繼續我們的 IFRS 損失。我們報告去年同期第四季度虧損 3.91 億美元（聽不清），並完全根據集團調整後的 EBITDA 減少了我們的 IFRS 活動，同時消除了 Grab 的可轉換、可贖回優先股的非現金利息支出，這是當我們成為上市公司時不再發生。

Our fourth quarter IFRS loss of $391 million includes $263 million of noncash expenses below our adjusted EBITDA line. Of this, $119 million was from the revaluation of Grab's equity investments, which are mark-to-market each quarter and $9 million was from stock-based compensation.

我們第四季度的 IFRS 損失為 3.91 億美元，其中包括調整後 EBITDA 線以下的 2.63 億美元非現金支出。其中，1.19 億美元來自 Grab 股權投資的重估，每季度按市值計價，900 萬美元來自股票薪酬。

Turning to our balance sheet. Our liquidity and cash positions continues to be strong and robust. We ended the fourth quarter with $6.5 billion of gross cash liquidity. Cash liquidity declined from $7.4 billion at the end of the prior quarter, as the substantial part of the cash outflow attributed to the repurchase of our Term Loan B for an aggregate consideration of $738 million in November.

轉向我們的資產負債表。我們的流動性和現金頭寸繼續保持強勁。我們在第四季度末擁有 65 億美元的總現金流動性。現金流動性從上一季度末的 74 億美元有所下降，這是由於 11 月份以總對價 7.38 億美元回購我們的定期貸款 B 造成的現金流出的很大一部分。

Our net cash liquidity was $5.1 billion as of the end of the fourth quarter as compared to $5.3 billion in the prior quarter. With $5.1 billion of net cash liquidity, we expect to have sufficient net cash buffer of well over $3 billion, even after accounting for the capital required for our Digibank, upon reaching our expected group adjusted EBITDA breakeven time line.

截至第四季度末，我們的淨現金流動性為 51 億美元，而上一季度為 53 億美元。憑藉 51 億美元的淨現金流動性，我們預計在達到我們預期的集團調整後 EBITDA 盈虧平衡時間表後，即使考慮到我們的 Digibank 所需的資本，我們也將擁有超過 30 億美元的充足淨現金緩衝。

As we look ahead to 2023, we'll continue to be focused on accelerating our path to profitability while driving sustainable growth. In Mobility, we expect our year-on-year growth trajectory to remain strong and healthy. With economies continuing to reopen, coupled with the recovery in tourism demand, and amidst our push to expand into other key cities, we expect Mobility GMV to reach pre-COVID levels by the fourth quarter of 2023.

展望 2023 年，我們將繼續專注於加快實現盈利的道路，同時推動可持續增長。在流動性方面，我們預計我們的同比增長軌跡將保持強勁和健康。隨著經濟繼續重新開放，加上旅遊需求的複蘇，以及我們向其他主要城市擴張的努力，我們預計移動 GMV 將在 2023 年第四季度達到 COVID 之前的水平。

For Deliveries, we remain bullish on our long-term prospects and are committed to operating a business focused on driving sustainable growth while solidifying our category leadership position. We believe now that we have a more sustainable deliveries business in place and a clear trajectory towards attaining our long-term expectations of Deliveries segment adjusted EBITDA margins of 3% plus.

對於交付，我們仍然看好我們的長期前景，並致力於經營專注於推動可持續增長的業務，同時鞏固我們的品類領導地位。我們現在相信，我們擁有更可持續的交付業務，並且有明確的軌跡可以實現我們對交付部門調整後的 EBITDA 利潤率超過 3% 的長期預期。

I do also want to note that seasonally, we expect our on-demand GMV, which combines our Mobility and Deliveries GMV, to perform stronger in the second half as compared to the first half, with the latter being impacted from festivities such as Chinese New Year and Ramadan.

我還想指出的是，在季節性方面，我們預計我們的按需 GMV（結合了我們的移動性和交付 GMV）在下半年的表現要強於上半年，後者受到中國春節等慶祝活動的影響年和齋月。

For Financial Services, we expect GMV to moderate down in 2023 consistent with our refocus on driving ecosystem transactions and increasing profitable transactions such as lending. As such, we expect revenues to grow healthily and for segment adjusted EBITDA losses to stabilize quarter-on-quarter despite increasing investment costs as we aim to launch our Malaysia and Indonesia Digibanks this year.

對於金融服務，我們預計 GMV 將在 2023 年放緩，這與我們重新關注推動生態系統交易和增加貸款等有利可圖的交易一致。因此，我們預計收入將健康增長，並且儘管投資成本增加，但部門調整後的 EBITDA 虧損將按季度穩定，因為我們的目標是今年推出馬來西亞和印度尼西亞的 Digibanks。

For group revenues, we expect full year revenues of $2.2 billion to $2.3 billion in 2023. This is an implied 54% to 60% year-on-year growth on a headline basis. And excluding the change in business model, our revenue growth estimates for 2023 remain in line with our prior guidance of 45% to 55% year-on-year on a constant currency basis.

對於集團收入，我們預計 2023 年全年收入將達到 22 億美元至 23 億美元。這意味著總體上同比增長 54% 至 60%。不包括商業模式的變化，我們對 2023 年的收入增長預測與我們先前的指導一致，即在固定匯率基礎上同比增長 45% 至 55%。

On profitability, we estimate our 2023 group adjusted EBITDA loss to be in the range of negative $275 million to negative $325 million. This represents a $468 million to $518 million year-on-year reduction in our adjusted EBITDA losses. With the year-on-year improvements in group adjusted EBITDA, we are bringing forward our group adjusted EBITDA breakeven time line. We now expect breakeven to be in the fourth quarter of 2023 from our initial guidance of the second half of 2024.

在盈利能力方面，我們估計 2023 年集團調整後的 EBITDA 虧損將在負 2.75 億美元至負 3.25 億美元之間。這意味著我們調整後的 EBITDA 虧損同比減少 4.68 億美元至 5.18 億美元。隨著集團調整後 EBITDA 的同比改善，我們將集團調整後的 EBITDA 盈虧平衡時間表提前。根據我們對 2024 年下半年的初步指導，我們現在預計 2023 年第四季度實現盈虧平衡。

In conclusion, we delivered another strong quarter where we performed on the top and bottom line and we executed on our path to profitability acceleration goals. As always, Anthony, Alex and I want to thank Grabbers for their hard work in making these results possible. And we want to express a deep appreciation for our driver and merchant partners.

總而言之，我們交付了另一個強勁的季度，我們在頂線和底線都表現出色，並在實現盈利加速目標的道路上執行。一如既往，安東尼、亞歷克斯和我要感謝 Grabbers 為取得這些成果所做的辛勤工作。我們要對我們的司機和商家合作夥伴表示深深的感謝。

While there is still a lot of work ahead of us, we are confident that our strong balance sheet, cost discipline and strategies will enable us to continue to grow our segments sustainably.

雖然我們還有很多工作要做，但我們相信，我們強大的資產負債表、成本紀律和戰略將使我們能夠繼續可持續地發展我們的部門。

Thank you very much for your time, and we will now open up the call to questions.

非常感謝您抽出寶貴時間，我們現在將開始提問。

(Operator Instructions). Joining us for the question-and-answer session will be Anthony Tan, Chief Executive Officer; Peter Oey, Chief Financial Officer; and Alex Hungate, Chief Operating Officer. (Operator Instructions). The first question today comes from the line of Pang Vitt from Goldman Sachs.

（操作員說明）。與我們一起參加問答環節的是首席執行官 Anthony Tan； Peter Oey，首席財務官；和首席運營官 Alex Hungate。 （操作員說明）。今天的第一個問題來自高盛的Pang Vitt。

Congratulations on a great quarter and strong guidance, both on the revenues and EBITDA for 2023. Few questions from me. #1, macro question for Anthony. How do you view the trade-off between growth and profitability right now? Can you perhaps share a little bit more in terms of the levers that you have control over versus those that you don't? We see strong GMV growth on a constant currency basis, but curious of how some of these trends will evolve as we move into 2023 and beyond.

祝賀 2023 年的收入和 EBITDA 取得了出色的季度業績和強有力的指導。我的問題很少。 #1，安東尼的宏觀問題。您如何看待目前增長與盈利能力之間的權衡？您能否就您可以控制的槓桿和您不可以控制的槓桿分享更多信息？我們看到以固定貨幣為基礎的 GMV 強勁增長，但對這些趨勢中的一些在我們進入 2023 年及以後將如何演變感到好奇。

#2, on Mobility, how has the delivery supply chain issue evolved recently? EBITDA margin has now improved strongly to 13.2% for the quarter. Are you looking to maintain it at this level or will it normalize back to 12%? If it's the latter, could you share more context on why is this the case?

#2，關於移動性，最近交付供應鏈問題如何演變？本季度 EBITDA 利潤率現已大幅提高至 13.2%。您是希望將其維持在這個水平，還是會恢復到 12%？如果是後者，您能否分享更多關於為什麼會這樣的背景信息？

And lastly, can we also have some color around your elevated expense for corporate costs in the quarter? What drove this increase? And how should we think about these cost items for 2023?

最後，我們能否對本季度企業成本增加的費用有所了解？是什麼推動了這種增長？我們應該如何考慮 2023 年的這些成本項目？

Thank you very much, Pang. Now on our approach on profitability versus growth. Our aim is to drive sustainable growth and we believe we have demonstrated that in our results. As we have shown in Q4, our GMV grew 20% at constant currency and revenue grew more than 300% year-on-year, while loss for the quarter has substantially improved. We've also moved our group adjusted EBITDA breakeven time line forward to Q4 of this year.

非常感謝你，龐。現在談談我們關於盈利能力與增長的方法。我們的目標是推動可持續增長，我們相信我們已經在我們的結果中證明了這一點。正如我們在第四季度所顯示的那樣，我們的 GMV 按固定匯率計算增長了 20%，收入同比增長超過 300%，而本季度的虧損大幅改善。我們還將集團調整後的 EBITDA 盈虧平衡時間線提前到今年第四季度。

While we are proud of these achievements, we must never lose sight of the long-term potential of Southeast Asia. One of the key signals that we monitor is our category position and we are clearly customers' #1 choice. And we continue to drive towards becoming Southeast Asia's largest and most efficient on-demand platform that enables local commerce and mobility. Now as shown by the past 2 quarters, we not only grew top line rapidly but also improved bottom line significantly and gained category position, particularly for delivery.

在為這些成就感到自豪的同時，我們絕不能忽視東南亞的長期潛力。我們監控的關鍵信號之一是我們的類別位置，我們顯然是客戶的第一選擇。我們將繼續努力成為東南亞最大、最高效的按需平台，支持本地商業和移動。現在，正如過去兩個季度所示，我們不僅收入增長迅速，而且利潤顯著提高，並獲得了品類地位，尤其是在交付方面。

We have different products and services from premium to affordable, targeted at different user segments. Now an example of our product for value-conscious customers is Saver delivery. We introduced this Saver delivery option across several markets. It gives consumers the lowest delivery fees in some of our markets while also improving batching rates of our operations.

我們針對不同的用戶群提供從優質到實惠的不同產品和服務。現在，我們為註重價值的客戶提供的產品示例是 Saver delivery。我們在多個市場推出了這種 Saver 交付選項。它為消費者提供了我們某些市場中最低的送貨費用，同時還提高了我們運營的分批率。

Now on the second part, to your question about levers. Let me talk about our levers that we have. One, we drive down our cost-to-serve; two, we monetize more effectively with affordable products. So for Deliveries, we've rolled out a feature to reduce wait time of delivery partners at merchants when collecting their food. This has resulted in a 27% reduction in wait times year-on-year in Q4 2022. Another example on efficiency is Grab Navigation that improves the efficiency of our platform. We've seen a 7% improvement in trips per transit hour for Mobility and a 3% improvement in fulfillment rates.

現在在第二部分，關於你關於槓桿的問題。讓我談談我們擁有的槓桿。第一，我們降低了服務成本；第二，我們通過負擔得起的產品更有效地獲利。因此，對於外賣，我們推出了一項功能，以減少外賣合作夥伴在商家取貨時的等待時間。這導致 2022 年第四季度的等待時間同比減少了 27%。效率的另一個例子是 Grab Navigation，它提高了我們平台的效率。我們發現 Mobility 每個運輸小時的行程增加了 7%，履行率提高了 3%。

So all in all, growth is important, but we intend to grow profitably and sustainably. We are driving towards becoming Southeast Asia's largest and most efficient on-demand platform.

所以總而言之，增長很重要，但我們打算實現盈利和可持續的增長。我們正朝著成為東南亞最大、最高效的點播平台邁進。

Okay. Thanks very much, Anthony, let me take that question on Mobility. So Mobility supply in most of our countries showed strong recovery with the exception of Singapore where the cost of vehicles are still very high. One market where there was a big breakthrough in this last quarter was the Philippines, where we're grateful that the government just announced that it will increase the number of 2-wheel and 4-wheel licenses by 100,000, which is a massive breakthrough. And we're very pleased that, that will unlock the supply shortage in Philippines.

好的。非常感謝，安東尼，讓我回答關於流動性的問題。因此，我們大多數國家的機動性供應都顯示出強勁的複蘇，但新加坡除外，那裡的車輛成本仍然很高。上個季度取得重大突破的一個市場是菲律賓，我們很高興政府剛剛宣布將 2 輪和 4 輪許可證的數量增加 100,000，這是一個巨大的突破。我們非常高興，這將解決菲律賓的供應短缺問題。

Overall, we continue to improve our onboarding processes to make it easier for driver partners to join. In fact, our driver partners that onboarded increased to 71% year-on-year for this quarter. And second, we're trying to make our existing drivers much more productive. So we've introduced shifts for drivers, which is turning out to be very popular. We're leveraging GrabMaps, as Anthony was saying in his remarks, where we saw wait times fall 27% year-on-year and 12% quarter-on-quarter for food deliveries.

總體而言，我們將繼續改進我們的入職流程，讓司機合作夥伴更容易加入。事實上，本季度我們加入的司機合作夥伴同比增長了 71%。其次，我們正在努力提高現有司機的工作效率。所以我們為司機引入了輪班制，結果證明這很受歡迎。正如 Anthony 在他的評論中所說，我們正在利用 GrabMaps，我們看到食品配送的等待時間同比下降 27%，環比下降 12%。

The Grab Maps navigation has helped a lot in terms of productivity as well with a improvement of 7% in trips for transit hour for mobility and 3% improvement in fulfillment rates. Overall, driver earnings for transit hour, which is a really key draw for new drivers to come into the industry increased 13% year-on-year and driver retention is at 87% in the fourth quarter and 74% of our 2-wheel drivers are now doing both deliveries and mobility in the quarter.

Grab Maps 導航在生產力方面有很大幫助，並且在交通出行時間方面的行程提高了 7%，履行率提高了 3%。總體而言，過境小時的司機收入同比增長 13%，這是吸引新司機進入該行業的真正關鍵因素，第四季度司機保留率為 87%，我們的 2 輪司機為 74%現在正在本季度進行交付和移動。

And then finally, we've also relaunched some affordability products like GrabShare in Singapore and the Philippines. It's a carpooling service that enables us to improve the productivity of our existing fleet while offering affordability to new segments.

最後，我們還在新加坡和菲律賓重新推出了一些平價產品，例如 GrabShare。這是一項拼車服務，使我們能夠提高現有車隊的生產力，同時為新細分市場提供可負擔性。

Pang, let me take the part one of your question around -- just the continuation of Alex on Mobility margin. And I think you also had a question around regional costs. So on the 12% margin for Mobility, we -- our expectation is we're going to continue to maintain this margin at the current 12% steady state. Part of this is also, we're going to make sure we're going to continue to grow our GMV in this segment. We've got a lot of tailwind ahead of us here, as we get back to pre-COVID levels by the fourth quarter of this year. And we've also got supply recovery that we're working at the same time also. So we feel that the margin around 12% is our sweet spot.

Pang，讓我來回答你的問題之一——只是 Alex 在流動性保證金上的延續。我想你也有關於區域成本的問題。因此，就移動性的 12% 利潤率而言，我們 - 我們的預期是我們將繼續將這一利潤率維持在目前 12% 的穩定狀態。部分原因也是，我們將確保我們將繼續在這一領域增長我們的 GMV。隨著我們在今年第四季度恢復到 COVID 之前的水平，我們在這裡有很多順風。我們也在同時進行供應恢復。所以我們覺得 12% 左右的利潤率是我們的最佳選擇。

Now as I said in my prepared remarks, we will be reinvesting any incremental margins that we can achieve from our Mobility business. And that's important as we look at how we can continue to grow our product offerings into underpenetrated cities that we haven't touched or we want to continue to expand in those cities. There's also a lot of work that we're working around just accelerating our strategies to improve batching, allocations, all those product efficiencies that we want to continue to lower our cost-to-serve. So 12%, we feel, is the sweet spot.

現在，正如我在準備好的發言中所說，我們將對我們可以從移動業務中獲得的任何增量利潤進行再投資。這一點很重要，因為我們正在研究如何繼續將我們的產品供應擴展到我們尚未觸及的滲透率低的城市，或者我們希望繼續在這些城市擴張。我們還有很多工作要做，只是加快我們的戰略，以改進批處理、分配和所有我們希望繼續降低服務成本的產品效率。所以我們認為 12% 是最佳點。

Your question around regional corporate costs in terms of how -- what drove this increase and how should we think about it for 2023? So the quarter-on-quarter increase in the fourth quarter was predominantly driven by seasonal increases. There's a couple of things there. One was around direct marketing costs. Again, this is very much related to the festive period of Q4. So usually, we do see an increase in marketing costs during that fourth quarter. And also the second part is, we did see an increase in professional fees. And part of that is related to being a publicly listed company as we get ready for year-end, as well as our first year of SOX compliance.

你關於區域企業成本的問題是什麼——是什麼推動了這種增長，我們應該如何考慮 2023 年的成本？因此，第四季度的環比增長主要是由季節性增長推動的。那裡有幾件事。一個是關於直接營銷成本。同樣，這與第四季度的節日期間有很大關係。所以通常，我們確實看到第四季度的營銷成本有所增加。第二部分是，我們確實看到了專業費用的增加。其中一部分與成為一家上市公司有關，因為我們正在為年底做準備，同時也是我們遵守 SOX 的第一年。

Now how do we think about 2023? So looking into 2023, our philosophy is continuing to be disciplined and also judicious in how we manage our costs in our business today. There's been a ton of work on that front since last year, and we're going to continue that discipline in our cost structure. If you look at actually on our headcount since September 2022, we've actually trended down on our overall group headcount. And also, we've announced a number of cost discipline measures internally. I called out a few of those in my prepared remarks, whether it's cloud cost, computing that's going to come down by 5% to 10%. We expect and also other zero-based line items that we're budgeting that we have actually implemented across the organization. So as part of that profitability acceleration to get to that fourth quarter as we've committed to the -- our investors, part of this is making sure our costs also continues to be optimized and also continue to have operating leverage in our business.

現在我們如何看待 2023 年？因此，展望 2023 年，我們的理念是在如何管理當今業務的成本方面繼續保持紀律和審慎。自去年以來，在這方面進行了大量工作，我們將在成本結構中繼續遵守這一紀律。如果您實際查看自 2022 年 9 月以來我們的員工人數，我們的整體員工人數實際上呈下降趨勢。此外，我們還在內部宣布了一些成本控制措施。我在準備好的發言中提到了其中的一些，無論是雲計算成本，還是將下降 5% 到 10% 的計算。我們期望我們正在為整個組織實際實施的預算以及其他基於零的項目。因此，作為我們向投資者承諾的第四季度盈利加速的一部分，其中一部分是確保我們的成本也繼續優化，並繼續在我們的業務中發揮經營槓桿作用。

Our next question today comes from the line of Venugopal Garre from Bernstein.

我們今天的下一個問題來自 Bernstein 的 Venugopal Garre 系列。

Firstly, congratulations on a good quarter and a pretty good guidance. I have 3 questions. I think first one, a part of that you already answered, but I was pretty curious to know that while the revenue growth guidance is fairly strong, to an extent, can you explain to us how it will sort of shape up across segments? I think more importantly, I would be also curious to know what is the broader outlook on GMV at this stage?

首先，祝賀一個好的季度和一個很好的指導。我有 3 個問題。我想第一個，你已經回答了其中的一部分，但我很想知道雖然收入增長指導相當強勁，但在某種程度上，你能向我們解釋一下它將如何跨部門形成嗎？我認為更重要的是，我也很想知道現階段 GMV 的更廣泛前景是什麼？

My second question is on food delivery. We've already reached about 2% EBITDA-to-GMV in this quarter. Now you have a guidance of about 3% plus for the long term. So how do we sort of see this trend sort of shaping up, especially over the next 12 to 18 months?

我的第二個問題是關於送餐的。本季度我們已經達到約 2% 的 EBITDA 對 GMV。現在你有一個長期的 3% 以上的指導。那麼我們如何看待這種趨勢的形成，尤其是在接下來的 12 到 18 個月內？

The third thing, a very small question. I just want to clarify the business model change, which has happened for deliveries. Did it have an impact on EBITDA? Or is it just a same revenue item sitting in cost as well for the zero impact on EBITDA? Thanks.

第三件事，一個很小的問題。我只想澄清一下交付時發生的商業模式變化。它對 EBITDA 有影響嗎？或者它只是成本中的同一收入項目以及對 EBITDA 的零影響？謝謝。

Thanks, Venu. Let me take all those questions. I'll take them one by one. Let me start from the top around your question around how do we think about the GMV growth. We don't break out, obviously, by segment of our revenue. But what I'll do is I'll provide a bit more color in terms of our GMV. So let me first start by saying that we expect that on-demand GMV to continue to grow year-over-year, right? As we look at now the 2 different big buckets here, let's start with Mobility. We believe that the Mobility business will continue to be another solid and strong growth year-over-year for us. We say that because we're still having -- experiencing the tailwind coming out of the COVID lockdowns from last year.

謝謝，維努。讓我回答所有這些問題。我會一一拿走的。讓我從頭開始圍繞您關於我們如何看待 GMV 增長的問題。顯然，我們不會按收入細分。但我會做的是我會在我們的 GMV 方面提供更多的顏色。那麼首先讓我說，我們預計按需 GMV 將繼續同比增長，對嗎？當我們現在看這裡的 2 個不同的大桶時，讓我們從移動性開始。我們相信，移動業務將繼續成為我們的又一個穩固和強勁的同比增長。我們之所以這麼說，是因為我們仍然在經歷去年 COVID 封鎖帶來的順風。

If you look at where we are today, as of the end of December, we're roughly about 74% of our pre-COVID levels when it comes to GMV. If you look at for Mobility, if you look at where airport rides is today, as of the end of last year, we're only at 65%, and airport rides is a really critical piece of our business. We're starting to see more China tourism also coming across to Southeast Asia.

如果你看看我們今天的情況，截至 12 月底，就 GMV 而言，我們大約是 COVID 前水平的 74%。如果你看看移動性，如果你看看今天的機場乘車情況，截至去年年底，我們只有 65%，而機場乘車是我們業務中非常重要的一部分。我們開始看到越來越多的中國遊客也來到東南亞。

Now of course, also, we're coming out of a very strong comp in 2022. So we won't be seeing obviously the rate of growth that we saw compared to 2022 over 2021. So just bear that in mind also because the base is just much bigger now. But we feel that with all those activities and demand coming into Southeast Asia, we feel very optimistic and very bullish that our Mobility business will see another strong growth year-over-year.

當然，現在我們也將在 2022 年取得非常強勁的業績。因此，與 2022 年相比，我們不會在 2021 年看到明顯的增長率。所以請記住這一點，因為基數現在更大了。但我們認為，隨著所有這些活動和需求進入東南亞，我們感到非常樂觀，非常看好我們的移動業務將再次實現強勁的同比增長。

Now the second bucket is around Deliveries. Here, what I will say is that we're really focused on -- on really driving sustainable growth. Now Anthony mentioned part of that in his earlier question that he answered from Pang. Really, how do we continue sustainable growth and also driving EBITDA margins towards that 3% plus that we're all aiming for here. At the same time also, we're going to be very focused. We now are making sure our category leadership position like what you saw in 2022 continues to be maintained and also retained to be the #1. And that's been a very critical part of our philosophy here in Grab.

現在第二個桶是關於交貨的。在這裡，我要說的是，我們真正專注於——真正推動可持續增長。現在安東尼在他之前回答龐的問題中提到了其中的一部分。真的，我們如何繼續可持續增長，並將 EBITDA 利潤率推向 3% 以上，這是我們在這裡的目標。與此同時，我們將非常專注。我們現在正在確保我們的類別領導地位繼續保持，就像您在 2022 年看到的那樣，並繼續保持第一。這是我們在 Grab 的理念中非常關鍵的一部分。

You saw how our business grew last year in Deliveries. You saw also how incentives came down but yet also we executed on category leadership position. So within those 2 mixed, we are going to be very focused in making sure our GMV business grows sustainably. What you will see though is some seasonal impact. As you think about the first half versus the second half, we should be seeing it stronger in the second half just because of all the festive season that you see in the first half in a typical cycle within Southeast Asia with all the Chinese New Year as well as Ramadan. So hopefully, that gives you a bit of color in terms of how we think about Mobility and Deliveries' GMV.

您在去年的交付中看到了我們的業務增長情況。您還看到了激勵措施是如何下降的，但我們也在品類領導地位上執行。因此，在這兩個混合體中，我們將非常專注於確保我們的 GMV 業務可持續增長。不過，您會看到一些季節性影響。當你考慮上半年與下半年時，我們應該看到下半年它會更強勁，因為你在整個中國新年期間在東南亞的典型週期中看到的上半年的所有節日季節以及齋月。因此，希望這能讓您對我們如何看待移動和交付的 GMV 有所了解。

Your second question was around the food delivery segment adjusted EBITDA, the 3%. We feel that right now, where we are, Venu, our delivery business is in a very, very strong position. We've got strong CP, category position. We've driven margin improvement on a quarter-on-quarter and on a year-over-year basis. And we have a very clear trajectory towards our long-term expectation of 3% plus margin. We're actually very encouraged. If you look at today, the majority of our 6 core markets have achieved Deliveries profitability near or higher than the 3% today, which is actually a very big sign for us and a very strong signal that we have the -- all the levers, all the different building blocks for us to get to the 3%.

你的第二個問題是關於食品配送部門調整後的 EBITDA，即 3%。我們覺得現在，我們所處的位置，Venu，我們的交付業務處於非常非常強大的位置。我們有強大的 CP，類別位置。我們推動了季度環比和同比利潤率的提高。我們對 3% 以上利潤率的長期預期有著非常清晰的軌跡。我們其實很受鼓舞。如果你看看今天，我們 6 個核心市場中的大多數都實現了接近或高於今天 3% 的交付利潤率，這對我們來說實際上是一個非常大的信號，也是一個非常強烈的信號，表明我們擁有——所有的槓桿，我們要達到 3% 的所有不同構建基塊。

Now I'm not committing to a time line to you or to our investors, though we are very laser-focused of getting there as quickly as possible, making sure also the marketplace is very healthy at the same time. So balancing the 3-sided marketplace as well as making sure category position remains very strong, and we are the leader. So hopefully that gives a bit of color on 3% where we're heading and how we can get there.

現在我不會向你或我們的投資者承諾一個時間表，儘管我們非常專注於盡快到達那裡，同時確保市場也非常健康。因此，平衡 3 邊市場並確保類別地位保持非常強大，我們是領導者。因此，希望這能為我們前進的 3% 以及我們如何到達那裡提供一些色彩。

Your last question is around the business model change for Deliveries. So let me -- out of the gate, saying that there is no impact on EBITDA whatsoever on this business model change. It's basically a presentation between gross versus net on the revenue and the cost of sales line. We have -- there was a licensing requirement in one of the countries that we operate in today. And to make sure that we are in compliance with those licensing requirements, the principal and agent model changed of which from an accounting standpoint, that had to follow. And that is basically just a presentation between revenue and cost of sales with no impact whatsoever to EBITDA. Hopefully, Venu, I have answered all your questions.

你的最後一個問題是關於交付的商業模式變化。所以讓我——走出大門，說這種商業模式的改變對 EBITDA 沒有任何影響。它基本上是收入與銷售線成本的總收入與淨收入之間的對比。我們有 - 在我們今天經營的國家之一有許可要求。為了確保我們符合這些許可要求，委託人和代理人模型發生了變化，從會計的角度來看，必須遵循這一點。這基本上只是收入和銷售成本之間的一種表示，對 EBITDA 沒有任何影響。希望 Venu，我已經回答了你所有的問題。

The next question today comes from the line of Alicia Yap from Citi.

今天的下一個問題來自花旗的Alicia Yap。

I have 2 questions. First one is related to your GrabFin strategy and also the growth expectation in the coming quarters. So with our strategic shift to focus more on the on-ground platform usage, what is your go-to-market strategy to encourage higher transaction usage and product adoption by the Grab users? So can management share with us also what is your expectation of the revenue contribution potentially could come from the digital banks by the end of this year?

我有兩個問題。第一個與您的 GrabFin 戰略以及未來幾個季度的增長預期有關。因此，隨著我們的戰略轉變更多地關注地面平台的使用，您的上市策略是什麼以鼓勵 Grab 用戶提高交易使用率和產品採用率？那麼管理層能否與我們分享您對今年年底數字銀行可能帶來的收入貢獻的預期？

The second question is on the delivery business. Obviously, we're glad to see that EBITDA margin improving gradually. Is there any plans to step up the spending in user subsidy more effectively to actually drive the balance between potentially faster volume growth and also maintaining -- having the improved margin trends as well?

第二個問題是關於外賣業務。顯然，我們很高興看到 EBITDA 利潤率逐漸提高。是否有任何計劃更有效地增加用戶補貼支出，以真正推動潛在更快的銷量增長與保持 - 改善利潤率趨勢之間的平衡？

Thanks, Alicia. It's Alex. Let me take your question on GrabFin. You're right about the focus on the on-Grab platform. As we said at the Investor Day last autumn, this refocus does allow us to use the benefits from our ecosystem, the data benefits, the distribution advantages while deemphasizing the unprofitable off-platform transaction. So we're leveraging our embedded ecosystem use cases to drive higher transaction frequency and adoption, and we don't have to rely on consumer incentives. So we've shown that we can do that over the last several quarters and that remains our strategy. We remain confident that we can do this through embedding the use cases.

謝謝，艾麗西亞。是亞歷克斯。讓我回答您關於 GrabFin 的問題。您對 on-Grab 平台的關注是正確的。正如我們在去年秋天的投資者日所說，這種重新聚焦確實讓我們能夠利用我們生態系統的優勢、數據優勢、分銷優勢，同時不再強調無利可圖的平台外交易。因此，我們正在利用我們的嵌入式生態系統用例來推動更高的交易頻率和採用率，而且我們不必依賴消費者激勵措施。所以我們已經證明我們可以在過去幾個季度做到這一點，這仍然是我們的戰略。我們仍然相信我們可以通過嵌入用例來做到這一點。

In fact, for digital payments, we plan to reduce our spend on consumer incentives because we're going to be moving from the off-platform digital payment use cases and making sure that we move to at least cost neutrality or better off-platform. A good example actually of what we've done in Vietnam with ZaloPay and also with GCash in Philippines, both of which, as you probably know, are leading e-wallets in their respective countries. That will help us to provide a more seamless payment experience to more users in each country, and it also to tap into a larger user base even while we reduce incentive costs.

事實上，對於數字支付，我們計劃減少在消費者激勵方面的支出，因為我們將從平台外數字支付用例轉移，並確保我們至少轉向成本中立或更好的平台外。我們在越南使用 ZaloPay 以及在菲律賓使用 GCash 所做的一個很好的例子，正如您可能知道的那樣，這兩者在各自國家都是領先的電子錢包。這將有助於我們為每個國家/地區的更多用戶提供更加無縫的支付體驗，並且即使在我們降低激勵成本的同時也能挖掘更大的用戶群。

We're focusing on the value add from lending and insurance, which are also very important use cases. GrabFin lending continues to grow. In fact, the value of loans disbursed rose 50% -- 57% year-on-year, and revenues improved, as you saw. And then just as we promised at the Investor Day, we have reduced GrabFin's costs as well. So excluding Digibank, GrabFin's costs reduced 4% year-on-year and 11% quarter-on-quarter. So a real big acceleration of cost reduction for GrabFin in this recent quarter.

我們專注於貸款和保險的增值，這也是非常重要的用例。 GrabFin 貸款繼續增長。事實上，如您所見，發放的貸款價值同比增長 50% 至 57%，收入也有所改善。然後正如我們在投資者日承諾的那樣，我們也降低了 GrabFin 的成本。因此，如果不計入 Digibank，GrabFin 的成本同比下降 4%，環比下降 11%。因此，最近一個季度 GrabFin 的成本削減速度真正大幅加快。

And then on Digibank growth, we're not disclosing any specific numbers on the banks at this stage, but we are pleased with the early positive signals from the limited launch in Singapore, as I shared in my remarks earlier. And I can confirm that we're still on track to launch our Indonesia and Malaysia Digibanks later this year.

然後關於 Digibank 的增長，我們現階段沒有透露任何關於銀行的具體數字，但我們對在新加坡有限推出的早期積極信號感到滿意，正如我在之前的評論中所分享的那樣。我可以確認，我們仍有望在今年晚些時候推出我們的印度尼西亞和馬來西亞數字銀行。

Maybe Alicia, just to add on to Alex here around, how do we think about revenue growth for Grab financial services business, especially around our GrabFin. What I can say is we do expect to see strong revenue growth year-over-year. And a lot of that is driven by, what Alex just referred to, a lot around our ecosystem lending. And also, we've got the banks coming online and especially in the second half of this year for Malaysia as well as in Indonesia. The Singapore side, as you heard from our prepared remarks, are already operational, and the deposits are already operational, our deposit product, and we've got a lending product also currently in pilot phase at the moment.

也許 Alicia，只是想補充一下 Alex，我們如何看待 Grab 金融服務業務的收入增長，尤其是我們的 GrabFin。我能說的是，我們確實希望看到收入同比強勁增長。其中很多是由亞歷克斯剛才提到的圍繞我們的生態系統藉貸驅動的。而且，我們已經讓銀行上線，尤其是今年下半年在馬來西亞和印度尼西亞。正如您從我們準備好的發言中聽到的那樣，新加坡方面已經開始運作，存款已經開始運作，我們的存款產品，我們目前還有一個貸款產品也處於試點階段。

The other point I do want to probably add on to this is that on an EBITDA basis, as you -- we expect the EBITDA to stay relatively flat on our quarterly throughout 2023. You just heard from Alex, that we've driven a lot of cost out of our GrabFin business. And we saw some really nice uptick in cost reduction in that. So we're going to continue to do that in GrabFin, which will partially be offset by the launch of our Digibanks across the 3 markets.

我確實想補充的另一點是，在 EBITDA 的基礎上，正如您一樣 - 我們預計 EBITDA 在整個 2023 年的季度保持相對平穩。你剛剛從亞歷克斯那裡聽說，我們已經推動了很多我們 GrabFin 業務的成本。我們在這方面看到了一些非常好的成本降低。因此，我們將在 GrabFin 中繼續這樣做，這將部分被我們在 3 個市場推出 Digibanks 所抵消。

Your second part of the question was around Deliveries. You asked about what about EBITDA margins? Is there any plans to increase subsidies? The way we think about it is -- the way -- it's a healthy marketplace that we need to make sure we maintain in our food delivery and just deliveries in general. We are going to continue to drive down the cost-to-serve. That's really important for us. We're driving efficiency in the marketplace with our drivers as well as with our merchant. And you've seen some of the waiting time improvements that we quoted earlier, and that's part of our lowering our cost-to-serve.

你的問題的第二部分是關於交付的。您問過 EBITDA 利潤率如何？有沒有計劃增加補貼？我們考慮它的方式是——方式——這是一個健康的市場，我們需要確保我們維持我們的食品交付和一般的交付。我們將繼續降低服務成本。這對我們來說真的很重要。我們正在與我們的司機以及我們的商家一起提高市場效率。你已經看到了我們之前引用的一些等待時間的改進，這是我們降低服務成本的一部分。

At the same time also, Alicia, we're going to drive volume growth while improving margins at the same time. So we don't see it as a trade-off between profitability and growth, but we don't have to use subsidy as one of the levers. There's multiple levers that we can use. We do not have to step up our subsidy spend to get that growth going at the same time also. And you saw that also in last year where we continued to make sure our category positioning in food delivery was very, very important, which is very critical to us. We were still maintaining and also retaining at #1, while we also increased our subsidies, and we improved margins. And we also reached segment profitability, all at the same time.

與此同時，艾麗西亞，我們將在提高利潤率的同時推動銷量增長。所以我們不認為這是盈利能力和增長之間的權衡，但我們不必將補貼作為槓桿之一。我們可以使用多種槓桿。我們不必增加補貼支出來同時實現增長。你在去年也看到了這一點，我們繼續確保我們在食品配送方面的類別定位非常非常重要，這對我們來說非常關鍵。我們仍然保持並保持在第一名的位置，同時我們也增加了補貼，並且提高了利潤率。我們還同時實現了細分市場盈利能力。

So with these playbooks playing nicely, we'll continue to use this. I think what we also will be focusing, Alicia, is that consumers want affordability and also not specifically subsidies. So as Alex mentioned also, we've got the --, as Anthony mentioned, we got the Saver delivery option also that we introduced. It's just an example of how we can actually bring affordability to our consumers in Southeast Asia. So -- and there's a lot of other product innovations that we're working on also to make sure that we can continue to grow in our Deliveries business.

因此，隨著這些劇本發揮得很好，我們將繼續使用它。艾麗西亞，我認為我們還將關注的是消費者想要的是負擔能力，而不是專門的補貼。因此，正如亞歷克斯也提到的那樣，我們得到了——正如安東尼提到的那樣，我們也得到了我們引入的 Saver 交付選項。這只是我們如何真正為東南亞消費者帶來負擔能力的一個例子。所以——還有許多其他產品創新，我們也在努力確保我們能夠繼續發展我們的交付業務。

The next question today comes from the line of Varun Ahuja from Credit Suisse.

今天的下一個問題來自瑞士信貸的 Varun Ahuja。

I've got 2 questions. First one, going back to the delivery business. If you look at seasonally 4Q is expected to be a strong quarter because of, obviously, festivities year-end. And as you mentioned, we had some marketing promotions also going into the quarter. So if you look at seasonally also, there's a quarter-on-quarter reduction. Obviously, I believe there is not much FX movement on a quarter-on-quarter basis. So on 4% reduction in GMVs, deliveries and merchants and gross billing, obviously, the take rates have also come down on a quarter-on-quarter -- sorry, flat on a quarter-on-quarter basis. So any reason why sequentially, there is a weakness there? Is it, I understand the focus on profitability and expansion in margins but is there any market read to into it, is there anything we should -- you can give (technical difficulty), some entity, how much it has impacted anything that you can throw color on that front?

我有兩個問題。第一個，回到送貨業務。如果你看季節性，第四季度預計將是一個強勁的季度，因為顯然是年底的慶祝活動。正如您提到的，我們在本季度也進行了一些營銷促銷活動。因此，如果您也看季節性，就會發現環比下降。顯然，我認為按季度計算，外匯變動不大。因此，在 GMV、交付和商家以及總計費減少 4% 的情況下，顯然，採用率也環比下降——抱歉，環比持平。那麼，為什麼順序上存在弱點？是嗎，我理解對盈利能力和利潤率擴張的關注，但是否有任何市場對此進行解讀，是否有任何我們應該——你可以給（技術難度），一些實體，它對你能做的任何事情有多大影響在那前面塗顏色？

And sticking to the business, how should we think about some medium-term outlook. I know 2023 looks to be relatively, again, a soft year with focus on profitability. But beyond that, is it a segment that you think should grow faster than [GDP] growth? How should we think about, any color that would be helpful?

堅持業務，我們應該如何思考一些中期前景。我知道 2023 年看起來又是相對疲軟的一年，重點是盈利能力。但除此之外，您認為它是否應該增長快於 [GDP] 增長？我們應該如何考慮任何有用的顏色？

Secondly, on your MTUs, I think if you can provide a breakup between Mobility and Deliveries, I know that in annual report you do end up breaking up between them. So if you can provide for year-end the breakup between mobility and delivery MTUs. If you look at -- the consolidated MTUs are flat on a quarter-on-quarter basis. So how should we think about future growth? Is it more driven by higher frequencies? Or are you still seeing lot more users can come onto the platform?

其次，關於你的 MTU，我認為如果你能提供移動性和交付之間的分離，我知道在年度報告中你最終會在它們之間分離。因此，如果您可以在年底提供移動性和交付 MTU 之間的分離。如果你看一下 - 合併後的 MTU 環比持平。那麼我們應該如何考慮未來的增長呢？它更多地是由更高的頻率驅動的嗎？還是您仍然看到更多用戶可以使用該平台？

Thanks, Varun. Let me take your first question on deliveries. So in the fourth quarter, yes, we made a conscious decision to focus on the profitability of our Deliveries segment. So Deliveries' GMV in the fourth quarter grew on a constant currency basis by 5% and then 22% for the full year, year-on-year. So we did trade off growth to drive a more sustainable and profitable deliveries business, as we substantially improved the EBITDA margins quarter-on-quarter plus 160 basis points and then year-on-year 550 basis points up to 2%.

謝謝，瓦倫。讓我回答你關於交貨的第一個問題。所以在第四季度，是的，我們有意識地決定專注於我們交付部門的盈利能力。因此，第四季度 Deliveries 的 GMV 在固定匯率基礎上增長了 5%，然後全年同比增長了 22%。因此，我們確實在增長方面做出了權衡，以推動更具可持續性和盈利能力的交付業務，因為我們大幅提高了 EBITDA 利潤率，季度環比增加 160 個基點，然後同比增加 550 個基點，最高可達 2%。

The other thing in the fourth quarter was we did affect the closure of the dark stores and most of the GrabKitchens. So that had an impact on GMV growth in the fourth quarter, although, of course, we've been able to manage to reap some good cost savings from that, which improved the margin position as well. At the same time, as Peter was saying earlier, we continued to extend our category leadership position. So we're happy with the trade-offs that we made in the fourth quarter.

第四季度的另一件事是我們確實影響了暗店和大部分 GrabKitchens 的關閉。因此，這對第四季度的 GMV 增長產生了影響，當然，我們已經能夠從中獲得一些不錯的成本節約，這也提高了利潤率。與此同時，正如彼得之前所說，我們繼續擴大我們的品類領導地位。因此，我們對第四季度做出的權衡感到滿意。

Peter mentioned earlier in his remarks that we expect the first half to be relatively seasonally weaker than the second half in the coming year. But then we are embarked on a number of initiatives, which we think will help across the year, Grab Unlimited to improve engagement, stickiness, and the Jaya Grocer and transretail partnerships will also help. And then the piloting of dine-in and takeaway, which will push us into the offline dining segment, the dining-in segment over time. That's a good mid- to long-term growth driver for us.

彼得在他的講話中早些時候提到，我們預計明年上半年的季節性將比下半年相對疲軟。但隨後我們開始實施一系列舉措，我們認為這些舉措將在全年有所幫助，Grab Unlimited 可提高參與度和粘性，Jaya Grocer 和跨零售合作夥伴關係也將有所幫助。然後是堂食和外賣的試點，這將推動我們進入線下餐飲領域，隨著時間的推移進入堂食領域。這對我們來說是一個很好的中長期增長動力。

So we now believe that we have a sustainable deliveries business in place, and we can head towards that 3% plus margin that Peter was talking about earlier. And in fact, we're at that margin, 3% or higher in the majority of our 6 core markets already.

所以我們現在相信我們有一個可持續的交付業務，我們可以朝著彼得之前談到的 3% 以上的利潤率邁進。事實上，我們在 6 個核心市場中的大多數已經達到了這個利潤率，3% 或更高。

You asked about the longer-term perspective. We do believe that the potential is sizable in the longer term, so across those 6 core markets for us in Southeast Asia, Euromonitor estimates that the combined online market size for ride-hailing and food deliveries is about USD 35 billion by 2025. And we are the category leader, and we intend to remain the category leader in that marketplace. So there's a long runway for growth as market penetration currently is still very low. In fact, if you look at our MTUs in Q4, it's still only a single-digit penetration of the total population in Southeast Asia.

你問的是更長遠的觀點。我們確實相信，從長遠來看，潛力是巨大的，因此，在我們在東南亞的這 6 個核心市場中，Euromonitor 估計到 2025 年，網約車和外賣的在線市場總規模約為 350 億美元。我們是類別領導者，我們打算繼續保持該市場的類別領導者地位。因此，由於目前的市場滲透率仍然很低，因此增長還有很長的路要走。事實上，如果你看看我們在第四季度的 MTU，它在東南亞總人口中的滲透率仍然只有個位數。

So on the MTUs, Varun. So MTUs actually grew 14% year-on-year. While we don't provide specific guidance on MTUs, we expect it to continue to grow on the back of COVID reopening and mobility recovery across our markets. Honestly, there's still a lot of potential to grow TAM, given the sizable online population in the region. Today, Grab serves 1 in 20 people in this region every month. For us, this means that there is still plenty of room for us to grow. Second, we started in the mobility market and have significantly expanded our TAM over the last 10 years by expanding into deliveries, financial, enterprise services.

所以在 MTU 上，Varun。因此，MTU 實際上同比增長了 14%。雖然我們沒有提供有關 MTU 的具體指導，但我們預計它會在 COVID 重新開放和我們市場的流動性恢復的支持下繼續增長。老實說，考慮到該地區龐大的在線人口，TAM 的增長潛力仍然很大。如今，Grab 每個月為該地區每 20 人中就有 1 人提供服務。對我們來說，這意味著我們還有很大的發展空間。其次，我們從移動市場起家，並在過去 10 年中通過擴展到交付、金融和企業服務，顯著擴展了我們的 TAM。

Today, we are a household trusted name with multiple competitive advantages, including the strong edge of being able to leverage the power of the brand in our ecosystem.

今天，我們是家喻戶曉的知名品牌，擁有多項競爭優勢，包括能夠在我們的生態系統中利用品牌力量的強大優勢。

Now Varun, you also asked how would we grow the MTUs. We have a multipronged approach to grow. We are, one, penetrating in the cities with new services and categories. Two, increasing our financial services with our own growing ecosystem; and three, evolving our product and service offerings to appeal to different user types.

現在 Varun，你還問我們將如何增加 MTU。我們有一個多管齊下的增長方法。我們是，其中之一，通過新的服務和類別滲透到城市中。第二，通過我們自己不斷發展的生態系統來增加我們的金融服務；第三，改進我們的產品和服務以吸引不同的用戶類型。

So for example, Varun, we increase demand by providing affordable services. When we launched our new version of GrabShare in Philippines and Singapore, where users can save on their fares when booking our on-demand carpooling service. Another example to create new demand for corporates. We've developed a Grab For Business, a B2B SaaS solution, which basically gives companies more control, convenience and saves time and money for companies to offer employee services. So whether they are services like getting to and from the office safely or food delivery in offices.

因此，例如，Varun，我們通過提供負擔得起的服務來增加需求。當我們在菲律賓和新加坡推出新版 GrabShare 時，用戶可以在預訂我們的按需拼車服務時節省車費。又一個為企業創造新需求的例子。我們開發了 Grab For Business，這是一種 B2B SaaS 解決方案，它基本上為公司提供了更多的控制權和便利性，並為公司提供員工服務節省了時間和金錢。因此，無論是安全往返辦公室還是辦公室送餐等服務。

So Grab has plenty of room to grow. We are in pole position to capture the large TAM given the power of our ecosystem. So we will execute a multipronged approach to grow our user base.

所以 Grab 有很大的發展空間。鑑於我們生態系統的力量，我們在捕獲大型 TAM 方面處於領先地位。因此，我們將採取多管齊下的方法來擴大我們的用戶群。

Thank you. This concludes the question-and-answer session. So I'd like to turn the conference back over to Peter for any closing remarks. Please go ahead.

謝謝。問答環節到此結束。因此，我想將會議轉回給彼得，聽取任何閉幕詞。請繼續。

Thanks, everyone, for making the time and just investing the time to ask us all your questions and thank you for supporting us. And if you have any questions, please feel free to reach out to our Investor Relations team or visit our Investor Relations website. Thanks, again, everyone, and speak to you in the next quarterly call.

謝謝大家抽出時間來問我們所有的問題，感謝您對我們的支持。如果您有任何疑問，請隨時聯繫我們的投資者關係團隊或訪問我們的投資者關係網站。再次感謝大家，並在下一個季度電話會議上與您交談。

This concludes Grab's Fourth Quarter and Full Year 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

Grab 的第四季度和 2022 年全年收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。