Grab Holdings Ltd (GRAB) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Ellen, and I'll be your conference operator for this session. Welcome to Grab's Second Quarter 2023 Results Call. (Operator Instructions) I will now turn the call over to Douglas Eu to start the call. Douglas, please go ahead, whenever you are ready.

女士們，先生們，感謝各位今天的參與。我叫艾倫 (Ellen)，我將擔任本次會議的主持人。歡迎參加 Grab 2023 年第二季業績電話會議。 （接線員指示）現在，我將把電話交給 Douglas Eu 開始。 Douglas，請隨時開始，您準備好了嗎？

Good day, everyone, and welcome to Grab's Second 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.

大家好，歡迎參加 Grab 2023 年第二季財報電話會議。我是 Grab 亞洲投資者關係主管 Douglas Eu，今天與我一起出席的還有執行長 Anthony Tan、營運長 Alex Hungate 和財務長 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 second quarter 2023 financial results. Following prepared remarks, we will open the call to questions.

在今天的電話會議上，Anthony 將討論我們的關鍵策略和業務成就，隨後 Alex 將介紹營運亮點，Peter 將分享我們 2023 年第二季的財務業績詳情。在準備好的發言稿之後，我們將開始提問環節。

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

提醒一下，今天的討論包含關於公司未來業務和財務表現的前瞻性陳述。這些陳述是基於我們目前的信念和預期。由於一系列風險和不確定因素，包括宏觀經濟、行業、業務、監管和其他風險，實際事件和結果可能與此有重大差異。這些風險和不確定因素已在我們截至2022年12月31日止年度的20-F表格以及提交給美國證券交易委員會的其他文件中進行了描述。我們不承擔更新任何前瞻性陳述的義務。今天的討論還包含非國際財務報告準則 (Non-IFRS) 財務指標，這些指標應與國際財務報告準則 (IFRS) 財務指標一併考慮，而非替代國際財務報告準則 (IFRS)。本季的收益資料包含了非國際財務報告準則 (Non-IFRS) 財務指標與國際財務報告準則 (IFRS) 財務指標的對帳表。

For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed second quarter 2023 financial review, which can be found on our Investor Relations website. And with that, I will turn the call over to Anthony to deliver his opening remarks.

如需了解更多關於近期業務表現的資訊和揭露，請參閱我們的收益新聞稿和補充演示文稿，其中包含詳細的2023年第二季財務回顧，這些內容可在我們投資者關係網站上找到。接下來，我將請Anthony致開幕詞。

Thanks, Doug. Thank you for joining us today. Our second quarter results reflect our ability to execute strongly as we balance growth, category leadership and profitability. Our focus on expanding our marketplace through affordability initiatives, as well as strengthening engagement through our flagship subscription program called GrabUnlimited continues to yield results. More people are using Grab now than ever before with group MTUs at an all-time high, growing by 7% year-on-year and 5% quarter-on-quarter. And at the same time, we further extended our category leadership across the region for ride-hailing and food deliveries. We continue to deliver a solid set of financials, with revenues up 77% year-on-year.

謝謝，Doug。感謝您今天接受我們的訪問。我們第二季的業績反映了我們在平衡成長、品類領導地位和獲利能力方面強大的執行力。我們專注於透過經濟實惠的措施拓展市場，並透過旗艦訂閱計畫 GrabUnlimited 加強用戶參與度，這些措施持續取得成效。現在使用 Grab 的用戶比以往任何時候都多，團體用戶數量創歷史新高，同比增長 7%，環比增長 5%。同時，我們進一步鞏固了在該地區叫車和外賣領域的領導地位。我們持續保持穩健的財務業績，營收年增 77%。

Even as we reduced group adjusted EBITDA losses for the sixth consecutive quarter. I also want to call out that our deliveries GMV hit a record high this quarter. With the first half firmly in the rear-view mirror, we look towards the second half with confidence and optimism. There are 3 key areas I want to call out. Firstly, we expect to drive sequential growth in our deliveries and mobility segments. Demand is robust in July as we continue to drive key affordability initiatives to unlock a greater segment of the market to cater to more users, while deepening engagement and loyalty with GrabUnlimited.

即使我們連續六個季度減少了集團調整後EBITDA虧損，我也想指出，本季我們的外送GMV創下了歷史新高。上半年已成往事，我們滿懷信心樂觀地展望下半年。我想強調三個關鍵領域。首先，我們預期外送和出行業務將環比成長。 7月需求強勁，我們將繼續推動關鍵的平價旅遊計劃，以開拓更大的細分市場，滿足更多用戶的需求，同時深化與GrabUnlimited的互動和忠誠度。

Secondly, we expect to scale up new opportunities in financial services and advertising, where we see strong demand potential and benefits for our overall ecosystem. In financial services, we continue to focus on driving up ecosystem transactions. Our lending business is growing strongly, yet in a prudent manner. For GXS Bank in Singapore, we've also seen a strong uptick in deposits, despite minimal customer acquisition costs after opening up the savings account to more individuals and increasing the maximum allowable deposit per account. Ecosystem linkages are also healthy, with 1 in 2 GXS customers linking their accounts to the Grab wallet.

其次，我們預期將在金融服務和廣告領域拓展新的機遇，我們認為這些領域需求潛力巨大，並將惠及我們整個生態系統。在金融服務領域，我們將持續致力於推動生態系統交易量的成長。我們的貸款業務成長強勁，但發展方式謹慎。對於新加坡的GXS銀行而言，儘管在向更多個人開放儲蓄帳戶並提高每個帳戶的最高存款額度後，客戶獲取成本極低，但存款額仍呈現強勁增長。生態系統連接也十分良好，每兩個GXS客戶中就有一人將其帳戶與Grab錢包關聯。

For advertising, we hit a milestone with advertising revenues scaling up to 1% of our deliveries GMV and achieving an annualized revenue run rate of over $100 million. Looking ahead, we will continue to increase ads penetration and improve the monetization of our ads platform.

在廣告方面，我們取得了里程碑式的進展：廣告收入占我們外帶GMV的比重已達1%，年化營收營運率超過1億美元。展望未來，我們將持續提升廣告滲透率，並提升廣告平台的變現能力。

Third, we continue to focus on driving tech innovations to unlock greater operational efficiencies, while enhancing the overall user experience. Generative AI will play an increasingly important role in these efforts. For example, we've been using Generative AI to augment internal workflows and processes, so that Grabbers can debug codes and conduct queries faster. For our users, we also introduced LLM powered features such as translated menus and improved GrabChat translations.

第三，我們將持續致力於推動技術創新，以提升營運效率，同時提升整體使用者體驗。生成式人工智慧將在這些努力中發揮越來越重要的作用。例如，我們一直在使用生成式人工智慧來增強內部工作流程和流程，以便 Grabbers 能夠更快地偵錯程式碼和執行查詢。對於我們的用戶，我們還推出了由 LLM 提供支援的功能，例如翻譯選單和改進的 GrabChat 翻譯。

Overall, we remain optimistic on our longer-term growth prospects and are committed to operating our business anchored on sustainable growth. Southeast Asia is still under penetrated across our products and services, and we see plenty of headroom to serve beyond the 1 in 20 users and the millions of driver- and merchant-partners in the region that are on our platform today. And we will aim to do so sustainably as we track toward becoming Southeast Asia's largest and most efficient on-demand platform that enables local commerce, mobility, and access to financial services.

整體而言，我們對長期成長前景保持樂觀，並致力於以永續成長為基礎開展業務。東南亞市場仍未完全涵蓋我們的產品和服務，我們認為未來仍有龐大的發展空間，可以服務該地區目前每20名用戶中就有1名的用戶以及數百萬司機和商家合作夥伴。我們將致力於永續發展，致力於成為東南亞最大、最高效的隨選旅遊平台，協助本地商務、旅遊與金融服務。

I'll now hand over the time to Alex to cover our second quarter operational highlights in more detail.

現在我將時間交給亞歷克斯來更詳細地介紹我們第二季度的營運亮點。

Thank you, Anthony. I'll go deeper into the business and operational highlights by segment, starting with mobility.

謝謝安東尼。我將從移動出行開始，深入探討各細分領域的業務和營運亮點。

Mobility GMV and revenues in the second quarter continued to grow strongly year-on-year, with Grab further extending its category leadership across the region, while our segment adjusted EBITDA margins remained in line with our steady state guidance. Demand remains strong, and we are seeing continued quarter-on-quarter and year-on-year increases in mobility MTUs, as well as average frequency per user, with the latter growing 12% year-on-year.

第二季度，出行業務 GMV 和收入同比繼續強勁增長，Grab 進一步鞏固了其在該地區市場的領先地位，同時，我們分部的調整後 EBITDA 利潤率與我們的穩定預期保持一致。需求依然強勁，旅遊業務 MTU 和每用戶平均頻率均持續較上季和年成長，其中每位用戶平均頻率較去年同期成長 12%。

International traveler demand continues to recover. We increased airport rides by 64% year-on-year to reach 77% of pre-COVID levels. Several months back, we made a strategic decision to focus on improving traveler experiences on the Grab app to capture the post-COVID travel rebound. We rolled out guest browsing and traveler homepages and continue to see meaningful traction from our partnerships with WeChat, Alipay and Kakao. Domestic demand also further normalized across our markets, with mobility GMV now 85% of pre-COVID levels. When we compare mobility GMV levels between second quarter 2023 and the same period in 2019, several of our core markets such as Malaysia, Singapore and Thailand have either reached or surpassed these levels.

國際旅客需求持續復甦。我們的機場叫車服務年增64%，達到新冠疫情前水準的77%。幾個月前，我們做出了一項策略決策，專注於提升Grab應用程式的旅客體驗，以抓住新冠疫情後旅遊業的反彈機會。我們推出了訪客瀏覽和旅客主頁，並與微信、支付寶和Kakao的合作持續取得顯著進展。我們各市場的國內需求也進一步恢復正常，出行交易總額（GMV）目前已達到新冠疫情前水準的85%。將2023年第二季的旅遊交易總額與2019年同期進行比較，我們發現馬來西亞、新加坡和泰國等多個核心市場已達到或超過了這一水準。

To support this growth in demand, we continue to focus on improving driver supply. In the second quarter, monthly active driver supply increased by 10% year-on-year, with supply levels now at 84% of pre-COVID. We also announced the signing of an agreement to acquire 100% of the shares in Trans-cab, Singapore's third largest taxi operator. This could further supplement our supply base in Singapore upon the expected completion of the deal [in the fourth quarter] (added by the company after the call). We also continue to drive product innovation to enhance the overall user and driver experience on our platform. We are enhancing the affordability of our services to cater to more users, such as rolling out car pooling options in Malaysia and Indonesia, building on the successful relaunch of GrabShare in Singapore and the Philippines, and integrating Grab's product and tech into a relaunched Move It app to enhance our 2-wheel offering in the Philippines.

為了滿足這項成長的需求，我們持續致力於提升司機供應。第二季度，每月活躍司機供應量年增10%，目前已恢復至新冠疫情前的84%。我們也宣布簽署協議，將收購新加坡第三大計程車業者Trans-cab的全部股份。預計交易將於第四季度完成（公司在電話會議後補充），這將進一步增強我們在新加坡的供應基礎。我們也持續推動產品創新，以提升我們平台的整體用戶和駕駛員體驗。我們正在降低服務價格，以滿足更多用戶的需求，例如在馬來西亞和印尼推出共乘服務，在GrabShare在新加坡和菲律賓成功重啟的基礎上，將Grab的產品和技術整合到重新發布的Move It應用中，以增強我們在菲律賓的兩輪車服務。

We are also focused on improving driver productivity to enhance their earnings potential. A key example of which is our Grab navigation app within GrabMaps. This feature is now being utilized for 1 in 2 bookings. And based on data from driver partners who have utilized Grab Navigation, we saw improvements in trips per transit hour and fulfillment rates as compared to third-party apps. As a result of our efforts, we have seen the proportion of surged mobility rides being further reduced by 460 basis points year-on-year, and fulfillment rates increasing by 733 basis points over the same period.

我們也致力於提高司機的工作效率，以提升他們的獲利潛力。一個重要的例子就是我們內建在 GrabMaps 的 Grab 導航應用程式。目前，每兩筆訂單中就有一單是透過這項功能完成的。根據使用過 Grab 導航的司機合作夥伴的數據，我們發現與第三方應用程式相比，每小時的出行次數和訂單完成率都有所提高。透過我們的努力，我們看到激增出行的比例同比下降了 460 個基點，訂單完成率同期提高了 733 個基點。

Driver earnings per transit hour also increased by 9% year-on-year and 4% quarter-on-quarter, while quarterly retention rates of our active driver partners is healthy at 90%. Over the rest of this year, we expect to drive a continued increase in demand from travelers and local commuters. As such, we reiterate our expectations for mobility to exit 2023 at pre-COVID GMV levels, while we maintain segment adjusted EBITDA margins at our steady state.

司機每小時收入年增9%，季增4%，同時我們活躍司機夥伴的季度留存率維持90%的健康水準。今年剩餘時間，我們預計出行需求和本地通勤者的需求將持續成長。因此，我們重申對出行業務的預期，即2023年末的GMV將達到新冠疫情之前的水平，同時維持分部調整後EBITDA利潤率的穩定水平。

Now moving on to deliveries. Last quarter, there were questions about the growth prospects for deliveries. We said that we expected a rebound in growth in the second quarter, with continued sequential growth in the second half. We're pleased to report that deliveries GMV grew 10% quarter-on-quarter to reach an all-time high, while at the same time we continue to expand our segment adjusted EBITDA margins. The year-on-year growth was the result of 2 main initiatives. First, we focused on reducing our cost to serve and driving key affordability initiatives to better serve our users. To improve driver efficiency, we continued to enhance our batching technology and expanded just-in-time allocation to more markets to further reduce driver wait times when picking up orders at merchants.

現在談談配送業務。上個季度，人們對配送業務的成長前景存有疑問。我們表示，預計第二季成長將出現反彈，下半年將繼續保持環比成長。我們很高興地報告，配送GMV環比成長10%，創歷史新高，同時，我們持續提高分部調整後的EBITDA利潤率。年成長率主要得益於兩項措施。首先，我們專注於降低服務成本，並推動關鍵的可負擔性舉措，以更好地服務使用者。為了提高司機效率，我們繼續改進批量處理技術，並將即時配送服務擴展到更多市場，以進一步減少司機在商家取貨時的等待時間。

For the quarter, trips per transit hour for our driver partners further increased by 8% year-on-year, while driver wait times at our merchant partners reduced 52% year-on-year.

本季度，我們的司機夥伴每小時的出行次數較去年同期進一步增加 8%，而我們的司機在合作商家處的等待時間較去年同期減少 52%。

Second, we continued to deepen engagement with our user base, primarily through GrabUnlimited, our subscriptions program. GrabUnlimited subscribers have grown to account for approximately 1/3 of deliveries GMV in the second quarter and spent 3.8x more on food deliveries than non-subscribers.

其次，我們持續深化與用戶群的互動，主要透過我們的訂閱計畫 GrabUnlimited 進行。 GrabUnlimited 訂閱用戶已成長至佔第二季外送 GMV 的約三分之一，且在外送上的支出是非訂閱用戶的 3.8 倍。

GrabUnlimited subscribers also had average retention rates that were approximately 2x higher than non-subscribers over the first half.

上半年，GrabUnlimited 訂閱用戶的平均留存率也比非訂閱用戶高出約 2 倍。

In addition, in Malaysia, the Jaya Grocer loyalty program has been a key lever in improving customer retention and engagement. In June, members of the loyalty program represent 36% of the total customer base and on average, spent 1.4x more than non-members.

此外，在馬來西亞，Jaya Grocer 的會員計畫已成為提升顧客留存率和參與度的關鍵槓桿。 6 月份，該會員計畫的會員佔總顧客群的 36%，平均消費額是非會員的 1.4 倍。

For our merchant partners, we continue to focus on deepening engagement levels and helping them increase their earnings potential. As our marketplace grows, so do our merchants, and we are pleased to see that the median earnings for our deliveries merchants increased by 5% quarter-on-quarter.

對於我們的商家合作夥伴，我們將繼續致力於深化互動，並幫助他們提升獲利潛力。隨著我們平台的不斷發展，我們的商家也不斷發展壯大。我們欣喜地看到，我們配送商戶的營收中位數較上季成長了 5%。

We've also announced the beta launch of GrabFood Dine-in across several markets, providing our merchant partners with the ability to cater to our users' dine-in, self pickup and delivery needs within a single platform. For users, dine-in allows them to prepurchase Dine-in vouchers, view restaurant menus and consumer reviews as well as book rides to restaurants.

我們也宣佈在多個市場推出 GrabFood Dine-in 測試版，讓我們的合作商家能夠在一個平台上滿足用戶的堂食、自取和外送需求。用戶可以透過堂食服務預購堂食券、查看餐廳菜單和顧客評價，以及預訂前往餐廳的車程。

Looking ahead to the third quarter, we expect to drive further GMV growth to achieve yet another quarterly record high and we expect to drive growth sequentially into the fourth quarter as well. In fact, I can share with you now that our performance in July continues to be robust with deliveries MTUs at its highest point this year and GMV growing month-on-month and year-on-year. So we are optimistic on growth. At the same time, we are driving this growth in a sustainable manner as we progress towards our steady-state margins of 3% plus for deliveries.

展望第三季度，我們預期GMV將進一步成長，再創季度新高，並預期第四季也將實現環比成長。事實上，我現在可以告訴大家，我們7月的業績持續強勁，交貨量MTU達到今年最高點，GMV環比和年成長。因此，我們對成長持樂觀態度。同時，我們正在以可持續的方式推動這一成長，並朝著交付利潤率達到3%以上的穩定狀態邁進。

Next on to Financial Services. During the quarter, revenues grew year-on-year and quarter-on-quarter as we executed our strategy to focus on-platform for both Payments and Lending. 43% of our Financial Services revenue was generated by Grab's lending activities. Total loan disbursements grew 47% year-on-year. We focused on lending to our own ecosystem, where we have deep data insights to better manage and control credit costs, while providing positive uplift to our ecosystem.

接下來是金融服務。本季度，由於我們執行了專注於支付和貸款平台的策略，收入同比增長和環比增長。我們金融服務收入的43%來自Grab的貸款業務。貸款發放總額年增47%。我們專注於向自身生態系統提供貸款，憑藉我們深入的數據洞察，我們可以更好地管理和控制信貸成本，同時為我們的生態系統帶來積極的提升。

I'm also pleased to share that regulators allowed our digital bank in Singapore, GXS Bank, to increase total deposits. So in July, GXS increased the maximum deposit amount for individual savings accounts to SGD 75,000 from SGD 5,000 prior. And at the same time, we opened up the GXS savings account to more eligible individuals in Singapore. As a result, we have seen a strong uptick in deposits with minimal to no customer acquisition costs. And at current levels, we are able to adequately finance our loan book. Furthermore, ecosystem linkages are healthy with 1 and 2 GXS users linking their GXS accounts to Grab.

我還很高興告訴大家，監理機關允許我們在新加坡的數位銀行GXS Bank增加存款總額。因此，今年7月，GXS將個人儲蓄帳戶的最高存款額從先前的5,000新元提高到75,000新元。同時，我們向更多符合資格的新加坡個人開放了GXS儲蓄帳戶。因此，我們的存款強勁成長，而客戶獲取成本卻極低甚至為零。在目前的水平下，我們能夠為貸款帳戶提供充足的資金。此外，生態系的關聯性良好，目前已有1到2位GXS用戶將其GXS帳戶關聯到Grab。

While we have reduced segment adjusted EBITDA losses year-on-year on the back of cost savings in GrabFin, we did record a slight increase in losses quarter-on-quarter. This was mainly driven by an increase in Digibank investments, consistent with what we had shared during our Investor Day last year, where we expect Digibank losses to peak in 2023 this year, before reducing to reach breakeven by 2026.

雖然由於 GrabFin 的成本節約，我們調整後的 EBITDA 虧損同比有所減少，但季度環比虧損略有增加。這主要是由於 Digibank 投資增加，與我們去年投資者日分享的資訊一致，我們預計 Digibank 的虧損將在 2023 年達到峰值，然後逐步減少，到 2026 年實現盈虧平衡。

For GrabFin, our spend was flattish quarter-on-quarter, with the increase in variable expenses attributed to a higher cost of funds to support platform payments, being offset by further savings in overhead expenses as we improved operational efficiencies.

對於 GrabFin 而言，我們的支出環比持平，變動費用的增加歸因於支援平台支付的資金成本增加，但隨著我們提高營運效率，管理費用的進一步節省抵消了這一增加。

Finally, on our enterprise and new initiatives segment. Year-on-year revenues nearly doubled while segment adjusted EBITDA also tripled. The strong performance was attributed to advertising, underpinned by our efforts to increase advertising penetration among our merchant partners and improve monetization. As such, we hit a new milestone in the second quarter with advertising revenues, as Anthony mentioned earlier, comprising around 1% of our deliveries GMV and attaining an annualized revenue run rate of more than $100 million.

最後，關於企業和新舉措部門。年比收入幾乎翻了一番，部門調整後息稅折舊攤提前利潤也增加了兩倍。強勁的業績歸功於廣告業務，這得益於我們努力提升廣告在合作商家中的滲透率並提升獲利能力。正如Anthony之前提到的，我們在第二季創下了新的里程碑，廣告收入約占我們外送GMV的1%，年化收入運行率超過1億美元。

We remain confident in our advertising services and in driving value uplifts for our merchant partners and other top brands. For instance, in a Brand Lift study conducted for Lotteria Vietnam, a fast food restaurant chain belonging to the Lotte Group, we were encouraged to see the brand recording a 9.3x return on ad spend, as well as increases in ad awareness and purchase intent by 13% and 8% respectively, after completing a full funnel campaign inside the Grab app. In another example, Amazon Singapore ran a campaign with Grab Ads during Black Friday, which resulted in a unique reach of 1.8 million users in Singapore, along with a 16% increase in ads awareness.

我們對我們的廣告服務以及為商家合作夥伴和其他頂級品牌提升價值的能力始終充滿信心。例如，在為樂天集團旗下快餐連鎖店Lotteria Vietnam進行的一項品牌提升研究中，我們欣喜地發現，在Grab應用程式內完成完整的漏斗行銷活動後，該品牌的廣告支出回報率提升了9.3倍，廣告知名度和購買意願分別提升了13%和8%。另一個例子是，亞馬遜新加坡在黑色星期五期間與Grab Ads合作進行了一項廣告活動，在新加坡覆蓋了180萬用戶，廣告知名度也提升了16%。

So, as we look to the rest of 2023, we are focused on continuing our growth trajectory and our path to profitability, while maintaining or improving our category leadership position in ride-hailing and food deliveries. I will now turn the call over to Peter to review the second quarter financial results.

因此，展望2023年剩餘時間，我們將專注於延續成長軌跡和獲利之路，同時保持或提升我們在叫車和外送領域的領先地位。現在，我將把電話會議交給Peter，讓他回顧第二季的財務表現。

Thanks, Alex. We're pleased to report another strong set of results across both the top line and bottom line. Our group revenues in the second quarter grew 77% year-on-year or 81% on a constant currency basis and 8% quarter-on-quarter to reach $567 million. We continued to record strong revenue growth across all segments of our business. Mobility revenues were up 29% year-on-year, or 31% on a constant currency basis, and 7% quarter-on-quarter to hit $208 million. Our efforts to improve supply across the region have enabled us to capture the recovery in tourism demand and growth in domestic demand.

謝謝，Alex。我們很高興再次報告，集團營收和淨利潤均取得了強勁的業績。第二季度，集團營收年增77%，以固定匯率計算成長81%，季增8%，達到5.67億澳元。我們所有業務板塊的營收均保持強勁成長。行動旅遊業務營收年增29%，以固定匯率計算成長31%，較上季成長7%，達到2.08億澳元。我們致力於改善整個地區的供應，這使我們能夠抓住旅遊需求復甦和國內需求成長的機會。

Our deliveries revenue grew a 118% year-on-year, or 126% on a constant currency basis, and 6% quarter-on-quarter to reach $292 million. This was primarily driven by a reduction in incentives and GMV growth.

我們的配送收入年增118%，以固定匯率計算成長126%，季增6%，達到2.92億美元。這主要得益於獎勵減少和GMV成長。

Financial Services revenue grew by 223% year-on-year, or 230% on a constant currency basis, and 6% quarter-on-quarter to $40 million, underpinned by improved monetization of our payments business and increased contributions from lending.

金融服務收入年增 223%，以固定匯率計算成長 230%，季增 6%，達到 4,000 萬美元，這得益於我們支付業務貨幣化的提高和貸款貢獻的增加。

Finally, Enterprise and New Initiatives revenues grew 95% year-on-year or 99% on a constant currency basis and 51% quarter-on-quarter to hit $27 million. This was supported by the continued growth in advertising revenues.

最後，企業及新舉措業務收入年增95%，以固定匯率計算成長99%，較上季成長51%，達到2,700萬美元。這得益於廣告收入的持續成長。

Turning now to Group GMV. We recorded year-on-year growth of 4%, or 6% on a constant currency basis to reach $5.2 billion in the second quarter. This was supported by an increase in group MTUs, which achieved a new all-time high for the quarter. Our on-demand segments of mobility and deliveries recorded GMV growth of 11% year-on-year or 14% on a constant currency basis. Mobility GMV grew strongly by 28% year-on-year or 30% on a constant currency basis, and we remain on track to exit 2023 at pre-COVID GMV levels.

現在來看看集團GMV。第二季度，我們集團GMV年增4%，以固定匯率計算成長6%，達到52億美元。這得益於集團MTU的成長，該成長在本季創下了歷史新高。我們的按需出行和配送業務GMV年增11%，以固定匯率計算成長14%。旅遊業務GMV年增28%，以固定匯率計算成長30%，我們仍有望在2023年年底達到新冠疫情前的GMV水準。

Deliveries GMV bounced back towards growth and saw an increase of 4% year-on-year or 7% on a constant currency basis to $2.6 billion. This was also a new record for our deliveries GMV.

外送GMV（商品交易總額）反彈至成長，年增4%，以固定匯率計算成長7%，達26億美元。這也創下了我們外送GMV的新紀錄。

Moving on to segment adjusted EBITDA. Total segment adjusted EBITDA was $172 million in the second quarter, improving from a negative $19 million in the same period last year. Segment margins improved 366 basis points year-on-year and 26 basis points quarter-on-quarter. We continue to deliver reductions in total incentives as a percentage of GMV, which declined to 8% in the second quarter from 10.4% in the same period last year.

再來看看分部調整後EBITDA。第二季分部調整後EBITDA總額為1.72億美元，較去年同期的負1,900萬美元有所改善。分部利潤率較去年成長366個基點，較上季提升26個基點。我們持續降低總獎勵佔GMV的百分比，該百分比從去年同期的10.4%下降至第二季的8%。

Deliveries segment adjusted EBITDA grew to $69 million, representing an EBITDA margin of 2.7%. This is an expansion of 404 basis points year-on-year or 10 basis points quarter-on-quarter. In the second quarter, the majority of our core markets continue to have margins exceeding the 3% steady-state target. In mobility, segment adjusted EBITDA grew 31% year-on-year to $163 million in the second quarter. EBITDA margins were 12.4% in the second quarter, broadly in line with our steady state margin target of 12%. For Financial Services, segment adjusted EBITDA improved to negative $75 million, representing a 35% year-on-year improvement but declined 8% quarter-on-quarter. As Alex mentioned, this was mainly driven by increased levels of investments for our Digibank operations.

配送部門調整後 EBITDA 成長至 6,900 萬美元，EBITDA 利潤率為 2.7%。這比去年同期擴大了 404 個基點，比上一季擴大了 10 個基點。在第二季度，我們大多數核心市場的利潤率持續超過 3% 的穩態目標。在行動出行領域，第二季部門調整後 EBITDA 年比成長 31%，達到 1.63 億美元。第二季 EBITDA 利潤率為 12.4%，與我們 12% 的穩態利潤率目標大致一致。對於金融服務部門，部門調整後 EBITDA 改善至負 7,500 萬美元，比去年同期成長了 35%，但比上一季下降了 8%。正如 Alex 所提到的，這主要是由於我們對 Digibank 業務的投資水準增加。

Finally, for Enterprise and New Initiatives, segment adjusted EBITDA tripled year-on-year with margins expanding to 30.3% in the second quarter from 9.7% in the same period last year. The increase in profitability is mainly attributed to our efforts to improve monetization of our advertising services and to deepen advertising penetration with our active merchant base.

最後，企業及新措施業務的分部調整後EBITDA年增兩倍，利潤率從去年同期的9.7%增至第二季的30.3%。獲利能力的成長主要歸功於我們努力提升廣告服務的貨幣化水平，並不斷深化廣告在活躍商家群體中的滲透率。

For the second quarter, our regional corporate costs improved to $192 million as compared to $214 million in the prior year period and $216 million in the prior quarter. On a year-on-year basis, we drove cost optimization across several line items. Our variable expenses declined 31% year-on-year from increased operational efficiencies, specifically driven by lower cloud costs and direct marketing costs. Staff costs, which accounts for slightly over half of our regional corporate costs, declined 6% year-on-year and 13% quarter-on-quarter. This was driven by lowered headcount levels across various functions and a reversal of fixed costs recognized from the restructuring exercise conducted in June.

第二季度，我們區域企業成本改善至1.92億美元，去年同期為2.14億美元，上季為2.16億美元。年比來看，我們推動了多個專案的成本優化。由於營運效率提升，特別是雲端成本和直銷成本的降低，我們的變動成本較去年同期下降了31%。員工成本占我們區域企業成本的一半多一點，較去年同期下降了6%，較上季下降了13%。這得益於各職能部門員工人數的減少，以及6月重組過程中確認的固定成本的沖銷。

On this latter point, we estimate that the restructuring exercise will result in $80 million of annualized cost savings above the adjusted EBITDA line. 60% of these cost savings are expected to be realized in regional corporate costs, with the remainder in the business segments. Looking ahead, we will continue to be disciplined on costs and we anticipate regional corporate costs in the second half of 2023 to improve from the first half.

關於後者，我們估計重組工作將帶來8,000萬美元的年度成本節省，高於調整後EBITDA線。預計其中60%的成本節省將反映在區域公司成本中，其餘部分將反映在業務部門中。展望未來，我們將繼續嚴格控製成本，預計2023年下半年區域公司成本將較上半年有所改善。

As a result of the strong top line growth, and greater focus on profitability, Group adjusted EBITDA improved to negative $20 million, representing a year-on-year improvement of $214 million. Group adjusted EBITDA margins also improved to negative 0.4% for the quarter. With a focus on driving cost optimizations and profitable growth across our business, we are well on track towards achieving group adjusted EBITDA breakeven. As such, we are revising up our breakeven timeline to the third quarter of 2023 from our prior expectations of the fourth quarter of 2023.

得益於強勁的營收成長以及對獲利能力的更多關注，集團調整後EBITDA（息稅折舊攤提前利潤）改善至負2,000萬美元，較去年同期成長2.14億美元。本季集團調整後EBITDA利潤率也改善至負0.4%。我們專注於推動整個業務的成本優化和獲利成長，正穩步實現集團調整後EBITDA的損益平衡。因此，我們將盈虧平衡時間從先前預期的2023年第四季上調至2023年第三季。

Moving on to IFRS loss. We reported a second quarter loss of $148 million, representing a 74% improvement from a loss of $572 million in the same period last year. This is due to improving profitability on a group adjusted EBITDA basis, lowered share-based compensation expenses and lowered fair value losses on investments. On the back of the restructuring exercise we announced in June, I do want to call out that our IFRS losses in the second quarter also included $50 million of restructuring charges. Correspondingly, some of the reduction in our share-based compensation expenses were due to reversal of expenses from the restructuring.

再來說說國際財務報告準則（IFRS）下的虧損。我們報告第二季虧損1.48億美元，較去年同期的5.72億美元虧損改善了74%。這得益於集團調整後息稅折舊攤銷前利潤（EBITDA）的獲利能力提升、股權激勵費用的降低以及投資公允價值損失的減少。鑑於我們6月份宣布的重組計劃，我想指出的是，我們第二季度的國際財務報告準則（IFRS）虧損中還包括5000萬美元的重組費用。相應地，股權激勵費用的減少部分是由於重組費用的沖銷。

Turning to our balance sheet. Our liquidity and cash position continues to remain strong. We ended the second quarter with $5.6 billion of gross cash liquidity, which declined slightly from $5.8 billion at the end of the prior quarter. Our net cash liquidity was $4.9 billion at the end of the second quarter as compared to $5.0 billion in the prior quarter.

談到我們的資產負債表。我們的流動性和現金狀況持續保持強勁。第二季末，我們的總現金流動性為56億美元，較上一季末的58億美元略有下降。第二季末，我們的淨現金流動性為49億美元，而上一季為50億美元。

As we look to the rest of 2023, we remain focused on driving towards profitability while scaling the business sustainably. In deliveries, we are confident that GMV will grow sequentially in the third quarter. Demand continues to hold up strongly as our strategies to increase affordability and improve engagement continues to benefit the marketplace, with GMV growth momentum carrying into July. While we are optimistic on growth, we will also balance this sustainably as we drive towards our near-term steady-state segment adjusted EBITDA margin target of 3% plus.

展望2023年剩餘時間，我們將持續專注於提升獲利能力，同時持續拓展業務規模。在外賣方面，我們相信第三季的GMV將環比成長。隨著我們提升價格承受能力和提升用戶參與度的策略持續惠及市場，市場需求持續保持強勁，GMV的成長動能將延續至7月。我們對成長持樂觀態度，同時也將以永續的方式平衡成長，努力實現近期穩態分部調整後EBITDA利潤率3%以上的目標。

Similarly, with mobility GMV recording another strong quarter, we aim to capitalize on the sustained growth tailwinds and are confident of sequential growth heading into the third quarter. We remain on track for mobility GMV to reach pre-covid levels by the end of this year, while maintaining steady state segment adjusted EBITDA margins of 12%. As mentioned earlier, we are also tracking well towards achieving group adjusted EBITDA breakeven in the third quarter of 2023, earlier than our prior expectations of the fourth quarter of 2023.

同樣，隨著行動業務GMV再創強勁季度佳績，我們力求抓住持續增長的機遇，並有信心在第三季度實現環比增長。我們預期行動業務GMV將在今年底前達到新冠疫情前的水平，同時維持12%的分部調整後EBITDA利潤率。如前所述，我們也預計在2023年第三季實現集團調整後EBITDA盈虧平衡，這比我們先前對2023年第四季的預期要早。

With all segments performing strongly on adjusted EBITDA in the second quarter, we are revising up our full year group adjusted EBITDA target to a loss of between $30 million and $40 million. This is an improvement from our previous guidance of negative $195 million to $235 million. At the same time, we maintain our 2023 revenue expectations of 54% to 60% year-on-year growth to hit $2.2 billion to $2.3 billion.

由於所有部門在第二季的調整後EBITDA表現強勁，我們將全年集團調整後EBITDA目標上調至虧損3,000萬至4,000萬美元。這比我們先前預測的虧損1.95億至2.35億美元有所改善。同時，我們維持2023年營收年增54%至60%的預期，達到22億至23億美元。

In conclusion, we delivered another strong quarter where we executed on the top and bottom line with now a clear line of sight to achieving our profitability milestone. As always, Anthony, Alex and I would like to thank Grabbers for their hard work in making these results possible, and we want to express our deep appreciation for our driver and merchant partners. While there's 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 business and marketplace sustainably.

總而言之，我們又一個季度取得了強勁的業績，營收和利潤均有顯著增長，現在我們清晰地看到了實現盈利里程碑的希望。一如既往，Anthony、Alex 和我衷心感謝 Grabbers 為實現這些業績所付出的辛勤努力，並向我們的司機和商家合作夥伴致以最深切的謝意。雖然我們仍有許多工作要做，但我們相信，強勁的資產負債表、成本控制和策略將使我們能夠繼續實現業務和市場的可持續成長。

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

非常感謝您抽出時間，我們現在開始提問。

(Operator Instructions) Our first question comes from Venugopal Garre from Bernstein.

（操作員指示）我們的第一個問題來自伯恩斯坦的 Venugopal Garre。

Firstly, congratulations on the good quarter and thanks for the very detailed opening remarks. So quite a few of the questions do get answered. I still have 2 broad questions. Firstly, on food delivery, I was curious to know, given that we have seen a growth in this quarter. And I think the commentary also appears to be fairly decent wanted to understand that what is primarily driving this growth? How much of it is actually basket size driven? And also on the profitability side of the food delivery segment, I wanted to understand the broad thought process and sustainability of that given that we haven't really seen any market consolidation yet in the sector?

首先，恭喜您本季取得了良好的業績，也感謝您非常詳盡的開場白。所以很多問題都得到了解答。我還有兩個大問題。首先，關於外賣，鑑於我們本季看到了成長，我很好奇。而且我認為評論似乎也相當不錯，我想了解一下，推動這一成長的主要因素是什麼？其中有多少是由訂單規模所驅動的？此外，關於外賣領域的獲利能力，鑑於我們目前還沒有看到該行業出現任何市場整合，我想了解這一增長的整體思路和可持續性。

And my second question is on your Digibank GXS with now having done a full-fledged launch in Singapore. When do we really expect it to start incrementally contributing to profits and also, I was curious to know that with the interest rates being offered on deposits last year that was, I think, about 2.48% or 2.4%, which is actually quite low compared to the normal banking system, are we able to gather deposits? And what is the broader plan with respect to lending products around this? Any update on that will be great.

我的第二個問題是關於你們的Digibank GXS，目前它已經在新加坡全面上線。我們預計它什麼時候才能開始逐步貢獻獲利？另外，我很好奇，去年存款利率大概在2.48%或2.4%左右，與一般銀行體系相比相當低，我們還能吸收存款嗎？圍繞著這個方案，你們在貸款產品方面有什麼更廣泛的計劃？如果能更新一下，那就太好了。

Thanks, Venu. This is Alex. Let me take those -- both those questions. On food deliveries, it is sustainable because what we've been doing, the 2 things that I mentioned in the remarks, like driving using scale to drive down cost to serve and then passing that on in terms of affordability. And then the second part about deeper engagement, particularly using GrabUnlimited. Both of those are sustainable. We think they're working well and given that we're barely penetrated into single-digit penetration of the Southeast Asia market at this point, we think there's plenty of growth upside for us to continue to -- with that same strategy. In the quarter, there was an increase in spend per user, which drove the increase. And so we will continue to execute that strategy.

謝謝，Venu。我是 Alex。這兩個問題我來回答。外送業務是可持續的，因為我們一直在做的，也就是我在評論中提到的兩件事，例如利用規模化來降低服務成本，然後透過價格實惠的方式將成本傳遞給客戶。第二部分是關於更深入的互動，特別是使用 GrabUnlimited。這兩個策略都是可持續的。我們認為它們效果很好，考慮到我們目前在東南亞市場的滲透率不到個位數，我們認為繼續保持同樣的策略，我們還有巨大的成長空間。本季度，每位用戶的支出有所增長，這推動了成長。因此，我們將繼續執行這項策略。

You mentioned consolidation. We are the category position leader. Therefore, we do those scale advantages do accrue to us more than others. So we're going to continue to focus on execution and make sure that our customers benefit from those advantages. We're sticking to our long-term guidance on margin, which is 3% plus and you've seen that there's also the advertising business, which generates good margins on the back of growth in deliveries as well. So there's additional benefit financially from advertising on top of that.

您提到了整合。我們是品類領導者。因此，我們比其他公司累積的規模優勢更大。因此，我們將繼續專注於執行，確保我們的客戶能夠從這些優勢中受益。我們堅持長期利潤率指導，即3%以上。您也看到了，我們的廣告業務也在交付量成長的推動下產生了良好的利潤率。因此，廣告業務還能帶來額外的財務效益。

Let me turn to your question about the Digibank's and the competition for deposits and then the breakeven. So I confirm what we said this time last year at the Investor Day that we expect the 3 banks collectively to breakeven in 2026. We are still on track for that. For deposits, we recently had the bank regulator raise the cap on deposits. So we were able to raise deposits very fast after that. So that happened in July and we were able to raise deposits very fast. In fact, since then, as you probably noticed, we've reduced the interest rate on our savings account to slow down the rate of new deposits coming in. So it seems like our brand, our ecosystem and the ease of use of our banking app have all contributed to that success. So we'll continue to double down on all of those things as we seek to grow the bank in, not just in Singapore, but in the second half, we expect to launch in Malaysia and Indonesia as well.

我來回答你關於數位銀行（Digibank）的問題，以及存款競爭和損益平衡的問題。我確認我們去年投資者日的發言，我們預計這三家銀行將在2026年達到損益兩平。我們目前仍在朝著這個目標努力。就存款而言，最近銀行監管機構提高了存款上限。因此，在那之後，我們的存款成長非常快。 7月就提高了存款上限，之後我們的存款成長也非常快。事實上，從那以後，你可能已經注意到了，我們降低了儲蓄帳戶的利率，以減緩新增存款的速度。所以，我們的品牌、生態系統以及銀行應用程式的易用性似乎都為這一成功做出了貢獻。因此，我們將繼續加倍努力，力求在新加坡以外的地區拓展業務，預計下半年還將在馬來西亞和印尼推出這項服務。

You asked specifically about the lending product. The lending product in Singapore that we've launched is called FlexiLoan. It has a market-leading NPS score. So we're very happy -- the customers are very happy with the product. With this product, we are now growing our steady -- our loan book steadily and redeploying those deposits that we've raised. And so as we deepen our credit models, we will be able to progressively accelerate the availability and the marketing of that loan in Singapore. We've been able to thus far, lend to both traditional bank customers and also to the underbanked that are part of our ecosystem. So we're very pleased that this is helping us also to pursue our mission to serve the underbanked in Southeast Asia. And we expect that, that market segment in particular, will be very large when we move to markets such as Indonesia. Thanks, and hopefully, I covered all of your questions.

您特別提到了貸款產品。我們在新加坡推出的貸款產品名為 FlexiLoan，其淨推薦價值 (NPS) 處於市場領先地位。因此，我們非常高興——客戶對這款產品非常滿意。憑藉這款產品，我們現在正在穩步增長貸款規模，並重新部署我們籌集到的存款。隨著我們深化信貸模式，我們將能夠逐步加快該貸款在新加坡的供應和行銷。到目前為止，我們既能向傳統銀行客戶，也能向我們生態系統中缺乏銀行服務的族群提供貸款。因此，我們很高興看到該產品也有助於我們履行服務東南亞缺乏銀行服務的群體的使命。我們預計，當我們進軍印尼等市場時，這個細分市場將會非常龐大。謝謝，希望我已經回答了您的所有問題。

Our next question comes from Piyush Choudhary.

下一個問題來自 Piyush Choudhary。

Congratulations to the management team for such a strong set of performance. A couple of questions. Firstly, on restructuring, can I confirm the $80 million annualized savings will be cash OpEx savings? And in addition to that, how much share-based compensation would come down? Or what would be the savings over there? Secondly, in mobility, similar to Trans-cab, would you be open or looking for similar opportunities in other countries? Or was it a Singapore-specific strategy to solve the supply problem? And if you can give us an update on the competitive landscape and mobility, particularly in Singapore, Thailand and Indonesia, that would be helpful.

祝賀管理團隊取得如此出色的業績。我有幾個問題。首先，關於重組，我能否確認8000萬美元的年度化節省是現金營運支出節省？除此之外，股權激勵會降低多少？或者說，這方面的節省具體是多少？其次，在行動旅遊領域，與Trans-cab類似，你們是否會在其他國家尋找或開放類似的發展機會？或者說，這是針對新加坡的一項解決供應問題的策略？如果您能向我們介紹一下競爭格局和移動出行的最新情況，尤其是在新加坡、泰國和印度尼西亞，那將非常有幫助。

Hi, Piyush, let me take the first one and then Alex will take the Trans-cab as well as the competitive landscape. So on the restructuring, your question is the $80 million cash savings? Yes, it is. And that's annualized for -- and of which 60% of that will hit regional corporate costs from a savings perspective and 40% from -- across our business segments. And in terms of stock-based compensation, the second quarter, SBC was roughly about $65 million. Now there was some onetime reversal from -- in the SBC line, driven from the restructuring. So the way to think about our stock-based compensation on a go-forward basis, if you look at our Q4 number, roughly about $90 million will be below that $90 million mark, and that's a number that you could use from a modeling perspective.

嗨，Piyush，我先來談談第一個問題，然後 Alex 會談談 Trans-cab 以及競爭格局。關於重組，你的問題是 8000 萬美元的現金節省嗎？是的，確實如此。這筆錢是按年計算的——其中 60% 將從節省的角度用於區域公司成本，40% 將用於我們各個業務部門的成本。至於股票薪酬，第二季的 SBC 大約為 6,500 萬美元。由於重組，SBC 的支出出現了一些一次性的逆轉。所以，從未來的角度來看，如果你看我們第四季的數據，大約有 9000 萬美元將低於 9000 萬美元的大關，你可以從模型的角度來使用這個數字。

Let me talk about the Trans-cab. Yes, Singapore, the (inaudible).

我來談談Trans-cab。是的，新加坡，（聽不清楚）。

Hi, Sorry we can't hear you.

您好，抱歉，我們聽不到您的聲音。

Yes. Just let me pick up on your question on Trans-cab. So we are interested in leveraging the taxi license to drive down our cost to serve. So Singapore cost of vehicles is very high, as you know. And there is an advantage to taxi license holders that they can purchase at a lower COE. That will allow us to keep on doubling down on affordability and reducing cost to serve in Singapore. So those special circumstances in Singapore make this a particularly attractive proposition. It's not that we would be close to other such transactions, but we have a very high bar on M&A in general. And so it would have to be a very attractive acquisition to reproduce the kinds of strategic synergies that we saw in the Trans-cab situation.

是的。我來繼續回答你關於Trans-cab的問題。我們有意利用計程車牌照來降低服務成本。新加坡的車輛成本很高，你也知道這一點。而計程車牌照持有者的優勢在於，他們可以以較低的營運成本（COE）購車。這將使我們能夠繼續在新加坡提高可負擔性，並降低服務成本。新加坡的特殊情況使得這項提議特別具有吸引力。並不是說我們很快就會進行類似的交易，而是我們對併購的門檻通常很高。因此，這筆收購必須非常具有吸引力，才能複製我們在Trans-cab交易中看到的那種策略性綜效。

Competitive landscape, let me pick that up for. You asked about Singapore, Thailand, Indonesia, in particular. I would say that it's the same playbook that we talked about for deliveries in many ways because we're seeing meaningful regional scale across all markets, and we're able to translate that using some of the great tech tools that we've built into better reliability and better affordability. No silver bullets, but a just a whole bunch of really powerful tech capabilities, which is creating advantages using machine learning, large language models like Anthony was saying earlier to help us serve customers better. And that means that we are improving our category position even further in mobility in markets like Singapore, Thailand and Indonesia. So we'll continue to double down on that execution strategy because we think there's more to go and more customers to serve.

讓我來談談競爭格局。你特別提到了新加坡、泰國和印尼。我想說，這與我們之前討論的配送策略在很多方面都是一樣的，因為我們看到所有市場都呈現出顯著的區域規模效應，並且我們能夠利用我們構建的一些優秀技術工具，將其轉化為更高的可靠性和更實惠的價格。沒有靈丹妙藥，但有一系列非常強大的技術能力，例如利用機器學習和大型語言模型（就像安東尼之前提到的）創造優勢，幫助我們更好地服務客戶。這意味著我們在新加坡、泰國和印尼等市場的行動出行領域地位正在進一步提升。因此，我們將繼續加倍執行這項策略，因為我們認為還有更多工作要做，需要服務的客戶也更多。

We will now take our next question from Pang Vitt from Goldman Sachs.

我們現在將回答高盛的 Pang Vitt 提出的下一個問題。

Thank you very much for the opportunities and good evening the management on the call. Two questions from me, please. Firstly, I noticed from the market trends that your market share for the on-demand services have improved considerably in the quarter, especially in Indonesia, GMV holding up stronger than peers, while you also managed to deliver a margin expansion on a sequential basis. Can you share with us what have you done differently than your peers to achieve this? Are you planning to continue to your market share? Or will you try to expand your margins now? That's question number one.

非常感謝這次機會，各位管理階層晚上好。請問您兩個問題。首先，我從市場趨勢中註意到，貴公司按需服務的市場份額在本季度大幅提升，尤其是在印度尼西亞，GMV（商品交易總額）保持強於同行，同時利潤率也實現了環比增長。能否分享一下，為了實現這個目標，貴公司採取了哪些與同業不同的做法？貴公司計劃繼續保持市場份額，還是現在就嘗試提高利潤率？這是第一個問題。

Question number two, with regards to your MTU. We are now at all-time high going into the month of July as well. Just want to understand what have you done to achieve this? Does new users come from Tier 1 expansion to continue to penetrate deeper into the metro area. Or have you already managed to successfully expand into an underserved reasons?

第二個問題，關於你們的MTU。進入7月份，我們的MTU也達到了歷史最高水準。我想了解你們是如何實現這目標的？新用戶是透過一級市場擴張而來的，是為了繼續深入大都會地區嗎？還是你們已經成功擴展到服務不足的地區？

The market share -- thanks, Pang, for your question. The market share, I think I would refer to my earlier answers in terms of our playbook. It's our scale as category position leader together with the powerful platform capabilities that we've built. When I think of GrabMaps, it's a very powerful competitive advantage that other platforms don't have. You think about our payments platform, our ads platform all coming together, generating more and more data and allowing us to serve customers better and to help our partners and our merchants to earn more than they do in other platforms. All of that helps us to generate more loyalty and all of that helps us to penetrate deeper city by city.

市場佔有率－感謝 Pang 的提問。關於市場份額，我想我會參考我之前關於「我們的策略」的回答。這得益於我們作為產業領導者的規模，以及我們所建構的強大平台能力。說到 GrabMaps，我認為它是一個非常強大的競爭優勢，其他平台沒有。想想我們的支付平台、廣告平台，所有這些平台結合在一起，產生了越來越多的數據，使我們能夠更好地服務客戶，並幫助我們的合作夥伴和商家獲得比其他平台更高的收益。所有這些都有助於我們提升客戶忠誠度，並幫助我們更深入地滲透各個城市。

We have expanded in outer cities of Indonesia over the quarter. And we think there are plenty of more cities into which we can grow, so that is part of the growth. But I would say that we've also seen growth in the big Tier 1 cities that have been our traditional stronghold in Indonesia. So the growth has been balanced between both of these.

本季度，我們在印尼的郊區城市擴張了業務。我們認為還有很多城市可以拓展，所以這也是成長的一部分。但我想說，我們在印尼傳統的一線大城市也看到了成長。所以，這兩方面的成長是均衡的。

In terms of margin versus growth, we are at already our steady-state margins for mobility. And so we don't feel that we need to go higher than that. We're comfortable with those as sustainable. So you'll see our focus continuing on driving to grow the market through greater affordability and better reliable services. Like I was saying earlier, we only serve a single-digit share of the total Southeast Asia market. So we feel that we still have lots of growth upside.

就利潤率與成長率而言，我們的移動出行利潤率已經處於穩定狀態。因此，我們認為無需再進一步提升。我們認為這些利潤率是可持續的。因此，您將看到我們將繼續專注於透過提高價格承受能力和提供更可靠的服務來推動市場成長。正如我之前所說，我們目前僅佔東南亞市場總份額的個位數。因此，我們認為我們仍有很大的成長空間。

MTUs are at an all-time high. We are confident that the affordability push is the main driver of that. So there are plenty of untapped segments both in the large cities and then the outer cities that we haven't been able to penetrate up until now. So we feel like affordability is really going to help us to continue to grow MTU. So there's no magic to that. Again, it's more of the improving reliability and affordability, city by city and really pushing through optimized marketing. Not so much the promotion side. You can see we've refined our promotions even further and continue to optimize in this quarter as we have over the last 18 months quite consistently. So we've been able to do more of that. But this time, it's more about everyday low pricing, making our services more affordable, getting people to make them part of their daily routines.

MTU 的客流量達到了歷史最高水準。我們相信，價格實惠的提升是主要驅動力。因此，無論是大城市或偏遠城市，都有很多尚未開發的細分市場，我們至今仍未能滲透。因此，我們認為價格實惠將真正幫助我們繼續成長 MTU。這其中並沒有什麼神奇之處。再次強調，關鍵在於逐個城市提高可靠性和價格實惠性，並真正推動優化行銷。促銷方面則並非如此。您可以看到，我們進一步優化了促銷活動，並在本季繼續進行最佳化，就像過去 18 個月一樣。因此，我們能夠做得更多。但這次，我們更注重的是日常低價，讓我們的服務更實惠，讓人們將其融入日常生活。

I'll comment beyond just the shorter-term MTUs, the longer term. Alex is completed, right? It's not just 1 or 2 silver bullets. We're looking at many 1% improvements, whether it's in affordability, whether it's in reliability, whether it's in better fulfillment. And we've seen that. This multipronged approach of fundamental investments into the basic, most fundamental 1% and many of these has helped us really become the most reliable and go to choice.

除了短期MTU之外，我還會會談一些長期問題。 Alex已經完成了，對吧？這不僅僅是一兩個靈丹妙藥。我們正在尋求許多1%的改進，無論是在可負擔性方面，還是在可靠性方面，還是在更好的履行方面。我們已經看到了這一點。這種多管齊下的方法，對最基本的1%進行基礎性投資，其中許多投資幫助我們真正成為最可靠、最值得選擇的客戶。

Longer term, we are seeing this multipronged approach across services. So as we evolve the services, whether it's saver deliveries, whether it's carpooling options, we're seeing it reaches a broader range of users. Then you alluded just now as well paying to the outer city our expansion. You're right. Now with more affordable services, we can reach better and we have better product market fit out of city, but how do we do it? As we are driving costs, we're passing that savings on to our consumers. And then it's not just that, we also looked at increasing our product offerings and lending within the Financial Services segment, and that really helps uplift our ecosystem partners. So all that plus this constant product innovation on affordability and reliability has given us that long growth while even margin expansion is taking place more engagement, more loyalty, as Peter talked about as well. So we are actually confident. We see still a large TAM. We see tremendous headroom to grow. We see given our power of our ecosystem and scale our platform and a multipronged approach, we're going to grow that user base.

從長遠來看，我們看到我們在各項服務上採取了多管齊下的策略。隨著我們服務的不斷改進，無論是更經濟的配送服務，還是共乘服務，我們都看到它涵蓋了更廣泛的用戶群。您剛才也提到了我們向城郊地區擴張的支出。您說得對。現在有了更實惠的服務，我們可以更好地涵蓋城郊地區，我們的產品市場也更加契合，但我們該如何做到這一點？在我們降低成本的同時，我們將節省的成本讓利給消費者。不僅如此，我們也考慮在金融服務領域增加產品種類和貸款，這確實有助於提升我們生態系統合作夥伴的表現。所有這些，加上我們在價格實惠和可靠性方面不斷進行的產品創新，使我們實現了長期增長，而利潤率的提高也源於更高的參與度和更高的忠誠度，正如Peter所提到的那樣。所以我們對未來充滿信心。我們仍然擁有龐大的潛在市場規模，並且看到了巨大的成長空間。我們看到，憑藉我們生態系統的力量、平台的規模和多管齊下的方法，我們將擴大用戶群。

Our next question comes from Thomas Chong from Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

Thanks management for taking my questions and congratulations on a very strong set of results. My question first is about the macro environment, how is management looking into the macro trend coming into the second half? And also on the -- about our strategies on the reinvestment side. Given that we are seeing other players in Southeast Asia are looking to reinvest to grow -- to drive the growth and gain market share. So that's number one.

感謝管理層回答我的問題，並祝賀我們取得了非常強勁的業績。我的第一個問題是關於宏觀環境，管理階層如何看待下半年的宏觀趨勢？以及我們在再投資方面的策略。鑑於我們看到東南亞其他公司正在尋求再投資以實現成長——推動成長並增加市場份額。所以這是第一點。

And then number two is, regarding Generative AI, we talk about the pricing in the prepared remarks. So I just want to get some color with regard to our Generative AI and strategies going into the future, should we expect there would be a big change in the Southeast Asia Internet sector.

第二點，關於生成式人工智慧，我們在準備好的發言中討論了定價問題。所以，如果我們預期東南亞網路產業將發生重大變化，我只是想介紹一下我們的生成式人工智慧以及未來的策略。

Great questions, Thomas. Really appreciate it. So of course, let me comment on macros for second half. So the right thing to do for us is to closely monitor any risk on inflation, any macro weaknesses in the region. But overall, we remain confident in our ability to execute and continues to drive growth and profitability. And why can we do that? Through our ecosystem advantage through our category leadership through our platform scale. And we will quickly adapt, regardless of this ever-changing, ever-evolving macroeconomic environment. And you saw this in the second quarter, we grew MTUs, and Alex talked about this at an all-time high at around $35 million, while we narrowed EBITDA losses. So I can't overemphasize this. There's no secret, no silver bullet, just lots of fundamental little, little improvements. And we've talked about hundreds of little, but very important initiatives. Again, thanks to the Grabbers all out there, who are continuously driving for more affordability, more reliability, so we can pass on more savings to our users and our partners. And that's the only way to outserve all the people we serve in a sustainable manner.

湯瑪斯，這個問題問得真好。非常感謝。當然，我想先談談下半年的宏觀經濟情勢。對我們來說，正確的做法是密切關注通膨風險以及該地區的任何宏觀經濟弱點。但總體而言，我們對自身的執行能力仍充滿信心，並將繼續推動成長和獲利。為什麼我們能夠做到這一點？因為我們的生態系優勢、我們的品類領導地位以及我們的平台規模。無論宏觀經濟環境如何變化，我們都能快速適應。正如亞歷克斯所說，我們在第二季度實現了MTU（最大運輸單位）的成長，達到了歷史最高水平，約3500萬美元，同時我們的EBITDA虧損也縮減了。這一點我再怎麼強調也不為過。沒有秘訣，沒有靈丹妙藥，只有許多根本性的、細微的改進。我們已經討論了數百項雖小但非常重要的措施。再次感謝所有Grabbers，他們不斷努力提高產品的經濟性和可靠性，以便我們能夠將更多成本節約回饋給用戶和合作夥伴。這是以可持續的方式為所有我們服務的人提供優質服務的唯一方法。

Now if I may quickly jump on your G AI question. The honest truth is for applications for AI specifically for Grab, AI is incredibly vast, it's what powers the user and partner experience in our app. And we've been very blessed. We've been at the forefront of this region with machine learning and AI. And we already thanks to, again, the -- all our wonderful tech teams that they have built the data infrastructure to continue to innovate, to continue to enhance our platform experience efficiently for the communities we serve. And specifically on generative AI. This will continue to play an increasingly important role in everything we do.

現在，我可以快速回答您關於G-AI的問題。說實話，對於人工智慧應用，特別是對於Grab來說，人工智慧的應用非常廣泛，它驅動著我們應用中使用者和合作夥伴的體驗。我們非常幸運，在機器學習和人工智慧領域一直處於領先地位。我們再次感謝我們所有優秀的技術團隊，他們建立了數據基礎設施，使我們能夠繼續創新，繼續有效地提升我們平台的體驗，造福我們服務的社區，尤其是在生成性人工智慧方面。這將繼續在我們所做的每一件事中發揮越來越重要的作用。

Now today, we've already been using generative AI to augment our internal workflows and processes. I talked about it. It helps us debug. It helps us do data queries much faster. We talked about how it's helped to translated menus and improved our GrabChat. For us, we will continue to leverage tech, we'll continue to leverage G AI to unlock the operational efficiency out there while enhancing the overall user experience.

今天，我們已經開始使用生成式人工智慧來增強我們的內部工作流程和流程。我之前也談過這一點。它幫助我們進行調試，幫助我們更快地進行資料查詢。我們也談到了它如何幫助我們翻譯菜單並改進我們的 GrabChat。對我們來說，我們將繼續利用科技，我們將繼續利用生成式人工智慧來提升營運效率，同時提升整體用戶體驗。

And Thomas, maybe I'll just jump in on your question on reinvestment. There have been some statements about reinvestment on the e-commerce front recently. In our space, not so really, most of the competitors are focused on profitability and driving to profitability. So we haven't really seen that in our space. As far as we're concerned, as we said earlier, we're comfortable with where our margins are, very close to our steady state long-term margins in deliveries. And then we're already at our comfortable long-term sustainable margin for mobility. So we are actually focusing on affordability and growing the market.

湯瑪斯，我或許應該直接回答你關於再投資的問題。最近有一些關於電商領域再投資的言論。在我們這個領域，情況並非如此，大多數競爭對手都專注於獲利能力和提升獲利能力。所以，我們目前還沒有看到這種情況。就我們而言，正如我們之前所說，我們對目前的利潤率感到滿意，非常接近我們配送業務的長期穩定利潤率。此外，我們的行動旅遊業務也已經達到了長期可持續的利潤率。因此，我們實際上專注於提高可負擔性並推動市場成長。

Our next question comes from Alicia from Citigroup.

下一個問題來自花旗集團的艾莉西亞。

So congrats on the solid results. I have 2 quick questions. Number one, if management can share a bit on the advertising business in terms of, for example, the numbers of paying advertising that you have? And what are the industry verticals that we're able to attract and contribute to the growth? And then also on the medium term, what is the GMV, a percentage of GMV of this ad revenue that you expect could reach.

恭喜您取得如此驕人的業績。我有兩個簡短的問題。第一，管理階層能否分享一些廣告業務方面的情況，例如，您目前擁有的付費廣告數量是多少？我們能夠吸引哪些垂直產業客戶，並為成長做出貢獻？此外，從中期來看，您預期廣告總銷售額（GMV）佔廣告收入的百分比是多少？

And then second question quickly, given all these improving GMV growth and also out performance in revenue. Just curious that why management decided to keep the full year revenue target unchanged? Or is it just trying to be more conservative or leave a little bit room. So any colors on that would be appreciated.

第二個問題很快，鑑於GMV成長不斷改善，收入也表現出色，我很好奇管理階層為什麼決定維持全年收入目標不變？還是只是想更保守一些，或是留一些空間？所以，如果您能提供任何細節，我將不勝感激。

Thanks, Alicia, for your questions. Let me take the advertising one. Yes, the advertising performance is one of the highlights of the quarter. We are now at 1% of GMV for advertising. And we've done that by pushing our self-serve tools out to the very large long tail of merchants that we serve across the region. We're still -- we're not disclosing how many we've reached, but we're still, I can tell you at a very low penetration rate. So there's lots of upside that we can generate by continuing to push those tools out. We know that the [ROEs] that we can create, as I mentioned, some of the case studies earlier is very attractive. And we're also improving the tools within that self-serve capability further as well, so that will help us.

謝謝Alicia的提問。我來談談廣告方面。是的，廣告業績是本季的亮點之一。我們現在的廣告佔GMV的1%。我們之所以能做到這一點，是因為我們把自助服務工具推廣到我們服務該地區的龐大長尾商戶群體。我們目前—我們沒有透露已經涵蓋了多少商戶，但我可以告訴你，我們的滲透率仍然很低。因此，繼續推廣這些工具可以創造巨大的成長空間。我們知道，正如我之前提到的一些案例研究中提到的，我們能夠創造的ROE非常有吸引力。我們也正在進一步改進自助服務功能中的工具，這將對我們有所幫助。

So far, we focus primarily on endemic advertising. You asked about the segments that we are focusing on. So endemic advertising, meaning the F&B merchants driving demand within the ecosystem. We can do further endemic advertising within the mobility side and potentially other verticals like financial services. So that's yet to be tapped, which will help us to grow a deeper penetration of GMV. And then as I mentioned, within food itself, we can also penetrate further.

到目前為止，我們主要專注於在地化廣告。您問到我們關注的細分市場。在地化廣告指的是餐飲商家在生態系統內推動需求。我們可以在行動領域以及金融服務等其他垂直領域進一步進行在地化廣告。這些領域仍有待開發，這將有助於我們進一步提升商品交易總額（GMV）的滲透率。然後，正如我所提到的，在食品領域，我們也可以進一步滲透。

We do also serve brand advertisers, who are not endemic on the platform. So these are brand owners. You can see the selection as you use the Grab app. For those, we can't close the loop on the advertising. So we can't show them the performance of the ads that they place like we can for the endemic advertisers. But we still have a very attractive audience for them. So they'll go into our digital audience for the reach and for the first-party, ability to reach first-party authenticated users on the platform. So we're also attractive for them.

我們也為品牌廣告主提供服務，他們並非我們平台上的本地廣告主。他們是品牌擁有者。您在使用 Grab 應用程式時可以看到選擇。對於這些品牌，我們無法完成廣告的閉環。因此，我們無法像本地廣告主一樣向他們展示他們投放的廣告的效果。但我們仍然擁有對他們非常有吸引力的受眾。他們會選擇我們的數位受眾，因為這樣可以擴大覆蓋範圍，並藉助第一方平台，接觸到平台上經過第一方認證的用戶。因此，我們對他們來說也很有吸引力。

For that audience, it's almost unlimited because they're actually targeting the demographic and the reach. So there's no particular constraint in terms of which segments when we have advertisers across a wide range from FMCG to Auto, Consumer goods, et cetera.

對於這類受眾來說，幾乎是無限的，因為他們實際上是針對特定人群和覆蓋範圍的。因此，當我們的廣告客戶涵蓋從快速消費品到汽車、消費品等廣泛領域時，在細分領域方面沒有特別的限制。

Alicia, on your revenue question, that's right. Yes, we're maintaining our 2023 revenue guidance. If you look from a year-over-year growth, it's about a 54% to 60% year-on-year growth on a headline basis. We're seeing good traction on the revenue front. July was also strong for us. Now, what I can say is, we'll continue to update as we need to, but we're at this stage, we're maintaining our revenue guidance. We are looking strong, and we're probably going to be ending up probably at the upper end of the range, and that should give you some color and perspective on how we're tracking.

Alicia，關於您的收入問題，沒錯。是的，我們維持2023年的收入預期不變。如果從年成長來看，整體來看，年成長約為54%至60%。我們的收入成長勢頭良好。 7月我們的業績也表現強勁。現在，我可以說的是，我們會根據需要繼續更新數據，但目前我們維持目前的收入預期不變。我們看起來勢頭強勁，最終很可能會達到預期的上限，這應該能讓您對我們的發展有所了解。

Our next question comes from Mark Mahaney from Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

I'd like to ask about GrabUnlimited and then about incentives. On GrabUnlimited, how do you think -- what's your framework for figuring out how big you think the GrabUnlimited base could be, the subscriber base could be? Like are there regions where you see the GrabUnlimited customers as 30% or 50% of total users? How do we know how big that segment can be? And then on incentives, what I want to ask is, where do you think incentives can go long term? I know they've come down nicely year-over-year in almost every segment, although not in mobility. So just overall as a company, where do you think incentives can go, there at 8% now -- does that trend to 7% or 6% or 5% long term? Is that what you want to do? And then just explain why the mobility incentives kind of ticked back up this quarter, at least on a sequential basis.

我想問一下關於 GrabUnlimited 以及激勵措施的問題。關於 GrabUnlimited，您認為—您用什麼框架來估算 GrabUnlimited 的使用者基數和使用者群的規模？例如，您認為哪些地區的 GrabUnlimited 用戶佔總用戶的 30% 或 50%？我們如何知道這個細分市場有多大？關於激勵措施，我想問的是，您認為長期激勵措施會如何發揮作用？我知道幾乎所有細分市場的激勵措施都比去年同期都有了顯著下降，但行動出行領域除外。那麼，就公司整體而言，您認為激勵措施會如何發揮作用？目前是 8%，長期來看會趨向 7%、6% 還是 5%？這是您想要達到的目標嗎？然後，請解釋為什麼移動出行激勵措施在本季度有所回升，至少環比有所回升。

Thanks, Mark. Let me take the GrabUnlimited question. GrabUnlimited is successful financially for us for 2 reasons. One is, it drives retention -- significantly drives retention. Of course, when we run the long-term value models, that's one of the biggest drivers of value for the platform. And then the other thing is, it drives the GMV for customer further. So people spend more once they're in the program.

謝謝，馬克。我來回答一下關於 GrabUnlimited 的問題。 GrabUnlimited 對我們來說在財務上取得成功有兩個原因。首先，它能夠提升用戶留存率——顯著提升用戶留存率。當然，當我們運行長期價值模型時，留存率是平台最大的價值驅動因素之一。其次，它能夠進一步提升客戶的商品交易總額 (GMV)。因此，一旦加入 GrabUnlimited，人們的消費就會增加。

There's a third lever, which is that it allows us to reduce the amount of promotion money, which is spent on promotion hunters, people that aren't really interested in loyalty, they'll just skip from promotion to promotion. So it allows us to filter those out as well. So net-net, it's an important driver of profitability. We don't believe that it's right for everybody. So we don't have a target of 100% penetration. We -- as you heard earlier, we're something like 1/3 of the GMV now. So it's quite highly penetrated. There are some countries which are higher than that and some which are lower because they started at different times in the rollout. But it would be hard to see this representing the majority of our customers. So as it starts to grow, there are plenty of ways in which we can tweak it, the value packages that we offer, the subscription price that we offer in order to manage the loyalty and the retention that we're seeking to achieve without impacting our ability to target all segments those who naturally have the inclination to use us many, many times. And those that probably don't naturally have that opportunity that will use us less frequently. So we have to be able to cater for the whole market. Hope that's helpful. I think Peter is going to talk about the guidance on the incentives.

還有第三個槓桿，那就是它能讓我們減少推廣費用，這些費用會被花在那些「促銷獵手」身上，那些對忠誠度不真正感興趣的人，他們會跳過一個又一個的促銷活動。所以，它也讓我們能夠過濾掉這些人。所以，總的來說，這是獲利能力的重要驅動力。我們認為它並不適合所有人。所以我們沒有100%的滲透率目標。正如你之前聽到的，我們現在的GMV大概佔了1/3。所以滲透率相當高。有些國家的滲透率高於這個數字，有些國家則較低，因為它們在推廣過程中的起步階段不同。但這很難代表我們大多數客戶。因此，隨著業務的成長，我們可以透過多種方式進行調整，包括我們提供的價值套餐、訂閱價格，從而管理我們想要實現的忠誠度和留存率，同時又不影響我們瞄準所有細分市場的能力。這些細分市場包括那些自然傾向於多次使用我們服務的用戶，以及那些可能沒有這種機會、使用頻率較低的用戶。因此，我們必須能夠滿足整個市場的需求。希望以上內容對您有幫助。我想彼得接下來會談到關於激勵措施的指導。

Sure, yes. So on mobility incentives, Mark, you highlighted that it was up 50 basis points on a Q-on-Q perspective. Yes, we did some -- we did make some reinvestments in those incremental margins in mobility. And a lot of that is really driving platform efficiency. We talked about a lot of the new product use cases, especially around affordability, things like GrabShare, things like also the 2-wheel that we launched in the Philippines and these are critical as we continue to enhance the marketplace given that demand is strong in our mobility business. At the same time also, we're balancing the high incentives Q-on-Q with the margin. So we're keeping one eye on how we can make sure we enhance the platform efficiency but also making sure that the margin liquidity, it is equal, so maintaining our margin targets. As you can tell on mobility, we landed at 12.4% for the quarter. And that theme, actually, if you think through to your other question around how do we think about incentives and it's very similar in whether it's mobility or deliveries, it's balance that we take between the marketplace efficiency regarding our platform while there will be some quarters where you may see incentives go up or down. But overall, we're balancing that on the other side with margin -- target margins, whether it's the 12% of mobility or deliveries of 3% plus. Hope that answers your question Mark?

當然，是的。關於出行激勵措施，馬克，您強調了環比增長了50個基點。是的，我們確實對出行業務的增量利潤率進行了一些再投資。其中很大一部分真正推動了平台效率的提升。我們討論了許多新的產品用例，尤其是在價格承受能力方面，例如GrabShare，以及我們在菲律賓推出的兩輪車。鑑於我們出行業務的需求強勁，這些對於我們持續提升市場至關重要。同時，我們也在平衡環比成長的高額激勵措施和利潤率。因此，我們一方面關注如何確保提昇平台效率，另一方面確保利潤率的流動性，從而維持我們的利潤率目標。正如您所看到的，在旅遊業務方面，本季我們的利潤率達到了12.4%。關於這個主題，實際上，如果你仔細思考你之前提到的另一個問題，即我們如何看待激勵措施，你會發現無論是移動出行還是配送，激勵措施都非常相似。我們會在平台的市場效率和某些季度的激勵措施之間取得平衡。但總的來說，我們會在利潤率——目標利潤率——之間取得平衡，無論是12%的行動出行率還是3%以上的配送率。希望這能回答你的問題，馬克？

Our last question today comes from Sachin Salgaonkar from Bank of America.

今天的最後一個問題來自美國銀行的 Sachin Salgaonkar。

Congrats for a great set of numbers. Two questions from me. One, I wanted to understand how you guys are looking in terms of utilizing the cash on your balance sheet? Clearly, you guys mentioned that you have a high bar on M&A. And now that we are already very close to adjusted EBITDA breakeven. I just wanted to understand [you're now] there. And second, I wanted to understand a bit more on the delivery take rate declined a bit on a Q-o-Q basis. Anything to read here? And directionally, how could one expect that to look at this going ahead?

恭喜你們取得如此出色的業績。我有兩個問題。第一，我想了解你們在資產負債表上現金利用的情況。顯然，你們提到過，併購門檻很高。現在我們已經非常接近調整後EBITDA的損益平衡點了。我只是想了解你們現在是否已經達到這個水準了。第二，我想進一步了解交付率較上季略有下降的情況。有什麼可以參考的嗎？從方向上看，未來如何預期這種情況會持續下去？

Sure, Sachin. Let me take both questions. So on the cash position, as you can tell, we're -- we always take a very prudent approach in terms of how we deploy our capital. As Alex mentioned earlier, we do have a very high hurdle rate when it comes to deploying our capital. We want to do a particular transaction unless there's a high degree of conviction and also how you can enhance the long-term shareholder value. So we'll continue to take that approach when it comes to maintaining our capital allocation framework and will be prudent. Cash preservation is also critical and important for us. And that high hurdle rate will continue to be maintained.

當然，Sachin。讓我來回答這兩個問題。關於現金狀況，如你所看到的，我們在資本配置方面始終採取非常謹慎的態度。正如Alex之前提到的，我們在資本配置方面確實有很高的門檻比率。除非我們非常確信某項交易能夠提升長期股東價值，否則我們不會進行。因此，在維持資本配置架構方面，我們將繼續採取這種謹慎的做法。現金保值對我們來說也至關重要。我們將繼續保持這種高門檻比率。

In terms of take rate, look, there's not a lot to read into it. Our take rate continues to be strong. There's obviously different mixes in terms of how a take rate can fluctuate from quarter-on-quarter. But overall, there was no big swings, and we're on track.

就佣金率而言，其實沒什麼好解讀的。我們的佣金率持續保持強勁。佣金率的環比波動顯然有不同的因素。但總體而言，沒有大幅波動，我們的業績仍在正軌上。

Got it. And sir, just a small clarification I wanted to get. There are some comments on the regional corporate costs. And I think one of the comments was regional corporate costs to improve going ahead. Do I read it correctly? Do you expect that to increase in second half or decrease?

明白了。先生，我只是想稍微澄清一下。有一些關於區域公司成本的評論。我認為其中一條評論是希望區域公司成本在未來有所改善。我理解得對嗎？您預計下半年區域公司成本會增加還是減少？

What I said was the regional corporate costs will be lower in the second half versus the first half.

我所說的是，下半年區域企業成本將會比上半年更低。

Thank you. This now concludes our question-and-answer session. I would now like to turn the conference back over to Peter for any closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將會議交還給彼得，請他做最後發言。

Well, thanks, everyone, for taking the time to join our call today. If you still have questions, please feel free to reach out to our Investor Relations team or you can visit our Investor Relations website. Great. Thank you, everyone.

好的，感謝大家抽空參加今天的電話會議。如果您還有疑問，請隨時聯絡我們的投資者關係團隊，或造訪我們的投資者關係網站。太好了。謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes Grab's Second Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

Grab 2023 年第二季業績電話會議到此結束。感謝您的參與。現在您可以斷開連線了。