Grab Holdings Ltd (GRAB) 2023 Q3 法說會逐字稿

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

女士們，先生們，感謝各位今天的到來。我叫 Adam，將擔任本次會議的主持人。歡迎參加 Grab 2023 年第三季業績電話會議。演講嘉賓致詞後，將進行問答環節。

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

現在我將把電話會議交給 Douglas Eu。

Good day, everyone, and welcome to Grab's Third Quarter 2023 Earnings Call. I'm Douglas Eu, Head of Asia Investor Relations at Grab, and joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, Chief Operating Officer; and Peter Oey, Chief Financial Officer.

大家好，歡迎參加 Grab 2023 年第三季財報電話會議。我是 Grab 亞洲投資者關係主管 Douglas Eu，今天與我一同出席的還有執行長 Anthony Tan、營運長 Alex Hungate 和財務長 Peter Oey。

During the call today, Alex will discuss our operational highlights, followed by Peter, who will share details of our third quarter 2023 financial results, and Anthony will then discuss our strategic outlook. Following the prepared remarks, we will open the call to questions.

在今天的電話會議上，Alex 將介紹我們的營運亮點，隨後 Peter 將分享我們 2023 年第三季的財務業績詳情，Anthony 將討論我們的策略展望。在準備好的發言之後，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 is described in our Form 20-F for the year ended December 31, 2022, and out filings with the SEC. We do not undertake any obligation to update any forward-looking statements.

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日的20-F表格以及我們向美國證券交易委員會（SEC）提交的文件中進行了描述。我們不承擔更新任何前瞻性陳述的義務。

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.

今天的討論也涵蓋了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，而非取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) 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 third quarter 2023 financial review which can be found on our IR website.

有關近期業務表現的更多資訊和額外披露，請參閱我們的收益新聞稿和補充報告，以獲取詳細的 2023 年第三季度財務回顧，該報告可在我們的 IR 網站上找到。

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

接下來，我將把電話交給亞歷克斯來發表他的演講。

Thanks, Doug, and thanks for joining us today, everybody. I'm pleased to share that we reported a strong set of results this quarter. Grab has reported positive group adjusted EBITDA for the first time. And while this is an important milestone, it represents just one step in our journey as a public company.

謝謝道格，也謝謝各位今天加入我們。我很高興地告訴大家，我們本季取得了強勁的業績。 Grab 首次公佈了集團調整後息稅折舊攤提前利潤（EBITDA）為正。雖然這是一個重要的里程碑，但這只是我們作為上市公司邁出的第一步。

At the same time, our top line continues to grow from strength to strength. Revenues are up 61% year-on-year and 8% quarter-on-quarter, while group MTUs hit another all-time high. Over the next few minutes, I will share the operational highlights across each of our segments and the underlying drivers of these results.

同時，我們的營收持續強勁成長。營收年增61%，季增8%，集團MTU（平均每月運輸量）再創歷史新高。接下來的幾分鐘，我將分享我們各部門的營運亮點以及這些業績背後的驅動力。

So starting with Deliveries. Last quarter, we reached an all-time high for Deliveries GMV and mentioned that we expected to achieve sequential growth this quarter. In the third quarter, we not only continued to drive sequential GMV growth to another all-time quarterly high, but at the same time, we continue to improve profitability with Deliveries adjusted EBITDA margins improving to 3.4%, all the while maintaining our leading category position across the region.

首先從外送業務說起。上個季度，我們的外送業務GMV創下歷史新高，並預計本季將實現季比成長。第三季度，我們不僅繼續推動GMV環比成長，創下歷史新高，同時獲利能力也持續提升，外送業務調整後EBITDA利潤率提升至3.4%，同時保持了我們在該地區的領先地位。

Our ability to drive both top line and bottomline improvements while deepening the market penetration is a result of the following key initiatives. First, we've made progress on reducing our cost to serve to improve the affordability of our products and services for users while enhancing partner earnings. We've built a strong competitive moat by leveraging our scale, category leadership position and tech advantage to create the best-in-class experiences for our users and partners.

我們能夠在深化市場滲透的同時，推動營收和利潤雙重成長，這得益於以下關鍵措施。首先，我們在降低服務成本方面取得了進展，從而提高了用戶對產品和服務的承受能力，同時提升了合作夥伴的收益。我們利用規模、品類領導地位和技術優勢，建構了強大的競爭壁壘，為使用者和合作夥伴打造一流的體驗。

For example, batched orders, which now account for over 1/3 of Deliveries orders, provided average delivery fees for users that were 8% lower than unbatched orders and resulted in 5% higher driver earnings per transit hour compared to unbatched orders. Improved allocation and navigation efficiencies, among other factors, also resulted in a corresponding reduction in driver wait times by 72% year-on-year and 47% quarter-on-quarter.

例如，大量訂單目前占到配送訂單的三分之一以上，用戶平均配送費比非大量訂單低8%，司機每小時收入也比非大量訂單高5%。此外，由於分配和導航效率的提升等因素，司機等待時間年減72%，季減47%。

Second, we continue to deepen user engagement through Grab Unlimited, our subscription program. Grab Unlimited subscribers continue to account for 1/3 of Deliveries GMV during the quarter and spent 4.2x more on food Deliveries than nonsubscribers. We also saw frequency and retention uplifts among subscribers, with 6 months retention of subscribers on the program continuing to be around 2x higher than non-subscribers. We will continue to expand our suite of affordability features at different price points to appeal to more consumer segments, all without compromising on our service quality and reliability.

其次，我們繼續透過訂閱方案 Grab Unlimited 深化用戶參與度。 Grab Unlimited 訂閱用戶在本季度繼續貢獻了外送 GMV 的三分之一，並且在外賣上的支出是非訂閱用戶的 4.2 倍。我們還發現訂閱用戶的使用頻率和留存率有所提升，該計劃訂閱用戶的 6 個月留存率繼續是非訂閱用戶的 2 倍左右。我們將繼續擴展不同價位的平價服務，以吸引更多消費者群體，同時確保服務品質和可靠性。

Saver delivery is now available in all 6 of our core markets and in over 130 cities. In Malaysia and Singapore, where the services were first launched, the penetration of Saver has now reached over 1/3 of Deliveries' MTUs. We've shown that more affordable features not only benefit consumers, but also expand revenue streams for our merchant and driver partners who benefit from an increased demand for our services.

Saver Delivery 現已涵蓋我們全部 6 個核心市場，服務覆蓋超過 130 個城市。在這項服務首次推出的馬來西亞和新加坡，Saver 的普及率已超過 Deliveries 最大運輸單位 (MTU) 的三分之一。事實證明，更實惠的功能不僅惠及消費者，還能為我們的商家和司機夥伴拓展收入來源，讓他們受惠於我們服務需求的成長。

Looking ahead to the fourth quarter, we expect to drive another quarter of sequential Deliveries GMV growth to achieve another quarterly record high. As we continue to strike a balance between growth and profitability, we expect segment margins in the fourth quarter to be consistent with those in the third quarter.

展望第四季度，我們預期外送GMV將再創季度新高，並實現環比成長。我們將繼續在成長與獲利之間尋求平衡，預計第四季度的利潤率將與第三季度持平。

Now moving on to Mobility. Mobility GMV and revenue in the third quarter grew strongly year-on-year while we maintained margins at 12%-plus. Demand continues to be robust as we see quarter-on-quarter and year-on-year growth in Mobility's MTUs. We are also encouraged by Mobility transactions growing 37% year-on-year and 12% quarter-on-quarter, which gives us the confidence that our affordability-led strategies are paying off.

現在談談行動出行業務。第三季度，行動旅遊業務的商品交易總額 (GMV) 和營收年增率強勁成長，同時我們的利潤率維持在 12% 以上。隨著移動出行業務的 MTU 環比和同比增長，需求持續強勁。行動出行交易量年增 37%，季增 12%，這也令我們倍受鼓舞，這讓我們相信，我們以價格實惠為主導的策略正在取得成效。

Domestic demand continues to pick up across our markets while international travel demand also continues to recover. Airport rides grew 9% year-on-year to reach 84% of pre-COVID levels. Our efforts to capture the rebound in tourism through traveler features that we launched earlier this year has started to bear fruit with a number of rides booked through Alipay, WeChat, Kakao, Trip.com and Booking.com growing 61% quarter-on-quarter.

我們各市場的國內需求持續回暖，國際旅遊需求也持續復甦。機場出行量年增9%，達到疫情前水準的84%。我們今年稍早推出的出行功能，旨在抓住旅遊業復甦的契機，目前已初見成效，透過支付寶、微信、Kakao、攜程和Booking.com預訂的出行量環比增長了61%。

Overall, Mobility GMV is now at 91% of pre-COVID levels. When we compare Mobility MTUs between third quarter of 2023 and the same period in 2019, the majority of our core markets have surpassed those levels already.

整體而言，移動出行業務的商品交易總額 (GMV) 目前已達到新冠疫情前水準的 91%。當我們比較 2023 年第三季與 2019 年同期的行動旅遊業務 MTU 時，我們發現大多數核心市場已經超過了這一水平。

Our efforts to improve driver supply to meet the growing demand continues to gain traction. During the third quarter, monthly active driver supply grew 9% year-on-year, with supply levels now at 87% of pre-COVID.

我們持續努力提升司機供應以滿足日益增長的需求，並取得了顯著成效。第三季度，每月活躍司機供應量年增 9%，目前已恢復至疫情前的 87%。

Following our agreement to acquire 100% of the shares in Trans-cab in July, the acquisition remains under review in Singapore. We believe that the proposed acquisition is a win-win situation for consumers and drivers in Singapore. For Trans-cab taxi drivers, Grab will continue to preserve their flexibility to earn through Grab or other ride-hailing platforms as well as to conduct street hail while investing in tech solutions to serve them better. And for our passengers, by boosting the number of drivers on our platform and helping them to operate more efficiently, we can also improve how quickly and reliably we find a ride for our passengers whenever they need one.

繼我們於7月達成收購Trans-cab 100%股份的協議後，該收購案仍在新加坡審核中。我們相信，此次擬議收購對新加坡的消費者和司機而言是雙贏的局面。對於Trans-cab的計程車司機而言，Grab將繼續保留其透過Grab或其他叫車平台獲利以及開展街頭叫車業務的靈活性，同時投資技術解決方案，以更好地服務於他們。對於我們的乘客而言，透過增加平台上的司機數量並幫助他們提高營運效率，我們也能提高在乘客需要時為他們找到車輛的速度和可靠性。

Additionally, we continue to enhance the affordability of our services through greater efficiencies while improving driver earnings on our platform. The relaunch of Move It, our 2-wheel Mobility offering in the Philippines, has gained meaningful traction, driving Mobility MTUs and transactions growth in that market by 18% and 28% quarter-on-quarter, respectively.

此外，我們持續透過提高效率來提升服務價格的可負擔性，同時提高平台司機的收入。我們在菲律賓重新推出的兩輪出行服務 Move It 取得了顯著的進展，推動該市場出行服務 MTU 和交易量環比分別增長 18% 和 28%。

Our efforts to enhance driver efficiency by leveraging our technology continue to bear fruit. Surge Mobility rides further reduced by 243 basis points year-on-year and 111 basis points quarter-on-quarter. Driver earnings per transit hour continue to increase by 8% year-on-year and quarterly retention rates of our active driver partners remained healthy at 90%.

我們利用科技手段提升司機效率的努力持續取得成效。 Surge Mobility 的出行量年減 243 個基點，季減 111 個基點。司機每小時收入年增 8%，活躍司機合作夥伴的季度留任率維持在 90% 的健康水準。

We expect sequential growth for Mobility heading into the year-end as we drive demand from travelers and local commuters. We maintain our expectations for Mobility to exit 2023 around pre-COVID GMV levels while we maintain segment adjusted EBITDA margins at a similar level as the third quarter.

我們預計，隨著我們推動旅客和本地通勤者的需求，移動出行業務將在年底前實現環比成長。我們預計，移動出行業務的 GMV 將在 2023 年底達到新冠疫情之前的水平，同時，我們維持該業務部門調整後 EBITDA 利潤率與第三季持平的預期。

Next, on to Financial Services. Revenues more than doubled year-on-year and grew 24% quarter-on-quarter as we scaled up our ecosystem payments and lending business. Total loan disbursements year-to-date grew 52% year-on-year to around $1 billion, and we ended the quarter with $275 million of loans outstanding supported by a continued pickup in ecosystem lending from GrabFin and new FlexiLoan volumes from GXS Bank in Singapore, while NPL ratios continue to be stable at low single digits.

接下來是金融服務。隨著我們生態系統支付和貸款業務的擴大，營收年增逾一倍，季增24%。年初至今，貸款總額年增52%，達到約10億美元。本季末，我們的貸款餘額為2.75億美元，這得益於GrabFin生態系統貸款的持續成長以及新加坡GXS銀行FlexiLoan新增貸款額度的支撐。不良貸款率繼續穩定在較低的個位數。

Customer deposits in GXS, our Singapore digibank continue to track upwards quarter-on-quarter reaching $362 million, following the increase of the maximum depositor amount per account from SGD 5,000 to SGD 75,000 in July.

隨著 7 月每個帳戶的最高存款額從 5,000 新加坡元增加到 75,000 新元，我們新加坡數位銀行 GXS 的客戶存款繼續環比增長，達到 3.62 億美元。

Segment adjusted EBITDA losses narrowed year-on-year and quarter on quarter on the back of cost savings in GrabFin. We continue to see strong ecosystem uplifts from our payments and lending business, with users from GrabPay spending 4x more and having 1.5x higher retention rates than cash users. Our driver partners who take on a loan with us also recorded 1.5x higher retention compared to drivers without a loan.

得益於 GrabFin 的成本節約，分部調整後 EBITDA 虧損年比及季比均有所收窄。我們的支付和借貸業務持續強勁提升生態系統，GrabPay 用戶的消費金額是現金用戶的 4 倍，留存率是現金用戶的 1.5 倍。與沒有貸款的司機相比，在我們這裡貸款的司機夥伴的留存率也高出 1.5 倍。

I also want to provide some operational updates on our upcoming digibank launches which remain on track for this year. In September, our Malaysian digibank, GXBank, received approvals by the regulators in Malaysia to commence operations. And last month, KakaoBank, South Korea's leading digital bank, also announced that invested in a 10% stake in Superbank, our Indonesian bank affiliate.

我還想介紹一下我們即將推出的數位銀行的營運最新情況，這些數位銀行今年仍在按計劃推進。今年9月，我們的馬來西亞數位銀行GXBank獲得了馬來西亞監管機構的批准，可以開始營運。上個月，韓國領先的數位銀行KakaoBank也宣布投資了我們印尼銀行子公司Superbank 10%的股份。

We're excited about this strategic partnership. KakaoBank ranks first in terms of loans and deposit amongst the Korean digital banks and has 21.7 million customers and 17.4 million monthly active users, higher than any other bank in South Korea. We look forward to leveraging KakaoBank's domestically proven competitiveness in digital finance and platform expertise to boost Superbank's proposition and drive digital banking innovation in Indonesia.

我們對此次策略合作感到非常興奮。 KakaoBank 在韓國數位銀行中貸款和存款規模位居榜首，擁有 2,170 萬客戶和 1,740 萬月活躍用戶，高於韓國任何其他銀行。我們期待利用 KakaoBank 在韓國國內已得到驗證的數位金融競爭力與平台專長，提升 Superbank 的競爭力，並推動印尼的數位銀行創新。

Finally, on our Enterprise and New Initiatives segment. Year-on-year, revenues nearly doubled while segment adjusted EBITDA almost tripled as we continue to drive adoption of our Advertising self-service platform amongst our merchant partners while improving monetization. During the quarter, we saw the total number of active advertisers joining our self-service platform grow by 83% year-on-year, which highlights the value that our ads platform brings to our merchant partners. We also saw average advertising spend from merchants on our self-service platform increased 44% year-on-year, while return on ad spend has also stabilized at healthy levels.

最後，關於企業和新舉措業務。由於我們持續推動商家合作夥伴採用我們的廣告自助服務平台，並提升獲利能力，我們的營收年增近一倍，而調整後EBITDA則成長近兩倍。本季度，加入我們自助服務平台的活躍廣告主總數較去年同期成長83%，凸顯了我們廣告平台為商家合作夥伴帶來的價值。此外，商家在自助服務平台上的平均廣告支出年增44%，廣告支出報酬率也穩定在健康水準。

Looking ahead, we remain focused on deepening merchant engagement with our advertising services and driving value uplift for our merchant partners and other top brands. We are also confident that we will be able to push Advertising revenues above 1% of Deliveries GMV in the medium term.

展望未來，我們將繼續專注於深化商家與我們廣告服務的互動，並提升我們合作夥伴及其他頂級品牌的價值。我們有信心在中期內將廣告收入提升至外送交易總額的1%以上。

Now as we look to the remainder of 2023 and into 2024, we remain optimistic that we can sustain the growth trajectory of our Mobility and Deliveries businesses as we drive affordability by leveraging the scale of our leading category position. We also see ample opportunities to drive ecosystem uplifts through our Advertising and Financial Services offerings to better serve our users and partners.

展望2023年剩餘時間及2024年，我們依然樂觀地認為，憑藉我們領先的產業地位，我們能夠維持出行和配送業務的成長軌跡，並推動價格親民化。我們也看到了充足的機會，透過我們的廣告和金融服務產品來提升生態系統，從而更好地服務我們的用戶和合作夥伴。

And with that, let me turn the call over to Peter.

說完這些，讓我把電話轉給彼得。

Thanks, Alex. We delivered on our commitment to achieve adjusted EBITDA breakeven this quarter, driven by improved profitability across all our segments even as we continue to grow our top line. Let me start by providing some color on our revenue growth.

謝謝，Alex。我們兌現了本季實現調整後EBITDA損益平衡的承諾，這得益於我們所有部門獲利能力的提升，同時我們的營收也持續成長。首先，我想先介紹一下我們的收入成長情形。

Group revenues in the third quarter grew 61% year-on-year and 8% quarter-on-quarter to reach $615 million. On a constant currency basis, revenues grew 62% year-on-year and 10% quarter-on-quarter. The strong revenue growth was driven by all segments of our business.

第三季集團營收年增61%，季增8%，達到6.15億澳元。以固定匯率計算，營收年增62%，季增10%。強勁的收入成長得益於我們所有業務部門的共同努力。

Mobility revenues were up 31% year-on-year and 11% quarter-on-quarter to hit $231 million. Our efforts to deepen user penetration via more economical service offerings have enabled us to capture the growth in demand.

行動旅遊營收年增31%，較上季成長11%，達到2.31億澳元。我們致力於透過提供更經濟實惠的服務來深化用戶滲透，從而抓住了需求成長的機會。

Deliveries revenues grew 79% year-on-year and 5% quarter-on-quarter to reach $306 million as we continued to grow GMV and reduce incentives.

隨著我們繼續增加 GMV 並減少獎勵，配送收入年增 79%，季增 5%，達到 3.06 億美元。

Financial Services revenue grew by 156% year-on-year and 24% quarter-on-quarter to $50 million, underpinned by improved monetization of our payments business, increased contribution from lending and lower incentive spend.

金融服務收入年增 156%，季增 24%，達到 5,000 萬美元，這得益於支付業務貨幣化的提高、貸款貢獻的增加以及激勵支出的降低。

And Enterprise and New Initiatives revenues grew 83% year-on-year and 4% quarter-on-quarter to reach $28 million. This was supported by increased monetization of our advertising business.

企業及新舉措業務營收年增83%，季增4%，達2,800萬美元。這得益於我們廣告業務貨幣化程度的提升。

Turning now to group GMV. We recorded year-on-year growth of 5% to reach $5.3 billion in the third quarter. This was supported by a 7% year-on-year increase in group MTUs and 5% increase in average order frequency of our services. Our on-demand segments of Mobility and Deliveries recorded GMV growth of 14% year-on-year and 3% quarter-on-quarter. Mobility GMV grew strongly by 30% year-on-year and 7% quarter-on-quarter, and we remain on track to exit 2023 around pre-COVID GMV levels. Deliveries GMV continued to expand further as we rolled out more affordable offerings, increasing 7% year-on-year and 1% quarter-on-quarter to $2.6 billion.

現在談談集團GMV。第三季度，我們的集團GMV年增5%，達到53億美元。這得益於集團MTU年增7%，以及我們服務平均訂單頻率成長5%。我們的按需出行和配送部門的GMV年增14%，季增3%。出行GMV年增30%，季增7%，我們仍有望在2023年年底前恢復到新冠疫情前的GMV水準。隨著我們推出更多經濟實惠的產品，配送GMV持續擴大，年增7%，季增1%，達到26億美元。

Moving on to segment adjusted EBITDA. Our total segment adjusted EBITDA was $221 million in the third quarter, improving by $47 million in the same period last year. Our segment margins expanded 320 basis points year-on-year and 86 basis points quarter-on-quarter. We continue to optimize total incentives as a percentage of GMV, which improved to 7.1% in the third quarter from 9.4% in the same period last year.

再來看看分部調整後EBITDA。我們第三季分部調整後EBITDA總額為2.21億美元，較去年同期成長4,700萬美元。分部利潤率年增320個基點，較上季成長86個基點。我們持續優化總激勵佔GMV的比例，該比例從去年同期的9.4%提升至第三季的7.1%。

Deliveries segment adjusted EBITDA grew to $88 million, achieving 3.4% EBITDA margin. This is an expansion of 302 basis points year-on-year and 71 basis points quarter-on-quarter. In Mobility, segment adjusted EBITDA grew 33% year-on-year to $180 million. EBITDA margins for Mobility were 12.8% for the quarter, up from 12.4% in the prior quarter.

交付業務部門調整後息稅折舊攤銷前利潤 (EBITDA) 成長至 8,800 萬澳元，EBITDA 利潤率達到 3.4%。年比擴大 302 個基點，季數擴大 71 個基點。行動旅遊業務部門調整後息稅折舊攤提前利潤 (EBITDA) 年增 33%，達到 1.8 億澳元。本季行動出行業務的 EBITDA 利潤率為 12.8%，高於上一季的 12.4%。

For Financial Services, segment adjusted EBITDA improved to negative $68 million, representing a 35% year-on-year and a 10% quarter-on-quarter improvement. The reduction in losses was primarily driven by lower overhead expenses in our GrabFin business as we improve operational efficiencies that more than offset higher cost of funds to support the increased transaction volumes on our payment platform and increases in our digibank-related costs.

金融服務部門調整後息稅折舊攤銷前利潤 (EBITDA) 改善至負 6,800 萬美元，較去年同期成長 35%，較上季成長 10%。虧損減少主要得益於 GrabFin 業務的管理費用降低。我們提升了營運效率，足以抵銷為支援支付平台交易量成長以及數位銀行相關成本增加而導致的資金成本上升。

Now on cost of funds, which is a variable expense within GrabFin that supports our payments platform, comprises roughly about 30% of our Financial Services cost structure. Digibank-related costs grew about 11% quarter-on-quarter as we prepared to launch in our remaining markets.

資金成本是 GrabFin 內部支援我們支付平台的一項可變支出，約占我們金融服務成本結構的 30%。隨著我們準備在剩餘市場推出 Digibank 服務，Digibank 相關成本較上季成長了約 11%。

Finally, for Enterprise and New Initiatives, segment adjusted EBITDA more than doubled year-on-year with margins increasing to 41% in the third quarter from 16.5% in the same period last year. The profitability expansion is mainly attributed to [efforts] to improve advertising monetization and to deepen advertising penetration within our active merchant base.

最後，對於企業和新舉措業務，該部門調整後EBITDA年成長逾一倍，利潤率從去年同期的16.5%增至第三季的41%。獲利能力的成長主要歸功於我們努力提升廣告獲利能力，並深化廣告在活躍商家群體中的滲透率。

On regional corporate costs, this was lower by $16 million at $192 million as compared to the prior year period of $208 million and was flat from prior quarter. The current regional corporate cost run rate reflects cost savings from the restructuring exercise we conducted in June. Centralized support regional costs, such as direct marketing and cloud costs, comprising approximately half of our regional corporate costs, and it continues to improve as a percentage of group revenues on a year-on-year basis. We also drove further cost optimizations across our regional fixed cost base in the third quarter. Our staff costs continued to decline 6% year-on-year, and this was attributed to lower headcount levels across various functions. Other overhead expenses also declined 14% year-on-year as we continue to drive greater operating leverage.

區域公司成本方面，本期為 1.92 億美元，較去年同期的 2.08 億美元下降 1,600 萬美元，與上一季持平。目前區域公司成本運作率反映了我們 6 月進行的結構調整所帶來的成本節約。集中支援區域成本（如直接行銷和雲端成本）約占我們區域公司成本的一半，且其占集團收入的百分比比去年同期持續改善。我們也在第三季進一步優化了區域固定成本基礎。我們的員工成本年增 6%，這歸因於各職能部門的員工人數減少。由於我們持續提高營運槓桿，其他管理費用也較去年同期下降 14%。

As a result of the strong top line growth and greater focus on profitability, we recorded our first quarter of positive adjusted EBITDA at $29 million, representing a year-on-year improvement of $190 million and $48 million improvement quarter-on-quarter.

由於強勁的營收成長和對獲利能力的更多關注，我們第一季的調整後 EBITDA 為正 2,900 萬美元，年增 1.9 億美元，環比成長 4,800 萬美元。

On IFRS losses, we reported a third quarter loss of $99 million, representing a 71% improvement from a loss of $342 million in the same period last year, due to improving profitability on a group adjusted EBITDA basis, lower share-based compensation expenses and lower fair value losses and investments.

在國際財務報告準則 (IFRS) 損失方面，我們報告第三季度損失為 9,900 萬美元，較去年同期的 3.42 億美元損失改善了 71%，原因是集團調整後 EBITDA 盈利能力提高、股權激勵費用降低以及公允價值損失和投資減少。

Turning now to our balance sheet and liquidity position. We continue to maintain a strong liquidity position, ending the quarter with $5.9 billion of gross cash liquidity, an increase from $5.6 billion in the prior quarter which was driven by an increase in GXS Bank customer deposits. Notably, customer deposits from GXS Bank in the third quarter was $362 million while our total loan book outstanding stood at $275 million. Our net cash liquidity was $5.2 billion at the end of the third quarter compared to $4.9 billion in the prior quarter.

現在來看看我們的資產負債表和流動性狀況。我們持續保持強勁的流動性狀況，本季末總現金流動性為59億美元，高於上一季的56億美元，這得益於GXS銀行客戶存款的成長。值得注意的是，第三季GXS銀行的客戶存款為3.62億美元，而我們的未償還貸款總額為2.75億美元。截至第三季末，我們的淨現金流動性為52億美元，而上一季為49億美元。

Now as we look to the remainder of 2023, we remain committed to growing our business in a sustainable and profitable manner. In Deliveries, we are confident of sequential [GMV] growth into the fourth quarter. Demand continues to display positive momentum with GMV growth carrying into October. We expect Deliveries segment adjusted EBITDA margins in the fourth quarter to be consistent with that of the third quarter.

展望2023年剩餘時間，我們將繼續致力於以可持續且獲利的方式發展業務。在外賣業務方面，我們有信心在第四季度實現GMV的環比成長。需求持續呈現正面勢頭，GMV的成長動能將延續到10月。我們預計第四季外送業務調整後的EBITDA利潤率將與第三季持平。

Similarly, with Mobility GMV recording another strong quarter, we aim to capitalize on these growth tailwinds and are confident of sequential growth heading into the fourth quarter. We continue to see robust demand trends in October, and we remain on track for Mobility GMV to exit 2023 around pre-COVID levels while maintaining segment adjusted EBITDA margins of between 12% to 13%.

同樣，隨著移動出行業務 GMV 再創強勁季度佳績，我們力求抓住這些成長機遇，並有信心在第四季度實現環比增長。我們預計 10 月需求趨勢依然強勁，行動出行業務 GMV 預計在 2023 年底達到新冠疫情前的水平，同時將分部調整後的 EBITDA 利潤率維持在 12% 至 13% 之間。

With all segments performing strongly in the third quarter, we are raising our full year group revenue target to between $2.31 billion to $2.33 billion. This is above the top end of our previous guidance of $2.2 billion to $2.3 billion. At the same time, we are also revising up our group adjusted EBITDA target to a loss of $20 million to $25 million. This is an improvement from our previous guidance of negative $30 million to negative $40 million.

由於所有部門在第三季表現強勁，我們將集團全年營收目標上調至23.1億美元至23.3億美元之間。這高於我們之前22億美元至23億美元的預期上限。同時，我們也將集團調整後EBITDA目標上調至虧損2,000萬至2,500萬美元。這比我們之前虧損3000萬至4000萬美元的預期有所改善。

With Grab now achieving positive adjusted EBITDA, we will manage the business with 3 key financial guardrails: First, by continuing to generate sustainable adjusted EBITDA; second, achieving our next milestone of positive free cash flows; and third, continue to drive operating leverage in the business.

隨著 Grab 目前實現正調整後 EBITDA，我們將透過 3 個關鍵財務護欄來管理業務：首先，繼續產生可持續的調整後 EBITDA；其次，實現正自由現金流的下一個里程碑；第三，繼續推動業務的營運槓桿。

I will now pass the time to Anthony to share more on this as well as to provide his thoughts on our longer-term outlook to close our earnings call.

現在，我將把時間交給安東尼，讓他更多地分享這一點，並就我們的長期前景提供他的想法，以結束我們的收益電話會議。

Thank you very much, Peter. We are proud to have achieved adjusted EBITDA breakeven this quarter. That said, we are clear that it represents just one milestone of many in our journey as a company. As such, even as we adapt our business to the evolving market environment, we will remain laser-focused in driving both growth and profitability and stay true to our mission. And that mission is to drive Southeast Asia forward by creating economic empowerment for everyone.

非常感謝，Peter。我們很榮幸本季實現了調整後EBITDA的盈虧平衡。話雖如此，我們也很清楚，這只是我們公司發展歷程中眾多里程碑中的一個。因此，即使我們根據不斷變化的市場環境調整業務，我們仍將專注於推動成長和獲利，並忠於我們的使命。而我們的使命就是透過賦能每個人，推動東南亞地區向前發展。

Despite operating in this region for over a decade, we still see abundant opportunities to untangle complex societal problems in the region. We still have a long way to go in achieving our mission. There is so much more we can do to serve beyond 1 in 20 Southeast Asians that use our platform every month and empower the millions of everyday entrepreneurs currently on our platform.

儘管我們在東南亞地區運營了十多年，但我們仍然看到了解決該地區複雜社會問題的大量機會。要實現我們的使命，我們還有很長的路要走。為了服務每月使用我們平台的東南亞用戶（每20個用戶中就有1個），並賦能目前平台上數百萬的普通創業者，我們還有很多工作要做。

Now in order to achieve this, we have to provide our consumers with more affordable services while enabling our driver and merchant partners to earn more. Hence, we need relentless innovation, and that's something we will continue to strive for, to build a sustainable and thriving marketplace that balances the interest of our users and partners for the long term.

現在，為了實現這一目標，我們必須為消費者提供更實惠的服務，同時讓我們的司機和商家合作夥伴獲得更多收益。因此，我們需要持續創新，也將為此不斷努力，打造一個永續發展、蓬勃發展的市場，長期平衡用戶和合作夥伴的利益。

We will continue to focus on investing to develop hyper-local innovations and leveraging our scale advantage to solve problems for Southeast Asia. Three main factors will guide us on how we decide where to focus our investment efforts.

我們將繼續專注於投資超在地化創新，並利用我們的規模優勢解決東南亞的問題。我們將根據三個主要因素來決定投資重點。

Firstly, these investments have to improve the health of the marketplace and solve an actual problem. This will ensure that we never compromise on being the #1 choice for our users and partners. And examples of these will be the rollout of Saver Deliveries and improvements to batching rate, which reflect how we are offering more affordable delivery fees to users while at the same time increasing earnings potential for our driver partners.

首先，這些投資必須改善市場健康，並解決實際問題。這將確保我們始終致力於成為用戶和合作夥伴的首選。例如，我們將推出「省錢配送」服務，並改善批量配送率，這體現了我們如何為用戶提供更實惠的配送費用，同時提升司機合作夥伴的收入潛力。

Additionally, ecosystem lending is another example of how we deepen partner engagement and loyalty while driving financial inclusion, which is very close to our hearts, as many of our partners are underserved by traditional banking institutions.

此外，生態系統借貸是我們如何深化合作夥伴參與度和忠誠度同時推動金融包容性的另一個例子，這與我們息息相關，因為我們的許多合作夥伴都沒有得到傳統銀行機構的充分服務。

Secondly, we need to have confidence that we can execute and scale these investments. We continue to be very selective in the key investments -- we are constantly raising the bar higher with people and technology to maximize success. We have a strong and robust balance sheet today. And while this provides us with financial flexibility, we must maintain discipline and a high hurdle rate when deploying our capital across both organic and inorganic opportunities.

其次，我們需要有信心執行並擴大這些投資規模。我們將繼續嚴格篩選關鍵投資——我們不斷提升人才和技術標準，以最大程度地實現成功。我們目前擁有強勁穩健的資產負債表。雖然這為我們提供了財務靈活性，但在將資本投入有機和無機投資機會時，我們必須保持紀律和較高的回報率。

Third, these initiatives must be able to generate sustainable unit economics for us in the long term. And we have demonstrated this with Mobility and Deliveries improving profitability on a segment adjusted EBITDA basis for 7 consecutive quarters, and we remain committed to continue improving on our profitability levels as we strive to provide the best selection to users while maintaining a healthy and thriving marketplace.

第三，這些措施必須能為我們創造長期可持續的單位經濟效益。我們已經證明了這一點，出行和配送業務連續7個季度的分部調整後EBITDA獲利能力持續提升。我們將繼續致力於提升獲利水平，努力為用戶提供最佳選擇，同時維護健康繁榮的市場環境。

For Financial Services, we are confident that it remains on track to replicate the successful transition to profitability that both our Mobility and Deliveries segments have achieved.

對於金融服務，我們有信心它能夠複製我們的行動和交付部門所實現的成功獲利轉型。

While our New Initiatives and Innovations to serve the region such as affordability, such as reliability push, or our efforts to scale up our digibanks, they may not result in immediate returns. We will continue to operate the business with discipline and with a long-term view in mind to achieve 3 outcomes: Firstly, drive towards a steady pace of adjusted EBITDA growth and generate free cash flows; secondly, establish strong competitive advantages that can reinforce our reliability and service quality to our users and partners; and finally, stay true to our commitment to deliver a triple bottom line, which is to simultaneously deliver financial performance for our shareholders and create a positive social and environmental impact for our home, Southeast Asia. Only by building a financially profitable business will we be able to deliver impact not just for this current generation but for the generations to come.

雖然我們為服務區域而推出的新措施和創新，例如提高可靠性和可負擔性，以及擴大數位銀行規模的努力，可能無法立即帶來回報。我們將繼續嚴謹經營，並著眼於長遠，以實現三個目標：首先，推動調整後息稅折舊攤銷前利潤 (EBITDA) 穩步增長，並產生自由現金流；其次，建立強大的競爭優勢，增強我們為用戶和合作夥伴提供的可靠性和服務質量；最後，並信守我們的承諾，實現三重底線，即同時為社會股東和東南部的就業只有建立一個財務上獲利的企業，我們才能不僅為當代人，也為子孫後代帶來影響。

In closing, Grab delivered a strong set of results where we grew on our top line and achieved positive adjusted EBITDA for the first time. Alex, Peter and I would like to thank fellow Grabbers, our users and partners, for all their contributions and support. Without it, these results would not have been possible. As Grab continues to take steps towards its mission, I am very excited about what lies ahead. I look forward to sharing many more milestones and successes with all of you in the future.

最後，Grab 取得了一系列強勁的業績，營收實現了成長，並首次實現了調整後息稅折舊攤提前利潤（EBITDA）。 Alex、Peter 和我要感謝 Grabbers 的各位同仁、我們的用戶和合作夥伴，感謝他們的貢獻和支持。沒有你們，這些成果不可能實現。隨著 Grab 繼續朝著使命邁進，我對未來充滿期待。我期待未來與大家分享更多里程碑和成功。

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

非常感謝您抽出時間，我們現在開始提問。

(Operator Instructions) The first question today comes from Navin Killa from UBS.

（操作員指示）今天的第一個問題來自瑞銀的 Navin Killa。

I guess 2 questions from me. First of all, I guess I wanted to touch on the elephant in the room, which is the foodpanda proposed sale in Southeast Asia. What can you comment on this? And I guess, in particular, how do you think about it between acquiring it versus not acquiring it and competing potentially, I guess, with a more aggressive competitor?

我有兩個問題。首先，我想提一個大家容易忽略的問題，那就是foodpanda計劃出售東南亞業務。您對此有何評論？特別是，您如何看待收購foodpanda和不收購foodpanda，並與更具競爭力的競爭對手進行潛在競爭？

Can you, I guess, also help us understand how you're thinking about this with regards to your overall capital allocation principles?

我想，您能否幫助我們了解您如何從整體資本配置原則的角度來考慮這個問題？

And I guess the second question, I know you briefly touched upon this a little bit. But with the business now achieving positive EBITDA, how are you thinking about balancing growth and profitability going forward? And how should we think about your adjusted EBITDA margin going forward?

第二個問題，我知道您剛才簡單提到了這一點。但是，鑑於公司目前實現了正的EBITDA，您如何考慮在未來平衡成長和獲利能力？未來調整後的EBITDA利潤率該如何考慮？

Thanks, Navin. Alex here. I'll start on the question about foodpanda Southeast Asia. As you know, we won't comment on rumors, but I will say that we don't operate for M&A. We operate to provide the best experience and the best services for our customers, merchants and drivers while trying to be profitable as a platform, as you can see from our strategy.

謝謝，Navin。我是 Alex。我先來回答關於 foodpanda 東南亞的問題。如你所知，我們不會對傳言發表評論，但我要說的是，我們的營運目的並非併購。我們的營運目標是為我們的顧客、商家和司機提供最佳體驗和服務，同時努力實現平台獲利，這一點你從我們的策略中就能看出。

So I think some of the outstanding numbers this quarter, if you ask me what are the operational numbers. Batched order is now accounting for over 1/3 of Deliveries orders, reduction in driver wait times improving by 72% year-on-year and 47% quarter-on-quarter with the proprietary mapping that we have. And then that's all translating to higher earnings per hour for our drivers, which means that we get much better loyalty and much better supply than smaller competitors.

所以我認為本季的一些突出數據，如果你問我營運數據是什麼的話，是值得關注的。大量訂單現在占到配送訂單的三分之一以上，透過我們專有的地圖繪製，司機等待時間年減了72%，季減了47%。所有這些都轉化為我們司機每小時收入的提高，這意味著我們比規模較小的競爭對手擁有更高的忠誠度和更好的供應。

So that translates into affordability, quality of selection. So we just keep increasing wallet share and engagement as well with the financial services that we add on. So that multi-segment approach is also super important. So I would say that our main focus is on continuing to double down on that scale advantage so that we increase value for consumers, drivers and merchants on our platform.

這體現在價格實惠和選擇品質。我們不斷透過新增的金融服務來提升錢包份額和參與度。因此，多細分市場策略也至關重要。我想說，我們的主要重點是繼續加倍鞏固規模優勢，為平台上的消費者、駕駛者和商家創造更多價值。

Navin, on your question around just capital allocation. Look, I think Anthony summed it up well during his remarks where he said, while we have a very strong balance sheet today, we're going to continue to maintain very disciplined. We have a high hurdle rate when deploying our capital, both organic and inorganic opportunities. So no change in terms of how we view our capital deployment principles. We will continue to be prudent. We'll continue to have high -- very high hurdle rate when it comes to deploying those capital. And we're very focused on making sure that we have a healthy cash balance and adopt that discipline that we've been executing, taking a balanced approach towards that capital allocation.

納文，關於你關於資本配置的問題。我認為安東尼在他的演講中總結得很好，他說，雖然我們目前的資產負債表非常強勁，但我們將繼續保持非常嚴謹的紀律。在配置資本時，無論是有機資本或無機資本，我們都設定了很高的最低收益率。因此，我們對資本配置原則的看法並沒有改變。我們將繼續保持審慎。在配置這些資本時，我們將繼續設定非常高的最低收益率。我們非常注重確保健康的現金餘額，並堅持我們一直以來的紀律，以平衡的方式進行資本配置。

Yes. On growth and profitability or balancing them, we'll constantly be pushing for both growth and profitability while staying on track with our mission of driving economic empowerment for everyone. As you now see, we have achieved positive group adjusted EBITDA for the first time this quarter. While this is just one achievement, there are many, many more that we are shooting for.

是的。關於成長和獲利，或如何平衡兩者，我們將持續推動成長和獲利，同時堅持我們推動每個人經濟賦權的使命。如各位所見，本季我們首次實現了集團調整後EBITDA為正。雖然這只是其中一項成就，但我們仍在努力實現更多目標。

So looking ahead, we are focused on driving this steady pace of adjusted EBITDA growth and generating resilient free cash flows. And we have, and we will continue to focus on investing and developing hyper-local solutions that solve real problems in this region.

展望未來，我們將專注於推動調整後EBITDA穩定成長，並創造富有韌性的自由現金流。我們過去和現在都專注於投資和開發能夠解決該地區實際問題的超本地化解決方案。

But how we think about investments we will do. One, criteria, does it improve the health of our marketplace? Two, are we able to successfully scale up in a very capital-efficient manner? And three, it must be able to generate sustainable unit economics for the long run.

但我們如何考慮投資呢？首先，標準是：它是否能改善我們市場的健康狀況？其次，我們能否以資本高效率的方式成功擴大規模？第三，它必須能夠長期創造可持續的單位經濟效益。

So in short, we are actually very excited of this journey and especially what lies ahead. We still see plenty of headroom to grow in the region. So we will do this in a sustainable and profitable manner, and we will do so generating a steady pace of adjusted EBITDA growth.

簡而言之，我們對這段旅程，尤其是未來的發展充滿期待。我們認為該地區仍有巨大的成長空間。因此，我們將以可持續且獲利的方式實現這一目標，並實現調整後EBITDA的穩定成長。

And I mean just -- you had a question around adjusted EBITDA margin also as part of that. Look, we're not guiding long-term EBITDA margins as yet, group EBITDA margins.

我的意思是——您剛才問了調整後EBITDA利潤率的問題，這也是其中的一部分。請注意，我們目前還沒有公佈長期EBITDA利潤率，也就是集團EBITDA利潤率。

Here's what I can say, is the way we approach it is really continue to drive operating leverage in the business and also making sure that we can continue to grow also our top line. So we'll be balancing that and we'll be managing our business to long-term EBITDA growth and also free cash flow generation. So that's how we're going to balance the growth and profitability.

我可以說的是，我們的做法是持續提升業務的營運槓桿，同時確保我們的營收能持續成長。因此，我們將在兩者之間取得平衡，並將業務管理導向長期EBITDA成長和自由現金流的產生。這就是我們平衡成長和獲利能力的方法。

Next question comes from Alicia Yap from Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

Anthony, Alex and Peter, congratulations on the strong set of results. Two questions. First, can management share your view, how you see the overall competitive landscape for the delivery business? Do you think there is still room for new players to enter by building their presence gradually and then taking share from some of the players who might scale back their focus in the region?

安東尼、亞歷克斯和彼得，祝賀你們取得如此亮眼的業績。有兩個問題。首先，管理階層能否分享一下你們的看法？你們如何看待外送產業的整體競爭格局？你們認為新玩家是否還有進入的空間？他們可以透過逐步擴大影響力，搶佔一些可能減少在該地區業務的玩家的市場份額。

And then second question is, given your New Initiative Enterprise business is doing very well. So if you can share your aspiration for the online ad business. What is your specific KPI or milestone that you have set for yourself in the near term and medium term? How fast, how big you hope to achieve in the ad revenue?

第二個問題是，鑑於您的新舉措企業業務表現非常出色，能否分享一下您對線上廣告業務的願景？您為自己設定的近期和中期具體KPI或里程碑是什麼？您希望廣告收入成長速度有多快、達到多大？

Thanks, Alicia, for both those questions. Let me take those. Firstly, the deliveries market has always been competitive, as you know. We think our multi-segment approach to on-demand is -- gives us an advantage, and the focus on the ecosystem scale I was speaking about earlier to Navin's question.

謝謝艾莉西亞，這兩個問題。我來回答一下。首先，如你所知，外送市場一直競爭激烈。我們認為，我們針對按需服務的多細分策略賦予了我們優勢，而我之前在回答納文的問題時也提到了對生態系統規模的關注。

If you look at the way we've been able to reduce our Deliveries total incentives down 444 basis points to 9.8% now, down year-on-year by 444 basis points. And then the Deliveries consumer incentives within that down 249 basis points year-on-year to 5.6%. So I think that's a proof point that we're not dependent on incentives to grow. We can actually fundamentally drive the cost to serve down to create affordable services, and that in itself can drive growth.

看看我們是如何將外送業務的總激勵措施下調444個基點至目前的9.8%，年減了444個基點。其中，外送消費者激勵措施也較去年同期下降了249個基點至5.6%。所以我認為這證明了我們並不依賴激勵措施來實現成長。我們實際上可以從根本上降低服務成本，從而提供價格合理的服務，而這本身就能推動成長。

If you look at the -- back to the financials for this quarter, we've now got Deliveries margins reaching 3.4% and with revenue growing 79% year-on-year and 5% quarter-on-quarter, then I think you can see that we're getting both growth, margin improvement, but with reducing incentives. EBITDA margin expanded 302 basis points year-on-year over the same period. So this is about driving affordability. And I reckon therefore, if people do drop out of the market, I think we're optimistic that it will be Grab and not the new entrants who will take their share.

如果你回顧本季的財務數據，你會發現我們的外送利潤率達到3.4%，營收年增79%，季增5%。我想你可以看到，我們實現了成長，利潤率也提高了，但激勵措施卻減少了。同期，EBITDA利潤率年增了302個基點。所以，這是為了提高人們的可負擔性。因此，我認為，如果人們真的退出市場，我們樂觀地認為，搶佔市場份額的將是Grab，而不是新進者。

So going back to your second question, which was on the ads business. Yes. The year-on-year improvement in ads is one of the big stories, I think, this quarter and last quarter. We are confident in our endemic ads proposition because although there are other platforms out there, so platforms that have larger audiences than we do, we uniquely can offer that closed loop on -- for performance marketing that endemic advertisers want. And we're dealing with first-party data in our case as well with the transaction associated with it.

回到你的第二個問題，關於廣告業務。是的。我認為，廣告業務的年成長是本季和上季的一大亮點。我們對我們的本土廣告主張充滿信心，因為儘管市場上還有其他平台，這些平台的受眾比我們更大，但我們能夠提供本土廣告客戶所需的閉環效果行銷。而且，我們處理的是第一方資料以及與之相關的交易。

So this is a kind of a recession-proof because it's performance marketing, which tends to outperform in difficult times. So we think it's the right thing to focus on.

所以這是一種抵禦經濟衰退的方法，因為它是績效行銷，往往在困難時期表現更佳。所以我們認為這是值得關注的。

In the quarter, you can see that our self-serve advertisers -- merchant advertisers was up 83% year-on-year. So that's a reflection of the strategy we've shared with you over the last couple of quarters to focus on self-serve. But it's still in early days. We do -- we can see that we've still got lots of headroom to penetrate the long-tail advertisers further. And we've got great return on advertising sales for them. We're at about 7 to 9x ROAS, even for the long-tail mix that we're serving.

本季度，您可以看到我們的自助廣告商（商家廣告商）年增了83%。這體現了我們過去幾季與您分享的專注於自助服務的策略。但這仍處於起步階段。我們確實可以看到，我們仍然有很大的空間來進一步滲透長尾廣告商。而且，我們為他們帶來了豐厚的廣告銷售報酬率。即使是我們服務的長尾廣告組合，我們的廣告支出報酬率也達到了7到9倍左右。

In terms of where that could end, we're not giving guidance at this point, but I will say that we're watching carefully some of the external benchmarks, which as you probably know are in excess of 2% as a percent of -- the revenue as a percent of Deliveries GMV. So that's more than double where we are at this point.

至於最終結果如何，我們目前還沒有給出指引，但我要說的是，我們正在密切關註一些外部基準。正如你可能知道的，這些基準佔外送GMV（商品交易總額）的比例超過了2%。所以，這比我們目前的水準高出一倍以上。

The next question comes from Pang Vit from Goldman Sachs.

下一個問題來自高盛的 Pang Vit。

Congratulations for a good set of results. So question for me, please. Number one, on the on-demand market share trends. We noticed it's very strong this quarter, especially in Indonesia. You continue to deliver in mid-teens in terms of year-on-year trend versus your peers that seem to contract on mid-teens as well. What have you done differently there that led to this strong growth trends? And more importantly, can you also comment on how management sees the current competitive landscape into fourth quarters over there, with your competitors signaling that they are moving to protect their market share now? That's question number one.

祝賀您取得如此好的業績。請問我一個問題。第一個問題是關於按需市場佔有率的趨勢。我們注意到本季的市佔率成長非常強勁，尤其是在印尼。與同業相比，貴公司的年成長率持續維持在15%左右，而同業的成長率似乎也只有15%左右。貴公司在印尼採取了哪些不同的措施，才實現瞭如此強勁的成長趨勢？更重要的是，貴公司的競爭對手已經表示，他們正在採取行動保護自己的市場份額，您能否談談管理層如何看待第四季度印尼的競爭格局？這是第一個問題。

Question number two related to the Financial Services segment. Growth materially picked up in the quarter. Can you share with us more on the trend going forward? How much of this growth come from payment and how much of this is now coming in from lending? With your loans outstanding amounted to around $275 million, in the quarters, how should we see this trend going forward as well?

第二個問題與金融服務部門有關。本季成長顯著回升。您能否與我們分享更多關於未來趨勢的資訊？其中有多少成長來自於支付，又有多少來自貸款？鑑於貴公司本季的未償還貸款總額約為2.75億美元，我們該如何看待這一趨勢？

Okay, Pang. Thanks so much for both questions. Let me take the question on Indonesia first. You're right, we've grown strongly in Indonesia, both -- in both Mobility and Deliveries. I guess there are no secret ingredients, but I think a strategy that's working for us is to have a laddered pricing. That means we've got a -- our economy saver service that helps us drive the base of the pyramid and bring new people into the platform. And it's layered with ads, so it helps to drive our -- we get ads margin enhancement from that. And then we've got premium services to cater for our business community, which obviously come with higher margins.

好的，Pang。非常感謝你的兩個問題。我先回答一下關於印尼的問題。你說得對，我們在印尼的成長勢頭強勁，無論是在出行還是配送方面。我想這其中沒有什麼秘訣，但我認為我們有效的策略是階梯式定價。這意味著我們推出了一項經濟實惠的服務，可以幫助我們拓展金字塔底層，並吸引新用戶加入平台。這項服務包含多層廣告，有助於提升我們的廣告利潤率。此外，我們也提供優質服務來滿足商業群體的需求，這顯然會帶來更高的利潤率。

And then the price laddering between the economy, the standard and the premium is optimized all the time using machine learning, city by city, time slot by time slot. So this is working for us. It's allowing us to grow healthily and at the same time maintain our margins at or above the long-term targets that we shared with you.

然後，我們會利用機器學習，持續優化經濟型、標準型和高階型之間的價格階梯，針對每個城市、每個時段進行最佳化。這對我們來說非常有效。它讓我們能夠健康發展，同時將利潤率保持在或高於我們之前分享的長期目標。

In addition, I think we have an advantage in Indonesia because of our geographical diversification. We get scale by being consumer choice, #1 choice in multiple markets. And so the tech that we can roll out, like our mapping tech, our payments and a lot of our other optimization tech that's driven the great operational performance in this quarter is built for multiple markets and so we can amortize the cost for the Indonesian market.

此外，我認為我們在印尼擁有優勢，因為我們的地理多元化。我們透過成為消費者的首選，在多個市場中成為首選，從而實現了規模化。因此，我們推出的技術，例如地圖技術、支付技術以及推動本季出色營運績效的許多其他優化技術，都是為多個市場打造的，因此我們可以分攤印尼市場的成本。

We've been able to lower the consumer incentives. So as I talked about earlier to Alicia's question, you can see that we demonstrated that we can use cost-to-serve initiatives to provide affordable services without using incentives. And I think that will be our strategy, to continue to do that in Indonesia. You asked about how do we see the fourth quarter I think more of the same. We'll continue to double down on extracting cost to serve benefits, which we can then use to benefit our drivers to improve supply and benefit our merchants because we'll be consumer #1 choice, which makes us a source of strong income growth for them.

我們已經能夠降低消費者激勵措施。正如我之前回答Alicia的問題時提到的，您會看到，我們已經證明，我們可以利用成本服務計劃，在不使用激勵措施的情況下提供價格合理的服務。我認為這將是我們在印尼繼續推行的策略。您問到我們對第四季的預期，我認為情況大致相同。我們將繼續加倍努力，提高成本服務效益，然後利用這些效益惠及我們的司機，改善供應，並惠及我們的商家，因為我們將成為消費者的首選，這將使我們成為他們強勁收入增長的來源。

And your second question on Financial Services growth. Yes, we're really happy with the traction we're getting from lending, both through GFin and through the FlexiLoan product of GXS in Singapore. The success we're having is based on basically data science because we're using huge amounts of data, both conventional and unconventional lending data, to do the underwriting. And we're getting -- able to provide loans to a wide segment of users, some of whom have not borrowed before, and yet be able to maintain our NPL losses at stable low levels. So our data science advantage in lending is going to be the driver for Financial Services, both for the bank and nonbank lending.

您的第二個問題是關於金融服務成長的。是的，我們對透過GFin和新加坡GXS的FlexiLoan產品在貸款業務方面取得的進展感到非常滿意。我們的成功主要基於數據科學，因為我們使用大量數據（包括傳統和非傳統貸款數據）來進行貸款核保。我們能夠向廣泛的用戶群體提供貸款，其中一些用戶以前從未借過款，同時還能將不良貸款損失保持在穩定的低水平。因此，我們在貸款領域資料科學的優勢將成為金融服務（包括銀行和非銀行貸款）發展的驅動力。

The majority of our revenue growth came from lending. So the payment strategy is to focus on our own ecosystem. You'll remember, going all the way back to September 2022 when we had the Investor Day, we talked about moving away from the off-platform payments business where the transaction margins were not contributing to our path to profitability. That's been ongoing. Off-platform transactions continue to fall, and that means that the margin mix improves for our payments business.

我們的大部分收入成長來自貸款。因此，我們的支付策略是專注於我們自己的生態系統。大家應該還記得，早在2022年9月我們舉辦投資者日的時候，我們就討論過放棄平台外支付業務，因為該業務的交易利潤率並沒有幫助我們實現盈利。我們一直在進行這項措施。平台外交易額持續下降，這意味著我們支付業務的利潤率結構有所改善。

But the payments business, therefore, tends to grow at the rate at which our GMV grows because it's all about payments on the ecosystem. And that means that the very outstanding growth numbers that we shared earlier are primarily driven by lending.

但支付業務的成長速度往往與我們的GMV成長速度一致，因為這一切都與生態系統中的支付有關。這意味著我們之前分享的那些非常出色的成長數據主要由貸款驅動。

The next question comes from Divya Kothiyal from Morgan Stanley.

下一個問題來自摩根士丹利的 Divya Kothiyal。

I had 2 questions. The first one was continuing with the Financial Services segment. Just wondering, the narrowing of losses that we've seen in this quarter despite higher digibank-related costs, can we just explain the drivers of this? And what would your outlook for the fourth quarter and beyond be? Do we expect these losses to continue tapering now? Or should we expect it to be bumpy as you launch into new markets?

我有兩個問題。第一個是關於金融服務部門的。我想問一下，儘管數位銀行相關成本上升，但本季我們的虧損有所收窄，能否解釋一下其中的驅動因素？您對第四季及以後的展望如何？我們預計這些虧損現在會持續減少嗎？還是說，隨著貴公司進軍新市場，未來可能會遇到一些坎坷？

And my second question is around corporate costs. We noticed this was flat quarter-on-quarter. Once again, I would be keen to know your comments on how you see this trending, whether we are depending more on operating leverage now, or do we have more levers to pull to reduce this?

我的第二個問題是關於企業成本的。我們注意到，這一季度環比持平。再次，我很想知道您對這一趨勢的看法，我們現在是否更加依賴營運槓桿，還是我們有更多的槓桿來降低成本？

Divya, it's Peter. Let me take both those questions. So on Financial Services, that you did -- we did see a narrowing of the losses on a Q-on-Q basis. So let me provide a bit of color on that. If you look at our GFin business, and that's where we're continuing to optimize the cost structure of our GFin business, and we're going to -- and then we've seen some really good traction.

Divya，我是 Peter。這兩個問題我來回答。關於金融服務，您確實看到環比虧損有所收窄。請容許我稍微介紹一下。如果您看一下我們的 GFin 業務，您會發現我們正在持續優化 GFin 業務的成本結構，而且我們已經看到了一些非常好的進展。

And we also have see it very similar previous quarter. And if you look at also the variable cost, which is about 1/3 of the GFin -- of our fintech business today, that's a variable piece which is actually supporting our payments platform. So as the volume transactions grow, you're going to see an uptick of the payment costs on the cost of funds to support our growing Mobility and Deliveries business.

上一季我們也看到了類似的情況。如果你再看一下變動成本，它大約占我們目前金融科技業務的三分之一，這部分變動成本實際上是在支持我們的支付平台。因此，隨著交易量的成長，你會看到支付成本在資金成本中上升，以支持我們不斷成長的行動和配送業務。

But setting that aside, the cost structure of GFin continues to be -- continue to come down, it continues to be optimized in the business. On the digibank side, we're getting ready for a couple of big launches in a couple of remaining countries in this quarter. So we're very excited about that. And some of the cost structure, 11% increase that we talked about, is leading up to those launches that we have.

但撇開這些不談，GFin 的成本結構持續下降，業務持續優化。在數位銀行方面，我們正準備在本季在剩下的幾個國家推出幾項大型業務。我們對此感到非常興奮。我們之前提到的 11% 的成本結構成長，部分原因是為了這些業務的推出。

And as you think about this quarter overall, I would say probably in terms of our cost structure for our overall fintech business, is slightly higher just given that we are going in with those key launches in those couple of markets that we have.

當您考慮本季整體情況時，我想說，就我們整個金融科技業務的成本結構而言，可能會略高一些，因為我們將在現有的幾個市場推出這些關鍵產品。

I'll just add some numbers to illustrate Peter's comments. So cost of funds represents about 30% of our Financial Services costs. And that obviously increases in line with the GMV growth. So that's what Peter referred to as variable, so that's the 30%. The other segment costs, if you do the sums from the numbers we shared this quarter, the other segment costs actually reduced by about 5% year-on-year, and that's despite the increase in the build cost for the digibanks, which is up 11% quarter-on-quarter. So we've managed to absorb that build cost for the digibanks and at the same time reduce the total cost by 5%.

我只想補充一些數字來解釋Peter的觀點。資金成本約占我們金融服務成本的30%。而且這顯然會隨著GMV的成長而成長。這就是Peter所說的變動成本，也就是30%。其他部門的成本，如果根據我們本季分享的數據進行匯總，會發現其他部門的成本實際上同比下降了約5%，這還是在數位銀行建設成本環比增長11%的情況下實現的。所以我們設法吸收了數位銀行的建造成本，同時將總成本降低了5%。

Yes. And then on regional corporate costs, going to continue to look for operating leverage in the business. And as you saw in the third quarter, it was flat on a quarter-to-quarter basis, but it was down on an 8% year-over-year basis. If you un-peel that, what we did see is headcount cost was down 6% year-over-year and also on Q-on-Q basis, and our fixed overhead -- non-headcount fixed overhead was down 14% year-over-year or 9% quarter-on-quarter.

是的。然後，關於區域公司成本，我們將繼續專注於業務的營運槓桿。正如您在第三季度看到的，環比持平，但同比下降了 8%。如果不仔細分析，我們確實看到員工成本年減了 6%，環比也下降了；我們的固定間接費用（非員工固定間接費用）比去年同期下降了 14%，環比下降了 9%。

So that continues to -- we're going to continue to look for opportunities to optimize costs, but also at the same time that we also want to balance the need for us to also grow the business and to run the business at the same time. So we're going to be very disciplined in terms of how we hire. We're going to be very disciplined in terms of what costs we take on as a business.

所以，我們會繼續尋找優化成本的機會，同時我們也希望在業務成長和營運之間取得平衡。因此，我們將在招聘方面非常嚴格。在企業成本承擔方面，我們也將非常嚴格。

But it is important that we do have operating leverage in the business, and we're seeing that also, and we're going to continue to make sure that operating leverage continues to drive both growth in the business but also margin improvements overall.

但重要的是，我們的業務確實具有經營槓桿，我們也看到了這一點，我們將繼續確保經營槓桿繼續推動業務成長以及整體利潤率的提高。

The next question comes from Piyush Choudhary from HSBC.

下一個問題來自匯豐銀行的 Piyush Choudhary。

Congrats Anthony and entire team on a good set of results and turning adjusted EBITDA positive. Two questions. Firstly, you've talked a lot about affordable solution in both Mobility and Deliveries. Can you give some color what percentage of incremental users are coming because of such solutions, and what percentage of incremental GMV growth is driven by that? And is the margin profile of these new product solutions similar? That's the first one.

恭喜Anthony和整個團隊取得了一系列良好的業績，調整後的EBITDA（息稅折舊攤提前利潤）也轉為正值。有兩個問題。首先，您多次談到行動出行和配送領域的經濟實惠的解決方案。能否具體說明一下，有多少比例的增量使用者是因為這些解決方案而來的？以及有多少比例的增量GMV（商品交易總額）成長是由這些解決方案所推動的？這些新產品解決方案的利潤率相似嗎？這是第一個問題。

Secondly, in the Deliveries segment, you have already reached 3.4% segment margin. So any revisions to your midterm margin expectation? Can the segment reach 5% segment margin by 2025?

其次，在配送業務方面，你們的利潤率已經達到3.4%了。那麼，你們對中期利潤率預期有什麼調整嗎？到2025年，配送業務的利潤率能達到5%嗎？

So Piyush, thanks for your questions. Yes, the saver solution now is responsible for about 1/3 of the GMV. So imagine that equates to about 1/3 of the MTUs. On the margin impact, what we are able to do -- because of the laddered pricing approach that I described earlier, is because we're optimizing the pricing between the Saver offering, the standard offering and the premium offering, we're able to manage the margin to the same stable end result that you saw. So over 12% for Mobility and the 3.4% for Deliveries. It's the same optimization that we use, as I mentioned, using machine learning.

Piyush，謝謝你的提問。是的，Saver 方案現在約佔 GMV 的三分之一。想像一下，這相當於 MTU 的三分之一。關於利潤率的影響，我們能夠做到的是——由於我之前描述的階梯式定價方法，我們正在優化 Saver 方案、標準方案和高級方案之間的定價，我們能夠將利潤率控制在與你看到的相同的穩定最終結果。因此，移動性方案的利潤率超過 12%，配送方案的利潤率超過 3.4%。正如我所提到的，我們使用的最佳化方法與機器學習相同。

The products are distinctly differentiated. So for example, on the Saver product, you'll see more ads layered in there as an example. And then on the premium product, you'll get better vehicles, so the physical product is different. And then also, you get a more reliable, faster pickup for airport rides, for example, which is something we've been growing very, very rapidly. So net-net, that the margin is stable across that despite the fact we're now able to target the affordable segment.

產品差異化明顯。例如，在Saver產品上，你會看到更多廣告。而在Premium產品上，你會得到更好的車輛，所以實體產品是不同的。此外，你還可以享受更可靠、更快捷的機場接送服務，這是我們一直在快速成長的服務。所以，儘管我們現在能夠瞄準經濟實惠的細分市場，但整體利潤率仍然保持穩定。

Piyush, on your Deliveries margin of 3.4%, we've always said that we're -- from a steady state perspective, our Deliveries margin will be 3% plus, and we've achieved that. And if you look at our ads business also, last Q3, from a margin perspective, it's roughly about 40%, 41%. So we're going to continue to balance.

皮尤什，關於你們3.4%的交付利潤率，我們一直說——從穩定狀態來看，我們的交付利潤率將在3%以上，而且我們已經實現了這個目標。如果你看看我們去年第三季的廣告業務，從利潤率的角度來看，大約在40%到41%之間。所以我們將繼續保持平衡。

In terms of growing the Deliveries business, we still see a lot of opportunities in our Deliveries business. As Alex mentioned, 1/3 of our Deliveries users are tapping into our affordable options, which is great. 1/3 of our Deliveries GMV comes from subscribers, which is critical also. So we're going to drive frequency, we're going to drive growth also at the same time. But also, we're going to be very disciplined also in making sure that the margin for Deliveries continues to be that 3%-plus that we've said in prior quarters before.

在拓展外送業務方面，我們仍然看到很多機會。正如Alex所提到的，三分之一的外送用戶正在使用我們價格實惠的選項，這很棒。三分之一的外送GMV來自訂閱用戶，這也至關重要。因此，我們將提高上菜頻率，同時也推動成長。同時，我們也會非常嚴格地確保外送的利潤率繼續保持在我們之前幾季所說的3%以上。

The next question comes from Reena Bhasin from Deutsche Bank.

下一個問題來自德意志銀行的 Reena Bhasin。

Can you hear me?

你聽得到我嗎？

We can hear you, go ahead.

我們能聽到你的聲音，請說。

Thank you for the improved disclosure on your Financial Services business. I have a few questions. Firstly, on the digibank side, can you please help us understand what metrics we should use to evaluate the effectiveness of your digibank strategy? I know you've given numbers on the Singapore deposit base, where you've completed a year. But could we know how much of the loan book is coming from the digibank or at least in terms of origination transactions? If you could share some color on that front, please?

感謝您改善金融服務業務的揭露。我有幾個問題。首先，關於數位銀行，您能否幫助我們了解應該使用哪些指標來評估您的數位銀行策略的有效性？我知道您已經提供了新加坡存款基數的數據，該數據已經過去一年了。但我們能否知道，貸款總額中有多少來自數位銀行，或至少在發起交易方面有多少來自數位銀行？能否請您分享一些這方面的情況？

My second question is actually with regard to Anthony's comments about the aspects that look -- that are key to long-term growth. I found it kind of just easy to accept that any M&A will more or less improve the health of marketplace and help to scale up the business in an efficient way. And with the treasury which is earning some 5% income, I think the hurdle rate to deploying more money into businesses doesn't seem that high. So I'm just trying to think, why would you ever say no to any M&A? Could you just please share some clarity on what kind of metrics you're using besides improving health of the marketplace?

我的第二個問題實際上是關於安東尼關於長期成長關鍵因素的評論。我發現，任何併購都會或多或少地改善市場健康狀況，並有助於有效地擴大業務規模，這一點很容易被接受。考慮到財務部門的收入約為5%，我認為向企業投入更多資金的門檻似乎並不高。所以我在想，你們為什麼要拒絕任何併購？除了改善市場健康狀況之外，能否請您解釋一下你們還使用了哪些指標？

I guess my third question is just if you could shed any light on what kind of commitment could you make to the regulator in Singapore to kind of ensure that the Trans-cab transaction does go through smoothly? Is that something you're considering, making commitments to the regulator?

我的第三個問題是，您能否透露一下，為了確保Trans-cab交易順利進行，您能向新加坡監管機構做出什麼樣的承諾？您是否正在考慮向監管機構做出承諾？

Thanks, Reena. Yes, let me take your first and third question. So the first one on the digibanks. As you probably saw, the loans outstanding in total between GFin and digibank is at $275 million. And the loan dispersal year-to-date has reached $1 billion.

謝謝，Reena。是的，我來回答你的第一個和第三個問題。第一個問題是關於數位銀行的。你可能已經看到了，GFin 和數位銀行之間的未償還貸款總額為 2.75 億美元。今年迄今為止，貸款發放已達 10 億美元。

Now we don't break out within that, what is the digibank. The main reason is because the digibank has just started lending, as you know, with the FlexiLoan product. But as that portfolio gets larger, it is likely that some time next year, we'll start to break this out so you'll be able to see GFin on the one hand and then the digibank FlexiLoan portfolio size on the other hand.

現在我們不會單獨列出數位銀行的情況。主要原因是，如你所知，數位銀行剛開始使用FlexiLoan產品進行放款。但隨著該投資組合規模的擴大，我們很可能在明年某個時候開始單獨列出，這樣你就能一方面看到GFin，另一方面看到數位銀行FlexiLoan投資組合的規模。

The main reason -- the main method for judging the success of the digibank is, at this stage, is the consumer take-up. We're very pleased that the take-up of deposits has been strong and the take-up of the FlexiLoan product also strong. We're obviously monitoring the credit models to make sure that the FlexiLoan is performing, seems to be performing well. And then we'll work with the regulators to understand how to move out of the progressive phase that we're in to ultimately end up as a full digital bank, where we can grow both sides of the balance sheet faster.

主要原因－目前判斷數位銀行成功的主要方法是消費者的接受度。我們很高興看到存款吸收量強勁，FlexiLoan產品的吸收量也同樣強勁。我們當然正在監控信貸模式，以確保FlexiLoan產品表現良好。之後，我們將與監管機構合作，探索如何走出目前的漸進式發展階段，最終成為一家完全數位化的銀行，更快實現資產負債表兩端的成長。

I'll just jump to your third question as well. We are working closely with CCS to answer all their questions. We provided a lot of information to them. We'll continue to be very open with them. We are committed to making sure that drivers can openly drive on any platform that they want to drive on. There will be no lock-in to the Grab platform. And I think beyond that, there shouldn't be any need for commitments to the regulators because, in our view, this transaction is good for the drivers, helps them to improve their earnings and efficiency and productivity. And it's good for consumers because it increases the availability of supply in Singapore by making those drivers more available using better technology.

我還是直接回答你的第三個問題吧。我們正在與CCS密切合作，解答他們的所有疑問。我們向他們提供了大量資訊。我們將繼續對他們保持開放態度。我們致力於確保司機可以自由地在任何他們想使用的平台上駕駛車輛。他們不會被Grab平台鎖定。除此之外，我認為他們也不需要對監管機構做出任何承諾，因為我們認為這筆交易對司機有利，有助於他們提高收入、效率和生產力。這對消費者也有利，因為它透過利用更先進的技術，讓司機更容易獲得服務，從而增加了新加坡的車輛供應。

And your question around M&A and how we think about it. So there's a few things when we look at inorganic opportunities. You mentioned that there's hurdle rates that we use, while there's financial guardrails that we use, but also we look at others. And a couple of those which are very important to us is, how does it impact the ecosystem or the marketplace that we have today? So it's really important that whichever -- whatever we look at any opportunities, that it has to benefit the marketplace.

您關於併購的問題以及我們對此的看法。我們在尋找非有機投資機會時會考慮一些因素。您提到，我們會使用最低收益率，也會使用財務護欄，但我們也會考慮其他因素。其中幾個對我們來說非常重要的因素是，它會如何影響我們現有的生態系統或市場？因此，無論我們尋找什麼機會，都必須有利於市場，這一點非常重要。

Great example of that is Jaya Grocer that we did. So if you look at the Jaya Grocer today, we've managed to increase their online delivery, which was hardly any when we took up the business. And that's benefited our consumers in Malaysia and it's benefited also our driver partners also at the same time.

我們做的Jaya Grocer就是很好的例子。看看現在的Jaya Grocer，我們成功提升了他們的線上配送能力，而我們剛開始做這項業務的時候，線上配送幾乎是空白。這不僅惠及了馬來西亞的消費者，也惠及了我們的司機夥伴。

We look at also what opportunities will those targets also can add into our -- whether it's our merchant base or how we can drive more demand for our driver partners. So those are really important. While financial accretion is also as critical as important to us, we look at all those dynamics when we evaluate an M&A opportunity overall as a package.

我們也會考慮這些目標能為我們帶來哪些機會──無論是擴大我們的商家基礎，或是如何推動司機夥伴的需求。這些都非常重要。雖然財務成長對我們來說也同樣重要，但在評估併購機會時，我們會將所有這些動態因素視為一個整體。

So I hope that helps to give a bit of a color on how we think about it.

所以我希望這能幫助我們更好地理解這一點。

May I just quickly follow up on your last point about the financial accretion part. The -- can you please comment on the treasury strategy as you kind of surface in the news more often than before with regard to a potential large outflow towards M&A. How is the treasury strategy changing? And is 4%, 5% kind of income going to just kind of vanish from the balance sheet if you were to indulge in big-ticket M&A?

我可以快速跟進一下您最後提到的財務增值部分嗎？您能否評論一下財務策略？鑑於您最近越來越頻繁地出現在新聞中，提到公司可能會出現大量資金流向併購。財務策略是如何變化的？如果您沉迷於大規模併購，4% 或 5% 的收入是否會從資產負債表中消失？

Were -- the cash in the balance sheet that we have, we're going to be very good stewards of our capital. And whatever the treasury yield is today, we'll make sure we'll maximize it. But also at the same time, we're going to make sure that every dollar that stays on our balance sheet also is off to good use, whether it's investing in whatever we can, in treasuries or whatever other investment products. But I think what's really important is we've been very prudent in terms of how we deploy our capital at the end of the day. And that's really what's critical to the shareholders, so that we are being very careful in terms of how we deploy it.

我們資產負債表中的現金，我們將妥善管理我們的資本。無論今天的國債殖利率是多少，我們都將確保其最大化。同時，我們也要確保資產負債表上的每一美元都得到妥善利用，無論是投資於我們所能投入的國債還是其他投資產品。但我認為真正重要的是，我們在資本配置方面一直非常謹慎。這對股東來說至關重要，因此我們在資本配置方面非常謹慎。

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

Grab 2023 年第三季業績電話會議到此結束。感謝您的參與。您可以斷開連線了。