Grab Holdings Ltd (GRAB) 2023 Q4 法說會逐字稿

Hello all and thank you for joining us today. My name is Lydia and I'll be your conference operator for this session. Welcome to Grab's Fourth Quarter and Full Year 2023 Earnings Results Call. (Operator Instructions)

大家好，感謝您今天加入我們。我的名字是 Lydia，我將擔任本次會議的會議主持人。歡迎參加 Grab 2023 年第四季和全年收益業績電話會議。 （操作員指令）

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

現在我將把電話會議交給道格拉斯·尤 (Douglas Eu)。

Good day, everyone, and welcome to Grab's fourth quarter and full year 2023 earnings call. I'm Douglas Eu, Head of Asia Investor Relations at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, Chief Operating Officer; and Peter Oey, Chief Financial Officer. During the call today, Anthony will discuss our key strategic and business achievements followed by Alex who will provide operational highlights and Peter will share details of our fourth quarter and full year 2023 financial results. Following prepared remarks, we will open the call to questions.

大家好，歡迎參加 Grab 2023 年第四季和全年財報電話會議。我是 Douglas Eu，Grab 亞洲投資人關係主管。今天與我一起的還有執行長 Anthony Tan；營運長 Alex Hungate；以及財務長 Peter Oey。在今天的電話會議中，安東尼將討論我們的主要策略和業務成就，隨後亞歷克斯將提供營運亮點，彼得將分享我們第四季度和 2023 年全年財務業績的詳細資訊。在準備好的發言之後，我們將開始提問。

During this call, we will be making forward-looking statements about future events including our future business and financial performance. These statements are based on our current beliefs and expectations. Actual results could differ materially due to a number of risks and uncertainties as described on this earnings call, in the earnings release and in our Form 20-F and our filings with the SEC. We do not undertake any duty to update any forward-looking statements. We will also be discussing non-IFRS financial measures on this call. These measures supplement, but do not replace IFRS financial measures. Please refer to the earnings materials for a reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release and supplemental presentation available on our IR website.

在本次電話會議中，我們將對未來事件做出前瞻性陳述，包括我們未來的業務和財務表現。這些陳述是基於我們目前的信念和期望。由於本次收益電話會議、收益發布和我們的 20-F 表以及我們向美國證券交易委員會提交的文件中所述的多種風險和不確定因素，實際結果可能存在重大差異。我們不承擔更新任何前瞻性陳述的責任。我們也將在本次電話會議上討論非國際財務報告準則的財務指標。這些指標是 IFRS 財務指標的補充，但不能取代。請參閱收益資料以了解非國際財務報告準則與國際財務報告準則財務指標的對帳。欲了解更多信息，請參閱我們的 IR 網站上的收益新聞稿和補充介紹。

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

說完這些，我將把電話轉給安東尼，讓他發表演說。

Thank you for joining us today. 2023 was a pivotal year for Grab. We set out to achieve a number of big milestones and we delivered on our key goals. Our Mobility business, which was severely impacted by the pandemic, exceeded pre-COVID levels as we exited 2023. This was done through focused product investments into our key affordability initiatives and targeting traveler demand. In Deliveries, we drove a reacceleration of our Deliveries GMV executing upon 3 consecutive quarters of sequential growth post COVID normalization. In the fourth quarter of 2023, Deliveries GMV reaccelerated to grow 13% year-on-year setting us up strongly for 2024. At the same time, Deliveries segment adjusted EBITDA margins expanded by over 160 basis points year-on-year as we continued to drive marketplace efficiencies and grow our category leadership position across all our core markets amid reductions in incentive spend.

感謝您今天加入我們。 2023 年對 Grab 來說是關鍵的一年。我們制定了一系列重大里程碑，並實現了我們的關鍵目標。我們的行動業務曾受到疫情的嚴重影響，但在 2023 年結束時，其業績超過了疫情之前的水平。在配送方面，我們推動了配送 GMV 的再次加速，在 COVID 正常化後連續 3 個季度實現成長。 2023 年第四季度，配送 GMV 再次加速成長，年成長 13%，為我們 2024 年的強勁表現奠定了基礎。

And finally, at a group level, we achieved our bottom line goals. We turned group adjusted EBITDA profitable since the third quarter of 2023 and also achieved adjusted free cash flow and positive net profit for the first time in the fourth quarter of 2023. These outcomes were achieved by driving intense scrutiny and discipline on costs while innovating relentlessly to deliver top line growth. While (corrected by company after the call) net profit benefited from an accounting accrual reversal, more importantly, our adjusted EBITDA continued to grow quarter-on-quarter. This showcases our ability to deliver strongly on the bottom line, which we are committed to improving in the coming years.

最後，從集團層級來說，我們實現了我們的底線目標。我們自 2023 年第三季起實現集團調整後 EBITDA 獲利，並在 2023 年第四季首次實現調整後自由現金流和正淨利。雖然（公司在電話會議後進行了更正）淨利潤受益於會計應計逆轉，但更重要的是，我們的調整後 EBITDA 繼續環比增長。這體現了我們強勁的獲利能力，我們致力於在未來幾年內進一步提高這項能力。

Importantly, we took strides towards profitable growth while staying true to our mission, empowering everyday entrepreneurs. During the year, we generated over $11 billion of earnings for our driver and merchant partners, which is an all-time high. And our average driver earnings per transit hour also grew by 14% year-on-year while also onboarding over 700,000 new merchants in the year itself. We achieved this by driving win-win solutions such as hyper-batching and just-in-time allocations, all of which enabled us to improve the productivity of our driver partners, enhancing their earnings potential while reducing our cost to serve. For Grab, improving lives and livelihoods is not just the right thing to do, but makes financial sense for us to. Only by helping our communities to thrive, can we also thrive alongside them.

重要的是，我們在堅守使命、為日常企業家提供支援的同時，大步邁向獲利成長。這一年，我們為司機和商家合作夥伴創造了超過 110 億美元的收益，創歷史新高。我們的司機每小時平均收入也年增了 14%，同時今年也吸收了超過 70 萬家新商家。我們透過推動超級批量和即時分配等雙贏解決方案實現了這一目標，所有這些解決方案使我們能夠提高司機合作夥伴的生產力，增強他們的獲利潛力，同時降低我們的服務成本。對 Grab 來說，改善生活和生計不僅是正確的事情，對我們來說也具有經濟意義。只有幫助我們的社區繁榮發展，我們才能與他們共同繁榮發展。

Looking ahead to 2024, this is a year where we will build on our foundations and double down on the following key priorities. First, we will deepen our engagement with all our users by focusing on value creation through product innovation. One such initiative is GrabUnlimited, the largest on-demand paid loyalty program in Southeast Asia. We are confident that we will be able to drive further uplift to customer lifetime value by stepping up cross-selling initiatives and service differentiation for our users, which will lead to improved usage frequency and retention rates. We've already demonstrated this in 2023 via the cross-sell of GrabUnlimited to our supermarket Jaya Grocer in Malaysia, which resulted in net new MTUs onto the Grab platform. We've also seen strong traction with our Malaysian digital bank GXBank, which was launched in the fourth quarter of 2023. This is the first digital bank out of the 5 licenses granted in Malaysia to launch. GXBank has seen more than 100,000 customer signups in just the first 2 weeks, of which 79% of depositors were existing Grab users. Our loans disbursals for GXS Singapore also grew quarter-on-quarter and over 80% of GXS customers with an active loan (corrected by company after the call) have ecosystem linkages to Grab.

展望 2024 年，我們將在這一年鞏固基礎並加倍努力完成以下重點任務。首先，我們將專注於透過產品創新創造價值，加深與所有用戶的互動。其中一項舉措就是 GrabUnlimited，它是東南亞最大的按需付費忠誠度計畫。我們相信，透過加強交叉銷售措施和為用戶提供差異化服務，我們將能夠進一步提升客戶終身價值，從而提高使用頻率和保留率。我們已經在 2023 年透過向馬來西亞的超市 Jaya Grocer 交叉銷售 GrabUnlimited 證明了這一點，從而為 Grab 平台帶來了新的淨 MTU。我們也看到了馬來西亞數位銀行 GXBank 的強勁發展勢頭，該銀行於 2023 年第四季推出。 GXBank 僅在前兩週就擁有超過 10 萬名客戶註冊，其中 79％ 的存款人是現有 Grab 用戶。我們向 GXS 新加坡發放的貸款也環比增長，並且超過 80% 擁有活躍貸款的 GXS 客戶（電話會議後公司進行了更正）與 Grab 建立了生態系統聯繫。

Second, we'll continue to expand the top of our funnel. We'll do this by increasing our appeal to travelers, harnessing strategic product partnerships such as with WeChat or Alipay or expanding our product portfolio to provide not just affordable solutions, but also high value offerings. I'm particularly excited about 1 of our new launch products, Family Accounts. This feature allows users to add their loved ones to a group account, enabling users to share payment methods with potentially new to Grab users, example family members or elderly parents, while allowing them to keep track of each other's rides for peace of mind.

其次，我們將繼續擴大漏斗頂部。我們將透過增加對旅客的吸引力、利用與微信或支付寶等戰略產品合作夥伴關係或擴展我們的產品組合來做到這一點，以提供不僅經濟實惠的解決方案而且高價值的產品。我對我們新推出的一款產品「家庭帳戶」特別感到興奮。此功能允許用戶將親人添加到群組帳戶中，從而使用戶能夠與潛在的 Grab 新用戶（例如家庭成員或年長的父母）共享付款方式，同時讓他們追蹤彼此的乘車情況以安心。

Third, (added by company after the call) we'll further leverage generative AI to drive productivity enhancements. For example, we have now developed our own in-house LLM powered marketing tool, which has enabled us to reduce content generation time from 99 hours to just 90 minutes while raising output quality. And furthermore, our pilots also show an improvement in click-through rates as compared to content generated manually. So this not only drives significantly greater throughput, but also enables us to stay lean and disciplined from a cost management perspective. Savings can then be reinvested into more technology to drive greater long-term growth for the platform. This is only one of the many GAI initiatives that we are currently working on that we are proud to share with you today.

第三，（公司在電話會議後補充）我們將進一步利用生成式人工智慧來提高生產力。例如，我們現在已經開發了自己的內部 LLM 驅動的行銷工具，這使我們能夠將內容生成時間從 99 小時縮短到 90 分鐘，同時提高輸出品質。此外，與手動生成的內容相比，我們的試點也顯示點擊率有所提高。因此，這不僅可以顯著提高產量，而且從成本管理的角度來說，也使我們能夠保持精簡和自律。然後可以將節省的資金重新投資到更多技術中，以推動平台的長期成長。這只是我們目前正在進行的眾多 GAI 計劃之一，我們今天很榮幸與大家分享。

Now from these 3, we won't stop here. As a leader of this company, I'm constantly looking at ways where we deliver greater impact and bolder growth by investing and incubating brand new tech-led initiatives. When successful, these initiatives will be transformative for Grab. Our leaders have all been empowered to drive this step change for us to reap the fruits of this labor in the subsequent years. In executing such initiatives, we'll be strategically patient, but tactically impatient and always remain good stewards of capital. As part of this push, we expect these initiatives to accelerate revenue growth rates in the midterm after 2024, building on the solid foundations we are establishing this year. Peter, our CFO, will elaborate later. Finally, on creating shareholder value, we see a clear path to steady group adjusted EBITDA growth and to improve upon our adjusted free cash flow generation in the years to come. With the progress that we have made on profitability with a strong balance sheet in place, we are announcing 2 capital market-related activities today that have been approved by our Board of Directors. Firstly, we plan to repay our remaining Term Loan B debt facility, which we expect will save us around $50 million in interest expenses annually. Secondly, we are announcing our inaugural share repurchase program of up to $500 million, which Peter will share more on later.

現在從這 3 個開始，我們不會止步於此。作為這家公司的領導者，我一直在尋找透過投資和孵化全新的技術主導計畫來實現更大影響力和更大膽成長的方法。一旦成功，這些舉措將為 Grab 帶來改變。我們的領導人都被授權推動這項重大變革，以便我們在接下來的幾年裡收穫這項勞動成果。在執行此類措施時，我們在策略上要保持耐心，但在戰術上要不耐煩，始終做好資本的管理者。作為這項舉措的一部分，我們預計這些舉措將在我們今年建立的堅實基礎上，在 2024 年後的中期加速收入成長率。我們的財務長 Peter 稍後將詳細說明。最後，在創造股東價值方面，我們看到了一條明確的道路，可以實現集團調整後 EBITDA 的穩定成長，並在未來幾年提高調整後自由現金流的產生。隨著我們在獲利能力方面取得的進步以及強勁的資產負債表，我們今天宣布兩項已獲得董事會批准的資本市場相關活動。首先，我們計劃償還剩餘的 B 類定期貸款債務，預計這將為我們每年節省約 5,000 萬美元的利息支出。其次，我們宣布首次高達 5 億美元的股票回購計劃，Peter 稍後將分享更多相關資訊。

In closing, we are incredibly excited about what Grab will embark on in the years to come. Southeast Asia is a fertile ground for us. We're now the largest on-demand platform in the region at a scale that is over 3x larger than our next closest competitor and yet there's still a lot for us to achieve for our partners in this region. Having operated in the region for over a decade, we're now best positioned to deploy our significant local knowledge, data insights, scale and technology to solve the region's many complex problems, including accelerating financial inclusion for the underbanked. We will also remain relentless in innovation to unlock new possibilities for our users and partners while ensuring we continue to focus on growing our bottom line and shareholder value over the long term.

最後，我們對 Grab 未來幾年將要進行的工作感到無比興奮。東南亞對我們來說是一片沃土。我們目前是該地區最大的按需平台，規模比我們最接近的競爭對手大 3 倍多，但我們仍有許多事情需要為該地區的合作夥伴實現。我們已經在該地區運營了十多年，現在我們有能力利用我們豐富的本地知識、數據洞察、規模和技術來解決該地區的諸多複雜問題，包括加速為銀行服務不足的人群提供金融包容性。我們也將繼續堅持不懈地創新，為我們的用戶和合作夥伴釋放新的可能性，同時確保我們繼續專注於長期提高我們的利潤和股東價值。

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

現在我將交給亞歷克斯，他將更詳細地介紹我們第四季的營運亮點。

Thank you, Anthony. Our fourth quarter results demonstrate our commitment to driving both top line growth and bottom line improvements while deepening market penetration across the region. Over the next few minutes, I will share our operational highlights and the underlying drivers of these results starting with Deliveries.

謝謝你，安東尼。我們的第四季業績表明，我們致力於推動營收成長和利潤改善，同時深化該地區的市場滲透。在接下來的幾分鐘裡，我將從交付開始分享我們的營運亮點以及這些結果的根本驅動因素。

We saw robust demand growth for Deliveries with both MTUs and GMV at record highs driven by improving year-on-year spend per user across our 2018 (corrected by company after the call) to 2022 user cohorts. Our pre-COVID cohorts are spending well over 2x relative to their initial year and even cohorts that started during or after the COVID lockdowns are showing higher spend relative to their initial year. Everything that we do is about making ourselves the #1 choice for our users and partners in Southeast Asia.

我們看到了配送需求的強勁成長，MTU 和 GMV 均創下歷史新高，這得益於我們 2018 年（電話會議後公司進行了更正）至 2022 年用戶群中每位用戶的逐年支出增加。與第一年相比，我們在新冠疫情之前的群體的支出遠超第一年，甚至在新冠疫情封鎖期間或之後開始的群體的支出也比第一年更高。我們所做的一切都是為了讓自己成為東南亞用戶和合作夥伴的首選。

In order to achieve this, we continue to improve the affordability and reliability of our delivery services as we reduced our cost to serve so effectively that we were able to expand our profitability at the same time. Our teams have executed strongly on this front, and we have made meaningful improvements in several of our efficiency metrics such as batching and trips per transit hour. Almost 40% of our Deliveries orders were batched in the fourth quarter, growing by around 10 percentage points year-on-year. And average delivery fees for batched orders were 8% lower than unbatched orders supporting our push for greater affordability. Adoption of Saver deliveries, a key focus in 2023, also hit 23% of all delivery orders. And as we expected, Saver users recorded average frequency levels that were 1.6x higher than non-Saver users during the fourth quarter. In Singapore where Saver was launched much earlier than our other markets, 8 out of 10 Saver orders are now batched.

為了實現這一目標，我們不斷提高送貨服務的可負擔性和可靠性，同時有效地降低了服務成本，從而能夠同時擴大獲利能力。我們的團隊在這方面表現十分出色，我們在批次和每小時運輸次數等多個效率指標上取得了有意義的改進。我們第四季的配送訂單中有近 40% 是分批配送的，年增約 10 個百分點。大量訂單的平均配送費比非大量訂單低 8%，支持我們提高價格承受能力。採用 Saver 配送是 2023 年的一個重點，也佔所有配送訂單的 23%。正如我們預期的那樣，第四季度 Saver 用戶的平均頻率水準比非 Saver 用戶高出 1.6 倍。新加坡的 Saver 推出時間比其他市場早得多，目前，每 10 個 Saver 訂單中就有 8 個是分批處理的。

And looking ahead, we see further opportunities to improve on our efficiency while expanding our product portfolio to maximize value and convenience for a wider range of users. We have begun to roll out several hyper-batching product initiatives that not only improve batching rates, but also maximize basket size per trip while providing users with more affordable delivery fees. While for our users who want their food faster, we also offer priority deliveries. In contrast to Saver, priority deliveries have higher delivery fees relative to standard and they generate adjusted EBITDA margins which are much higher than standard deliveries on a per order basis. Priority deliveries is still in its early days as it comprises only 6% of orders and we are confident we can continue to grow adoption of this product.

展望未來，我們看到了更多提高效率的機會，同時擴大了我們的產品組合，從而為更廣泛的用戶提供最大的價值和便利。我們已經開始推出幾項超級批量產品計劃，這些計劃不僅可以提高批量處理率，還可以最大限度地增加每次行程的購物籃大小，同時為用戶提供更實惠的配送費用。對於想要更快送達食物的用戶，我們也提供優先送餐服務。與 Saver 相比，優先配送的配送費用高於標準配送，且其產生的調整後 EBITDA 利潤率以訂單計算遠高於標準配送。優先配送仍處於早期階段，因為它僅佔訂單的 6%，我們相信我們可以繼續增加該產品的採用率。

GrabUnlimited, the largest paid on-demand loyalty program in Southeast Asia now, is proving to be an important engagement and attention driver for our loyal users. The program continues to account for 1/3 of Deliveries GMV and subscribers exhibited healthier spend levels and retention rates relative to nonsubscribers. We see opportunities to improve customer lifetime value on GrabUnlimited by driving up cross-sell rates particularly to Mobility and Financial Services as well as to introduce more nonmonetary, exclusive benefits for our most loyal subscribers.

GrabUnlimited 是目前東南亞最大的按需付費忠誠度計劃，事實證明，它對於吸引我們的忠實用戶參與並吸引他們的注意力具有重要意義。該計劃繼續占到配送 GMV 的 1/3，與非訂閱者相比，訂閱者的消費水準和保留率更為健康。我們看到了提升 GrabUnlimited 客戶終身價值的機會，透過提高交叉銷售率（尤其是針對行動和金融服務），以及為我們最忠實的用戶推出更多非貨幣性的獨家福利。

Looking ahead, I'm confident that our Deliveries top and bottom lines will continue to grow healthily in 2024. While our Deliveries business performance is typically impacted by seasonal factors in the first quarter, I do want to call out that Deliveries demand has held up resiliently so far this year and we expect GMV to be relatively stable now on a quarter-on-quarter basis. We also anticipate year-on-year growth rates in the first quarter to remain north of 12% and for demand to grow sequentially in the second quarter.

展望未來，我相信我們的配送業務營收和淨利潤將在 2024 年繼續健康成長。我們也預計第一季的年成長率將維持在 12% 以上，第二季的需求將持續成長。

When we (corrected by company after the call) take a step back and examine the overall food competitive landscape, the competitive moats that we have built have enabled us to remain in pole position as the regional category leader across Southeast Asia with a scale advantage that's now more than 2x larger than our next largest competitor. In 2023 we drove year-on-year category leadership expansion across every one of our core markets and at the same time, we have improved Deliveries segment adjusted EBITDA margins by over 160 basis points to 3.6% and are profitable in every one of our core markets on a segment adjusted EBITDA basis. Looking forward, we also see headroom for segment adjusted EBITDA margins for Deliveries to expand by a further 100 basis points to 200 basis points over the medium term.

當我們（電話會議後公司予以糾正）退一步審視整體食品競爭格局時，我們發現，我們構建的競爭護城河使我們繼續保持東南亞區域品類領導者的地位，並且規模優勢已比第二大競爭對手大兩倍以上。 2023 年，我們推動了每個核心市場的品類領導地位同比增長，同時，我們將配送部門調整後的 EBITDA 利潤率提高了 160 個基點以上，達到 3.6%，並且按部門調整後的 EBITDA 計算，我們每個核心市場均實現了盈利。展望未來，我們也預期中期內配送業務分部調整後 EBITDA 利潤率將進一步擴大 100 個基點至 200 個基點。

The success of this organic strategy means that we must hold a correspondingly high hurdle rate when assessing inorganic opportunities. While as a matter of policy we do not comment on rumors, we understand that Delivery Hero has issued a statement overnight indicating that they have terminated discussions with regard to a potential sale of their Foodpanda business in certain Southeast Asian markets. Consistent with that statement, Grab can also confirm that it is not pursuing any acquisition of that business.

這種有機策略的成功意味著我們在評估無機機會時必須保持相應較高的回報率。雖然根據政策我們不對謠言發表評論，但我們了解到 Delivery Hero 已於隔夜發表聲明，表示他們已終止有關在某些東南亞市場出售 Foodpanda 業務的潛在談判。與該聲明一致，Grab 還可以確認其並未尋求對該業務進行任何收購。

Now moving on to Mobility. Our Mobility business recorded strong year-on-year GMV growth. We also exceeded our guidance with GMV surpassing pre-COVID levels as we exited 2023. This growth came on the back of strong demand as we focused our efforts to further drive growth in domestic ride hailing and on capturing the return of traveler demand as it started to ramp up throughout 2023.

現在討論移動性。我們的行動業務 GMV 年比實現強勁成長。在 2023 年即將結束時，我們的 GMV 也超過了新冠疫情之前的水平，超出了我們的預期。

We previously shared that the traveler segment is a key focus for us. Compared to domestic users, travelers are generally less price sensitive and on average spend nearly twice as much as domestic users. We are pleased to see that our efforts to capture this set of users has yielded good results. Year-on-year, Mobility traveler MTUs and spending grew 67% and 68%, respectively, during the quarter. And in 2024, we still see headroom to continue targeting international traveler demand to provide further upside to our Mobility business. Notably, official stats estimate that inbound travelers across several of our core markets are still at only around 70% of pre-COVID levels with governments projecting further growth in inbound travel this year.

我們之前曾分享過，旅行者群體是我們關注的重點。與國內用戶相比，旅客通常對價格較不敏感，平均花費幾乎是國內用戶的兩倍。我們很高興地看到，我們捕捉這部分用戶的努力已經取得了良好的效果。與去年同期相比，本季移動旅行者的 MTU 和支出分別增加了 67％ 和 68％。到 2024 年，我們仍然有空間繼續滿足國際旅客需求，從而為我們的行動業務提供進一步的上升空間。值得注意的是，官方統計估計，我們幾個核心市場的入境遊客數量仍僅為疫情之前水準的 70% 左右，政府預測今年入境旅遊將進一步成長。

In addition, we continue to aid drivers in improving their productivity and earnings potential on our platform while also reducing our cost to serve to improve the affordability of our services.

此外，我們繼續幫助司機提高他們在我們平台上的生產力和收入潛力，同時降低我們的服務成本，以提高我們服務的可負擔性。

Our efforts to optimize driver supply and enhance driver efficiencies to meet demand continue to bear fruit. During the fourth quarter, monthly active driver supply grew 11% year-on-year with total online hours growing 20% year-on-year and this resulted in the proportion of surged Mobility rides to further reduce by 589 basis points year-on-year. Correspondingly, average frequency per Mobility user grew 11% year-on-year and in tandem with higher volume led to improvements in ride hailing driver utilization rates and a 14% year-on-year increase in average driver earnings per transit hour.

我們為優化司機供應、提高司機效率以滿足需求所做的努力持續取得成效。第四季度，每月活躍司機供給量年增11%，總線上小時數年增20%，導致出行激增乘車量佔比進一步下降589個基點。相應地，每位 Mobility 用戶的平均頻率同比增長了 11%，並且隨著出行量的增加，叫車司機的利用率也隨之提高，每小時司機平均收入同比增長了 14%。

As we look ahead to 2024, we expect growth rates for Mobility to remain strong. We usually see seasonal softness in the first quarter, but with our efforts in place to drive demand, we expect Mobility demand to be stable sequentially.

展望 2024 年，我們預期行動業務的成長率將保持強勁。我們通常會在第一季看到季節性疲軟，但隨著我們努力推動需求，我們預計移動需求將保持穩定。

And structurally, similar to Deliveries, we see plenty of headroom to increase total users and enhance frequency levels by expanding and deepening our product portfolio across our key affordability and high value initiatives. One of these key affordability initiatives was the relaunch of Move It, our 2-wheel ride hailing app in the Philippines, which has seen daily rides grow phenomenally by over 30x in less than 8 months. It was such a proud moment when earlier this week we met many of the new drivers who have joined us in Manila and were so happy for the opportunity to earn a good living on the Grab platform. In fact, when I arrived at the center at around 10:00 p.m., there were still hundreds of new drivers arriving to sign up. Beyond our affordability initiatives, we see ample opportunities to roll out and expand newer products such as GrabCar Premium, which will enable us to tap into newer user segments such as corporate travel demand.

從結構上看，與交付類似，透過擴大和深化我們在主要可負擔性和高價值計劃中的產品組合，我們看到了增加總用戶數和提高頻率水平的巨大空間。其中一項重要的經濟實惠舉措是重新推出 Move It，這是我們在菲律賓推出的兩輪車叫車應用程序，在不到 8 個月的時間裡，其每日出行量增長了 30 倍以上。本週早些時候，我們在馬尼拉見到了許多加入我們的新司機，這對我們來說是一個非常自豪的時刻，他們很高興有機會在 Grab 平台上賺取豐厚的收入。事實上，當我晚上10點左右到達中心時，仍然有數百名新司機前來報名。除了我們的經濟實惠舉措之外，我們還看到了推出和擴展新產品（如 GrabCar Premium）的充足機會，這將使我們能夠挖掘新的用戶群，例如商務旅行需求。

Moving on to Financial Services. Revenues here more than doubled year-on-year and grew 12% quarter-on-quarter on the back of higher contributions from our ecosystem payments and lending businesses. Total loans disbursed in 2023 grew 57% year-on-year to reach $1.5 billion and we ended the quarter with $326 million of loans outstanding underpinned by the expansion of ecosystem lending in GrabFin and the new FlexiLoan volumes from GXS Bank in Singapore. This is even while we maintained NPL ratios at low single digit. Customer deposits across our digibanks stood at $374 million at the end of 2023 as we are still managing our deposit balances underneath the regulated deposit cap in Singapore. Segment adjusted EBITDA losses narrowed year-on-year driven by higher revenues from lending and from payments where we further streamlined our cost base in GrabFin as we focused our strategy on on-platform payments. We also continue to see solid traction across our digibanks, as Anthony highlighted earlier.

轉向金融服務。由於我們的生態系統支付和貸款業務貢獻增加，該業務的收入同比增長了一倍以上，環比增長了 12％。 2023 年發放的貸款總額年增 57%，達到 15 億美元，本季末我們的未償還貸款餘額為 3.26 億美元，這得益於 GrabFin 生態系統貸款的擴張和新加坡 GXS 銀行新的 FlexiLoan 貸款量。儘管我們的不良貸款率仍維持在個位數的低水平，但情況仍然如此。由於我們仍在新加坡受監管的存款上限範圍內管理存款餘額，截至 2023 年底，我們數位銀行的客戶存款為 3.74 億美元。由於貸款和支付收入增加，分部調整後的 EBITDA 虧損同比有所收窄。正如安東尼之前強調的那樣，我們也繼續看到我們的數位銀行表現出強勁的吸引力。

Finally, on our Enterprise and New Initiatives segment, year-on-year revenues more than doubled while segment adjusted EBITDA grew by 378%. During the fourth quarter, our advertising business reached several all-time highs. Advertising revenues scaled to 1.5% of total Deliveries GMV and reached an annualized run rate of nearly $160 million while segment adjusted EBITDA margin as a percentage of revenue is nearly 80% in this very profitable business. We deepened the penetration of our advertising self-service platform among our merchant partners while improving monetization rates. We saw monthly active advertisers joining our self-service platform grow by 54% year-on-year to 115,000 while active advertisers consistently demonstrated higher retention rates than nonadvertisers. And average spend by active merchants who adopted self-serve advertising tools also increased 129% year-on-year, underscoring the value we deliver to our merchant partners who try out our advertising platform. While advertising penetration is still relatively nascent today, we see plenty of upside to drive demand for our advertising services and value for our merchant partners and other top brands.

最後，在我們的企業和新舉措部門，年收入成長了一倍多，而部門調整後的 EBITDA 則成長了 378%。第四季度，我們的廣告業務創下了多項歷史新高。廣告收入占到總配送 GMV 的 1.5%，年化運作率達到近 1.6 億美元，而在這個利潤豐厚的業務中，分部調整後的 EBITDA 利潤率佔營收的百分比接近 80%。我們加強了廣告自助服務平台在商家合作夥伴的滲透率，同時提高了貨幣化率。我們發現加入我們自助服務平台的每月活躍廣告商年增54%，達到115,000家，同時活躍廣告商的留存率始終高於非廣告商。採用自助廣告工具的活躍商家的平均支出也同比增長了 129%，突顯了我們為嘗試我們廣告平台的商家合作夥伴提供的價值。儘管如今廣告滲透率仍處於相對初級階段，但我們看到了大量上升空間來推動我們的廣告服務需求以及為我們的商家合作夥伴和其他頂級品牌創造價值。

So in closing, we are happy with the progress that we've made in expanding our top line while driving operational efficiencies to improve our bottom line. There is still significant headroom for growth going forward both in terms of driving frequency uplifts, user stickiness and adding new users and partners to our platform.

最後，我們對在擴大營業收入的同時提高營運效率、改善盈利方面所取得的進展感到非常高興。無論是在提高頻率、增加用戶黏性，還是在為我們的平台增加新用戶和合作夥伴方面，未來仍有很大的成長空間。

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

現在，讓我把電話轉給彼得。

Thanks, Alex. We closed out 2023 on a strong footing. In the fourth quarter, revenue grew 30% year-on-year to reach $653 million while full year revenue grew to $2.36 billion. This is above the top end of the revenue guidance that we revised up in the last quarter. The strong revenue growth was driven by all segments of our business. On a year-on-year basis in the fourth quarter, Mobility revenue was up 26% as we continued to see strong demand from domestic users and international travelers across the region. Deliveries revenues grew 20% as we continued to grow GMV while reducing incentive spend. Financial Services revenue doubled in the fourth quarter and we improved payment monetization and increased lending contributions. And Enterprise revenues consisting primarily of advertising more than doubled year-on-year to hit an annualized revenue run rate of around $160 million. This was attributable to increased ads monetization and ads demand from our merchant partners.

謝謝，亞歷克斯。我們以強勁的基礎結束了 2023 年。第四季營收年增30%至6.53億美元，全年營收成長至23.6億美元。這高於我們上個季度上調的收入預期的最高值。強勁的收入成長是由我們所有業務部門共同推動的。與去年同期相比，第四季度的行動收入成長了 26%，因為我們繼續看到該地區國內用戶和國際旅客的強勁需求。由於我們繼續增加 GMV 並減少激勵支出，配送收入成長了 20%。金融服務收入在第四季度翻了一番，我們改善了支付貨幣化並增加了貸款貢獻。企業收入主要由廣告組成，較去年同期成長一倍多，年化收入運行率達到約 1.6 億美元。這歸因於廣告貨幣化的增加以及來自我們商家合作夥伴的廣告需求的增加。

On GMV, our on-demand segments of Mobility and Deliveries saw fourth quarter GMV growth of 18% year-on-year. Mobility GMV grew strongly by 28% year-on-year and exceeded pre-COVID levels as we exited 2023. Deliveries GMV recorded its third consecutive quarter of growth with a reacceleration in growth to 13% year-on-year. This was supported by strong underlying demand trends with Deliveries MTUs hitting a record high coupled with increasing levels of GMV per Deliveries MTU.

在 GMV 方面，我們的隨選行動和配送部門第四季度 GMV 年增 18%。 2023 年即將結束時，行動 GMV 年比強勁增長 28%，超過了新冠疫情之前的水平。這是受到強勁的潛在需求趨勢的支持，其中交付 MTU 創下歷史新高，同時每交付 MTU 的 GMV 水平不斷提高。

Moving on to segment adjusted EBITDA. Total segment adjusted EBITDA doubled year-on-year to $228 million in the fourth quarter. This growth can be attributed to all segments of the business. Deliveries segment adjusted EBITDA grew to $96 million in the fourth quarter with segment adjusted EBITDA margins expanding by over 160 basis points to 3.6%. Mobility segment adjusted EBITDA grew 20% year-on-year to $182 million with margins at 12.3%. Financial Services segment adjusted EBITDA narrowed 13% year-on-year to negative $81 million. The reduction in losses was driven primarily by lower overhead expenses and higher revenues from lending and payments in our GrabFin business that more than offset higher cost of funds, and also higher digibank related costs. Notably, payment cost of funds represented 26% of our Financial Services segment cost structure in the fourth quarter. Finally, for Enterprise, segment adjusted EBITDA grew by 378% year-on-year for the fourth quarter. As a percentage of revenues, margins expanded to 79%, consistent with our efforts to improve the monetization of our ad services and increased self-serve ads penetration across our merchant base.

繼續討論分部調整後的 EBITDA。第四季度，分公司調整後總 EBITDA 年成長一倍，達到 2.28 億美元。這一成長可歸功於業務的所有部門。第四季度，交付部門調整後 EBITDA 成長至 9,600 萬美元，部門調整後 EBITDA 利潤率擴大超過 160 個基點，達到 3.6%。行動部門調整後 EBITDA 年增 20% 至 1.82 億美元，利潤率為 12.3%。金融服務部門調整後EBITDA年減13%至負8,100萬美元。損失減少的主要原因是我們的 GrabFin 業務的管理費用降低以及貸款和支付收入增加，足以抵消資金成本增加以及數位銀行相關成本增加的影響。值得注意的是，第四季資金支付成本占我們金融服務部門成本結構的 26%。最後，對於企業而言，第四季分部調整後的 EBITDA 年成長 378%。作為收入的百分比，利潤率擴大至 79%，這與我們努力提高廣告服務的貨幣化以及增加自助廣告在商家群體中的滲透率保持一致。

Regional corporate costs for the fourth quarter improved 13% year-on-year to $193 million. The year-on-year improvements are attributed to reductions across both variable and our fixed cost base. Total headcount reduced 18% year-on-year as we continued to recognize greater efficiencies across the organization, while cloud costs and direct marketing expenses declined 32% and 16%, respectively, year-on-year in the fourth quarter.

第四季區域企業成本年增 13% 至 1.93 億美元。同比增長歸因於變動成本和固定成本基礎的減少。由於我們繼續認識到整個組織的效率提高，總員工人數同比減少 18％，而第四季度的雲端成本和直接行銷費用分別同比下降 32％ 和 16％。

As a result of the strong top line growth and the greater focus on profitability, we continued to grow group adjusted EBITDA to $35 million in the fourth quarter, a year-on-year improvement of $146 million.

由於強勁的營收成長和對獲利能力的更多關注，我們第四季集團調整後 EBITDA 繼續成長至 3,500 萬美元，較去年同期成長 1.46 億美元。

Separately for the first time, we reported a quarterly positive adjusted free cash flow of $1 million in the fourth quarter.

另外，我們首次報告第四季調整後自由現金流為 100 萬美元。

We also reported for the first time a net profit of $11 million in the fourth quarter. I do want to call out that while we reported a net profit in the fourth quarter, we benefited from the reversal of an accounting accrual that was no longer required.

我們也首次報告第四季淨利1100萬美元。我確實想指出的是，雖然我們報告了第四季度的淨利潤，但我們受益於不再需要的會計應計項目的逆轉。

As we look ahead to 2024, we remain committed to growing our business sustainably anchored on generating profitable growth and free cash flow. As Alex mentioned, our business performance is subject to seasonal factors. And in the first quarter, we expect on-demand GMV to be stable on a quarter-on-quarter basis with demand and supply being impacted by the Lunar New Year festivities and Ramadan. Nevertheless, we expect year-on-year growth rates for on-demand GMV to be healthy and to see a sequential rebound of GMV in the second quarter and continued growth during the year. From a margin perspective, we expect Mobility margins to be maintained at around 12% plus and Deliveries margins to be 3% plus through 2024. As we look beyond 2024, however, we see headroom for margins to expand by a further 100 basis points to 200 basis points for Deliveries in the midterm as we continue to build out new product features that enhance our operational efficiencies as well as drive greater marketplace optimization. We will aim to provide an update on our longer-term margins during our first quarter results call. Separately in Financial Services, we expect losses to sequentially narrow heading into 2024, coming down from peak losses in the fourth quarter of 2023.

展望 2024 年，我們將繼續致力於以獲利性成長和自由現金流為基礎，實現業務永續發展。正如 Alex 所說，我們的業務表現受季節​​性因素影響。在第一季度，我們預計按需 GMV 將與上一季相比保持穩定，因為需求和供應將受到農曆新年和齋戒月的影響。儘管如此，我們預計按需 GMV 的年成長率將保持健康，並將在第二季度看到 GMV 的連續反彈並在全年繼續成長。從利潤率的角度來看，我們預計到 2024 年，行動利潤率將保持在 12% 以上，配送利潤率將保持在 3% 以上。我們將在第一季業績電話會議中更新我們的長期利潤率。另外，在金融服務領域，我們預計損失將在 2024 年逐步收窄，從 2023 年第四季的峰值損失中有所下降。

On our forward guidance for 2024, we estimate revenues to come within the range of $2.7 billion to $2.75 billion representing a year-on-year growth of 14% to 17% and for adjusted EBITDA to be at $180 million to $200 million. In the medium term, we anticipate revenue growth beyond 2024 to accelerate as we are incubating and scaling up a series of tech-led products and initiatives that Alex and Anthony spoke about. We expect these initiatives to drive strong growth across our core products and services and also see meaningful upsides in contributions from our digital banks, advertising and our high value offerings as key examples.

根據我們對 2024 年的前瞻性指引，我們預計營收將在 27 億美元至 27.5 億美元之間，年增 14% 至 17%，調整後的 EBITDA 將在 1.8 億美元至 2 億美元之間。從中期來看，我們預計 2024 年後營收成長將會加速，因為我們正在孵化和擴大 Alex 和 Anthony 談到的一系列由技術主導的產品和計劃。我們預計這些措施將推動我們核心產品和服務的強勁成長，同時也將看到我們的數位銀行、廣告和高價值產品的貢獻帶來有意義的上升。

And as for our adjusted free cash flow for 2024, we expect this to improve substantially year-on-year as we grow profitability and drive cash flow generation. However, I do want to point out that the trajectory of our quarterly adjusted free cash flow levels could fluctuate due to seasonal factors and the timing of payments for certain expenses such as bonus payments and capital expenditures.

至於我們 2024 年的調整後自由現金流，我們預期隨著獲利能力的成長和現金流的產生，自由現金流將比去年同期大幅改善。不過，我想指出的是，由於季節性因素以及獎金支付和資本支出等某些費用的支付時間，我們的季度調整後自由現金流水準的走勢可能會發生波動。

Finally, we expect to be highly disciplined on costs and to continue driving operating leverage in the business. Centralized regional expenses, which accounts for approximately half of our regional corporate costs, is expected to grow broadly in line with inflation, much slower than our revenue growth.

最後，我們希望嚴格控製成本，並繼續提高業務的營運槓桿。集中區域費用約占我們區域公司成本的一半，預計其成長速度將與通貨膨脹大致同步，遠低於我們的收入成長速度。

Turning now to our balance sheet and liquidity position. We continue to maintain a strong liquidity position ending the year with $6 billion of gross cash liquidity, up slightly from $5.9 billion in the prior quarter. And our net cash liquidity was $5.2 billion at the end of the year, flat from the prior quarter.

現在來談談我們的資產負債表和流動性狀況。我們繼續保持強勁的流動性狀況，年底總現金流動性為 60 億美元，略高於上一季的 59 億美元。我們的淨現金流動資金在年底為 52 億美元，與上一季持平。

I would like to also take some time to share our updated capital allocation framework with the objective of driving long-term sustainable value creation for our shareholders. First, we will have a high hurdle rate when it comes to deploying our capital and we'll have a balanced approach to investing for organic profitable growth and be very highly selective on inorganic opportunities. Secondly, we will continue to be efficient in our working capital needs and continue to maintain a strong balance sheet with ample liquidity. Third, where there is excess capital on our balance sheet, we will look to return it to our shareholders.

我還想花點時間分享我們更新的資本配置框架，目的是為我們的股東創造長期可持續的價值。首先，在部署資本時，我們將有較高的回報率，我們將採取平衡的方式進行投資，實現有機盈利增長，並對無機投資機會進行嚴格篩選。其次，我們將繼續有效率地滿足營運資本需求，並持續維持強勁的資產負債表和充足的流動性。第三，如果我們的資產負債表上有剩餘資本，我們將尋求將其返還給股東。

In line with this capital allocation framework, our Board of Directors have approved an inaugural share repurchase program of $500 million and the full repayment of the outstanding balance of our Term Loan B with the principal and accrued interest amount of $497 million as of the end of 2023. We are announcing our first share repurchase program now as we are in the fortunate position of having a very strong balance sheet while retaining sufficient cash to fund the growth of our business. This also underscores our commitment in driving shareholder value creation and only the highest return on investment opportunities when deploying our cash. This also has the benefit of offsetting dilution resulting from issuance of shares as part of our employee stock compensation plans. As for the repayment of the Term Loan B, we expect this to create significant interest expense savings for Grab of approximately $50 million per year.

根據這個資本配置框架，我們的董事會批准了一項 5 億美元的首次股票回購計劃，並全額償還我們的定期貸款 B 的未償餘額，截至 2023 年底的本金和應計利息為 4.97 億美元。這也強調了我們致力於推動股東價值創造以及在部署現金時僅獲得最高投資回報的機會。這也有利於抵消因作為員工股票薪酬計劃的一部分發行股票而造成的稀釋。至於償還定期貸款 B，我們預計這將為 Grab 節省大量利息支出，每年約 5000 萬美元。

Finally, as we look ahead to 2024 and beyond, I would like to provide an update on our financial reporting that we will move towards beginning from our first quarter of 2024 results. We will be revising the composition of our operating segments, which reflects a change in how we plan to evaluate and manage the performance of our businesses, and to also enhance our segment's financial disclosures to be more comparable with peers. As such, from the first quarter of 2024, we will be allocating the relevant portions of advertising revenues and costs currently in our Enterprise segment, cost of funds currently in our Financial Services segment and regional corporate costs to the respective segments of our business.

最後，展望 2024 年及以後，我想更新我們的財務報告，我們將從 2024 年第一季的業績開始著手進行這項報告。我們將修改我們的經營分部的組成，這反映了我們計劃如何評估和管理業務績效的變化，同時也增強了我們分部的財務披露，使其更能與同行進行比較。因此，從 2024 年第一季起，我們將把目前企業部門的廣告收入和成本、目前金融服務部門的資金成本以及區域公司成本的相關部分分配給我們業務的各個部門。

Secondly, consistent with our strategic focus on ecosystem transactions and lending for GrabFin and our digital banks, we will be enhancing disclosures around our lending and banking business, which you have seen since our third quarter results, while discontinuing the reporting of GMV for our Financial Services segment as we deprioritize off-platform transactions. We'll share additional color on these reporting changes during our next earnings call.

其次，根據我們對 GrabFin 和數位銀行的生態系統交易和借貸的策略重點，我們將加強有關借貸和銀行業務的揭露，這一點您從第三季業績以來就已經看到了。我們將在下次收益電話會議中分享有關這些報告變化的更多詳細資訊。

In closing, Grab delivered a strong set of results in 2023 where we continued to grow across our top and bottom lines. As we look into 2024, we will continue to manage the business with 3 key financial guardrails. First, by continuing to generate sustainable adjusted EBITDA growth. Second, driving towards sustained positive adjusted free cash flow. And third, continue to drive operating leverage in the business.

最後，Grab 在 2023 年取得了強勁的業績，我們的營收和利潤持續成長。展望 2024 年，我們將繼續透過 3 個關鍵財務護欄來管理業務。首先，繼續實現可持續的調整後 EBITDA 成長。第二，推動調整後自由現金流持續為正。第三，繼續提高業務的經營槓桿。

Before ending the call, Anthony, Alex and I would like to thank fellow Grabbers, our users and partners for their contributions and support. Without it, these results and strong performance in 2023 would not have been possible. Thank you very much for your time and we will now open up the call to questions.

在結束通話之前，Anthony、Alex 和我想感謝 Grabbers 的各位用戶、我們的用戶和合作夥伴的貢獻和支持。如果沒有它，這些成果和 2023 年的強勁表現就不可能實現。非常感謝您抽出時間，我們現在開始提問。

(Operator Instructions) Our first question comes from Pang Vitt of Goldman Sachs.

(操作員指示) 我們的第一個問題來自高盛的 Pang Vitt。

First of all, congratulations on your first profitable quarter and announcing a positive surprise in the $500 million share buyback. On this point, can you share with us more on this repurchase program you announced? What will be the pace of this and how do you plan to utilize this program for the rest of the year? That's question number one. Question number two, we understand that Foodpanda, as you mentioned, has terminated discussion with regards to a potential sale in Southeast Asia. On this point, could you share potential color with us on why this asset was not of your interest and how does this potentially impact the competitive landscape in Southeast Asia going forward?

首先，恭喜您第一個季度實現盈利，並宣布 5 億美元股票回購計劃帶來驚喜。關於這一點，您能否與我們分享更多有關您宣布的回購計劃的資訊？這個進程是怎麼樣的？這是第一個問題。第二個問題，我們了解到，正如您所說，Foodpanda 已經終止了有關東南亞潛在出售的談判。在這一點上，您能否與我們分享為什麼您不對該資產感興趣，以及這將如何影響未來東南亞的競爭格局？

Pang, this is Peter. Let me take the first one around the $500 million buyback and I'll ask Alex to address your second question around Foodpanda. The announcement of the first purchase repurchase program, we view this as an ideal opportunity to look at investing in the long-term upside in our business and also we coupled with the $5.2 billion net cash liquidity position. Now as to the pace of how we deploy the capital, we will be efficient in how we're using that and a lot of that, Pang, will be influenced by the dynamic market itself. We will be very cautious in how we're deploying this cash in the market, but we are committed to the Board mandate for the share buyback program and we'll continue to update the market as we continue into the program.

彭，這是彼得。第一個問題我來談 5 億美元的回購，第二個問題我會請亞歷克斯來回答你關於 Foodpanda 的問題。首次購買回購計畫的宣布，我們認為這是一個理想的機會，可以投資於我們業務的長期成長，同時我們也擁有 52 億美元的淨現金流動性狀況。至於我們如何部署資本，我們將有效率地利用資本，而彭博社認為，這很大程度上將受到動態市場本身的影響。我們將非常謹慎地在市場上部署這些現金，但我們致力於董事會對股票回購計劃的授權，並將在繼續執行該計劃的同時繼續向市場更新資訊。

Pang, it's Alex here. Let me talk about the Foodpanda situation. As we were indicating in our comments, in food deliveries we are more than double the size now of the next largest competitor in Southeast Asia and we've been able to translate that scale into significant efficiency advantages. The cost to serve that Anthony was talking about and hyper-batching, the just-in-time allocation, all of these things work better at higher volume with higher density and that means we've been able to then drive affordability, which drives growth and improves our competitive position even better. So increasing CP in all markets, increasing margin in all markets and we've even shared today that we expect our long-term margins in Deliveries to go up by another 1% to 2% higher than the 3% plus that we've mentioned in the past as our long-term target. And that reflects the confidence that we have that we can continue with this organic strategy, driving growth and driving improved margin and driving better services for our consumers. And therefore, the bar for any inorganic use of shareholder funds has to be very high in comparison with that. And so in the end, any asset that we would acquire would have to be available at a very attractive price to cross that bar and I think probably that's all I should say.

彭，我是亞歷克斯。先說一下Foodpanda的情況。正如我們在評論中所指出的，在食品配送方面，我們的規模現在是東南亞第二大競爭對手的兩倍多，並且我們已經能夠將這種規模轉化為顯著的效率優勢。安東尼談到的服務成本、超級批量生產和即時分配，所有這些在更高容量和更高密度的情況下都會發揮更好的作用，這意味著我們能夠提高可負擔性，從而推動增長並進一步提高我們的競爭地位。因此，所有市場的 CP 都在增加，所有市場的利潤率也在增加，我們今天甚至還分享說，我們預計我們的長期交付利潤率將比我們過去提到的 3% 以上再增加 1% 到 2%，這是我們的長期目標。這反映出我們有信心繼續推行這項有機策略，推動成長，提高利潤率，並為我們的消費者提供更好的服務。因此，與此相比，任何股東資金無機使用的門檻都必須非常高。所以最終，我們收購的任何資產都必須以非常有吸引力的價格出售才能跨越這個障礙，我想這可能就是我要說的全部了。

Our next question comes from Venugopal Garre of Bernstein.

我們的下一個問題來自伯恩斯坦的 Venugopal Garre。

So 2 questions from me. Firstly, I remember last year you had started with an EBITDA loss guidance of about $275 million to $325 million and eventually you ended up reporting a loss of only $20-odd million. So I want to understand that while you've given a guidance of about $180 million to $200 million of profit this year on EBITDA level, but if I annualize your fourth quarter EBITDA, that itself is $140 million. So you're not really looking for a guidance, which is materially different from what you've delivered in fourth quarter in terms of run rate. I just wanted to understand that given a broadly positive outlook in the medium term as well on almost all your segments, why are we being a bit conservative on guidance? What is it that's something that we should watch out for if at all? And if the prices emerge, which are the areas you think the prices could emerge? That's my first question. Second one is a smaller one largely on the Financial Services sector. While we were anticipating some increase in losses sequentially given that you had noted the Malaysia launch. Could you just quantify the impact, if at all, more importantly for us to understand how the losses would shape up especially through the year? Is it going to be elevated for a while before it comes down or is it going to be a swift improvement?

我有兩個問題。首先，我記得去年你們一開始的 EBITDA 虧損預期是 2.75 億到 3.25 億美元左右，但最終報告的虧損只有 2,000 多萬美元。因此，我想了解的是，雖然您給出了今年 EBITDA 水平約 1.8 億至 2 億美元利潤的指導，但如果我將您第四季度的 EBITDA 年化，那麼這個利潤本身就是 1.4 億美元。因此，您實際上並不是在尋求指導，這與您在第四季度提供的運行率有實質性的不同。我只是想了解一下，鑑於你們幾乎所有部門的中期前景都普遍樂觀，為什麼我們在指引上有些保守？我們到底該警惕什麼呢？如果出現價格上漲，您認為價格上漲可能出現在哪些領域？這是我的第一個問題。第二個項目規模較小，主要涉及金融服務領域。鑑於您已經注意到馬來西亞的發布，我們預計損失會增加。您能否量化其影響？它是會升高一段時間然後下降還是會迅速改善？

Venu, let me address the first one around the EBITDA and Alex, I'll ask you to address the second part of the question. A few things here, Venu. One is, as Anthony and Alex mentioned, we are in 2024 focusing on deepening our product moats and we're incubating a number of product and tech investments particularly around operational efficiency improvements that we will expect to see growth acceleration in revenue beyond 2024. For this year, as we also alluded in the remarks, we are keeping our margins on Deliveries and Mobility fairly stable at the 3% and 12% plus, respectively. Now we do see opportunities for our Deliveries margin to expand in the midterm, we quoted somewhere around 100 basis points to 200 basis points and this you will see part of the EBITDA expansion in 2025 and beyond. But given where we are today and the line of sight that we have from a guidance perspective, this is where we are committed as a point in time. And as we continue to roll out these new product features, which we're very excited about, we will continue to update our EBITDA guidance.

Venu，讓我來回答有關 EBITDA 的第一個問題，Alex，我請你來回答問題的第二部分。這裡有幾件事，Venu。一是，正如安東尼和亞歷克斯所提到的，我們將在 2024 年專注於深化我們的產品護城河，我們正在孵化一些產品和技術投資，特別是圍繞營運效率改進，我們預計 2024 年後收入將加速增長。現在我們確實看到了中期交付利潤率擴大的機會，我們預計大約會有 100 個基點到 200 個基點，您將在 2025 年及以後看到 EBITDA 擴大的一部分。但考慮到我們目前的狀況以及從指導角度來看的視線，這就是我們在某個時間點所致力於的目標。隨著我們繼續推出這些讓我們非常興奮的新產品功能，我們將繼續更新我們的 EBITDA 指引。

Thanks for the question, Venu, on Financial Services. Yes, you're right, the increase in the EBITDA losses in the fourth quarter as we had indicated was because of the Malaysia launch, the launch of GXB in Malaysia, which has been very successful. As Anthony said, in the first 2 weeks alone, we gathered 100,000 new accounts, but there were launch related expenses in the fourth quarter. We took in deposits of course, which is great, but we are not able to redeploy those deposits into the income generating lending products until we launch the loan products, which is upcoming in this coming quarter. So that is the first part of the question. I think the GrabFin costs remain relatively stable. You asked for some of the underlying factors elsewhere.

感謝 Venu 提出關於金融服務的問題。是的，您說得對，正如我們所指出的，第四季度 EBITDA 損失的增加是由於在馬來西亞推出 GXB，該舉措非常成功。正如安東尼所說，僅在前兩週，我們就累積了10萬個新帳戶，但第四季產生了與發布相關的費用。我們當然吸收了存款，這很好，但在我們推出貸款產品之前，我們無法將這些存款重新部署到產生收入的貸款產品中，貸款產品將在下個季度推出。這是問題的第一部分。我認為 GrabFin 的成本保持相對穩定。您在其他地方詢問了一些潛在因素。

So GrabFin costs remained relatively stable quarter-on-quarter despite their improvements in revenues actually so they're heading on the right track there. And within that, you've got the cost of funds for our payments business, which supports the on-demand platform payments. That is approximately $30 million in the quarter representing about 26% of the total Financial Services segment cost structure. So hopefully, that's helpful for you to understand that that's an underlying piece of the cost structure in GrabFin. I want to call out that we see payments though as one of our core moats because having our own payments infrastructure will significantly lower the payment cost for Grab and we expect that payment cost to -- now because it's under our own control, so to speak, we expect it to remain roughly stable as a percentage of our on-demand GMV in 2024.

因此，儘管 GrabFin 的收入實際上有所提高，但其成本環比保持相對穩定，因此他們正朝著正確的方向前進。其中，您得到了我們的支付業務的資金成本，該業務支援按需平台支付。本季該成本約為 3,000 萬美元，佔金融服務部門總成本結構的 26% 左右。所以希望這能幫助你理解這是 GrabFin 成本結構的一個基本部分。我想說的是，我們將支付視為我們的核心護城河之一，因為擁有自己的支付基礎設施將大大降低 Grab 的支付成本，而且我們預計支付成本——現在因為它在我們自己的控制之下，可以這麼說，我們預計到 2024 年，它占我們按需 GMV 的百分比將保持大致穩定。

So there are 2 indicators for you, which might help you to model going forward. So going forward, the last part of your question, Q4 does represent the peak of the quarterly losses for the Financial Services segment for Grab. Now going forward we'll see the revenue kicking in from the loan book. So we're already lending in Singapore. We've got GFin also doing well with its high velocity, low ticket ecosystem lending. And then from this quarter, we'll start to have Malaysian loan revenue on top of that again. And in Singapore as the regulatory caps are lifted, the Singapore business can start to scale more aggressively also. So that's why we're calling Q4 as the peak of the losses for the Grab Financial Services.

因此，這裡有 2 個指標可能有助於您制定未來的模型。因此，展望未來，正如你問題的最後一部分所說，第四季度確實是 Grab 金融服務部門季度虧損的頂峰。現在，我們將看到貸款帳簿帶來的收入。我們已經在新加坡提供貸款了。 GFin 的高速度、低成本生態系統借貸也表現良好。從本季開始，我們將再次獲得馬來西亞貸款收入。在新加坡，隨著監管限制的取消，新加坡業務也可以開始更積極地擴大規模。這就是為什麼我們將第四季稱為 Grab 金融服務虧損的頂峰。

Our next question comes from Sachin Salgaonkar of Bank of America.

下一個問題來自美國銀行的 Sachin Salgaonkar。

I have 2 questions. First question, perhaps a follow-up to Venu's question, but want to ask that in a slightly different format. So if you look at what you guided for adjusted EBITDA and revenue, it does imply an adjusted EBITDA margin anywhere between 7.3% to 7.5% at the high end. Your last reported adjusted EBITDA margin was close to around 5%. So in a way we are looking for a 200 bps improvement in margin. And if the Mobility margin is around 12%, Deliveries margin around 3% plus; is a large part of the improvement predominantly driven by the Financial Services losses going down or it's also the Deliveries margin 3% plus implies maybe 100 bps improvement from that? So that's question number one.

我有兩個問題。第一個問題，也許是 Venu 問題的後續，但想以稍微不同的形式來提問。因此，如果您查看調整後的 EBITDA 和收入預期，它確實意味著調整後的 EBITDA 利潤率最高在 7.3％ 至 7.5％ 之間。您上次報告的調整後 EBITDA 利潤率接近 5% 左右。因此從某種意義上來說，我們希望利潤率能提高 200 個基點。如果行動利潤率約為 12%，那麼交付利潤率約為 3% 以上；這種改善主要是由於金融服務損失下降所致，還是因為交付利潤率增加 3% 以上可能意味著 100 個基點的改善？這是第一個問題。

Question number two, wanted to understand a bit more color on the centralized regional expense what you guys are talking about. I understand in the next quarter you're going to give details, but anything this quarter you guys want to provide in terms that will help us quantification going into next quarter? And the related question is basis my understanding, roughly 30% of your costs are largely linked to GMV. So as in how GMV increases, we should see an increase in these expenses in a pretty hefty manner, right? I just wanted to understand how one should look at the regional cost expense going ahead?

第二個問題，想進一步了解你們談論的集中區域費用。我知道你們會在下個季度提供詳細信息，但本季度你們是否想提供任何有助於我們量化下個季度的信息？相關問題根據我的理解，大約 30% 的成本與 GMV 主要相關。因此，隨著 GMV 的成長，我們應該會看到這些費用大幅增加，對嗎？我只是想了解未來的區域成本費用應該如何看待？

Okay. Sachin, let me take all those questions. Let me take the first part around the EBITDA margin. There's a couple of things here that I want to call out. One is there are operating leverage in the business. A lot of the product initiatives that we're pushing is also generating operational efficiency in our business. Some of that may be translated in the segment margins, some of those can be translated outside of our segments, in our corporate cost structure also. So there is improvement. There's operating leverage in the business. And what we said was the margin for our Mobility and Deliveries will be around about the 12% and 3% plus. Now GFin though, you're right. The GFin part or the Financial Services segment, as Alex just alluded earlier, will see improvements in the cost structure of our business as well, as they start to generate revenue especially from our banking and as we start to scale loan even further of that business.

好的。薩欽，讓我來回答所有這些問題。第一部分，我來談談 EBITDA 利潤率。這裡有幾件事我想指出。一是企業存在經營槓桿。我們正在推動的許多產品計劃也正在提高我們業務的營運效率。其中一些可能會轉化為分部利潤，有些則可以轉化為我們分部以外的利潤，也可以轉化為我們公司成本結構中的利潤。因此是有進步的。業務中存在經營槓桿。我們說過，我們的行動性和交付性的利潤率將在 12% 左右，並且 3% 以上。不過現在 GFin，你是對的。正如 Alex 之前提到的，GFin 部分或金融服務部門也將看到我們業務成本結構的改善，因為它們開始產生收入，特別是來自我們的銀行業務，我們開始進一步擴大該業務的貸款規模。

So you'll see a dynamic of operating leverage in the business in terms of efficiencies and also the GFin or the Financial Services segment also coming down. The third part is around our regional corporate costs. That's going up roughly in line with (added by company after the call) inflation at (corrected by company after the call) around about say 4% on a year-over-year basis, which is at a significantly lower clip versus what our GMV growth is. Your second question around centralized regional corporate costs. So the cost structure there is growing in line with inflation, like I said earlier. Now there's always a couple of pieces in regional corporate cost. There's a variable piece and there is the fixed cost piece. Now the cloud and direct marketing will obviously commensurate with the growth of the pace of the business itself. Those are variable costs.

因此，您會看到，就效率而言，企業的經營槓桿會呈現動態變化，而且 GFin 或金融服務部門的槓桿也會下降。第三部分是關於我們區域公司成本。這一成長與通貨膨脹率（電話會議後公司增加）大致一致，即同比通貨膨脹率（電話會議後公司糾正）約為 4%，速度明顯低於我們的 GMV 成長率。您的第二個問題涉及集中區域公司成本。所以正如我之前所說的，那裡的成本結構隨著通貨膨脹而成長。現在，區域公司成本中總是存在幾個部分。有一個可變部分，還有一個固定成本部分。現在雲端和直銷顯然會跟業務本身的成長步伐相稱。這些都是變動成本。

And while we're continuing to see efficiency both in cloud and marketing and you saw the reduction in those cost structure in 2023, we'll continue to make sure that those have been efficiently optimized. We will see as a percentage of GMV, those revenue -- those cost structure being stable, but from an absolute dollar perspective will continue to grow with the growth of our on-demand business. On the fixed cost structure though, it's going to be pretty much in line with the growth of inflation. That's how we're thinking about it. We're being very disciplined in terms of how we're managing our fixed cost structure. We're going to be very prudent in terms of how we are looking at headcount across the business and we are going to continue to find productivity across our workforce space as it comes. I hope that answers the question.

雖然我們繼續看到雲端運算和行銷方面的效率，並且您看到 2023 年這些成本結構有所減少，但我們將繼續確保這些成本得到有效優化。我們將看到，作為 GMV 的百分比，這些收入——這些成本結構保持穩定，但從絕對美元角度來看，將隨著我們的按需業務的增長而繼續增長。不過，就固定成本結構而言，它將與通貨膨脹的成長基本上保持一致。我們就是這樣想的。我們在管理固定成本結構方面非常嚴格。我們將非常謹慎地考慮整個企業的員工人數，並將繼續在我們的勞動力空間中尋找生產力。我希望這能回答這個問題。

Our next question is from Piyush Choudhary of HSBC.

下一個問題來自匯豐銀行的 Piyush Choudhary。

Congrats to Anthony and entire team on good set of results and announcing the share buyback. Two questions. Firstly, how do you expect MTU growth going forward across segments? In fourth quarter we saw good growth in MTU. Is it driven by gaining market share or you're able to expand the TAM with new solutions? And if you can call out like how much is seasonally driven due to travel and tourism in the region? Secondly, on the Deliveries segment, can you talk a little bit about your margin range across various countries? I would imagine that there is a big difference between Deliveries margin and there could be room for improvement over there in some of the countries where you have more intense competition. So why we are saying Deliveries margin will remain more constant year-on-year? Wouldn't that mix or improvement in those countries helped to lift margin even in 2024?

恭喜安東尼和整個團隊取得良好業績並宣布回購股票。兩個問題。首先，您預期 MTU 未來各領域的成長如何？第四季我們看到了MTU的良好成長。這是透過獲得市場份額來推動的，還是能夠透過新的解決方案來擴大 TAM？您能否說一下該地區的旅行和旅遊業受到季節性影響的程度有多大？其次，關於交付部分，您能否談談您在各國的利潤範圍？我認為交付利潤率之間存在很大差異，並且在某些競爭更激烈的國家可能還有改進的空間。那麼，為什麼我們說交付利潤率將比去年同期保持更加穩定呢？甚至到了 2024 年，這些國家的組合或改善難道不會有助於提高利潤率嗎？

Piyush, thanks for your questions. I'll take the first one on the MTU growth and then hand to Peter for the second one. We see opportunity on the MTU side from the Mobility recovery. Clearly, the traveler segment is not fully recovered since pre-COVID. As I mentioned in my remarks earlier, most external estimates suggest that it's only around 70% so far. Then we've got on the Deliveries, we're starting to see the effect of the affordability initiatives that we flagged to you earlier last quarter. We can see that it does drive new users using the platform and also frequency so that will give us an MTU boost as well. And then the Family Accounts that Anthony mentioned earlier, we're optimistic about that. We think that that will improve the kind of self-generated growth of MTUs, the network itself generating new MTUs. So we're very keen on that as kind of a hyper-growth driver as well. And then we think that we're barely tapped into the corporate premium segment and as we mentioned in our remarks, there will be some really fantastic new offerings coming up for that segment. So we hope that that will be a high margin and high growth opportunity for our MTUs going forward. Peter?

Piyush，感謝您的提問。我將首先討論 MTU 的成長，然後交給 Peter 討論第二個問題。我們從移動性復甦中看到了 MTU 方面的機會。顯然，自疫情爆發以來，旅行者群體尚未完全恢復。正如我之前的評論中提到的，大多數外部估計表明，到目前為止這一比例僅為 70% 左右。然後我們開始進行交付，我們開始看到上個季度初向您提出的負擔能力舉措的效果。我們可以看到，它確實推動了新用戶使用該平台，而且頻率也隨之增加，因此這也將為我們帶來 MTU 的提升。然後是安東尼之前提到的家庭帳戶，我們對此感到樂觀。我們認為這將改善 MTU 的自我成長，即網路本身產生新的 MTU。因此，我們非常熱衷於將其視為一種高速成長的動力。然後我們認為我們幾乎沒有進入企業高端市場，正如我們在評論中提到的那樣，該市場將推出一些非常出色的新產品。因此，我們希望這將為我們未來的MTU帶來高利潤和高成長的機會。彼得？

Piyush, also I just would add also from an MTU perspective, we're also driving engagement in our business. It's really important that yes, we can add MTUs, but also we've got to make sure these users are constantly engaging in our platform and we have more and more users now using the Grab platform. We finished the quarter at 38 million and we see opportunities to grow that even further in 2024. But it's also equally as important that they are constantly coming back to the platform and using them. That's part of our growth factors also in 2024, but that's going to also come from product features that we're investing in the business. And tied to that actually is your question around margins. Now you asked about country specific margins. We see our business as a portfolio. We don't look at while countries are important, but it's really important that we see it across the board, across all the countries itself.

Piyush，我也想補充一點，從 MTU 的角度來看，我們也在推動業務參與。是的，這確實很重要，我們可以添加 MTU，但同時我們也必須確保這些用戶持續參與我們的平台，現在使用 Grab 平台的用戶也越來越多。本季度，我們的用戶數量達到了 3800 萬，我們看到了在 2024 年進一步增長的機會。這也是我們 2024 年成長因素的一部分，但這也將來自於我們在業務上投資的產品功能。與此相關的實際上是您關於利潤的問題。現在您詢問的是特定國家/地區特定的利潤率。我們將我們的業務視為一個投資組合。我們不會只看國家是否重要，而是從整體、從所有國家的角度來看這個問題。

And if you step back in terms of what we've done in Deliveries margin, we've seen margin improvement of over 500 bps over the last 2 years itself. Now this is a year that we are going to continue to consolidate and make investments into these new product initiatives that will drive engagement as well as also broaden the TAM base. We've worked hard last year in affordability with growth at TAM base there. We ended 2023 with record GMV and we're going to push this year also to make sure that we bring in new user base; but also that these user base are sticky, these user base are constantly using our product base and that will lead to further acceleration in growth of revenue and margins for our Deliveries business in 2025 and 2026. So this is how we're thinking about it. Where there is upside in margins, we'll obviously capture those margins. But for us, making sure that we are going to see revenue growth acceleration in the business especially in 2025 and 2026.

如果回顧我們在交付利潤方面所做的工作，我們會發現過去兩年利潤率已經提高了 500 個基點。今年我們將繼續鞏固和投資這些新產品計劃，以推動參與並拓寬 TAM 基礎。去年我們努力提高 TAM 基地的可負擔性和成長性。我們以創紀錄的 GMV 結束了 2023 年，今年也將努力確保引進新的用戶群；而且這些用戶群具有黏性，這些用戶群不斷使用我們的產品，這將進一步加速我們 2025 年和 2026 年配送業務的收入和利潤成長。如果利潤率有上升空間，我們顯然就會抓住這些利潤空間。但對我們來說，確保我們能看到業務收入成長加速，尤其是在 2025 年和 2026 年。

The next question comes from Ranjan Sharma of JPMorgan.

下一個問題來自摩根大通的 Ranjan Sharma。

Two questions from my side. Firstly, in the buybacks, there's a reference to privately negotiated transactions. If you can help us understand what could be -- how would you determine the reference share price for such transactions? The second question is on your overall cost base. Can you share some color like what percentage of your costs are coming in like U.S. dollars and Singapore dollars?

我有兩個問題。首先，在回購中，提到了私下協商的交易。如果您能幫助我們了解可能的情況—您將如何確定此類交易的參考股價？第二個問題是關於您的整體成本基礎。您能否具體說明一下，例如您的成本中有多少比例是以美元和新加坡元來計算的？

Ranjan, on the buyback, look, it's hard for us to quantify. Buybacks, as you know, is influenced and led by the market dynamics at the end of the day and the mandate that the Board has given us has given full flexibility in just how we deploy those capital. We'll see how the market from a dynamic perspective and will enter into the markets, whether it's block trades, whether it's trades that we do in the open market, that's all influenced by the price of the market itself. So it's hard for us to say because we can't control the market. What I can say is that we'll be efficient in how we use that cash for those buybacks for the highest return for our shareholders. On your second question around costs in USD and SGD. We're a USD denominated business. What we do with our cash predominantly will be fairly concentrated in USD. We naturally hedge our business itself. We're a diversified portfolio when it comes to countries as you know. But we make sure that from an FX perspective, we're not exposed and where we will, we will heavily concentrate our balance sheet on USD.

Ranjan，關於回購，我們很難量化。如您所知，回購最終會受到市場動態的影響和主導，而董事會賦予我們的授權使我們在如何部署這些資本方面擁有充分的靈活性。我們將從動態的角度觀察市場，並進入市場，無論是大宗交易，還是我們在公開市場進行的交易，都受到市場本身價格的影響。所以我們很難說，因為我們無法控制市場。我可以說的是，我們將有效地利用現金進行回購，為股東帶來最高的回報。關於您關於美元和新加坡元成本的第二個問題。我們是一家以美元計價的企業。我們的現金主要以美元為主。我們自然地對我們的業務本身進行對沖。如您所知，就國家而言，我們的投資組合是多元化的。但我們確保從外匯角度來看，我們不會面臨風險，而且我們將把資產負債表主要集中在美元上。

Our next question comes from Alicia Yap of Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

I have very quick 2 questions. First is just wondering how much of the FX fluctuation that you have baked into your 2024 revenues and EBITDA guidance? And then second on follow up on your comments about the inorganic versus the organic growth. Just wondering in what type of situations or what kind of synergies that you are looking for that will trigger you to think about the inorganic opportunity potentially if it arises?

我有兩個非常簡短的問題。首先，您想知道外匯波動在多大程度上影響了您的 2024 年收入和 EBITDA 預期？其次，請繼續討論您關於無機成長與有機成長的評論。只是想知道在什麼樣的情況下或什麼樣的協同作用下，您正在尋找會引發您考慮可能出現的無機機會？

Alicia, let me take those 2 questions. In the FX part of your question, look, we've obviously built in buffer in the movement in FX. We have to be prudent. We can't read in terms of what the forward FX rates will be. We have built in some conservatism in our foreign exchange in our model and that's being appropriate. We don't know where the rates will be in terms of the next 12 months. In terms of inorganic versus organic growth, Alex mentioned this a couple of times that we have a very high hurdle rate when it comes to inorganic opportunities. We are very, very focused in making sure that organic growth takes the most highest priority for us and we are investing in those products, Alicia, to make sure that to drive this engagement, to drive the user base, to drive growth especially because that's really what's going to deepen our competitive moat in the business today.

艾莉西亞，讓我來回答這兩個問題。在您問題的 FX 部分中，您看，我們顯然在 FX 中的運動中內建了緩衝區。我們必須謹慎行事。我們無法預知遠期外匯匯率將會是多少。我們在模型中已經建立了外匯方面的一些保守主義，這是適當的。我們不知道未來 12 個月的利率將會是多少。關於無機成長與有機成長，亞歷克斯提到過幾次，當談到無機機會時，我們的回報率非常高。我們非常非常注重確保有機成長對我們來說是最重要的，我們正在投資這些產品，艾莉西亞，以確保推動這種參與度，推動用戶群，推動成長，特別是因為這才是真正加深我們當今業務的競爭護城河的因素。

The next question is from Jiong Shao of Barclays.

下一個問題來自巴克萊銀行的邵炯。

I think, Peter, you mentioned a couple of times about the reacceleration in growth in 2025 and beyond. So usually the law of large numbers is growth rate tend to decelerate, moderate as you get bigger. But I was hoping you can elaborate a bit more on why the growth rate in 2025 and beyond will be higher than 2024 other than the advertising and fintech will contribute more. My second question is about travelers. I think Alex mentioned a couple of times as well that the travelers now only back to 70% of pre-COVID and some of the new stats we have seen from Chinese New Year for travelers seem pretty good. So I was wondering if you can talk about sort of how big is that Chinese travelers, is that revenue contribution to your Mobility business? Any color or numbers you can share, the trends you have seen during this holiday period a couple of weeks ago would be helpful.

彼得，我想你曾經幾次提到 2025 年及以後的成長重新加速。因此，通常大數定律就是，隨著規模變大，成長率趨於減慢，趨於緩和。但我希望您可以更詳細地解釋一下，除了廣告和金融科技貢獻更大之外，為什麼 2025 年及以後的成長率會高於 2024 年。我的第二個問題是關於旅行者。我想亞歷克斯也提到過幾次，現在的旅行者人數只恢復到疫情之前的 70%，而且我們從農曆新年看到的一些旅行者新數據看起來相當不錯。所以我想知道您是否可以談談中國遊客的數量有多大，這對您的行動業務的收入貢獻有多大？您可以分享的任何顏色或數字，以及幾週前這個假期期間看到的趨勢都會有所幫助。

Jiong, thanks so much for the question. I'll talk about growth and reacceleration of growth and why 2025 and how we are thinking about the confidence of it. We are actually very confident as a team in our ability to execute to drive revenue growth especially in the midterm. Hence, we set out these stretch goals across not just for '24, but beyond. If you just look at our past history, in 2022 and 2023 we showed some internal targets; for example our cost to serve. We had very broad numbers that many people thought we couldn't achieve. But we've shown now we're actually the most efficient cost to serve platform in the region by orders of magnitude and that's what we are going to keep demonstrating. We said what we're going to do and then we did it.

Jiong，非常感謝您的提問。我將談論成長和成長的重新加速，以及為什麼是2025年，以及我們如何看待對它的信心。事實上，作為一個團隊，我們對我們的執行能力非常有信心，特別是在中期推動收入成長。因此，我們所製定的這些延伸目標不僅適用於24年，也適用於更長遠的未來。如果你只看看我們過去的歷史，2022 年和 2023 年我們展示了一些內部目標；例如我們的服務成本。我們設定的數字非常高，以至於很多人認為我們無法實現。但現在我們已經證明，我們實際上是該地區服務成本效率最高的平台，我們將繼續證明這一點。我們說過要做什麼，然後就去做了。

We said that the Mobility GMV will exit 2023 above pre-COVID and we did that as we drove focus and we targeted the return of traveler demand and the affordability segment and that grew very well. We said, hey, Deliveries will come back into GMV growth and we saw that with Q4 growing at 13% year-on-year and sequential growth for 3 quarters because we focused on GrabUnlimited, we focused on Saver and differentiation of pricing. And then we said we're going to deliver on EBITDA and we did actually way ahead of time. Now what we are saying is we are incubating growth with a lot of initiatives. One, you talked about it, advertising. We still see tremendous headroom there. We've seen increase in penetration across whether it's the big BD clients, whether it's small long tail we've seen and yet penetration compared to other markets is still very low. So we see a lot of headroom there. And we've seen how the ROAS or the return on advertised sales for them continues to provide even greater earning opportunities for all our merchant partners.

我們曾表示，2023 年出行 GMV 將超過新冠疫情之前的水平，我們之所以能做到這一點，是因為我們集中精力，瞄準旅行者需求的回歸和可負擔性細分市場，而且這一領域增長非常好。我們說，嘿，送貨將重新成為 GMV 增長的一部分，我們看到第四季度同比增長 13%，並且連續三個季度增長，因為我們專注於 GrabUnlimited，我們專注於 Saver 和差異化定價。然後我們說我們將實現 EBITDA，而且我們實際上提前完成了。現在我們要說的是，我們正在透過許多措施來孵化成長。第一，您剛才談到了廣告。我們仍然看到那裡巨大的發展空間。我們看到，無論是大型 BD 客戶還是小型長尾客戶，滲透率都在提高，但與其他市場相比，滲透率仍然很低。因此，我們看到那裡有很大的發展空間。我們已經看到，ROAS 或廣告銷售回報率如何繼續為我們所有的商家合作夥伴提供更大的獲利機會。

The second what Alex talked about was banking for example. We are very excited because we see revenue growth as our loan book scales. We saw that with GrabFin. We're very happy with our GFin team as they drove cost discipline and continue to grow with loan growth. Now with banks as we are very conscious on cost, at the same time we believe deposits and loans will continue to be growing strongly. With all that said, we also have shared or Peter has actually shared that a Deliveries margin upside of somewhere between 100 bps to 200 bps will continue to take place over the longer term as we invest more into tech and product. All that are just examples that will continue to reinforce reacceleration of revenue growth even beyond 2024.

亞歷克斯談論的第二個例子是銀行業務。我們非常興奮，因為隨著貸款規模的擴大，我們看到收入也在成長。我們在 GrabFin 上看到了這一點。我們對我們的 GFin 團隊非常滿意，因為他們推動了成本紀律並隨著貸款成長而繼續成長。現在，我們對於銀行非常注重成本，同時我們相信存款和貸款將繼續強勁增長。綜上所述，我們也曾分享過或說 Peter 實際上曾分享過，隨著我們對技術和產品的更多投入，長期來看，交付利潤率將繼續上漲 100 到 200 個基點之間。所有這些只是例子，它們仍將在 2024 年以後繼續強化收入成長的加速。

Thanks for your question, Jiong. Yes, let me pick up the question about Chinese travelers. In fact Chinese travelers are more significant now than they were before COVID. But I think that could be largely driven by the efforts that we put into targeting them because we've done the integration with WeChat, Ali, trip.com. We've got the Chinese translation as well, in-app translation. So I think our top of mind awareness with Chinese travelers has increased and therefore, we're seeing that impact in our numbers. Having said that, I just happened to meet with the Asia head of a very large global hotel chain and he was saying that they're seeing much more domestic Chinese travel at this point than they saw pre-COVID as a proportion and less international. So I think there's still upside as the China economy starts to regrow again and the Chinese consumers start to travel internationally. But right now I think they're disproportionately traveling domestically based on some of the feedback we have from our partners.

謝謝您的提問，Jiong。是的，讓我回答一下有關中國遊客的問題。事實上，現在中國遊客的數量比疫情前更龐大。但我認為這很大程度上得益於我們為瞄準這些客戶所付出的努力，因為我們已經與微信、阿里、trip.com 進行了整合。我們也有中文翻譯，應用內翻譯。因此，我認為我們對中國遊客的首要關注度已經提高，並且我們在數據上也看到了這種影響。話雖如此，我剛剛碰巧遇到了一家大型全球連鎖酒店的亞洲區負責人，他表示，目前中國國內遊客的比例比疫情之前要多得多，而國際遊客的比例則有所減少。因此我認為，隨著中國經濟開始復甦以及中國消費者開始出國旅遊，市場仍有上行空間。但根據我們從合作夥伴那裡得到的一些回饋，我認為目前他們的國內旅行比例過高。

Thank you. This concludes Grab's fourth quarter 2023 earnings conference call. Thank you for your participation. You may now disconnect.

謝謝。這就是 Grab 2023 年第四季財報電話會議的結束。感謝您的參與。您現在可以斷開連線。