Grab Holdings Ltd (GRAB) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Faith, and I will be your conference operator for this session. Welcome to Grab's First Quarter 2024 Earnings Results Call. After the speaker's remarks, there will be questions-and-answer session.

女士們、先生們，感謝你們今天的出席。我的名字是 Faith，我將擔任本次會議的會議主持人。歡迎參加 Grab 2024 年第一季財報電話會議。演講者發言後，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道格拉斯·尤 (Douglas Eu)。

Good day, everyone, and welcome to Grab's First Quarter 2024 Earnings Call. I'm Douglas Eu, Director, Investor Relations [Finance] 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 first quarter 2024 financial results. Following the prepared remarks, we will open the call to questions.

大家好，歡迎參加 Grab 2024 年第一季財報電話會議。我是 Douglas Eu，Grab 投資者關係（財務）總監。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，Anthony 將討論我們的主要策略和業務成就，隨後 Alex 將介紹營運亮點； Peter 將分享我們 2024 年第一季財務業績的詳細資訊。準備好發言後，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 other filings with the SEC.

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、收益發布以及我們向美國證券交易委員會提交的 20-F 表和其他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。

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.

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。

Thanks, Doug. Thank you for joining us today. First quarter 2024 was a standout quarter for us as we drove both top line growth as well as bottom line adjusted EBITDA profitability, recording our ninth consecutive quarter of adjusted EBITDA improvement.

謝謝，道格。感謝您今天加入我們。 2024 年第一季對我們來說是一個突出的一個季度，因為我們推動了營收成長以及底線調整後 EBITDA 獲利能力，創下了連續第九個季度調整後 EBITDA 成長的記錄。

Consumer activity was strong across Southeast Asia. In spite of seasonality arising from Chinese New Year festivities in January and the Ramadan fasting month, which commenced in March. As such, we continued to achieve multiple milestones in the quarter, such as expanding the number of users in our platform to a record high of 38 million monthly transacting users; while at the same time, order frequency for on-demand also continued to track up healthily as we improve the affordability and reliability of our services.

整個東南亞的消費活動都很活躍。儘管一月份有農曆新年慶祝活動，而三月則開始有齋月，因此存在季節性。因此，我們在本季繼續實現多個里程碑，例如將我們平台的用戶數量擴大到每月交易用戶 3800 萬的歷史新高；同時，隨著我們服務的可負擔性和可靠性的提高，按需訂單頻率也持續健康上升。

As a result, we have continued to bolster our competitive position and triple bottom line in Southeast Asia, enabling us to further improve usage frequency and engagement and increasing earnings for our drivers and merchant partners. At the same time, we're also driving joint initiatives with the governments and regulators in the region.

因此，我們繼續增強在東南亞的競爭地位和三重底線，使我們能夠進一步提高使用頻率和參與度，並增加我們的司機和商家合作夥伴的收入。同時，我們也在與該地區的政府和監管機構推動聯合措施。

We have been partnering with the Tourism Authority of Thailand to promote Thai tourism among local and foreign tourists and boosting economy through engagement activities and elevating travel experiences with Grab's mobility services.

我們一直與泰國旅遊局合作，向國內外遊客推廣泰國旅遊，並透過參與活動和利用 Grab 的行動服務提升旅行體驗來促進經濟發展。

And in Indonesia through Grab's Kota Masa Depan program, we work closely with local governments and several ministries to offer training and support to MSME business owners in second and third tier cities in the country, which enables them to effectively manage their business and to make the most of the opportunities on the Grab platform. The program was born in 2021 during the COVID pandemic and since then, has already benefited 26,000 MSMEs in 9 cities nationwide.

在印度尼西亞，我們透過 Grab 的 Kota Masa Depan 計畫與當地政府和多個部會密切合作，為該國二、三線城市的中小微型企業主提供培訓和支持，使他們能夠有效地管理業務，並充分利用 Grab 平台上的機會。該計畫於 2021 年新冠疫情期間誕生，自那時起，已惠及全國 9 個城市的 26,000 家中小微型企業。

As highlighted in our fourth quarter 2023 results, this is the year where we will build up on our foundations and execute on driving engagement and expanding the top of our funnel by leveraging both product innovation and generative AI capabilities. We're making strong progress as on-demand GMV expanded to a new record of $4.2 billion in the quarter, increasing by 21% year-on-year in constant currency terms.

正如我們 2023 年第四季業績所強調的那樣，今年我們將鞏固基礎，並透過利用產品創新和生成式 AI 能力來推動參與度並擴大通路頂部。我們取得了長足的進步，本季按需 GMV 擴大至創紀錄的 42 億美元，以固定匯率計算年增 21%。

As Alex will share later, there are numerous new strategic initiatives that we are incubating, which are already beginning to drive LTV uplifts. Products such as our small language model translation feature for tourists, Saver and Priority Deliveries and our FlexiLoan product from GXS Bank have sharpened our competitive edge and led to the strong outperformance in the quarter.

正如 Alex 稍後將分享的那樣，我們正在孵化許多新的戰略舉措，這些舉措已經開始推動 LTV 的提升。我們為遊客提供的小型語言模型翻譯功能、Saver 和 Priority Deliveries 以及來自 GXS 銀行的 FlexiLoan 產品等產品增強了我們的競爭優勢，並推動了本季的強勁表現。

Finally, on creating incremental shareholder value, we initiated our $500 million share buyback program during the quarter and repurchased approximately $97 million of Class A ordinary shares. We are focused on taking the necessary steps to address our shareholder overhang and proactively engaged with these shareholders as well as welcoming new institutional investors to bolster our shareholder base.

最後，在創造增量股東價值方面，我們在本季度啟動了 5 億美元的股票回購計劃，並回購了約 9,700 萬美元的 A 類普通股。我們專注於採取必要措施解決股東困境，並積極與這些股東接觸，同時歡迎新的機構投資者來增強我們的股東基礎。

In closing, our first quarter results demonstrates our relentless focus on driving profitable growth while staying true to our mission of empowering everyday entrepreneurs. In the upcoming weeks, we'll be releasing our 2023 ESG report where we share more about the progress we have made on our mission where over 1 million new driver partners and over 500,000 new MSME merchant partners registered on the Grab platform last year. And at scale, we continue to execute on our triple bottom line with 99.99% of all rides occurring without any safety incidents, while we reduced our carbon intensity per kilometer in deliveries and mobility in 2023. We are incredibly excited about what lies ahead in the years to come and remain deeply committed to driving greater improvements in our core businesses to generate sustainable EBITDA and free cash flow.

最後，我們的第一季業績表明，我們堅持不懈地致力於推動獲利成長，同時堅守我們為日常企業家賦能的使命。在接下來的幾週內，我們將發布 2023 年 ESG 報告，其中我們將分享我們在實現使命方面取得的更多進展，去年在 Grab 平台上註冊了超過 100 萬名新司機合作夥伴和超過 50 萬名新的 MSME 商家合作夥伴。在規模上，我們繼續執行三重底線，99.99% 的乘車沒有發生任何安全事故，同時我們在 2023 年降低了配送和出行每公里的碳強度。

With that, I'll hand over to Alex, who will cover our first quarter operational highlights in more detail.

接下來，我將把話題交給亞歷克斯，他將更詳細地介紹我們第一季的營運亮點。

Thank you, Anthony. Our first quarter performance was robust in spite of seasonal festivities demonstrated by on-demand GMV recording sequential growth even as we improve bottom line. And year-on-year against our major regional competitors, we continue to improve on our category leadership across countries of both food delivery and mobility.

謝謝你，安東尼。儘管受到季節性節日的影響，但我們第一季的業績依然強勁，按需 GMV 實現了連續成長，同時我們的獲利能力也有所提高。與本地區主要競爭對手相比，我們在食品配送和移動出行領域各國的領先地位逐年提升。

Over the next few minutes, I will share our operational highlights and the underlying drivers of these results, starting with deliveries. In deliveries, demand was resilient despite seasonal impacts from the Chinese New Year festivities and the Ramadan fasting period in the first quarter. Deliveries MTUs recorded growth on both a sequential and a year-on-year basis, and we continue to increase total transactions. This came as a direct result of the initiatives that we have shared over the past few quarters.

在接下來的幾分鐘裡，我將分享我們的營運亮點以及這些結果的根本驅動因素，從交付開始。在交付方面，儘管第一季受到農曆新年慶祝活動和齋戒月齋戒期的季節性影響，但需求仍然保持彈性。交付量MTUs在連續和同比增長的基礎上均有所增長，並且我們繼續增加總交易量。這是我們過去幾季所分享的舉措的直接成果。

We improved the affordability and reliability of our services to drive stronger engagement through our loyalty program, GrabUnlimited, and roll new use cases out to widen the top of the funnel. We will continue to leverage our category leadership, network advantages and tech capabilities to create differentiated services that maximize choice, convenience and reliability for our users.

我們提高了服務的可負擔性和可靠性，透過我們的忠誠度計劃 GrabUnlimited 來推動更強的參與度，並推出新的用例來拓寬漏斗頂部。我們將繼續利用我們的行業領先地位、網路優勢和技術能力來創建差異化服務，為用戶提供最大的選擇、便利性和可靠性。

In the past year, we've been focused on affordability and have built strong traction with products like Saver. Saver deliveries now account for slightly over 1/4 of deliveries transactions and continue to drive frequency uplifts amongst users. Users who opted for Saver having an average order frequency that was 1.8x higher than non-Saver users, and average delivery fees for Saver delivery have also reduced to 25% year-on-year as we translate efficiency gains into greater cost savings for our users.

在過去的一年裡，我們一直專注於經濟實惠的產品，並透過 Saver 等產品建立了強大的吸引力。目前，優惠配送佔配送交易總量的四分之一多一點，並持續推動用戶配送頻率的提升。選擇 Saver 的用戶平均下單頻率比非 Saver 的用戶高 1.8 倍，Saver 配送的平均配送費也較去年同期降低 25%，因為我們將效率提升轉換為用戶更大的成本節省。

It has also been effective in widening the top of funnel with over 1/4 of new monthly transacting users joining the platform through Saver delivery despite the seasonal softness. At the same time, although it's still early days, we continue to grow adoption of priority deliveries with transactions growing 213% year-on-year and 12% quarter-on-quarter to reach 7% of deliveries transactions. And priority deliveries continue to yield higher EBITDA margins relative to standard deliveries.

儘管存在季節性疲軟因素，但 Saver 配送仍有效拓寬了通路頂部，超過 1/4 的每月新交易用戶加入了該平台。同時，儘管仍處於早期階段，但我們繼續擴大優先交付的採用，交易量同比增長 213%，環比增長 12%，達到交付交易的 7%。與標準交付相比，優先交付繼續產生更高的 EBITDA 利潤率。

Our groceries and mart business is also growing from strength to strength with GMV growing at a faster rate relative to our core food business and is also profitable. We are fortunate to have a wide range of MSMEs on the platform, along with some of the leading supermarket chains in the region such as Transmart in Indonesia, Central Group in Thailand, SM Group and Robinsons in Philippines and of course, our very own Jaya Grocer in Malaysia.

我們的雜貨和超市業務也不斷發展壯大，GMV 相對於我們的核心食品業務成長速度更快，並且還實現盈利。我們很幸運能夠在平台上擁有眾多的中小微型企業，以及該地區的一些領先的連鎖超市，例如印尼的 Transmart、泰國的 Central Group、菲律賓的 SM Group 和 Robinsons，當然還有我們自己在馬來西亞的 Jaya Grocer。

Jaya Grocer, in particular, has been performing well. In the first quarter, Jaya recorded same-store sales growth up by 12% year-on-year and is now the largest merchant on GrabMart Malaysia with its sales on Mart increasing over 100% year-on-year.

尤其是 Jaya Grocer，其表現尤其出色。今年第一季度，Jaya 的同店銷售額年增了 12%，目前已成為馬來西亞 GrabMart 上最大的商家，其在 Mart 上的銷售額同比增長了 100% 以上。

We will continue to innovate on our grocery offering, looking to offer the best-in-class fulfillment while also improving on our selection and speed to deliver across our various markets. For our merchants, we've been able to create even more value for them with the trust that we have established, coupled with our growing scale and network advantages.

我們將繼續創新我們的雜貨產品，尋求提供一流的服務，同時改善我們在各個市場的選擇和交付速度。對於我們的商家，我們能夠憑藉已經建立的信任以及不斷增長的規模和網路優勢為他們創造更多價值。

We have enhanced our advertising platform by simplifying the process for merchants to run and manage a business using our self-serve advertising tools. As a result, on a year-on-year basis, we continue to drive strong growth in ads. Total active advertisers on our platform grew 46% year-on-year to 119,000, while the average spend of these advertisers increased 1.5x.

我們透過簡化商家使用自助廣告工具來經營和管理業務的流程，增強了我們的廣告平台。因此，與去年同期相比，我們持續推動廣告業務強勁成長。我們平台上的活躍廣告商總數年增46%，達到119,000名，而這些廣告商的平均支出增加了1.5倍。

Looking ahead to the rest of the year, we will continue to build on our position as the leading on-demand platform in the region powered by innovative technologies. And we are well placed to continue creating value for our users and partners. As an update, with April GMV growing month-on-month, we anticipate sequential growth in deliveries GMV in the second quarter, underpinned by a rebound in demand as well as our continued focus on the affordability and reliability of our services.

展望今年剩餘的時間，我們將繼續憑藉創新技術鞏固我們在該地區領先的按需平台的地位。我們有能力繼續為我們的用戶和合作夥伴創造價值。最新消息是，隨著 4 月份 GMV 環比增長，我們預計第二季度交付 GMV 將環比增長，這得益於需求反彈以及我們對服務可負擔性和可靠性的持續關注。

Now moving on to Mobility. Our Mobility business continued to record strong year-on-year and quarter-on-quarter GMV growth. Our efforts to capitalize on growing inbound tourism through strategic initiatives over the past few quarters have paid off, such as partnerships with Ctrip, Alipay, WeChat and Booking.com to target the traveler segment and improving brand visibility at major international airports across the region.

現在討論移動性。我們的行動業務 GMV 繼續實現同比和環比強勁增長。過去幾個季度，我們透過採取策略性舉措，充分利用入境旅遊業不斷增長的機遇，並取得了成效，例如與攜程、支付寶、微信和 Booking.com 建立合作夥伴關係，瞄準旅行者群體，並提高該地區主要國際機場的品牌知名度。

With inbound tourism volumes in the region still below pre-COVID levels, we've been able to grow traveler MTUs on our platform to above pre-COVID levels. Year-on-year, mobility traveler MTUs and spend grew 69% and 80%, respectively, during the quarter, as we saw strong inbound tourism tailwinds from events held in Singapore as well as the rollout of visa-free entry for Chinese tourists across several of our markets.

由於該地區的入境旅遊量仍低於疫情之前的水平，我們已能夠將平台上的旅客 MTU 增加到疫情之前的水平之上。與去年同期相比，本季流動旅客的 MTU 和支出分別成長了 69％ 和 80％，這得益於新加坡舉辦的活動以及多個市場對中國遊客實施的免簽證入境政策，為入境旅遊帶來了強勁推動力。

We will continue to leverage key technology and product initiatives to improve the quality of our services to tourists. In February, we rolled out our small language model translation feature in Thailand with this feature now available in all 6 of our core markets. This has resulted in significant cost savings from no longer having to outsource translation service to external vendors. And by leveraging these in-house models, we reduced translation processing times from 100 days with a vendor to just 5 days for onboarding any new language regionally. This allows us to expand language support and meet the needs of diverse travelers as the segment continues to grow.

我們將繼續利用關鍵技術和產品計劃來提高對遊客的服務品質。今年 2 月，我們在泰國推出了小語言模型翻譯功能，目前該功能已在我們所有 6 個核心市場推出。由於不再需要將翻譯服務外包給外部供應商，因此節省了大量成本。透過利用這些內部模型，我們將翻譯處理時間從與供應商合作的 100 天縮短至區域引入任何新語言的僅 5 天。這使我們能夠擴大語言支援並滿足不斷增長的不同旅行者的需求。

In tandem with enhancing our products and services for users, we also improved the productivity and earnings of our drivers on our platform while reducing our cost to serve to improve the affordability of our services. Average driver earnings per transit hour improved 9% year-on-year. In addition, our efforts to optimize driver supply and enhance driver efficiencies to meet growing user demand continue to gain traction.

在增強我們為用戶提供的產品和服務的同時，我們也提高了平台司機的生產力和收入，同時降低了服務成本，以提高我們服務的可負擔性。司機每小時平均收入年增9%。此外，我們為優化司機供應和提高司機效率以滿足日益增長的用戶需求所做的努力不斷取得進展。

During the quarter, monthly active driver supply grew 11% year-on-year with total online hours growing 13% year-on-year, resulting in the proportion of surged mobility rides further reducing by 622 basis points year-on-year. Correspondingly, average frequency per mobility user grew 10% year-on-year.

本季度，每月活躍司機供給量年增11%，總線上小時數年增13%，導致激增的出行量佔比年進一步下降622個基點。相應地，行動用戶平均使用頻率較去年同期成長10%。

We are also focused on harnessing our tech stack to enhance the productivity of our driver partners. An example of this is Grab Navigation, our in-house map navigation tool. By integrating Grab Nav into our operations, we've been able to significantly streamline our processes, resulting in improved trips per transit hour and fulfillment rates.

我們也致力於利用我們的技術堆疊來提高我們的司機合作夥伴的生產力。我們的內部地圖導航工具 Grab Navigation 就是一個例子。透過將 Grab Nav 整合到我們的營運中，我們能夠大幅簡化流程，從而提高每小時的旅行次數和履行率。

The Grab Nav has proven to be popular with our driver partners, exemplified by its high adoption rate, 86%. Close to 90% of our drivers now utilize Grab Nav to optimize their routes and deliver a more seamless service to our customers.

事實證明，Grab Nav 深受我們司機夥伴的歡迎，其採用率高達 86%。目前，我們有近 90% 的駕駛人使用 Grab Nav 來優化路線，並為我們的客戶提供更無縫的服務。

To conclude, for the Mobility segment, we remain confident on the long-term trajectory of the business and see headroom for volumes and user penetration to continue to grow. Our strategic initiatives to drive affordability and improve reliability positions us well for longer-term growth.

總而言之，對於行動通訊領域，我們對其長期發展方向仍然充滿信心，並認為其銷售量和用戶滲透率仍具有持續成長的空間。我們的提高可負擔性和增強可靠性的策略性舉措為我們實現長期成長奠定了良好的基礎。

Lastly, on Financial Services. On a year-on-year basis, revenues grew 53%, while adjusted EBITDA losses narrowed 34% on the back of higher contributions from our ecosystem payments and lending businesses. In both GrabFin and our digital bank in Singapore, our lending business continues to gain traction. Total loans dispersed in the first quarter grew 64% year-on-year to reach $483 million, and we ended the quarter with a loan portfolio of $363 million underpinned by the expansion of ecosystem lending in GrabFin and growing FlexiLoan volumes from GXS Bank in Singapore.

最後，關於金融服務。與去年同期相比，收入成長了 53%，而由於我們的生態系統支付和貸款業務的貢獻增加，調整後的 EBITDA 損失縮小了 34%。無論是在 GrabFin 還是新加坡的數位銀行，我們的借貸業務都在持續發展。第一季發放的貸款總額年增 64%，達到 4.83 億美元，本季末我們的貸款組合達到 3.63 億美元，這得益於 GrabFin 生態系統貸款的擴張和新加坡 GXS 銀行 FlexiLoan 貸款量的不斷增長。

And while we grew our loan portfolio, we continue to maintain a prudent stance on credit risk with 90 days nonperforming loans at around 2%. Customer deposits across our Digibanks grew to $479 million in the first quarter from $374 million in the prior quarter driven by an increased number of deposit customers for GXBank, our Digibank in Malaysia, which grew to 262,000 customers as of March from 131,000 customers at the end of 2023.

在我們擴大貸款組合的同時，我們繼續對信用風險保持審慎態度，90 天不良貸款率約為 2%。我們數位銀行的客戶存款從上一季的 3.74 億美元增至第一季的 4.79 億美元，這得益於馬來西亞數位銀行 GXBank 的存款客戶數量增加，截至 3 月份，該銀行的客戶數量從 2023 年底的 131,000 名客戶增至 262,000 名。

For GXSBank in Singapore, the deposit cap was raised earlier this month, which will enable us to further grow our deposit base in the country. Our Digibank's ability to leverage the Grab ecosystem continues to provide tailwinds to their growth. Notably, around 80% of users with a loan from GXBank and over 90% of depositors in GXBank are Grab customers, underscoring the cross-platform synergies and lower acquisition costs associated with our bank launches.

對於新加坡的 GXSBank 來說，本月初存款上限已經提高，這將使我們能夠進一步擴大在該國的存款基礎。我們的 Digibank 利用 Grab 生態系統的能力繼續為其增長提供順風。值得注意的是，大約 80% 的 GXBank 貸款用戶和超過 90% 的 GXBank 存款人都是 Grab 客戶，這凸顯了我們銀行推出後的跨平台協同效應和較低的收購成本。

As we continue to improve our top line, we also saw improvements in profitability. Quarter-on-quarter, adjusted EBITDA improved by 42%. This was supported by lower-than-expected credit losses in GrabFin even as we continued to scale our lending revenues, along with greater cost optimizations and monetization of our payment services.

隨著我們不斷提高營業收入，我們的獲利能力也得到了改善。與上一季相比，調整後 EBITDA 成長了 42%。儘管我們繼續擴大貸款收入，同時進一步優化成本並實現支付服務貨幣化，但 GrabFin 的信貸損失低於預期，這也為我們的業績提供了支持。

Net cost of funds, a variable cost that supports our payments platform and offset by fees earned from payment services, remained stable year-on-year and quarter-on-quarter at 0.7% of total payments volume. Last quarter, we also mentioned that we expected Digibank expenses to come down following peak losses associated with the launch of our Malaysian Digibank at the end of last year. We delivered on that commitment and saw a sequential reduction in overall Digibank expenses. Going forward, we see significant headroom to further scale our lending business and optimize expenses within our Digibanks as they begin to gain traction.

資金淨成本是支持我們支付平台的一項可變成本，由支付服務所賺取的費用抵消，該成本同比和環比保持穩定，佔總支付量的 0.7%。上個季度，我們也提到，我們預計 Digibank 的開支將會下降，因為去年年底推出馬來西亞 Digibank 導致損失達到高峰。我們兌現了這項承諾，並看到 Digibank 整體支出連續減少。展望未來，隨著數位銀行開始獲得發展動力，我們看到了進一步擴大貸款業務和優化其內部費用的巨大空間。

In closing, we remain laser focused on scaling our platform and growing our top line while leveraging our tech-led initiatives to improve operational efficiencies across our organization and drive profitable growth. We are committed to leveraging our scale advantage and market leadership positions in both mobility and food deliveries to deliver value to all of our stakeholders, especially the 38 million users on our platform today.

最後，我們將繼續專注於擴大我們的平台和增加我們的營業收入，同時利用我們的技術主導措施來提高整個組織的營運效率並推動獲利成長。我們致力於利用我們在行動出行和食品配送領域的規模優勢和市場領導地位，為所有利益相關者，特別是目前我們平台上的 3800 萬用戶創造價值。

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. Before going over our first quarter results, I will first provide an update on our segment reporting changes that we highlighted in our prior earnings call. In Q1, we made several reporting changes to align with how we manage and evaluate our business performance and to facilitate better comparison with our industry peers.

謝謝，亞歷克斯。在介紹我們的第一季業績之前，我將先介紹我們在上次財報電話會議上強調的分部報告變化。在第一季度，我們做出了幾項報告變更，以符合我們管理和評估業務績效的方式，並方便與業內同行進行更好的比較。

The reporting changes are as follows: from the first quarter, we will report our segment results as Deliveries, Mobility, Financial Services and Others. Revenues from Others is a combination of multiple operating businesses that are not individually material.

報告變更如下：從第一季開始，我們將報告交付、行動、金融服務和其他部門的分部表現。其他業務的收入是多個經營業務的組合，這些業務單獨來看並不重要。

Advertising contributions previously reported within the Enterprise and New Initiatives segment are now reported in the respective Mobility, Deliveries and Financial Services segments. This aligns with our view of advertising's growing significance in driving both top and bottom line growth for our on-demand and Financial Services segments. As a result, the majority of advertising revenues is also now reported within our Deliveries segment.

先前在企業和新舉措部門內報告的廣告貢獻現在分別在行動、交付和金融服務部門中報告。這與我們對廣告在推動按需和金融服務部門的營收和利潤成長方面日益重要的意義的看法一致。因此，大部分廣告收入現在也在我們的交付部門中報告。

Second, a portion of payment transaction revenues and other relevant support costs previously reported in our Financial Services segment that facilitate mobility and deliveries transactions are now allocated to their respective on-demand segments. Third, a portion of our regional corporate costs that support our Mobility, Deliveries and Financial Services segments have now been allocated to these respective segments.

其次，我們金融服務部門先前報告的一部分支付交易收入和其他相關支援成本（用於促進行動和交付交易）現在分配給各自的按需部門。第三，支援我們的行動、交付和金融服務部門的部分區域公司成本現已分配給這些相應的部門。

And lastly, we discontinued the reporting of Financial Services GMV, consistent with our strategic focus on ecosystem transactions and lending. As such, we will aim to continue improving on the disclosures of our Financial Services segment particularly on the performance of our lending and bank businesses.

最後，我們停止了金融服務 GMV 的報告，這與我們專注於生態系統交易和借貸的策略重點保持一致。因此，我們致力於持續改善金融服務部門的揭露，特別是貸款和銀行業務的表現。

In our supplemental presentation, we provided certain unaudited historical financial data that is on a comparative basis consistent with our revised segment structure. Do note that these updates only affect segment allocation of our financial results and do not revise or restate our previous reported consolidated financial statements.

在我們的補充報告中，我們提供了某些未經審計的歷史財務數據，這些數據與我們修訂後的分部結構是一致的。請注意，這些更新僅影響我們財務結果的分部分配，並不會修改或重述我們先前報告的合併財務報表。

Turning over now to our first quarter results starting with revenues. First quarter revenues grew 24% year-on-year and 29% on a constant currency basis to reach $653 million. The strong revenue growth was driven by all segments of our business.

現在來看看我們第一季的業績，首先從收入開始。第一季營收年增 24%，以固定匯率計算成長 29%，達到 6.53 億美元。強勁的收入成長是由我們所有業務部門共同推動的。

On a year-on-year basis, Mobility revenue was up 27% and 30% on a constant currency basis as we continue to see strong demand from local commutes and international travelers across the region bolstered by events held across various countries. Deliveries revenue grew 19% and 24% on a constant currency basis, continued to grow GMV despite a reduction in incentive spend. We also saw higher contributions from Jaya Grocer and advertising. Financial Services revenue was up 53% and 56% on a constant currency basis as lending contributions across GrabFin and GXS Bank continued to grow while we improved the monetization of our payment services within GrabFin.

與去年同期相比，行動出行收入成長了 27%，以固定匯率計算成長了 30%，因為我們繼續看到該地區的本地通勤和國際旅客的強勁需求，這得益於各國舉辦的活動。以固定匯率計算，配送收入成長了 19%，GMV 則持續成長。我們也看到 Jaya Grocer 和廣告的貢獻增加。由於 GrabFin 和 GXS Bank 的貸款貢獻持續成長，同時我們提高了 GrabFin 內部支付服務的貨幣化，金融服務收入以固定匯率計算分別成長了 53% 和 56%。

Moving on to on-demand GMV. First quarter on-demand GMV grew 18% year-on-year and 21% on a constant currency basis to $4.2 billion. On a segment level, Mobility GMV grew strongly by 27% year-on-year and 30% year-on-year on a constant currency basis to $1.5 billion. Deliveries GMV grew 13% year-on-year and 16% year-on-year on a constant currency basis to $2.7 billion.

繼續討論按需 GMV。第一季隨選 GMV 年增 18%，以固定匯率計算成長 21%，達到 42 億美元。從細分市場來看，行動業務 GMV 年比強勁成長 27%，以固定匯率計算年增 30%，達到 15 億美元。以固定匯率計算，配送總額 (GMV) 年增 13%，達到 27 億美元。

On segment adjusted EBITDA, total segment adjusted EBITDA expanded over 4x year-on-year to $153 million, attributed to all segments of the business. Deliveries segment adjusted EBITDA grew to $42 million in the first quarter, while Deliveries segment adjusted EBITDA margins expanded by 235 basis points year-on-year to 1.6%. Assuming the segment reporting changes had not occurred, segment adjusted EBITDA margin for Deliveries improved 77 basis points year-on-year to 3.3%.

分部調整後 EBITDA 方面，分部調整後總 EBITDA 年成長 4 倍多，達到 1.53 億美元，歸屬於所有業務分部。第一季度，配送部門調整後的 EBITDA 成長至 4,200 萬美元，配送部門調整後的 EBITDA 利潤率年增 235 個基點至 1.6%。假設分部報告變更未發生，配送業務分部調整後 EBITDA 利潤率年增 77 個基點至 3.3%。

Mobility segment adjusted EBITDA grew 41% year-on-year to $138 million, with margin expanding by 91 basis points to 8.9% in the first quarter. Now assuming the segment reporting changes had not occurred, segment adjusted EBITDA margin remained stable at 12.4% for mobility in the first quarter of 2023 and 2024.

行動部門調整後 EBITDA 年增 41% 至 1.38 億美元，第一季利潤率擴大 91 個基點至 8.9%。現在假設分部報告變化沒有發生，分部調整後的 EBITDA 利潤率在 2023 年和 2024 年第一季保持穩定在 12.4%。

Financial Services segment adjusted EBITDA and losses narrowed 34% year-on-year to negative $28 million. The reduction in losses was driven primarily by 2 main factors: first, higher revenues, mainly from lending activities in our GrabFin business and GXS Bank; secondly, lower operating costs recorded in GrabFin, underpinned by lower staff costs, cost of funds and expected credit losses as a percentage of revenues. Assuming the segment reporting changes had not occurred, Financial Services segment adjusted EBITDA would have improved quarter-on-quarter and year-on-year to negative $58 million.

金融服務部門調整後EBITDA及虧損年減34%至負2,800萬美元。損失的減少主要得益於兩個主要因素：首先，收入增加，主要來自我們的 GrabFin 業務和 GXS Bank 的借貸活動；其次，GrabFin 的營運成本降低，主要因為員工成本、資金成本和預期信貸損失佔收入的百分比降低。假設分部報告變更未發生，金融服務分部調整後的 EBITDA 將季減與年減 5,800 萬美元。

On regional corporate costs, we saw improvements of 11% year-on-year and 10% quarter-on-quarter to $91 million. Assuming the segment reporting changes had not occurred, regional corporate costs improved 14% year-on-year and 3% quarter-on-quarter. These improvements in regional corporate costs were driven by reductions across both variable and fixed costs. Year-on-year, we continue to drive greater cost efficiencies across the organization.

在區域企業成本方面，我們看到年增 11%，季增 10%，達到 9,100 萬美元。假設分部報告變動沒有發生，區域企業成本較去年同期改善14%，較上季改善3%。區域公司成本的改善是由變動成本和固定成本的降低所推動的。與前一年相比，我們持續推動整個組織的成本效率不斷提高。

Total head count costs declined 20% as we continued to streamline our workforce; while variable costs, such as cloud infrastructure, declined 15% even as total transaction volumes continue to grow. And as a result of our commitment towards driving both top and bottom-line improvements, as Anthony mentioned, we delivered our ninth quarter of sequential group adjusted EBITDA growth. Group adjusted EBITDA stood at $62 million for the quarter, an improvement of $129 million from the same period last year and a quarter-on-quarter improvement of $26 million.

由於我們不斷精簡員工隊伍，總員工成本下降了 20%；儘管總交易量持續成長，但雲端基礎設施等變動成本卻下降了 15%。正如安東尼所提到的，由於我們致力於推動營收和利潤的改善，我們實現了連續第九個季度的集團調整後 EBITDA 成長。本季集團調整後 EBITDA 為 6,200 萬美元，較去年同期增加 1.29 億美元，較上一季增加 2,600 萬美元。

On operating cash flows, we recorded negative $11 million for the quarter, an improvement of $147 million year-on-year. This was primarily driven by a reduction in loss before income tax and an increase in deposits from customers in our banks as our Malaysia Bank's GXB was launched in the fourth quarter last year.

在經營現金流方面，本季我們記錄了負 1,100 萬美元，比去年同期改善了 1.47 億美元。這主要是由於去年第四季馬來西亞銀行的 GXB 推出導致稅前損失減少以及銀行客戶存款增加。

We also reported adjusted free cash flow of negative $98 million in the first quarter. On a year-on-year basis, this represents an improvement of $115 million following increased profitability. And on a quarter-on-quarter basis, adjusted free cash flow reduced by $99 million primarily due to seasonality of cash payments, which includes prepayments and annual bonus payments.

我們也報告第一季調整後的自由現金流為負 9800 萬美元。與去年同期相比，隨著獲利能力的提高，利潤成長了 1.15 億美元。與上一季相比，調整後的自由現金流減少了 9,900 萬美元，主要原因是現金支付（包括預付款和年度獎金支付）的季節性。

Moving on to our operating loss and our IFRS net losses for the period. On a year-on-year basis, trading loss in the first quarter improved by $129 million to negative $75 million, attributable mainly to improvements in revenue. IFRS net loss for the quarter improved by $134 million to negative $115 million largely driven by improvements in group profitability, reduced share-based compensation costs and lower net interest expenses. The IFRS loss of $115 million also includes $118 million of noncash expenses below the adjusted EBITDA line. Of this, $94 million was from share-based compensation expenses, and $40 million was from depreciation and amortization expenses.

繼續討論我們本期間的經營虧損和 IFRS 淨虧損。與去年同期相比，第一季交易虧損改善 1.29 億美元至負 7,500 萬美元，主要歸因於營收的提高。本季 IFRS 淨虧損改善 1.34 億美元至負 1.15 億美元，主要得益於集團獲利能力提高、股權激勵成本減少、淨利息支出下降。 1.15 億美元的 IFRS 虧損還包括調整後 EBITDA 線以下的 1.18 億美元非現金支出。其中，9,400萬美元來自股權激勵費用，4,000萬美元來自折舊和攤提費用。

Turning now to our balance sheet and liquidity position. We continue to maintain a strong liquidity position ending the quarter with $5.3 billion of gross cash liquidity, which reduced from $6 billion in the prior quarter. The decline in gross cash liquidity was mainly attributable to the repayment of the remainder of our Term Loan B facility of $497 million and the $97 million repurchase of Class A ordinary shares in March. Net cash liquidity was $5 billion at the end of the first quarter compared to $5.2 billion at the end of 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，本季末總現金流動性為 53 億美元，低於上一季的 60 億美元。總現金流動性的下降主要歸因於我們 3 月償還 4.97 億美元的定期貸款 B 的剩餘部分以及 9,700 萬美元的 A 類普通股回購。第一季末的淨現金流動性為 50 億美元，而上一季末的淨現金流動性為 52 億美元。

As we look to the rest of 2024, we remain committed to growing our business sustainably, anchored on generating profitable growth and free cash flow. In the second quarter and the second half of 2024, we expect to drive sequential GMV and EBITDA growth as we continue to drive product innovation and expand use cases on our platform while improving frequency and retention amongst our existing users.

展望 2024 年剩餘時間，我們將繼續致力於業務的可持續發展，以實現盈利性增長和自由現金流為基礎。在 2024 年第二季和下半年，我們預計將推動 GMV 和 EBITDA 連續成長，因為我們將繼續推動產品創新並擴展平台上的用例，同時提高現有用戶的頻率和保留率。

With the strong first quarter under our belt and our outlook for the rest of the year, we are raising our full year 2024 adjusted EBITDA guidance from $180 million to $200 million to now $250 million to $270 million while maintaining our current revenue guidance of $2.7 billion to $2.75 billion, which represents a year-on-year growth of 14% to 17%.

憑藉第一季的強勁表現以及對今年剩餘時間的展望，我們將 2024 年全年調整後 EBITDA 指引從 1.8 億美元至 2 億美元上調至現在的 2.5 億美元至 2.7 億美元，同時維持當前 27 億美元至 27.5 億美元的收入指引，即同比增長 14% 至 17%。

Now this is primarily driven by several factors: first, stronger-than-expected mobility demand from increases in local commutes and tourism throughout the region; second, further optimization in net cost of funds and expected credit losses as a proportion of our Financial Services revenues; and third, greater discipline on operating expenses in our regional corporate costs as we continue to leverage tech and generative AI to improve operating efficiency and better serve our partners and customers.

這主要由幾個因素推動：首先，整個地區的通勤和旅遊業成長導致的流動性需求強於預期；第二，進一步優化資金淨成本和預期信用損失占我們金融服務收入的比例；第三，我們將繼續利用技術和產生人工智慧來提高營運效率，更好地服務我們的合作夥伴和客戶，從而更嚴格地控制區域公司成本中的營運費用。

From a segment margin perspective, for the rest of this year, we expect Mobility and Deliveries segment adjusted EBITDA margins to remain stable as we continue to incubate new product and tech-led initiatives to improve affordability and reliability of our services. We expect losses in Financial Services for the full year to improve year-on-year driven by continued cost optimization and increased contributions from our lending and bank businesses.

從分部利潤率的角度來看，在今年剩餘時間內，我們預計移動和配送部門調整後的 EBITDA 利潤率將保持穩定，因為我們將繼續孵化新產品和技術主導的計劃，以提高我們服務的可負擔性和可靠性。我們預計，在持續的成本優化和貸款及銀行業務貢獻增加的推動下，全年金融服務業務的虧損將較去年同期改善。

On overhead costs, we will continue to exercise stringent discipline as we drive greater operating leverage in the business. We expect regional corporate costs to be relatively stable year-on-year as compared to our prior expectations of a slight increase in line with inflation.

在管理費用方面，我們將繼續實施嚴格的紀律，同時提高業務的營運槓桿。我們預計區域企業成本將年比將相對穩定，而我們先前預期的成本將隨著通膨而略有增加。

Quarterly stock-based compensation is expected to track lower over the course of the year. More importantly, total stock dilution was around 2% in 2023, and we expect dilution in 2024 to be around or below these levels, depending on the timing of additional stock repurchases. As for the full year adjusted free cash flow, we remain committed to driving substantial improvement year-on-year as we generate increased operating cash flows.

預計全年季度股票薪酬將會下降。更重要的是，2023 年的總股票稀釋度約為 2%，我們預計 2024 年的稀釋度將在這個水平左右或以下，具體取決於額外股票回購的時機。至於全年調整後的自由現金流，我們仍致力於隨著營運現金流的增加而推動其逐年大幅改善。

On longer-term margin expectations for our on-demand business, we expect long-term Mobility margins to be around 9% plus, which is slightly above the first quarter of 8.9%. This long-term margin is comparable with our previously communicated margin guidance of 12% plus under our prior reporting structure.

就我們按需業務的長期利潤率預期而言，我們預計長期行動利潤率將在 9% 以上，略高於第一季的 8.9%。這一長期利潤率與我們先前報告結構下傳達的12%以上的利潤率預期相當。

For Deliveries, we expect long-term Deliveries margin to improve to 4% plus, representing over 300 basis points improvement from 2023 margins of 0.8% and over 240 basis points improvement on the first quarter margins of 1.6%. This long-term margin is comparable to 6% plus under our prior reporting structure.

對於交付，我們預計長期交付利潤率將提高到 4% 以上，比 2023 年的 0.8% 利潤率提高 300 個基點以上，比第一季的 1.6% 利潤率提高 240 個基點以上。這一長期利潤率與我們先前的報告結構下的 6% 以上相當。

The additional long-term Deliveries margin upside is primarily driven by expansion of 100 basis points by higher expected advertising revenue contributions in the midterm. Expansion of 100 to 200 basis points, consistent with what we guided towards during our fourth quarter of 2023 earnings call from improving marketplace efficiencies and achieving greater operating leverage as the business continues to scale.

長期額外的交付利潤率上漲主要得益於中期預期廣告收入貢獻增加 100 個基點的擴大。擴大 100 至 200 個基點，與我們在 2023 年第四季財報電話會議上指導的目標一致，即隨著業務規模的不斷擴大，提高市場效率並實現更大的營運槓桿。

And finally, for our Financial Services segment, we expect to achieve breakeven no later in the second half of 2026 on a segment adjusted EBITDA basis. We will continue to scale up our lending services across GrabFin and the banks in a prudent manner in managing credit risk while continuing to drive operating leverage across the segment.

最後，對於我們的金融服務部門，我們預計最遲將在 2026 年下半年根據部門調整後的 EBITDA 達到收支平衡。我們將繼續以審慎的方式擴大 GrabFin 和銀行的貸款服務，管理信用風險，同時繼續推動整個部門的營運槓桿。

In closing, our performance in the first quarter gives us confidence in our ability to continue to grow both our top and bottom lines for the rest of 2024 and in the longer term. Anthony, Alex and I would like to express our deep appreciation to our fellow Grabbers, to our customers, and to all our partners for their contributions and support.

最後，我們第一季的業績讓我們有信心在 2024 年剩餘時間以及更長時間內繼續實現營收和淨利潤的成長。安東尼、亞歷克斯和我想向我們的 Grabbers 同事、我們的客戶以及所有合作夥伴的貢獻和支持表示深深的感謝。

Thank you very much for listening, and we'll now open up the call to questions. Operator?

非常感謝您的聆聽，現在我們開始提問。操作員？

(Operator Instructions) Your first question comes from the line of Alicia Yap from Citigroup.

（操作員指示）您的第一個問題來自花旗集團的 Alicia Yap。

Congrats on the great result. Two questions. First, on Mobility. You registered a very strong quarter, growing 5% sequentially and 27% year-over-year despite 1Q being your seasonally weakest quarter. Would you say that you are gaining market share?

恭喜您取得優異的成績。兩個問題。首先，關於移動性。儘管第一季是你們季度表現最差的一個季度，但你們的季度業績仍然非常強勁，環比增長 5%，同比增長 27%。您認為您的市佔率正在擴大嗎？

I'm curious about how the competitive landscape have changed across the region and whether you have changed your level of subsidies in recent months as a result of competitors leaning in. Do you think this is -- this will impact your margins?

我很好奇整個地區的競爭格局發生了怎樣的變化，以及你們是否因為競爭對手的加入而改變了近幾個月的補貼水準。

And for delivery business, understand management previously noted that Grab will remain focused on the core business and will be less interested to expand into other local services segment. So -- but given advertising business now, majority book under the delivery business, would that make sense for the company to consider exploring into the complementary service like the restaurant review, table reservation service to enhance your advertising revenue opportunity?

對於配送業務，據了解，管理層先前曾表示，Grab 將繼續專注於核心業務，對擴展到其他本地服務領域不太感興趣。那麼——但考慮到現在的廣告業務，大多數預訂都是在配送業務下進行的，公司是否應該考慮探索餐廳評論、餐桌預訂服務等補充服務，以增強廣告收入機會？

Thanks, Alicia. This is Alex. Let me take your -- both those questions. Firstly, against our next biggest competitor in the region in both food and mobility, we believe that we increased our competitive position in every single market year-on-year. How do we do that? Well, we think that travelers, in particular, have been one of the big drivers. Our investments in travelers are paying off, and there's still upside left in traveler demand, especially from China.

謝謝，艾莉西亞。這是亞歷克斯。讓我來回答您的這兩個問題。首先，與該地區食品和交通領域第二大競爭對手相比，我們相信，我們在每個市場的競爭地位都逐年提高。我們該怎麼做呢？我們認為，尤其是旅行者，是主要推動因素之一。我們對旅行者的投資正在獲得回報，旅行者需求仍有上升空間，尤其是來自中國的旅客需求。

So you heard earlier that the mobility traveler MTUs and spend grew by 69% and 80% year-on-year, and that was definitely a driver, particularly for premium travelers. We know that travelers spend about double what domestic users spend on Grab per day when they're traveling.

您之前聽說，移動旅行者的 MTU 和支出同比增長了 69％ 和 80％，這無疑是一個驅動因素，尤其是對於高端旅行者而言。我們知道，旅行者在旅行時在 Grab 上每天的花費大約是國內用戶的兩倍。

We've also managed to capitalize on events in the region that occurred in the first quarter, and we think we executed well on supply initiatives during the Chinese Lunar New Year and Ramadan festivities. Thanks to improvements from some of our auto-adaptive AI tools, combined, of course, with the great on-the-ground efforts from our operations teams.

我們也成功地利用了第一季該地區發生的事件，我們認為我們在中國農曆新年和齋月期間的供應計劃執行得很好。這要歸功於我們的一些自適應人工智慧工具的改進，當然，也得益於我們營運團隊的大量實地努力。

In terms of incentives, we are focused on product-led response, right? We are the largest platform in the region. We have the largest investment in technology initiatives, as Anthony said earlier. So it's not an incentive-first driven response to competitive activity. We can lean in on incentives when we need to, but we believe that we can remain competitive by doubling down more on product and engineering innovation, leveraging on that scale that I mentioned.

在激勵方面，我們專注於產品主導的反應，對嗎？我們是該地區最大的平台。正如安東尼之前所說，我們在技術計劃方面的投資最大。因此，它不是針對競爭活動而採取的以激勵為先的反應。我們可以在需要的時候依靠激勵措施，但我們相信，透過加倍投入產品和工程創新，利用我提到的規模，我們可以保持競爭力。

And then we can pass those cost efficiencies on to users in terms of affordability to bring more users into the platform. And then as we invest in affordability at the same time, as you've heard, we're investing in premium services like priority and scheduled rides, which have higher value and correspondingly higher margins.

然後，我們可以以可負擔的方式將這些成本效率轉嫁給用戶，從而吸引更多用戶加入該平台。正如您所聽到的，我們在投資可負擔性的同時，也投資了優先乘車和定期乘車等優質服務，這些服務具有更高的價值，相應地利潤也更高。

So our long-term margin guidance already bake in the competition that we know is strong already across the region and that we expect will continue as part of the landscape going forward. So we don't expect this to change in those long-term margins guidance. We remain committed to those.

因此，我們的長期利潤率指導已經考慮到了整個地區的激烈競爭，我們預計這種競爭將繼續下去。因此，我們預期長期利潤率指引不會改變。我們仍致力於此。

Great question on Deliveries margins and Deliveries growth from adjacencies, your second question. You're right. We're very happy with the traction we're getting from the ad demand gen capabilities that we've been rolling out. As you heard earlier, 46% year-on-year increase in the number of active self-serve advertisers growing to a total now of 119,000. But that's still the minority of our self-serve long tail. So we've got many, many more to sign up, and we'll continue to sign them up.

關於交付利潤率和相鄰交付成長的問題，這是您的第二個問題。你說得對。我們對於所推出的廣告需求產生功能所取得的進展感到非常高興。正如您之前所聽到的，活躍自助廣告商數量同比增長 46%，目前總數已達 119,000 個。但這仍然只是我們自助長尾的少數。因此，我們還有很多人需要簽約，而且我們會繼續簽約。

And the average spend of those advertisers on our platform has also increased. So you can tell that the underlying growth in advertising revenues coming into the platform is very high. We believe that we have a good chance to keep that kind of rate of momentum, rate of growth going forward.

這些廣告商在我們平台上的平均支出也有所增加。所以你可以看出，該平台的廣告收入潛在成長非常高。我們相信，我們有很大機會繼續維持這樣的發展動能和成長率。

So that's further upside from further penetration of self-serve, but there's also further upside from things like mobility ads. Currently, as you use the app, you very rarely see an ad as you're taking a mobility service. But there's lots of interest from advertisers to advertise to customers who are in transit or as they book a ride. So that's something that gives us further upside as well.

因此，自助服務的進一步滲透將帶來更大的上行空間，但行動廣告等也將帶來更大的上行空間。目前，當您使用該應用程式時，您很少會在乘坐行動服務時看到廣告。但廣告商對正在出行或預訂車輛的顧客投放廣告非常感興趣。所以這也為我們帶來了進一步的好處。

In the medium term, we think the groceries ads, its opportunity is probably ultimately larger even than the food delivery opportunity with lots of interest from FMCG advertisers whom, as you know, have larger budgets. So that's why we're investing in the partnerships that we talked about earlier, for example, FairPrice Group in Singapore and some of the others that we mentioned in the other markets.

從中期來看，我們認為雜貨廣告的機會最終可能比食品外賣的機會更大，因為快速消費品廣告商對此非常感興趣，正如你所知，他們擁有更大的預算。這就是我們投資之前談到的合作夥伴的原因，例如新加坡的職總平價集團 (FairPrice Group) 以及我們在其他市場提到的一些合作夥伴。

We're trying to demonstrate and lead the way with the close integration that we've invested in with Jaya, our own grocer in Malaysia. So we've done lots of integration with loyalty and demand gen. And as you heard, that's really helping Jaya. The same-store sales growth was 12% year-on-year and is now the largest merchant on GrabMart. So sales on Mart for Jaya grew more than 100% year-on-year.

我們正試圖透過與我們在馬來西亞自己的雜貨店 Jaya 的緊密結合來展示和引領潮流。因此，我們在忠誠度和需求產生方面進行了大量整合。正如您所聽到的，這對 Jaya 確實有幫助。同店銷售額較去年同期成長12%，目前是GrabMart上最大的商家。因此，Jaya Mart 的銷售額比去年同期成長了 100% 以上。

So we are -- we see lots of opportunity for these adjacencies. We want to be able to help our merchants not just to grow on the online space but to bring more people into their stores to dine out. We've talked about that in the past. That's -- we're finding product market fit with our new services right now. And so you should expect us to be ramping that up in the second half. Thanks, Alicia.

所以，我們看到這些鄰接領域有很多機會。我們希望能夠幫助我們的商家不僅在網路上發展，還能吸引更多的人到他們的店裡外出用餐。我們過去討論過這個問題。那就是——我們現在正在尋找適合我們新服務的產品市場。所以你應該期待我們在下半年加大力度。謝謝，艾莉西亞。

Your next question comes from the line of Pang Vitt from Goldman Sachs.

您的下一個問題來自高盛的 Pang Vitt。

Congratulations for the good set of results. Two questions from me. Number one, on your upgraded guidance, can you provide more color on what has led to this meaningful increase of your EBITDA guidance range? In particular, can you walk us through what has changed in the last 2 months since your previous guidance and how it looked like for each of the segments' top and bottom line as well? Also, what do this new guidance mean for growth beyond this year?

恭喜你們取得這好的成績。我有兩個問題。第一，關於您上調後的指引，您能否詳細說明是什麼原因導致您的 EBITDA 指引範圍如此顯著的成長？具體來說，您能否向我們介紹一下自上次發布指引以來過去 2 個月內發生了哪些變化，以及各部門的營收和淨利潤情況如何？此外，這項新指引對於今年以後的成長意味著什麼？

Second question is on fintech. We saw a substantial reduction in losses this quarter, as you also pointed out, partly come from lower-than-expected credit loss and other segment. Does this mean that the worst in terms of the burn is already behind us? Or in other words, how sustainable is this improvement? And if this is the case, why don't you bring forward your breakeven guidance forward given the current trends?

第二個問題是關於金融科技的。正如您所指出的，本季我們的損失大幅減少，部分原因是信貸損失和其他部分低於預期。這是否意味著最嚴重的燒傷情況已經過去了？或者換句話說，這種改善的可持續性如何？如果是這樣的話，考慮到目前的趨勢，為什麼你不提前提出損益兩平指引呢？

Thanks, Pang. Let me take the first one around the EBITDA guidance, and I'll ask Alex just to chime in on your second part, fintech question.

謝謝，龐。第一個問題我來談談 EBITDA 指引，然後我會請 Alex 就你的第二部分，即金融科技問題發表看法。

On the EBITDA guidance, what we did see in the first quarter with a very strong mobility demand, it was more than we had originally anticipated. We saw a strong momentum in tourism. There was a lot of demand that we saw. That was also helped by a lot of the events that took place in Southeast Asia in various countries. But also local commute actually surprised us, and we saw an uptick in local commute also at the same time.

關於 EBITDA 指引，我們在第一季確實看到非常強勁的行動需求，這超出了我們最初的預期。我們看到旅遊業發展勢頭強勁。我們看到有很多需求。東南亞各國發生的許多事件也對此起了推動作用。但本地通勤其實也令我們感到驚訝，我們同時也看到本地通勤的增加。

So that momentum that we're seeing in our Mobility business and with the margin that we delivered around 9% gives us confidence that actually this tailwind of Mobility will continue to maintain, and we'll see sequential GMV growth and EBITDA growth for our Mobility business. So that's one part.

因此，我們在行動業務中看到的勢頭以及我們實現的約 9% 的利潤率讓我們有信心，行動業務的這種順風實際上將繼續保持，我們將看到行動業務的 GMV 和 EBITDA 連續成長。這是其中的一部分。

The other part I would say is a combination of costs in our business, how we're continuing to be optimizing those cost structure. We talked about in the prepared remarks just in how net cost of funds have continued to improve for us. Alex talked a little bit about that.

我想說的另一部分是我們業務中的成本組合，以及我們如何繼續優化這些成本結構。我們在準備好的評論中討論了資金淨成本如何為我們持續改善。亞歷克斯談論了這一點。

We also saw that expected credit losses also continue to improve, and we disclose our nonperforming loan over 90 days, roundabout the 2% mark. So our credit scoring engine is getting better. And we're continuing to exercise prudence also but also scaling that loan book at the same time, both at the GrabFin side as well as on the bank side.

我們也看到預期信用損失也持續改善，我們揭露了90天內的不良貸款，大約在2%左右。因此我們的信用評分引擎正在變得越來越好。我們將繼續保持謹慎，同時也在擴大貸款規模，無論是在 GrabFin 方面還是在銀行方面。

Now I would say also on the cost -- the second part of the cost side is we're just seeing greater discipline when it comes to operating expenses. So we are flexing operating leverage in the business. We saw regional corporate costs was down 11% on a year-over-year basis. We saw headcount costs down 20%. We saw other parts in our variable costs that are coming down.

現在我想說的是，關於成本——成本的第二部分是，我們看到在營運費用方面出現了更嚴格的紀律。因此，我們正在業務中發揮經營槓桿的作用。我們發現地區企業成本較去年同期下降了 11%。我們發現員工成本下降了 20%。我們發現其他部分的變動成本正在下降。

So we're going to continue to make sure that discipline is maintained but also that discipline, also that greater operating leverage is flowing through also to our EBITDA, and hence, the combination of those things, we feel very confident, and we feel very good in raising our guidance now to $250 million to $270 million for the rest of the year. Alex?

因此，我們將繼續確保維持紀律，同時確保更大的經營槓桿也流向我們的 EBITDA，因此，結合這些因素，我們感到非常有信心，並且我們非常樂意將今年剩餘時間的預期收入提高到 2.5 億美元至 2.7 億美元。亞歷克斯？

Thanks, Peter. And thanks, Pang, for the question. Yes, we're executing on this fintech strategy that we announced during the Investor Day, I guess, going all the way back to September 2022, where we said we would focus on ecosystem payments and ecosystem lending where we really knew our customers deeply in a data science sense.

謝謝，彼得。感謝 Pang 提出這個問題。是的，我們正在執行投資者日期間宣布的這項金融科技策略，我想，這項策略可以追溯到 2022 年 9 月，當時我們表示，我們將專注於生態系統支付和生態系統借貸，從數據科學的角度來看，我們真正深入了解我們的客戶。

And that is paying off. You can see that in the results this quarter. We're getting a lower cost of payments relative to what we would get from third-party providers. And our deep credit modeling skills using data science, where we now actually ingest something like 185 variables in our data models, many of them highly unconventional relative to what a bank could access, and that allows us to grow our book at this kind of rate but maintain an NPL of only 2%.

而這正在產生回報。您可以在本季度的業績中看到這一點。與第三方供應商提供的付款相比，我們的支付成本更低。我們利用數據科學建立了深度信用建模技能，現在我們實際上在數據模型中引入了大約 185 個變量，其中許多變量相對於銀行可以訪問的變量而言非常不尋常，這使我們能夠以這種速度增加我們的資產負債表，但不良貸款率卻保持在僅為 2%。

The banks have a similar strategy. And as our regulators allow us to grow our balance sheet, that allows us to extend our lending further using similar credit modeling. So we do expect the fintech profitability to improve progressively from here. With -- as Peter said earlier, Financial Services overall as a segment breaking even no later than the second half of 2026.

銀行也有類似的策略。由於監管機構允許我們擴大資產負債表，我們可以使用類似的信用模型進一步擴大貸款。因此，我們確實預期金融科技的獲利能力將從現在開始逐步提高。正如彼得之前所說，金融服務整體細分市場最遲將在 2026 年下半年達到收支平衡。

Why are we not upgrading our forecast? Well, I think it's still early days. The public launch for the bank in Indonesia is coming up, so it's still not fully launched. The lending product in Malaysia is still not launched, so pretty early days for us in the bank terms.

為什麼我們沒有上調預測？嗯，我認為現在還為時過早。該銀行在印尼的公開上市即將到來，因此它仍未全面推出。馬來西亞的貸款產品仍未推出，因此從銀行角度而言，我們仍處於早期階段。

And also, frankly, we want to let those credit models that I referred to, we want to give them time to mature. So before we really accelerate the growth of lending, we want to steadily improve our approval rates and then test the models for different user segments, different tenors, different quantum, et cetera. So this is something that I think is prudent for any lending business that is growing as fast as we are, and it's in the interest of our shareholders to give ourselves the space and the scope to do that at the right pace.

而且坦白說，我們希望讓那些我提到的信用模式有時間成熟。因此，在我們真正加速貸款成長之前，我們希望穩步提高我們的批准率，然後針對不同的用戶群體、不同的期限、不同的量等測試模型。因此，我認為對於任何像我們一樣快速成長的貸款業務來說，這都是明智之舉，給我們空間和範圍以適當的速度做到這一點符合我們股東的利益。

Your next question comes from the line of Mark Mahaney from Evercore.

您的下一個問題來自 Evercore 的 Mark Mahaney。

This is Ian Peterson on the line for Mark. Two from us. First is could you provide some more color on the limited upside to your long-term Mobility EBITDA margin targets that are broadly in line with where they are currently? How is Grab thinking about rolling out higher-margin mobility products such as scheduled rides or reserve rides given their market share in airport trips? And secondly, if you could just provide an update on how you're thinking about free cash flow breakeven and kind of the path there.

我是伊恩·彼得森，接聽馬克的電話。我們有兩個。首先，您能否進一步說明長期行動業務 EBITDA 利潤率目標的有限上行空間，這些目標與目前水準大致一致？考慮到在機場出行市場的份額，Grab 如何考慮推出利潤較高的出行產品，例如定時乘車或預約乘車？其次，如果您可以提供有關您對自由現金流量損益平衡的看法以及實現該目標的途徑的最新資訊。

Thanks, Mark (sic) [Ian]. This is Alex. Let me take the first question and then Peter will step in for the second part. You're right. We see lots of opportunities for premium rides in the region. We are doing all the work now on building up our access to premium vehicles, well-trained drivers, et cetera, to make sure that the in-vehicle experience is what the passengers would expect.

謝謝，馬克（原文如此）[伊恩]。這是亞歷克斯。讓我回答第一個問題，然後彼得將回答第二個問題。你說得對。我們看到該地區有很多開發優質遊樂設施的機會。我們正在盡一切努力來獲得更優質的車輛、訓練有素的司機等等，以確保車內體驗符合乘客的期望。

We've built the tech around a, no doubt, high reliability type of ride that business travelers expect when they're trying to get to an important meeting or trying to get to catch a flight, et cetera, with the scheduled rides release. The release is going well. We're getting it up to scale in all of our key markets now.

我們圍繞著一種毫無疑問是高可靠性的乘車方式打造了這項技術，商務旅客在試圖參加重要會議或趕飛機等時，透過發布預定的乘車信息，就能享受這種高可靠性的乘車方式。發布進展順利。我們目前正在所有主要市場擴大其規模。

The margin on those rides, as you've seen from some of our peers around the world, can be very attractive. If you look at, for example, the Uber Reserve business is a very attractive business that they've managed to build up. We think -- you're right. We think that our -- the strong position we have with travelers gives us an edge going into that opportunity.

正如您從我們世界各地的一些同行那裡看到的那樣，這些旅程的利潤率可能非常有吸引力。舉個例子，如果你看一下，你會發現 Uber Reserve 業務是他們成功建立起來的一項非常有吸引力的業務。我們認為——你是對的。我們認為，我們在旅行者中的強大地位為我們抓住這個機會提供了優勢。

But remember, we also have Grab for Business. Grab for Business is very important for us. We have -- in the platform, we have all the tools, the reporting and administrative tools that large businesses need to manage their transport options for their people. And now with scheduled rides added to that platform capability, we think we have a really good combination. So the other big penetration outside of travelers that we're going to be pushing is the penetration of our Grab for Business customer base, which will be a big focus for us over the coming quarters and years.

但請記住，我們也有 Grab for Business。 Grab for Business 對我們來說非常重要。我們在這個平台上擁有大型企業管理員工交通選擇所需的所有工具、報告和管理工具。現在，該平台功能中又增加了定時乘車功能，我們認為我們已經擁有了一個非常好的組合。因此，除了旅行者之外，我們要推動的另一個重大滲透是我們的 Grab for Business 客戶群的滲透，這將是我們未來幾季和幾年關注的重點。

And your second part of the question around free cash flow breakeven, you saw in the numbers, our adjusted free cash flow was a big improvement substantially on year-on-year. It was up 53% -- was improved by 53% in the first quarter.

您問題的第二部分是關於自由現金流盈虧平衡，從數字上看，我們的調整後自由現金流與去年同期相比有了大幅改善。年比成長53%——第一季成長了53%。

I do want to highlight that for our free cash flow, there is some seasonality tied to just the way payments are made in our business. Free cash flow is usually weaker in the first half of the year. And what we do expect though is meaningful improvements in the second half of this year of free cash flow generation in our business.

我確實想強調的是，對於我們的自由現金流而言，有一些季節性與我們業務的支付方式有關。自由現金流在上半年通常較弱。我們確實預計今年下半年我們業務的自由現金流將產生顯著改善。

We're committed to getting to free cash flow profitability. And the best way to look at it is on a trailing 12 months, and we want to get there as we all -- investors do also. We're also keen. So we'll do all our efforts whether you've seen a lot of the profitability, EBITDA improvement that you're seeing in our business. We've been very disciplined in terms of how -- managing our costs.

我們致力於實現自由現金流獲利。觀察過去的 12 個月是最佳方式，我們和所有人一樣都希望達到這個目標——投資者也一樣。我們也很熱衷。因此，無論您是否看到我們的業務盈利能力和 EBITDA 是否得到改善，我們都會盡一切努力。我們在成本管理方面一直非常嚴格。

And as we grow this EBITDA sustainably, we're also keeping a very close eye on CapEx. In combination of those, we feel, as we maintain and rein those costs in a very optimized way, we'll get to that free cash flow on a trailing 12 months basis as soon as possible.

隨著我們 EBITDA 持續成長，我們也密切關注資本支出。綜合這些因素，我們認為，只要我們以非常優化的方式維持和控制這些成本，我們將盡快獲得過去 12 個月的自由現金流。

Next question?

下一個問題？

Your next question comes from the line of Piyush Choudhary from HSBC Singapore.

您的下一個問題來自新加坡匯豐銀行的 Piyush Choudhary。

Congratulations on excellent results. Two questions. Firstly, could you give us some color on the split of MTU growth? How much is it coming from new city expansion? How much is new product driven and engagement -- deepening engagement with existing users and how much driven by travel, tourism and the outlook for MTU growth in medium term?

恭喜您取得優異的成績。兩個問題。首先，您能否向我們介紹 MTU 成長的具體情況？其中有多少來自新城市擴張？新產品和參與度（深化與現有用戶的互動）在多大程度上受到驅動，又在多大程度上受到旅行、旅遊業和 MTU 中期成長前景的驅動？

Secondly, on Mobility, what has been the impact on Singapore mobility take rate margins and the business from moving to a variable commission structure from a fixed commission structure? Your thoughts there will be helpful. And would you progressively roll out the same structure in other countries as well?

其次，關於移動性，從固定佣金結構轉向浮動佣金結構對新加坡移動性的利率利潤率和業務有何影響？您的想法將會很有幫助。您是否也會在其他國家逐步推廣相同的結構？

Piyush, it's Alex. I'll take the first again, and then Peter will take the second. So the MTU growth has been a real highlight this quarter. As you know, usually, the first quarter is seasonally weak, and this quarter, we had Ramadan occurring earlier in March. So we actually have a bigger impact theoretically from Ramadan.

Piyush，我是亞歷克斯。我將再次選擇第一個，然後彼得將選擇第二個。因此，MTU 的成長是本季的真正亮點。眾所周知，通常第一季是季節性淡季，而本季的齋戒月提前到了三月。因此從理論上來說，齋月實際上對我們產生了更大的影響。

And so our execution around affordability has been one of the big drivers for, I think, that outperformance relative to seasonal expectations. Mobility is the largest driver of MTU growth, more so than Deliveries. But both of them grew healthily on a year-on-year basis. On a quarter-on-quarter basis, Mobility MTUs actually grew pretty well. On a quarter-on-quarter basis, Delivery MTUs were flattish, slightly down. So that's kind of the mix in terms of giving you some color.

因此，我認為，我們在可負擔性方面的執行是實現優於季節性預期表現的主要驅動因素之一。與交付相比，移動性是 MTU 成長的最大驅動力。但兩家公司的業績年比均實現了健康成長。與上一季相比，Mobility MTU 實際上成長相當不錯。與上一季相比，交付 MTU 持平，略有下降。所以這就是給你一些顏色的混合。

I think affordability was the key to that outperformance from a deliveries perspective. Obviously, during these types of festivities, we do expect deliveries to drop anyway, and we've seen that year after year from fourth quarter, which is a big quarter going into the seasonal first quarter lows. So to have Deliveries remain roughly similar or just dropped very slightly in terms of MTU growth, I think it shows that our affordability strategy is bringing new people onto the platform.

我認為，從交付的角度來看，可負擔性是取得優異表現的關鍵。顯然，在這些類型的節日期間，我們確實預計交付量會下降，而且我們從年復一年的第四季度開始就看到了這種情況，這是進入季節性第一季低點的一個重要季度。因此，就 MTU 成長而言，交付量保持大致相似或略有下降，我認為這表明我們的可負擔性策略正在吸引新人加入平台。

Travelers year-on-year is up. So that obviously was a positive as well. And then things like the influx of people into the region for the special events and the way that we manage supply during those, like the big concerts, et cetera, that obviously was also beneficial.

旅行者人數較去年同期增加。所以這顯然也是一件正面的事。然後，諸如為參加特殊活動而大量人員湧入該地區，以及我們在舉辦大型音樂會等活動期間管理供應的方式，顯然也是有益的。

Peter?

彼得？

Yes. Piyush, on your second question regarding Singapore mobility, take rate was flat. We didn't see any major changes in take rate. Margins were stable also, regarding with your comments about variable commission structure. And that's critical because we also monitor very closely how our drivers' earnings are throughout all the various countries, and it was up on a year-over-year basis.

是的。 Piyush，關於你提出的第二個問題，新加坡的流動性，接受率持平。我們沒有看到接受率有任何重大變化。關於您對可變佣金結構的評論，利潤率也很穩定。這很關鍵，因為我們也密切監控各國的司機收入狀況，發現他們的收入年增。

So we're seeing good signs in terms of the variable commission structure. The drivers are -- they're being more efficient also on the road, which is important to us. We're keeping our commissions very stable, and we're seeing improvements across a lot of the drivers' metrics across the -- where it's not even the Singapore market but just across all the different countries also from improved online hours, our fulfillment rate keeps them getting better, and we're seeing lower waiting times. And we're also seeing surge pricing coming down, which is benefiting the consumer also at the same time.

因此，我們在浮動佣金結構方面看到了良好的跡象。司機在路上的效率也提高了，這對我們很重要。我們的佣金保持非常穩定，而且我們看到許多司機的指標都在改善——這不僅是新加坡市場，而是在所有不同的國家，而且由於在線時間的改善，我們的履行率也在不斷提高，我們看到等待時間也減少了。我們也看到動態價格正在下降，這同時也使消費者受益。

Would you roll out this progressively in other countries, the similar structure, variable commission structure?

您會在其他國家逐步推行類似的可變佣金結構嗎？

I think we're taking a very cautious approach. Obviously, the commission structure is very sensitive to drivers. So where we are rolling it out, we are rolling it out in a very cautious and careful way. We're working with drivers, the driver community. We're working also with regulators also at the same time. So we will take that approach, but again, we're doing it very cautiously, Piyush.

我認為我們採取了非常謹慎的態度。顯然，佣金結構對司機非常敏感。因此，我們在推出這項服務時，會採取非常謹慎和小心的方式。我們正在與司機、司機社群合作。我們同時也與監管機構合作。因此我們將採取這種方法，但是我們再次強調，我們將非常謹慎地進行。

Your next question comes from the line of Jiong Shao from Barclays.

您的下一個問題來自巴克萊銀行的邵炯。

Two questions, please. First is about the delivery margins. I think, Peter, you may have said that if you use the old way to do the calculation, it was 3.3% for the quarter. I think it's a bit lower from the last couple of quarters. I was just wondering, was there anything you want to call out in Q1 that might have caused a slight decline?

請問兩個問題。首先是關於交付利潤。彼得，我想您可能會說，如果按照老方法計算，本季的成長率為 3.3%。我認為比前幾個季度有所下降。我只是想知道，您是否想指出第一季可能導致業績略有下降的原因？

And with respect to the outlook, I think you have said for the rest of the year, the delivery margin stayed stable from the Q1 level, but afterwards, the long-term target is 240 basis points higher. So I was wondering why not we start to see some improvement this year. Why have to wait for next year to see any kind of improvement? So that's my first long-winded question.

對於前景，我想您已經說過，對於今年剩餘時間而言，交付利潤率將與第一季的水平保持穩定，但之後的長期目標是提高 240 個基點。所以我想知道為什麼我們今年沒有開始看到一些改善。為什麼必須等到明年才能看到任何改善？這是我的第一個冗長的問題。

Second question is about the fintech business. I was hoping, since it's a new business for all of us, to understand. You can unpack the revenue. What are some of the major revenue streams, the components on the revenue line? And what's the associated costs for those individual streams?

第二個問題是關於金融科技業務。我希望大家能夠理解，因為這對我們所有人來說都是一項新業務。您可以解開收入。收入的主要來源有哪些？那麼這些單獨流的相關成本是多少呢？

Jiong, let me take the first one on deliveries margin. And I'll get Alex -- it seems to be tagging you and I today, Alex. So on Deliveries margin, the first quarter, yes, from a margin perspective, was lower on a Q-on-Q, but that's also expected because if you look at our -- especially our advertising business, we're now -- it's embedded in our delivery segment, is usually a softer quarter overall. So it's not a surprise to us. It's season -- it's seasonality.

Jiong，我先來談談交貨保證金的問題。我會得到亞歷克斯 - 今天它似乎在標記你和我，亞歷克斯。因此，就交付利潤率而言，從利潤率的角度來看，第一季的環比增長較低，但這也是意料之中的，因為如果你看看我們的——特別是我們的廣告業務，我們現在——它嵌入我們的交付部門，通常是一個整體較疲軟的季度。所以這對我們來說並不意外。這是季節——這是季節性。

And your other question regarding getting to the 4% plus or -- we're as keen as you are to get there. And the way we think about it is for the rest of this year is we have a number of products that we want to roll out as part of Deliveries. We're continuing to push on affordability, and we're seeing good momentum there in terms of our affordability.

您提出的另一個問題是，達到 4% 以上——我們和您一樣渴望達到這個目標。我們的想法是，在今年剩餘時間內，我們有許多產品希望作為交付的一部分推出。我們將繼續推動提高可負擔性，而且我們在可負擔性方面看到了良好的勢頭。

We've also got the other end of the spectrum where we have priority. Delivery Saver is now about 1/4 of our GMV today. And then also on the Saver, on that priority side is still in the high-single digits. So we still have a long way on that front.

我們還擁有另一個優先權。目前，Delivery Saver 約占我們 GMV 的 1/4。然後對於 Saver 來說，優先順序方面仍然處於高個位數。因此我們在這方面還有很長的路要走。

So we also have group orders, for example, also still scaling in the business. So there's opportunities for us in going to market and getting adoption for those new set of products out there. And where we see opportunities to improve margin, we will. But also at the same time, we're seeing good momentum in deliveries with grocery also that we want to keep up with. We're committed to the 4% plus long term-wise. For the rest of this year, we see our Deliveries margin fairly stable.

例如，我們也有團體訂單，業務仍在擴大。因此，我們有機會進入市場並讓這些新產品得到認可。只要我們發現有機會提高利潤率，我們就會這麼做。但同時，我們也看到雜貨配送業務發展勢頭良好，我們也希望跟上這種勢頭。我們致力於長期實現 4% 以上的成長。在今年剩餘時間內，我們預計我們的交付利潤率將相當穩定。

Alex?

亞歷克斯？

Thanks, Peter. Yes, I think the revenue stream picture for Financial Services is surprisingly simple. We've got a payments business, which is more cost effective than going outside. So we have a cost advantage there. But think of that more as a utility business. We get good operating leverage as we scale, helps us manage our cost of funds down but eliminating cash off the network, which allows us to grow the marketplace.

謝謝，彼得。是的，我認為金融服務的收入流情況出奇的簡單。我們有支付業務，這比出去更具成本效益。因此我們在那裡具有成本優勢。但請更多地將其視為一項公用事業業務。隨著規模的擴大，我們獲得了良好的經營槓桿，這有助於我們降低資金成本，但消除了網路現金，從而使我們能夠擴大市場。

We make a small spread on deposits in the banks. But the big revenue driver is lending. So you can see already that's working very well for GrabFin. Based on an advantage we have on data in credit underwriting and frankly, an advantage we have on collections and user acquisition cost, that's a business that we're confident that we can scale profitably.

我們從銀行存款賺取少量利差。但最大的收入驅動力是貸款。你已經可以看到，這對 GrabFin 來說效果非常好。基於我們在信用承保資料方面的優勢，坦白說，我們在收款和用戶獲取成本方面的優勢，我們有信心可以擴大這項業務的獲利規模。

In fact, if you look at GrabFin this quarter, it's already profitable on an adjusted EBITDA basis. So a lot of the costs this quarter with that reduced loss are still things like the bank launches, which I mentioned earlier. So as we allow the lending to roll out for GXBank in Malaysia, once that FlexiLoan product is launched there and then as the bank in Indonesia starts to grow and starts to lend, then you will see that big driver of lending income coming through consistently both for not just Singapore bank, but also the Malaysian bank and the Indonesian bank.

事實上，如果你看一下 GrabFin 本季的表現，你會發現其按調整後的 EBITDA 計算已經實現盈利。因此，本季損失減少的成本中，很大一部分仍然來自於我之前提到的銀行推出的業務。因此，當我們允許 GXBank 在馬來西亞開展貸款業務時，一旦 FlexiLoan 產品在印尼推出，隨著印尼銀行開始發展並開始放貸，你會看到，貸款收入的巨大推動力不僅對新加坡銀行，而且對馬來西亞銀行和印尼銀行都持續存在。

Meantime, GrabFin still has a lot of upside, too. We -- the lending models there are getting better and better. That allows us to target different segments of users on our marketplace. I would say that the DAX penetration, the driver penetration is the highest but still lots of upside on the merchant lending and further upside on consumer lending, too, for GrabFin. So a very simple business model. Big driver is lending income, and that's performing very nicely.

同時，GrabFin 仍然具有很大的上升空間。我們——那裡的貸款模式越來越好。這使我們能夠在市場上瞄準不同群體的用戶。我想說的是，DAX 滲透率、司機滲透率是最高的，但對於 GrabFin 來說，商家貸款仍有很大上升空間，消費者貸款也有進一步上升空間。這是一個非常簡單的商業模式。最大的驅動力是貸款收入，而且表現非常好。

I have a quick follow-up. I know -- you probably know this. One of your peers in the region have called 30% plus/minus EBITDA margins for their fintech business. Is that something you think a longer-term target is reasonable for you guys as well since that's the biggest driver for your fintech business?

我有一個快速的跟進。我知道——你可能知道這一點。您所在地區的一位同業表示，其金融科技業務的 EBITDA 利潤率預計在 30% 左右。您是否認為這對您來說也是一個合理的長期目標，因為這是您們金融科技業務的最大驅動力？

The business is still very early. It's still maturing. As I mentioned to one of the earlier questions, we want to make sure that we mature our lending models in a way in which they'll be robust through any downturn through the whole cycle. So we're not going to be giving any guidance on those specific margin levels at this time.

現在生意還很早。它還在不斷成熟。正如我在之前的一個問題中提到的那樣，我們希望確保我們的貸款模式更加成熟，以便在整個週期的任何低迷時期都能保持穩健。因此我們目前不會對這些特定保證金水準提供任何指導。

I think as the business gets larger, Peter, myself, Anthony will start to disclose more details about the different drivers, the balance sheet. I think that's only right. At the moment, because it's such early days, we're going to defer that. Thank you.

我認為隨著業務規模不斷擴大，Peter、我自己和Anthony將開始披露有關不同驅動因素和資產負債表的更多細節。我認為這是正確的。目前，因為還為時過早，我們將推遲這項計劃。謝謝。

Your next question comes from the line of Ranjan Sharma from JPMorgan.

您的下一個問題來自摩根大通的 Ranjan Sharma。

Two questions for me. One is my favorite question and second is investors' favorite question. On the -- firstly, on the corporate cost side, I mean, a couple of months back, we talked about costs going up. Now we have seen a decline, but you're still expecting them to be stable for the full year. If you can walk us through like what are some of the new initiatives that you have brought, which brings down the cost compared to where we started the year.

我有兩個問題。一個是我最喜歡的問題，第二個是投資人最喜歡的問題。首先，在企業成本方面，幾個月前我們談到了成本上漲。現在我們看到了下降，但你仍然預計全年它們將保持穩定。您能否向我們介紹一下，您採取了哪些新舉措，與年初相比，這些舉措可以降低成本？

The second is on the guidance. The company historically has had -- has historically guided conservatively and then beaten and raised guidance. Do we -- is Grab looking in some conservatism in the guidance again? And what could be the source of that?

二是引導方面。從歷史上看，該公司一直採取保守的指引，但後來又超過了預期並提高了指引。我們——Grab 是否再次在指導中採取了一些保守主義的立場？那這是什麼原因造成的呢？

I'll give Alex a break, and I'll take both of them. Ranjan, I think from a corporate cost perspective, there's been a lot of initiatives in the business throughout. This is not just 1 department or 2 departments. This is permeating throughout the business. And I have to give kudos to the leaders in our businesses and also all the various teams throughout Grab here because there's been a fantastic effort in terms of how they've been managing their cost business.

我會讓亞歷克斯休息一下，然後我會帶他們兩個去。 Ranjan，我認為從企業成本的角度來看，整個業務中已經採取了許多措施。這不僅僅是 1 個部門或 2 個部門。這種現像已經滲透到了整個業務領域。我必須對我們業務的領導者以及 Grab 的各個團隊表示敬意，因為他們在成本業務管理方面做出了巨大努力。

So a few things I would give you some examples here. We're starting to use GenAI in the business. GenAI is here to stay. We're starting to apply it. We're starting to use it, and we're starting to experiment with it. And we're seeing some fruits in those GenAI. We're reducing -- we're becoming more efficient as a business.

這裡我想舉一些例子。我們開始在業務中使用 GenAI。 GenAI 將會繼續存在。我們正在開始應用它。我們正在開始使用它，並開始對它進行試驗。我們在 GenAI 中看到了一些成果。我們正在減少——我們正在變得更有效率。

How we do so and the ways things are being done are being changed. And we are seeing tremendous efficiencies in those areas. We still have a long way to go, but it's heading in the right direction.

我們這樣做的方式以及做事的方式正在改變。我們看到這些領域的效率顯著提高。我們還有很長的路要走，但我們正在朝著正確的方向前進。

Secondly, also, we're seeing improvements in just how we're managing operating leverage when it comes to variable costs. As our volumes continues to grow, we're also managing them in terms of marketing costs, in terms of also things like cloud computing, which is a fairly heavy cost for us. And those are coming down also.

其次，我們也看到，在變動成本方面，我們在管理經營槓桿方面取得了進展。隨著業務量的不斷增長，我們也在行銷成本、雲端運算等方面進行管理，這對我們來說是一筆相當大的成本。這些也正在下降。

Cloud costs was down 15% for us on a year-over-year basis. There's a couple of examples I just want to highlight. That's just the continuing momentum that we're seeing in managing the business. So we're not going to stop here. There's still a lot of work to be done in this area. We're going to continue to maintain this.

與去年同期相比，我們的雲端運算成本下降了 15%。我只想強調幾個例子。這只是我們在業務管理中看到的持續發展勢頭。所以我們不會就此止步。這個領域還有很多工作要做。我們將繼續維持這一立場。

Your second question about -- was about my conservatism around guidance. Look, I think we're very confident on the revised guidance that we've given out here. It's a meaningful increase from the last guidance that we've put out, out there. And this is a big number out there.

您的第二個問題是關於—我對指導的保守態度。看，我認為我們對我們在此給出的修訂指南非常有信心。與我們發布的最新指導相比，這是一個有意義的成長。這是一個很大的數字。

We feel confident. The management team is backing this. We've got the teams working on these to make sure we achieve this. Love to exceed it, but at this stage, we're confident to get to the $250 million to $270 million, and we'll continue to update as we make progress and update all the investors how we're tracking things.

我們充滿信心。管理團隊支持這一點。我們已經組建了團隊致力於此，以確保實現這一目標。希望能夠超越這個數字，但在現階段，我們有信心達到 2.5 億至 2.7 億美元，並且我們會在取得進展時繼續更新信息，並向所有投資者通報我們的進展情況。

If I just might jump in very quickly. Indeed, Peter is right. GenAI has been critical in augmenting our ability to solve problems not just for our users and partners but also improving and driving efficiencies among all our teammates. It is one of the key reasons we see why we are confident about how we can continuously optimize cost levels in our regional corporate costs.

如果我可以很快加入的話。確實，彼得是對的。 GenAI 對於增強我們解決問題的能力至關重要，不僅為我們的用戶和合作夥伴，而且也提高和提高我們所有隊友的效率。這是我們對如何持續優化區域公司成本水準充滿信心的關鍵原因之一。

I'll give you just some quick examples. One is we talked about GrabMaps before, and we are seeing full self-sufficiency on GrabMaps and about 90% of our driver partners adopting Grab Nav. And that has led to improved trips per transit hour, has improved fulfillment rates. It's improved incomes for our driver partners, all at the same time, moving the efficiency frontier to the Northeast zone.

我只給你一些簡單的例子。一是我們之前談到 GrabMaps，我們看到 GrabMaps 已經完全自給自足，大約 90% 的司機夥伴都採用了 Grab Nav。這不僅提高了每小時的運輸次數，也提高了運輸完成率。這不僅提高了我們司機合作夥伴的收入，還將效率前沿轉移到東北地區。

Another example is we talked about just now is a small language model translation feature. That has reduced translation processing times from 100 days with a vendor outsourced to just 5 days in-house for onboarding any new language regionally.

另一個例子就是我們剛才談到的一個小語言模型翻譯功能。這樣就將翻譯處理時間從外包供應商的 100 天縮短至內部處理任何區域新語言所需的僅 5 天。

So the principles we'll take is we're not just going to chase technology. We're here to solve real problems. So what real problem are we solving for? And how might we use the latest tech to very innovatively solve these problems? So we are laser focused as what Peter said, scale the platform, grow top line, leverage tech-led initiatives, both product and engineering, and drive operational efficiencies to drive profitable growth.

因此，我們採取的原則是，我們不只是追求科技。我們來這裡是為了解決實際問題。那我們要解決的真正問題是什麼？我們可以如何利用最新技術來創新地解決這些問題？因此，正如彼得所說，我們全神貫注於擴大平台規模、增加收入、利用技術主導的措施（包括產品和工程）並提高營運效率以推動獲利成長。

There will be no questions over the audio. Back to you, presenters.

音訊中不會有任何提問。回到你們，主持人。

Thank you very much, everyone, for spending the time with us. Please feel free to reach out to Investor Relations team if you have questions. And I'll talk to you guys all next quarter. Thanks. Bye-bye.

非常感謝大家花時間與我們相處。如果您有任何疑問，請隨時聯繫投資者關係團隊。我將在下個季度與大家進行交流。謝謝。再見。

This concludes Grab's First Quarter 2024 Earnings Conference Call. Thank you for your participation. You may now disconnect.

Grab 2024 年第一季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。