Grab Holdings Ltd (GRAB) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Aida, and I will be your conference operator for this session. Welcome to Grab's second quarter 2024 earnings results call. After speakers remarks, there will be a question-and-answer session.

女士們、先生們，感謝你們今天的出席。我的名字是艾達 (Aida)，我將擔任本次會議的會議主持人。歡迎參加 Grab 2024 年第二季財報結果電話會議。演講者發言後，將有問答環節。

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 second quarter 2024 earnings call. I'm Douglas Eu, Director, Investor Relations and Strategic Finance at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, Chief Operating Officer; and Peter Oey, Chief Financial Officer.

大家好，歡迎參加 Grab 2024 年第二季財報電話會議。我是 Douglas Eu，Grab 投資者關係和策略財務總監。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。

During the call today, Anthony will discuss our key strategic and business achievements, followed by Alex, who will provide operational highlights, and Peter will share details of our second quarter 2024 financial results. Following the prepared remarks, we will open the call to questions.

在今天的電話會議中，安東尼將討論我們的關鍵策略和業務成就，隨後亞歷克斯將提供營運亮點，彼得將分享我們 2024 年第二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. We do not undertake any duty to update any forward-looking statements.

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。我們不承擔更新任何前瞻性陳述的責任。

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. During the quarter, we focused on leveraging our platform scale to drive profitable growth. On-Demand GMV, group monthly transacting users and group revenues hit new all-time highs. While our On-Demand transactions actually grew strongly at 22% year-on-year. We also delivered our 10 consecutive quarter of group adjusted EBITDA improvement even as we invested into new products and faced foreign currency headwinds. This underscores our relentless focus on generating sustainable and profitable growth at scale in the long term.

謝謝，道格。感謝您今天加入我們。本季度，我們專注於利用平台規模來推動獲利成長。按需GMV、團體月交易用戶數、團體收入均創歷史新高。而我們的按需交易實際上同比強勁增長了 22%。儘管我們投資了新產品並面臨外匯阻力，但我們仍連續 10 個季度實現了集團調整後 EBITDA 改善。這凸顯了我們堅持不懈地致力於長期實現可持續的規模盈利增長。

And as we balance growth and cost discipline, we achieved our second quarter of positive adjusted free cash flow, giving us the confidence for adjusted free cash flow to turn positive for the full year of 2024. As a company, we're committed to deliver the best value and service quality for our platform users and partners. Our strategy to be product and tech-led has been key to unlocking platform growth. During the quarter, we rolled out more affordable and high-value offerings across mobility and deliveries to meet the diverse needs of our users.

在平衡成長和成本控制的同時，我們實現了第二季度調整後自由現金流為正，這使我們有信心在 2024 年全年調整後自由現金流將轉為正值。作為一家公司，我們致力於為我們的平台用戶和合作夥伴提供最佳價值和服務品質。我們的以產品和技術為主導的策略是實現平台成長的關鍵。本季度，我們在行動和配送領域推出了更多實惠、高價值的產品，以滿足用戶的多樣化需求。

We also focused on providing more tailored solutions to our users. For example, family accounts, advanced booking, group orders and dine-out deals are nascent products today, but have begun to gain strong traction and bring greater convenience for our users. At the same time, GrabUnlimited, our subscriptions program hit a new all-time high in total subscribers in the quarter.

我們也致力於為用戶提供更客製化的解決方案。例如，家庭帳戶、提前預訂、團體訂購和外食優惠目前都是新興產品，但已經開始獲得強大的吸引力，並為我們的用戶帶來更大的便利。同時，我們的訂閱方案 GrabUnlimited 在本季的訂閱用戶總數創下了歷史新高。

On the banks, we had a public launch of Superbank in June, our digital bank in Indonesia. With all the three digital banks now fully operational, together with GrabFin, our fintech platform, we are very excited about our opportunities to continue driving financial inclusion across the region. Our Digibank deposits, lending disposals and total customers across GrabFin and our Digibanks continue to demonstrate robust growth, reflecting the trust our users have placed in us.

在銀行方面，我們在 6 月在印尼公開推出了 Superbank，這是我們的數位銀行。現在，這三家數位銀行以及我們的金融科技平台 GrabFin 都已全面投入運營，我們對繼續推動整個地區金融包容性的機會感到非常興奮。我們的 Digibank 存款、貸款處理以及 GrabFin 和 Digibanks 的總客戶數持續呈現強勁成長，反映了用戶對我們的信任。

Deposits in GXS Bank in Singapore and GX Bank in Malaysia grew substantially by over 50% quarter-on-quarter to $730 million with total loan disbursals across GrabFin and our Digibanks hitting an annualized run rate of $2 billion in the second quarter. The strong growth across our financial services platform is underpinned by the ability to leverage the scale of the Grab ecosystem.

新加坡 GXS 銀行和馬來西亞 GX 銀行的存款環比大幅增長 50% 以上，達到 7.3 億美元，第二季度 GrabFin 和我們的 Digibanks 的貸款發放總額達到了年化運行率 20 億美元。我們金融服務平台的強勁成長得益於利用 Grab 生態系統規模的能力。

For Digibank in Malaysia, for instance, approximately one in two GXBank users transact on Grab with their GXBank account. And in less than a year since its public launch, GXBank has over 750,000 deposit customers, which include more than 500,000 GXBank debit card holders as of July 2024. Superbank also crossed 1 million deposit customers in August in less than two months following its public launch in June.

以馬來西亞的 Digibank 為例，大約一半的 GXBank 用戶使用他們的 GXBank 帳戶在 Grab 上進行交易。自公開推出以來不到一年的時間，GXBank 已擁有超過 75 萬名存款客戶，其中包括截至 2024 年 7 月超過 50 萬名 GXBank 金融卡持有者。自 6 月公開上市以來，不到兩個月的時間，超級銀行 8 月存款客戶數就突破了 100 萬人次。

As we look towards the second half of 2024 and beyond, we will embrace a three-pronged approach to continue out-serving our users and ecosystem partners across the region. First, we will continue dedicating our efforts to scaling our ecosystem. We are bullish on the long-term growth outlook of Southeast Asia with economists forecasting mid-term GDP growth rates in the region to be faster than the world average, and against a backdrop of stronger inbound tourism flows and strengthening domestic demand.

展望 2024 年下半年及以後，我們將採取三管齊下的方法，繼續為該地區的用戶和生態系統合作夥伴提供服務。首先，我們將繼續致力於擴大我們的生態系統。我們看好東南亞的長期成長前景，經濟學家預測該地區中期 GDP 成長率將高於世界平均水平，且入境旅遊流量和國內需求都將增強。

To capture this growth, we will leverage all of our assets to our advantage, be it improving the selection of affordable or high-value offerings on our On-Demand platform and driving cross-sell opportunities across our various services.

為了抓住這一成長機遇，我們將充分利用我們所有資產，無論是改善按需平台上經濟實惠或高價值產品的選擇，還是推動我們各項服務之間的交叉銷售機會。

Second, and as we have actually shared previously, we will continue to be AI-led in driving platform and profitable growth. By doing so, we will solve the most impactful everyday problems in Southeast Asia in the fastest way possible to deliver value creation for our shareholders and generate sustainable free cash flow. At the same time, we are continuing our investment into generative AI to drive efficiency gains across our business and deliver innovative customer and partner experiences.

第二，正如我們之前分享過的，我們將繼續以人工智慧為主導，推動平台和獲利成長。透過這樣做，我們將以最快的方式解決東南亞最有影響力的日常問題，為我們的股東創造價值並產生可持續的自由現金流。同時，我們將繼續對生成式人工智慧進行投資，以推動整個業務的效率提升，並提供創新的客戶和合作夥伴體驗。

For example, we have rolled out AI-powered DISH descriptions in five out of eight markets at scale. Our experiments have shown a significant improvement in checkout rates from our long-tail merchant partners that used AI-generated descriptions. This is about one of many examples of the way we are leveraging foundational AI capabilities and generative AI to continue to improve our marketplace.

例如，我們已經在八個市場中的五個市場大規模推出了由人工智慧驅動的 DISH 描述。我們的實驗表明，使用人工智慧產生的描述的長尾商家合作夥伴的結帳率有顯著提高。這是我們利用基礎人工智慧功能和產生人工智慧來持續改善市場的眾多例子之一。

And finally, we will continue to drive cost discipline across our business. Regional corporate costs in the second quarter declined 14% year-on-year. So our intention here is clear; by striving to build a lean and agile organization, we will be in pole position to out-serve not only our ecosystem and users, but also improve shareholder returns by continuing to generate profitable growth and sustainable free cash flow.

最後，我們將繼續在整個業務範圍內推動成本管制。第二季地區企業成本較去年同期下降14%。所以我們的意圖很明確；透過努力建立一個精益、敏捷的組織，我們將處於有利地位，不僅可以為我們的生態系統和用戶提供服務，而且還可以透過繼續創造盈利性成長和可持續的自由現金流來提高股東回報。

Before I pass the time over to Alex, I'm also pleased to announce that we published our latest ESG report, demonstrating our steadfast commitment to delivering a triple bottom line business. We firmly believe the long-term success of business is intricately linked to the welfare of the communities we serve and the health of our planet. And in this regard, my heart goes out to all those who are affected by Typhoon Gaemi and other adverse weather events across the region.

在將時間交給亞歷克斯之前，我也很高興地宣布，我們發布了最新的 ESG 報告，表明我們堅定致力於實現三重底線業務。我們堅信，企業的長期成功與我們服務的社區的福祉和地球的健康密切相關。在這方面，我向所有受到颱風蓋米和該地區其他惡劣天氣事件影響的人們表示深切慰問。

Grab's commitment during challenging times like this is to respond quickly in any way we can to help governments, our driver and merchant partners, as well as our users and to play our part in supporting recovery post calamity. For our communities in the Philippines, that were particularly hard hit by typhoon, we activated our calamity assistance program to provide support to our partners affected by the severe weather.

在這樣的困難時期，Grab 的承諾是盡我們所能迅速做出反應，以幫助政府、我們的司機和商家合作夥伴以及我們的用戶，並為支持災後恢復盡我們一份力量。對於菲律賓受颱風嚴重襲擊的社區，我們啟動了災難援助計劃，為受惡劣天氣影響的合作夥伴提供支援。

Additionally, we utilized Grab maps and real time reports from our fleets to help our partners navigate safely through affected areas. Now as Gaemi has moved on, we are partnering organizations like Jollibee Food Group and McDonald's and Red Cross for our users to donate their grab rewards points towards recovery efforts. From our hearts, we are grateful for all these partners who came together quickly to serve our communities during and post calamity.

此外，我們還利用 Grab 地圖和車隊的即時報告來幫助我們的合作夥伴安全穿越受災地區。現在，隨著 Gaemi 的繼續前進，我們正在與 Jollibee 食品集團、麥當勞和紅十字會等組織合作，讓我們的用戶將他們的積分捐獻給救援工作。我們從心底感謝所有這些合作夥伴，他們在災難期間和災難過後迅速團結起來，為我們的社區提供服務。

I will now hand over the time over to Alex, who will cover our second quarter operational highlights in more detail.

現在我將時間交給 Alex，他將更詳細地介紹我們第二季的營運亮點。

Thanks, Anthony. Over the next few minutes, I will share our operational highlights and the underlying drivers of these results, starting with deliveries. We generated strong deliveries growth in the quarter by improving the affordability and reliability of our services with some significant tech and product initiatives, along with strong growth from Jaya.

謝謝，安東尼。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。我們透過一些重要的技術和產品措施提高了服務的可負擔性和可靠性，加上 Jaya 的強勁成長，在本季度實現了強勁的交付成長。

On a year-on-year basis, Deliveries GMV grew 14% on a constant currency basis, as we drove food transactions growth by 11% year-on-year. Segment adjusted EBITDA margins remained stable even as we invested in these new product rollouts. Saver deliveries gained further traction, reaching 28% of deliveries transactions from around 10% a year ago, creating meaningful uplifts for our ecosystem with Saver users exhibiting average order frequency levels 1.9 times higher than non-Saver users.

與去年同期相比，以固定匯率計算，配送 GMV 成長了 14%，因為我們推動食品交易量年增了 11%。即使我們對這些新產品的推出進行了投資，分部調整後的 EBITDA 利潤率仍然保持穩定。Saver 配送進一步受到歡迎，從一年前約 10% 的配送交易量增長至 28%，為我們的生態系統帶來了有意義的提升，Saver 用戶的平均訂購頻率比非 Saver 用戶高出 1.9 倍。

Saver also attracted new users to Grab with 15% of new deliveries monthly transacting users joining the platform through Saver delivery. Concurrently, at the high end of the pricing ladder, we grew adoption of priority deliveries to 7% of deliveries transactions. We see a lot more potential in this relatively pricing sensitive segment. We particularly focused on innovating new ways to support large social gatherings and return to the office.

Saver 也吸引了新用戶加入 Grab，每月新配送交易用戶中有 15% 是透過 Saver 配送加入該平台的。同時，在價格階梯的高端，我們將優先配送的採用率提升到配送交易的 7%。我們在這個對價格相對敏感的領域看到了更多的潛力。我們特別注重創新方法來支持大型社交聚會和重返辦公室。

For example, we revamped and relaunched group orders. So we've seen group orders driving basket sizes that were 2 times higher than average Grab food orders. And by enabling our users to connect seamlessly with each other on the platform, we're able to amplify new user growth and leverage our scale to drive improvements in retention, basket sizes and batching rates. This allows us to pass on cost savings to users in the form of lower delivery fees, which in turn accelerates growth.

例如，我們改進並重新推出了團購功能。因此，我們發現團購訂單的購物籃大小是平均 Grab 食品訂單的 2 倍。透過讓我們的用戶能夠在平台上無縫連接，我們能夠擴大新用戶的成長，並利用我們的規模來推動保留率、購物籃規模和批次率的提高。這使我們能夠以更低的運費形式將節省的成本轉嫁給用戶，從而加速成長。

We strive to be the partner of choice for Southeast Asia's most loved merchants. We've increased median urgent -- median earnings for our deliveries merchant partners by 15% year-on-year by making our powerful self-serve advertising platform available to merchants of all sizes. The total number of monthly active advertisers who joined our self-serve platform increased 56% year-on-year to 168,000, while average spend by monthly active advertisers on our self-serve platform increased by 26% year-on-year.

我們致力於成為東南亞最受喜愛的商家的首選合作夥伴。透過向各種規模的商家提供我們強大的自助廣告平台，我們送貨商家合作夥伴的中位數緊急收入（中位數緊急收入）年增了 15%。加入我們自助平台的月活躍廣告主總數較去年同期增加56%至16.8萬家，而我們自助平台月活躍廣告商的平均支出較去年同期成長26%。

Revenue generated from our advertising business as a percentage of Deliveries GMV was 1.5% in the second quarter, recovering back to fourth quarter 2023 penetration levels despite the latter typically being the seasonally strongest quarter for advertising. From here, we see plenty of headroom for advertising penetration to grow further.

我們廣告業務產生的收入佔配送 GMV 的百分比在第二季度為 1.5%，儘管第四季度通常是廣告業務季節性最強勁的季度，但滲透率已恢復至 2023 年第四季的水平。從這裡我們看到廣告滲透率還有很大的進一步成長空間。

Looking ahead to the rest of the year, we will continue to build our position as the leading On-Demand platform in the region. And while the third quarter is typically impacted by adverse weather conditions in Southeast Asia, for example, Typhoon Gaemi in the Philippines that Anthony just mentioned, we see demand levels in July remaining robust, nonetheless. And as such we expect that to drive sequential growth for our Deliveries segment heading both into the third quarter and the fourth quarter of this year.

展望今年剩餘時間，我們將繼續鞏固我們在該地區領先的按需平台的地位。雖然第三季通常會受到東南亞惡劣天氣條件的影響，例如安東尼剛才提到的菲律賓颱風蓋米，但我們認為 7 月的需求水平仍然強勁。因此，我們預計這將推動我們配送部門在今年第三季和第四季實現連續成長。

Moving on to the Mobility now. Newer product rollouts and deepening adoption of our existing affordability and high value offerings powered Mobility GMV to 25% year-on-year growth on a constant currency basis. Similar to the Delivery segment, this strong GMV growth was led by increased transaction volumes, which grew 38% year-on-year, while Mobility MTUs also expanded by 26%.

現在繼續討論移動性。新產品的推出以及對我們現有經濟實惠、高價值產品的深入採用，推動行動 GMV 按固定匯率計算年增 25%。與配送業務類似，GMV 的強勁成長主要得益於交易量的增加，交易量年增 38%，而行動 MTU 也成長了 26%。

One of the new products that is driving this transaction and MTU growth is Saver ride-hailing, which is now available in five markets. Saver offers more affordable options alongside our established GrabCar or GrabBike products. And while these products may involve some trade-offs for passengers in the quality of the vehicles or the longer waiting times, they have enabled us to expand our addressable market, all while upholding our core value propositions of safety and reliability.

推動此交易和 MTU 成長的新產品之一是 Saver 叫車服務，目前該產品已在五個市場推出。除我們現有的 GrabCar 或 GrabBike 產品外，Saver 還提供更多實惠的選擇。雖然這些產品可能會以犧牲乘客的車輛品質或更長的等待時間為代價，但它們使我們能夠擴大潛在市場，同時堅持我們安全和可靠的核心價值主張。

Adoption of safety transport rides has increased to around a quarter of Mobility transactions in the second quarter from 15% in the same period last year, with 14% of Group MTUs joining the Grab platform transacting on a Saver Mobility offering. Saver transport rides also drive loyalty and engagement uplifts. 8% of MTUs who joined the Grab platform through Saver transport rides were cross sold to food in the same month. And in Indonesia, for example, users of our Saver ride-hailing model recorded frequency levels which were 1.9 times higher than non-Saver users.

安全交通方式的採用率從去年同期的 15% 增加到第二季度出行交易的四分之一左右，其中 14% 的集團 MTU 加入 Grab 平台並透過 Saver Mobility 服務進行交易。更便宜的交通方式也能提高忠誠度和參與度。透過 Saver 交通方式加入 Grab 平台的 MTU 中有 8% 在同一個月內進行了食品交叉銷售。例如在印度尼西亞，我們的 Saver 叫車模式的用戶記錄的頻率水準比非 Saver 用戶高出 1.9 倍。

Similarly, Move It, our two-wheel offering in the Philippines that was relaunched last year continues to display strong momentum. Today, Move It users comprise almost a third of mobility MTUs in the Philippines, underpinning the strong growth of mobility MTUs in the Philippines, which grew 92% year-on-year. We balance this growth of affordable ride-hailing solutions with high value differentiated services that further maximize convenience and reliability for the less price sensitive users.

同樣，我們去年在菲律賓重新推出的兩輪車產品 Move It 繼續展現出強勁的發展勢頭。如今，Move It 用戶佔菲律賓移動 MTU 的近三分之一，支撐了菲律賓移動 MTU 的強勁成長（年成長 92%）。我們在經濟實惠的叫車解決方案的成長與高價值的差異化服務之間取得平衡，進一步最大限度地提高對價格不太敏感的用戶的便利性和可靠性。

Our high value offerings such as Grab Premium generated revenues per ride that were over 2 times higher than standard rides. One of such higher value products is the advanced booking ride-hail product, which was relaunched earlier this year as a product where passengers have no doubt that the driver will be there waiting for them. This enabled us to drive over 3 times higher driver earnings per ride compared to our conventional Mobility products.

我們的高價值產品（例如 Grab Premium）每次乘車產生的收入比標準乘車高出 2 倍以上。提前預訂叫車產品就是此類高價值產品之一，該產品於今年稍早重新推出，乘客無需擔心司機會在車上等候他們。與傳統的行動產品相比，這使我們能夠使每次行程的司機收入提高 3 倍以上。

Similarly, we have focused on growing adoption of our premium end offerings to travelers and corporate users, which today comprise a smaller proportion of Mobility volumes. The net effect of new product launches and changing product mix such as the growth of Saver rides and Move It did result in segment adjusted EBITDA margins for Mobility declining in the second quarter. This was in line with our expectations as we made a strategic decision in the quarter to prudently invest it to deepen market penetration and drive growth for the longer term. We remain committed to achieving our long-term segment adjusted EBITDA margin guidance of 9% plus for mobility.

同樣，我們專注於讓旅行者和企業用戶更多地採用我們的高端產品，而這兩類用戶目前在移動出行總量中所佔的比例還較小。新產品發布和產品結構變化（例如 Saver rides 和 Move It 的成長）的淨效應確實導致 Mobility 部門調整後的 EBITDA 利潤率在第二季度下降。這符合我們的預期，因為我們在本季度做出了策略決策，謹慎投資以深化市場滲透並推動長期成長。我們仍致力於實現行動業務長期分部調整後 EBITDA 利潤率指引值 9% 以上。

Finally, in line with our mission, we also continue to improve productivity of drivers on our platform. During the quarter, we increased active driver supply while optimizing our existing driver supply to meet the strong demand growth. In the second quarter of 2024, monthly active driver supply increased by 13% year-on-year and 5% quarter-on-quarter, while quarterly active driver retention rates remained healthy at 90%.

最後，為了實現我們的使命，我們也將繼續提高我們平台上司機的生產力。在本季度，我們增加了活躍司機供應，同時優化了現有的司機供應，以滿足強勁的需求成長。2024 年第二季度，每月活躍司機供應量年增 13%，較上季成長 5%，而季度活躍司機留任率仍維持在 90% 的健康水準。

Our efforts to improve driver supply and efficiency resulted in an 11 percentage-point reduction in the proportion of surge Mobility rides year-on-year. Mobility fulfillment rates also improved sequentially given the strong demand levels and increased driver supply. We are confident on the long-term trajectory of our Mobility business and see ample room for volumes and user penetration to grow as we continue to roll out new products and services. Going into the third quarter, Mobility continues to pace strongly in spite of the adverse weather conditions, and we expect to drive sequential growth in the coming quarters.

我們努力改善司機供應並提高效率，導致高峰出行量比例年減了 11 個百分點。由於需求強勁及司機供應增加，出行履行率也隨之提高。我們對行動業務的長期發展充滿信心，並且隨著我們繼續推出新產品和服務，我們看到銷售和用戶滲透率有足夠的成長空間。進入第三季度，儘管天氣條件不利，但行動業務仍保持強勁成長，我們預計未來幾季將實現連續成長。

Now finally, our financial services segment. This segment continues to grow fast with revenues growing 61% year-on-year on a constant currency basis, while segment adjusted EBITDA losses narrowed by 44% year-on-year. We continue to scale up our lending business to serve ecosystem partners and users, where we have a strong underwriting, customer acquisition and collective advantage in relation to traditional banks and other Fintech and Digibank peers.

最後，是我們的金融服務部門。該部門持續快速成長，以固定匯率計算營收年增 61%，而部門調整後 EBITDA 虧損年減 44%。我們繼續擴大我們的貸款業務，以服務生態系統合作夥伴和用戶，與傳統銀行和其他金融科技和數位銀行同行相比，我們擁有強大的承保、客戶獲取和集體優勢。

Total loans disbursed in the second quarter grew 43% year-on-year to reach $500 million or an annualized run rate of $2 billion. And we ended the quarter with a loan portfolio of $397 million, underpinned by the continued growth of ecosystem lending in GrabFin and growing FlexiLoan volumes from GXS Bank in Singapore. And remember, we have yet to launch our lending products in GXBank in Malaysia.

第二季發放的貸款總額年增 43%，達到 5 億美元，年化貸款金額達 20 億美元。本季結束時，我們的貸款組合達到 3.97 億美元，這得益於 GrabFin 生態系統貸款的持續成長以及新加坡 GXS 銀行 FlexiLoan 貸款數量的不斷增長。請記住，我們尚未在馬來西亞的 GXBank 推出我們的貸款產品。

We continue to maintain a prudent stance on credit risk with 90-day non-performing loans stable at around 2% and we're generating healthy risk adjusted returns on our loan portfolio even after accounting for allowances for credit losses. Customer deposits across GXBank and GXS expanded to $730 million at the end of the second quarter, rising by 52% from $479 million in the prior quarter.

我們繼續對信用風險保持審慎態度，90 天不良貸款率穩定在 2% 左右，即使在考慮了信用損失準備金後，我們的貸款組合仍產生了健康的風險調整回報。截至第二季末，GXBank 和 GXS 的客戶存款增至 7.3 億美元，較上一季的 4.79 億美元成長 52%。

The strong growth was driven by an increased number of deposit customers for GXBank in Malaysia, as the bank continued to acquire more users from the Grab platform. In less than a year since its public launch, GXBank has over 750,000 deposit customers, which include more than 500,000 GXBank debit card holders as of July 2024. We have also serviced more customers in GXS Bank in Singapore as regulatory caps on deposits were raised again.

隨著 GXBank 繼續從 Grab 平台獲得更多用戶，其在馬來西亞的存款客戶數量增加推動了該銀行的強勁成長。公信銀行上市不到一年時間，截至 2024 年 7 月，已擁有超過 75 萬存款客戶，其中包括超過 50 萬公信銀行金融卡持有人。隨著存款監管上限再次提高，我們也為新加坡 GXS 銀行的更多客戶提供了服務。

Overall, then our financial services business continues to be a strong driver of ecosystem growth and cross-sell opportunities. As an example, I spoke earlier about the growth of our two-wheel offerings in the Philippines. So the expansion of Move It has resulted in nearly 2 times increase in our active driver supply pool year-on-year. So that enables us to drive cross-sell opportunities to other Grab services such as lending. We saw Philippines driver cash advances hitting a new monthly record high in June.

總體而言，我們的金融服務業務將繼續成為生態系統成長和交叉銷售機會的強勁推動力。舉個例子，我之前談到了我們在菲律賓的兩輪車產品的成長。因此，Move It 的擴張導致我們的活躍司機供應池年增了近 2 倍。這使我們能夠為 Grab 的其他服務（例如貸款）帶來交叉銷售機會。我們發現菲律賓司機現金預支金額在六月創下了月度新高。

Concurrently, driver partners and merchant partners with active loans recorded higher transit hours and higher retention. Regionally, merchant partners with an active loan exhibited six-month retention rates that are 1.4 times higher than merchants without a loan and driver partners with an active loan exhibited almost 2 times higher average earnings as compared to drivers without a loan. Going forward, our financial services business continues to be fast growing, and we see significant opportunities for further growth ahead across both our GrabFin and Digibank businesses.

同時，擁有活躍貸款的司機合作夥伴和商家合作夥伴的運輸時間更長，保留率也更高。從地區來看，擁有有效貸款的商家合作夥伴的六個月留存率比沒有貸款的商家高出 1.4 倍，而擁有有效貸款的司機夥伴的平均收入幾乎是沒有貸款的司機的 2 倍。展望未來，我們的金融服務業務將繼續快速成長，我們看到 GrabFin 和 Digibank 業務未來都有巨大的成長機會。

And in closing, we will continue to scale our platform by leveraging product, tech driven initiatives to maximize marketplace efficiencies, reliability, and convenience, enabling Grab to drive greater cost efficiencies across our business. We are dedicated to capitalizing on our scale advantage and our leadership in the mobility and food delivery sectors to create value for all stakeholders, particularly the 41 million monthly transacting users currently on our platform.

最後，我們將繼續利用產品和技術驅動的舉措來擴展我們的平台，以最大限度地提高市場效率、可靠性和便利性，從而使 Grab 能夠提高整個業務的成本效率。我們致力於利用我們的規模優勢和在旅行和食品配送領域的領導地位，為所有利益相關者創造價值，特別是目前我們平台上的4100萬每月交易用戶。

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 to our results, it's important to highlight that Southeast Asia saw foreign exchange translational impacts that led to a divergence between our headline and constant currency growth rates. As the Southeast Asian currencies weakened against the US dollar year-on-year, this translated to an impact of 528 basis points on the year-on-year On-Demand GMV growth rates and 549 basis points on revenue growth rates. Now withstanding these FX headwinds, our underlying demand in the region remains strong, as seen in the positive year-on-year GDP growth across Southeast Asia in the first half of 2024. This is driven by strong domestic demand and continued tourism recovery in the region.

謝謝，亞歷克斯。在介紹我們的業績之前，必須強調的是，東南亞受到外匯轉換的影響，導致我們的整體成長率與恆定貨幣成長率有差異。由於東南亞貨幣兌美元年比走弱，這導致按需GMV年成長率下降528個基點，營收成長率下降549個基點。現在，儘管承受這些外匯逆風，但我們在該地區的潛在需求仍然強勁，這從 2024 年上半年東南亞 GDP 同比增長中可見一斑。這是由該地區強勁的國內需求和持續的旅遊業復甦所推動的。

Now turning to our Q2 financial results, let me start with revenues. Group revenues in the second quarter grew 17% year-on-year, or 23% on a constant currency basis to reach an all-time high of $664 million. On a year-on-year basis, Mobility revenue was up 19% or 23% on a constant currency basis as we recorded strong growth in Mobility MTU and transactions. Our deliveries revenue grew 11% or 17% on a constant currency basis.

現在來談談我們的第二季財務業績，我先從收入開始。第二季集團營收年增 17%，以固定匯率計算成長 23%，達到 6.64 億美元的歷史新高。與去年同期相比，由於我們記錄了行動 MTU 和交易的強勁成長，行動收入成長了 19％（以固定匯率計算為 23％）。我們的送貨收入以固定匯率計算成長了 11% 或 17%。

Deliveries MTUs continued to grow as we drove top-line growth in food deliveries, advertising, and Jaya Grocer. Incentive spend as a proportion of Deliveries GMV was down 40 basis points year-on-year. And financial services revenue was up 54% or 61% on a constant currency basis, driven growth by mainly from lending across GrabFin and GXS Bank and further optimization of payments incentive spend.

隨著我們推動食品配送、廣告和 Jaya Grocer 的營收成長，配送 MTU 持續成長。激勵支出佔配送 GMV 的比例較去年同期下降了 40 個基點。金融服務收入成長 54%（以固定匯率計算為 61%），成長主要得益於 GrabFin 和 GXS Bank 的貸款以及支付激勵支出的進一步優化。

Moving on to On-Demand GMV. Year-on-year second quarter On-Demand GMV grew 13% or 18% on a constant currency basis to $4.4 billion. On a segment level and year-on-year basis, Mobility GMV continues to grow strongly at 20% or 25% on a constant currency basis and Deliveries GMV growing by 9% or 14% on a constant currency basis to $2.9 billion.

繼續討論按需 GMV。與去年同期相比，第二季隨選 GMV 成長了 13%，以固定匯率運算成長了 18%，達到 44 億美元。從細分市場層面和年比來看，行動出行 GMV 持續保持強勁成長，以固定匯率計算分別成長 20% 或 25%，而配送 GMV 以固定匯率計算分別成長 9% 或 14%，達到 29 億美元。

Segment adjusted EBITDA for the quarter was $148 million, which grew by 84% year-on-year from the same period last year. Mobility segment adjusted EBITDA grew 14% year-on-year to $129 million. Mobility segment adjusted EBITDA margins were 8.2% in the second quarter of 2024 and declined from 8.6% in the same period last year. Now this is mainly driven by product mix and also consistent with our efforts to invest in rolling out new products and services.

本季分部調整後EBITDA為1.48億美元，較去年同期成長84%。行動部門調整後 EBITDA 較去年同期成長 14% 至 1.29 億美元。2024 年第二季度，行動部門調整後 EBITDA 利潤率為 8.2%，低於去年同期的 8.6%。現在這主要是由產品組合驅動的，也與我們投資新產品和服務的努力一致。

Delivery segment adjusted EBITDA grew over 4 times to reach $42 million, while delivery segment adjusted EBITDA margins on GMV expanded by 110 basis points year-on-year to 1.5%, driven by lower overhead expenses, greater optimization of our incentive spend as a percentage of Deliveries GMV and also increased contributions from advertising.

配送部門調整後的 EBITDA 成長逾 4 倍，達到 4,200 萬美元，配送部門調整後的 GMV EBITDA 利潤率年增 110 個基點至 1.5%，這得益於管理費用降低、激勵支出佔配送 GMV 的百分比得到進一步優化以及廣告貢獻增加。

Our Financial Services segment adjusted EBITDA losses narrowed by 44% year-on-year to negative $24 million. The reduction in losses were attributed to the improved monetization of our lending products that drove higher revenues and reductions also in overhead expenses.

我們的金融服務部門調整後 EBITDA 損失年減 44% 至負 2,400 萬美元。損失的減少歸因於我們貸款產品貨幣化的提高，從而推動了收入的增加和管理費用的減少。

Overall, we remain committed to achieve our long-term segment adjusted EBITDA margin guidance of 9% plus for Mobility and 4% plus for Deliveries. And for the banks to break even by no later than the end of 2026, while at the same time also investing in new growth initiatives strategically across the business.

整體而言，我們仍致力於實現長期分部調整後的 EBITDA 利潤率預期，即行動業務利潤率達到 9% 以上，配送業務利潤率達到 4% 以上。而銀行最遲在 2026 年底實現收支平衡，同時在整個業務範圍內策略性地投資於新的成長計畫。

On regional copper costs for the quarter came at $84 million compared to $98 million in the same period in 2023 and $91 million in the prior quarter. We focused on driving cost efficiencies across our organization with regional copper costs declining 14% year-on-year coming from both fixed and variable cost components. Our commitment towards driving both top and bottom-line improvements is demonstrated by our 10 quarter of sequential group adjusted EBITDA growth. Group adjusted EBITDA was $64 million for the quarter, an improvement of $81 million from the same period last year.

本季區域銅成本為 8,400 萬美元，而 2023 年同期為 9,800 萬美元，上一季為 9,100 萬美元。我們專注於提高整個組織的成本效率，區域銅成本（包括固定成本和變動成本）較去年同期下降 14%。我們致力於推動營收和淨利潤的改善，這體現在我們連續 10 個季度的集團調整後 EBITDA 成長。本季集團調整後 EBITDA 為 6,400 萬美元，較去年同期成長 8,100 萬美元。

On net cash from operating activities, we recorded a positive $272 million cash inflow for the quarter, an improvement of $323 million year-on-year. This was attributed to reduction in losses before income tax combined with positive momentum in customer deposits for our banks. Adjusted free cash flow was $36 million in the second quarter and negative $67 million on a trailing 12 months basis. On a year-on-year basis, this represents an improvement of $56 million following increased profitability and a reduction in CapEx.

在營運活動淨現金方面，本季我們記錄了 2.72 億美元的正現金流入，比去年同期增加了 3.23 億美元。這歸因於稅前損失的減少以及我們銀行客戶存款的積極勢頭。第二季調整後的自由現金流為 3,600 萬美元，過去 12 個月調整後的自由現金流為負 6,700 萬美元。與去年同期相比，由於獲利能力提高和資本支出減少，利潤增加了 5,600 萬美元。

As for our second quarter operating loss on a year-on-year basis, it improved by $121 million to negative $56 million, attributable mainly to increase in revenue and lower restructuring expenses. IFRS net loss for the quarter improved by $79 million to negative $68 million, largely driven by improvement in our operating losses, offset by increases in income tax expense and net foreign exchange loss of $53 million year-on-year. The IFRS loss of $68 million is inclusive of $153 million of non-cash expenses below the adjusted EBITDA line of this $82 million was from share-based compensation expenses.

我們第二季的營運虧損與去年同期相比改善了 1.21 億美元，至負 5,600 萬美元，主要歸因於收入增加和重組費用降低。本季 IFRS 淨虧損改善 7,900 萬美元至負 6,800 萬美元，主要得益於營運虧損的改善，但被所得稅費用的增加和淨外匯損失年增 5,300 萬美元所抵銷。6,800 萬美元的 IFRS 虧損包括 1.53 億美元的非現金支出，低於調整後的 EBITDA 線的 8,200 萬美元則來自股權激勵費用。

Moving on to our balance sheet and liquidity position. Gross cash liquidity stood at $5.6 billion at the end of the second quarter, which is an improvement of $267 million as compared to the prior quarter with a substantial part of the cash inflow attributed to the growth in deposits from customers in GXS Bank and GXBank, which increased to $730 million from $479 million from the prior quarter. Net cash liquidity similarly increased to $5.3 billion at the end of the second quarter compared to $5 billion at the end of the prior quarter.

繼續討論我們的資產負債表和流動性狀況。第二季末，總現金流動性為 56 億美元，比上一季增加 2.67 億美元，其中很大一部分現金流入歸因於 GXS 銀行和 GXBank 客戶存款的成長，存款從上一季的 4.79 億美元增至 7.3 億美元。淨現金流動性在第二季末也從上一季末的 50 億美元增加至 53 億美元。

As to our authorized $500 million share repurchase program, we repurchased an additional 9.6 million shares in the aggregate principal amount of $34.6 million over the second quarter. Cumulatively, we have repurchased and retired 40 million shares in the aggregate principal amount of $131 million.

根據我們授權的 5 億美元股票回購計劃，我們在第二季額外回購了 960 萬股，總本金金額為 3,460 萬美元。我們累計回購並註銷了 4,000 萬股股票，總本金金額為 1.31 億美元。

As we look ahead to the second half of 2024, we expect to drive sequential On-Demand GMV and group adjusted EBITDA growth. We will continue to innovate and expand our product offerings across our platform to serve new users while improving the loyalty and engagement among our existing users. We expect revenue growth to accelerate beyond 2024 as such initiatives, along with the new contributions from the banks and advertising, both ramping up as they scale.

展望 2024 年下半年，我們預期在按需 GMV 和集團調整後 EBITDA 將持續成長。我們將繼續創新並擴大我們平台上的產品供應，以服務新用戶，同時提高現有用戶的忠誠度和參與度。我們預計，隨著這些措施以及銀行和廣告的新貢獻不斷擴大，收入成長將在 2024 年後加速。

On our guidance for 2024, we are maintaining our full year 2024 revenue guidance of $2.7 billion to $2.75 billion and an adjusted EBITDA guidance of $250 million to $270 million. And we expect to land at the upper end of our EBITDA guidance range. I also want to call out that our revenue growth outlook of 14% to 17% year-on-year assumes roughly 3.5 percentage-point currency headwind to total reported year-on-year growth.

對於 2024 年的指引，我們維持 2024 年全年營收指引 27 億美元至 27.5 億美元以及調整後 EBITDA 指引 2.5 億美元至 2.7 億美元不變。我們預計該數字將達到 EBITDA 指導範圍的上限。我還想指出，我們的收入成長預期為年增 14% 至 17%，這是假設貨幣逆風對報告的同比增長總額造成約 3.5 個百分點的影響。

On overhead costs, we will continue to maintain discipline in managing our cost base and now we expect regional copper costs to improve year-on-year, improving from our prior expectations for regional copper costs to remain stable. As for the full year adjusted free cash flow, we remain committed to driving substantial improvement year-on-year and now expect to achieve positive adjusted free cash flow for the full year 2024.

在間接成本方面，我們將繼續嚴格管理成本基礎，目前我們預計區域銅成本將同比改善，高於我們先前對區域銅成本保持穩定的預期。至於全年調整後的自由現金流，我們仍致力於推動年比大幅改善，目前預計 2024 年全年調整後的自由現金流將達到正值。

To conclude, we remain committed to growing our business sustainably, anchored on generating profitable growth and free cash flow while delivering top line growth. It is also important for us to continue strategic investments on our product offerings and innovate in order to ensure our competitiveness and deliver value to our stakeholders in the long term. As always, Anthony, Alex and I would like to express gratitude to our partners, our users, our shareholders and to our Grabbers for your continued trust and partnership.

總而言之，我們將繼續致力於永續發展我們的業務，致力於創造獲利成長和自由現金流，同時實現營收成長。對我們來說，繼續對我們的產品進行策略性投資和創新也很重要，以確保我們的競爭力並為我們的利害關係人提供長期價值。像往常一樣，Anthony、Alex 和我要向我們的合作夥伴、我們的用戶、我們的股東以及我們的 Grabbers 表示感謝，感謝你們一直以來的信任和合作。

Thanks very much for your time, and now we'll open up the call to questions. Operator?

非常感謝您抽出時間，現在我們開始提問。操作員？

(Operator Instructions)

（操作員指令）

Pang Vitt, Goldman Sachs.

高盛的 Pang Vitt。

Good evening, and thank you very much for the opportunity. Also, congratulations on a solid quarter. I noted that your second quarter GMV and revenue were hampered as a result of the FX weakness against the US dollar. If not for that, growth actually looked quite strong in the second quarter.

晚上好，非常感謝這次機會。此外，恭喜您本季業績表現穩健。我注意到，由於外匯兌美元的疲軟，你們第二季的 GMV 和營收受到了影響。如果不是這樣，第二季的成長實際上看起來相當強勁。

Could you also share some color on what you are seeing in the second half of the year in terms of this macro competitive and also on the industry perspective? Are you actually seeing improving sign in your market, which gives you the confidence to meet the upper end of your guidance items or even there is some room for you to potentially even beat on the guidance still? That's question number one.

您能否從宏觀競爭和產業角度分享您對今年下半年的看法？您是否確實看到市場有所改善的跡象，這使您有信心達到指導項目的上限，或者是否仍有可能超越指導目標？這是第一個問題。

Question number two on Mobility. Can you explain and provide more color on the dip in EBITDA margin quarter-on-quarter? What is the reason behind this and also could you also provide some color on how these margins will trend in the coming quarters? Thank you.

第二個問題與移動性有關。您能否解釋並提供更多有關 EBITDA 利潤率環比下降的資訊？這背後的原因是什麼？謝謝。

Thanks, Pang. Great questions. Let me start, then I'll hand to Peter to just confirm the guidance. So yeah, you're right, the US dollar strengthening did have a big impact on the headline growth in the second quarter. The good news is that so far this quarter, as you know, US dollar has weakened, I think around 4% quarter-to-date. So those headwinds from the second quarter are kind of turning into tailwinds for us here in the third quarter.

謝謝，龐。很好的問題。讓我開始，然後我會交給彼得確認指導。是的，你說得對，美元走強確實對第二季的整體成長產生了很大的影響。好消息是，如你所知，本季迄今為止美元已經貶值，我認為本季迄今已貶值約 4%。因此，第二季的不利因素在第三季將會變成我們的順風。

The macro outlook looks strong in Southeast Asia. So foreign direct inflows, Asian economies are at strong robust levels. Singapore recently upgraded its GDP forecast as well for the full year 2024. And on the ground, we're seeing tourism continuing to grow, particularly, European visitors and then Indian visitors as well, although China is still behind where it was pre-COVID.

東南亞的宏觀前景看起來強勁。因此，外國直接流入，亞洲經濟處於強勁穩健的水平。新加坡最近也調漲了 2024 年全年 GDP 預測。在實地，我們看到旅遊業持續成長，特別是歐洲遊客和印度遊客，儘管中國的旅遊業仍落後於疫情之前的水平。

And then your question on competition, I guess our markets have always been competitive, so there's no change there. We continue to main our category -- maintain our category leadership, both in the region and in every market. So our strategy is quite simple. We use this scale advantage along with our consistent investment in product and tech to drive improvements in both reliability and affordability, while growing profitability at the same time, as you've seen from our 10 quarter of improving profitability, that seems to be gaining traction at the same time as we're growing CP.

然後你關於競爭的問題，我想我們的市場一直都是有競爭力的，所以沒有改變。我們將繼續保持我們的產品類別——保持我們的產品類別領導地位，無論是在地區還是在每個市場。所以我們的策略非常簡單。我們利用這種規模優勢以及我們對產品和技術的持續投資來推動可靠性和可負擔性的提高，同時提高盈利能力，正如您從我們第 10 個季度盈利能力提高中所看到的，這似乎在我們增加 CP 的同時獲得了吸引力。

Features like mapping, hyper batching and just-in-time allocation, they're all unique to Grab's and none of our competitors have that and we believe that makes us consistently more reliable as well as more affordable. As well as obviously attracting consumers because of the reliability with the group MTUs now at an all-time high. So it's very difficult for any local competitors in our -- in any of our markets to replicate that strategy because they simply don't have that scale and the technology to show sustainable profitability in the same way as we are.

地圖繪製、超級批次和即時分配等功能都是 Grab 獨有的，我們的競爭對手都沒有這些功能，我們相信，這使得我們的產品更加可靠，價格也更加實惠。顯然，由於 MTU 組的可靠性目前已達到歷史最高水平，因此也吸引了消費者。因此，我們任何市場中的任何本地競爭對手都很難複製這項策略，因為他們根本沒有像我們一樣的規模和技術來展示可持續的獲利能力。

The trading update is positive. I hope that came across in comments in the prepared remarks. So demand for both Deliveries and Mobility has been strong in the first half of this quarter despite those difficult typhoon conditions that we referred to in several countries. So we do expect to drive sequential GMV growth for both Deliveries and Mobility as well as group adjusted EBITDA growth. And Peter, you want to talk about the guidance?

交易更新是積極的。我希望大家在準備好的評論中能夠看到這一點。因此，儘管我們提到的幾個國家都遭遇了困難的颱風天氣，但本季上半段對配送和行動服務的需求仍然強勁。因此，我們確實希望推動配送和行動業務的 GMV 連續成長以及集團調整後的 EBITDA 成長。彼得，你想談談指導嗎？

Yeah. So yeah, Pang, if you heard Alex there, we are at the sequential GMV growth, both Deliveries and Mobility, as well as also on the financial services front, we're picking up traction there on our lending book, and the banks are starting to scale. We're confident that on the EBITDA side, we will land at the upper end, which implies that our second half will be stronger than the first half. And let's not also forget that the free cash flow generating in the business is now in momentum.

是的。是的，Pang，如果您聽到 Alex 的說法，我們的 GMV 正在連續成長，包括配送和移動性，以及金融服務方面，我們的貸款業務正在獲得牽引力，銀行也開始擴大規模。我們有信心，在 EBITDA 方面，我們將處於較高水平，這意味著我們下半年的表現將比上半年更強勁。我們也不要忘記，企業產生的自由現金流現在正處於成長動能。

We expect adjusted free cash flow positive for the full year. So all these estimates are already baked-in in the -- all the competitive elements and the product investments plans that we make throughout the year. So we're feeling pretty good at how the second half will shape up for us with a lot of these investments that we made in the first quarter and the second quarter translating to the second half.

我們預計全年調整後的自由現金流為正。所以所有這些估計都已經考慮到了我們全年制定的所有競爭要素和產品投資計劃。因此，我們對下半年的情況感到十分樂觀，因為我們在第一季和第二季進行的許多投資都將轉化為下半年的投資。

Thanks, Peter. And then Pang, your second question was on Mobility margins, the dip in this particular quarter and reasons behind this, and trends in the next coming quarters. Well, our main observation on Mobility is that there's a long runway for growth for Mobility in Southeast Asia that we just literally scratching the surface, we believe. So we want to target with more affordability along with reliability. We want to target a growth of the TAM basically by continuing to attract new users.

謝謝，彼得。然後 Pang，您的第二個問題是關於移動利潤率、本季的下滑及其背後的原因，以及未來幾個季度的趨勢。嗯，我們對移動性的主要觀察是，東南亞移動性有著很長的成長空間，我們相信我們才剛剛觸及表面。因此，我們希望以更實惠和更可靠的產品為目標。我們希望透過持續吸引新用戶來實現 TAM 的成長。

So we have been rolling out those innovative affordable new products. They are unlocking new users. So the strategy is working. So in the quarter, Mobility GMV grew 25% year-on-year on that constant currency basis similar to the delivery segment. And then that growth was led by transaction volumes, which is what you'd expect obviously with an affordability strategy. And so the transaction volumes grew even faster at 38% year-on-year.

因此我們一直在推出這些創新且價格實惠的新產品。他們正在解鎖新用戶。因此該策略是有效的。因此，在本季度，以固定匯率計算，行動 GMV 年成長 25%，與配送部門的成長類似。然後，這種成長是由交易量推動的，這顯然是你所期望的可負擔性策略的結果。交易量較去年同期成長更快，達到38%。

And then the MTUs growing at 26% year-on-year. So the strategy is working is exactly what we had planned. So the net effect did lead to a reduction in segment adjusted EBITDA margins in the second quarter, but very much in line with our expectations and we -- but we expect the EBITDA to improve sequentially from here in third quarter and fourth quarter, and we remain committed to our long-term margin expectations of 9% plus for Mobility.

MTU 年成長 26%。因此，該策略正在發揮作用，正如我們所計劃的那樣。因此，淨效應確實導致第二季分部調整後 EBITDA 利潤率下降，但這非常符合我們的預期，我們預計 EBITDA 將在第三季和第四季逐步改善，並且我們仍然致力於實現行動業務 9% 以上的長期利潤率預期。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

Hi. Good evening, management. Thanks for taking my questions. Two questions. First is wanted to get management comment how we perceive these potential disruptions of the On-Demand service given the entrants and partnership of the Shop Video platform with other On-Demand peers. How will Grab plan to defend the threat and how will that impact the EBITDA margin, if we need to fight back with more subsidy?

你好。管理層，晚上好。感謝您回答我的問題。兩個問題。首先，想聽聽管理層的評論，考慮到 Shop Video 平台的進入者和與其他按需同行的合作關係，我們如何看待這些對按需服務的潛在幹擾。如果我們需要透過增加補貼來反擊，Grab 將如何應對威脅，這將如何影響 EBITDA 利潤率？

Second is that if we can get some update on, I know you rolled out some products offering like the corporate, the premium cars and also those airport pickups. Any progress on that? And also any update on the Trans-cab acquisition? Thank you.

第二，如果我們能得到一些更新的話，我知道你們推出了一些產品，像是企業產品、高檔車以及機場接送服務。有什麼進展嗎？還有 Trans-cab 收購的最新消息嗎？謝謝。

Okay . Thanks, Alicia for those three questions. The first one, yeah, we do work with all the major social media partners ourselves as well. We use it to drive top of funnel user acquisition and to reduce our CAC. So there's a lot of optimization that we do as we go from one to the next to drive top of funnel. But we are confident that consumers do prefer Grab's in-app experience further down the funnel because of course, that reliability and affordability that we offer due to our scale.

好的。謝謝艾莉西亞提出這三個問題。第一個，是的，我們也與所有主要的社群媒體合作夥伴合作。我們利用它來推動頻道頂部的用戶獲取並降低我們的 CAC。因此，我們在從一個管道到另一個管道的過程中進行了大量優化，以推動漏斗頂部的形成。但我們確信，消費者更喜歡 Grab 的應用程式內體驗，這當然是因為我們憑藉規模提供的可靠性和可負擔性。

And there's deep functionality in the Grab app, as you're aware with the ability, for example, for the user to communicate with driver and merchant directly throughout. And those product advantages like the largest driver partner network in the region, we use GrabMaps across all the markets, about 90% of the drivers use GrabMaps to navigate.

如您所知，Grab 應用程式具有深度功能，例如，用戶可以直接與司機和商家溝通。這些產品優勢包括該地區最大的駕駛者合作夥伴網絡，我們在所有市場都使用 GrabMaps，大約 90% 的駕駛者使用 GrabMaps 進行導航。

And then, of course, the SuperApp ecosystem, including the banks now, leveraging GrabUnlimited, our subscription program and GrabRewards to cross-sell. So that scale advantage along with that consistent investment in product and tech means that the in-app experience and the reliability and affordability is very hard for social media players to replicate. And so in our view, the social media players will not impact our long-term margins and growth prospects, and we are maintaining the outlook for those long-term margins.

然後，當然還有 SuperApp 生態系統，包括現在的銀行，利用 GrabUnlimited、我們的訂閱方案和 GrabRewards 進行交叉銷售。因此，規模優勢以及對產品和技術的持續投資意味著應用內體驗、可靠性和可負擔性是社群媒體參與者很難複製的。因此，我們認為，社群媒體參與者不會影響我們的長期利潤率和成長前景，而且我們對長期利潤率的前景仍持樂觀態度。

So I hope we sound confident. It's not that we are complacent. We are monitoring very, very carefully what those interactions are between the social media players and other players in the industry. But we think that the relationship we have with many of them allows us to optimize acquisition, but provide the best possible combination of reliability and affordability once in our app.

所以我希望我們聽起來充滿信心。這並不是說我們自滿。我們正在非常仔細地監控社群媒體參與者和業內其他參與者之間的互動。但我們認為，與其中許多公司建立的關係使我們能夠優化收購，同時在我們的應用程式中提供可靠性和可負擔性的最佳組合。

And then your next question was about the premium offerings. Thanks for that. Yeah. We're very excited about the premium offerings. So high value rides, it really creates a win-win situation because the GrabPremium generates about twice or in fact, even more than twice the revenue per ride that the standard rides generate. So that's very beneficial for the driver partners and it's helping us to attract more limos, more luxury cars, and drivers onto our platform.

您的下一個問題是關於優質產品的。謝謝。是的。我們對於優質產品感到非常興奮。因此，高價值的乘車服務確實創造了雙贏的局面，因為 GrabPremium 每次乘車產生的收入大約是標準乘車每次乘車收入的兩倍，甚至兩倍以上。這對司機合作夥伴來說非常有利，並且有助於我們吸引更多豪華轎車、豪華汽車和司機加入我們的平台。

And typically, in the past, those platforms have stayed away from all of the On-Demand platforms. But I think with this advanced booking ride-hailing product, which was just relaunched, they see that now as very appropriate for them in terms of ability to attract travelers and to attract executives. And this is helping our supply at the high end. It's enabling us to drive over 3 times higher driver earnings per ride. So those individuals who own their own limos are actually now much more interested in driving with us.

通常，在過去，這些平台都遠離所有的按需平台。但我認為，對於剛重新推出的這款提前預訂叫車產品，他們認為該產品非常適合他們吸引旅客和高階主管的能力。這有助於我們的高端供應。它使我們每次行程的司機收入提高了 3 倍以上。因此，那些擁有豪華轎車的人現在實際上對與我們一起駕駛更感興趣。

Travelers account for about 20% of our premium mobility MTUs regionally. And then the average basket size is about 1.5 times higher in both transport and food for tourists. So we maintain our view that this traveler tourist segment is extremely attractive for our services, and we are deliberately targeting them at airports, as you can see from some of our out-of-home advertising. And what you may not see is, we're also advertising digitally in those -- in the outgoing markets like India, North Asia, etc coming into this region.

旅客約占我們地區優質移動 MTU 的 20%。而遊客在交通和食品方面的支出平均大約高出 1.5 倍。因此，我們堅持認為，這個群體對我們的服務極具吸引力，而且我們特意在機場瞄準這一群體，正如您從我們的一些戶外廣告中看到的那樣。您可能沒有看到的是，我們也在印度、北亞等外向型市場投放數位廣告，並進入該地區。

It's still early days for our premium offerings. I'm glad you asked the question. The launches are a bit behind the launches that we did for Saver. So the Saver is reaching critical mass a bit earlier, but we do expect a considerable growth from the premium offerings for the next two quarters as they start to gain scale as well in the region.

我們的優質產品還處於早期階段。我很高興你問了這個問題。此次發布比我們為 Saver 所做的發布稍晚。因此，Saver 達到臨界規模的時間稍早一些，但我們預計，隨著優質產品在該地區開始擴大規模，未來兩個季度它們將實現可觀的成長。

And then on lastly on Trans-cab, I think probably most of you are aware, the CCCS in Singapore decided not to clear our proposed acquisition. We had hoped to use it to accelerate new supply or to create more productivity from the taxi fleet that we were acquiring, so it would in fact essentially add supply to the Singapore market.

最後關於 Trans-cab，我想大多數人都知道，新加坡 CCCS 決定不批准我們提出的收購。我們曾希望利用它來加速新的供應，或從我們正在收購的計程車隊中創造更多的生產力，因此它實際上會增加新加坡市場的供應。

But in the meantime, we've been actually working on supply enhancement in Singapore in many, many different ways most particularly obviously through our technology where we are getting higher and higher productivity from the drivers in Singapore, with a lot of new initiatives.

但同時，我們實際上一直以多種不同的方式致力於新加坡的供應增強，最明顯的是透過我們的技術，透過許多新舉措，我們讓新加坡的駕駛者獲得越來越高的生產力。

And then we've also been attracting new fleets to work with us in Singapore. So I think -- I hope consumers will realize that they're still able to book taxis through the Grab app. We continue to be open to working with the other taxi companies. And in fact, we already work with Trans-cab. So we're basically taking in our stride and enhancing supply in other ways to compensate. So I think we -- everything, business as usual, we continue.

我們也一直在吸引新的船隊在新加坡與我們合作。所以我認為——我希望消費者能夠意識到他們仍然可以透過 Grab 應用程式預訂計程車。我們願意繼續與其他計程車公司合作。事實上，我們已經與 Trans-cab 合作。因此，我們基本上是在採取適當措施並透過其他方式增加供應以進行補償。所以我認為我們 — — 一切照常，我們會繼續。

Thank you.

謝謝。

Sachin Salgaonkar, Bank of America.

美國銀行的 Sachin Salgaonkar。

Hey, thank you for the opportunity. I have two questions. First question is on our Delivery EBITDA margin. We see the last couple of quarters, it's hovering in the range of 1.5%, 1.6% versus, let's say, in 4Q, it was high at 2.1%. I do understand there's a bit of a seasonality associated with that. But apart from that, anything else which is impacting it? And general thoughts on how we should look at the margin, should we see a near-term improvement in this margin? Any changes to your long-term guidance out here?

嘿，謝謝你給我這個機會。我有兩個問題。第一個問題是關於我們的交付 EBITDA 利潤率。我們看到，最近幾個季度，該數字徘徊在 1.5%、1.6% 之間，而第四季度則高達 2.1%。我確實明白這與季節性有關。但除此之外，還有其他因素對其有影響嗎？關於我們應該如何看待利潤率的總體想法是，我們是否應該看到這個利潤率在短期內有所改善？您對長期指導有什麼改變嗎？

Second question is on your financial services. Clearly now all Digibanks have been launched in all three countries. You do expect your second half to be better than first half. So in that context, any change in terms of guidance and breakeven in financial services?

第二個問題是關於你們的金融服務。顯然，現在三個國家的 Digibank 都已正式推出。你確實期望下半場比上半場表現更好。那麼在這種背景下，金融服務的指導和損益平衡方面有任何變化嗎？

Sachin, let me take the questions on both of them here. Look on Deliveries margin, we were continuing to invest in products at the same time. You've seen some if you look from a quarter-on-quarter perspective, we -- our margin slightly ticked up. If you look from a year-over-year basis, our margin for Deliveries improved by about 110 basis points. So overall, I think we're making all the right decisions in investing into new products also in Deliveries.

薩欽，讓我在這裡回答他們兩個的問題。從交付利潤來看，我們同時在持續對產品進行投資。如果從季度環比角度來看，您會看到我們的利潤率略有上升。如果從同比來看，我們的交付利潤率提高了約 110 個基點。所以總的來說，我認為我們在投資新產品和交付方面做出了正確的決定。

We spoke a lot about Mobility. We shouldn't forget about Deliveries also. There's a ton of stuff that's going on in the Deliveries side. We've got also dine-out features now prominent in our app. The users are using it. There's other initiatives also that were in the works. Our grocery delivery, as well as our mark delivery continues to see good momentum. And so we'll continue to make those investments. So we're continuing to make those investments and also balance profitability at the same time.

我們討論了很多有關移動性的話題。我們也不應該忘記交付。交付方面發生了很多事情。我們的應用程式中現在也突出了外出用餐功能。用戶正在使用它。還有其他措施正在籌備中。我們的雜貨配送以及品牌配送持續保持良好勢頭。因此我們將繼續進行這些投資。因此，我們將繼續進行這些投資，同時平衡獲利能力。

So we continue to grow the EBITDA of our Deliveries business. It's important that we do that and we feel pretty good in where we are today and we'll see -- you'll see sequential growth in both our GMV revenue and our EBITDA dollars from that perspective. We're committed to the 4% plus in terms of margins. You'll see margins swing from one quarter to a quarter. Some of that it could be just the product mix in the business and also how advertising comes in also into the business. But where we are today, the EBITDA -- the margin for Deliveries, we feel is in a good spot and we are shooting for that 4% plus from a long-term margin perspective.

因此，我們持續提高配送業務的 EBITDA。這樣做很重要，我們對目前的狀況感到非常滿意，從這個角度來看，你會看到我們的 GMV 收入和 EBITDA 美元都連續成長。我們致力於將利潤率提高到4%以上。您會看到利潤率從一個季度到另一個季度都在波動。其中一些可能只是業務中的產品組合，以及廣告如何融入業務。但就目前情況而言，我們認為 EBITDA（即交付利潤率）處於良好水平，從長期利潤率角度來看，我們的目標是達到 4% 以上。

Second question around the banks itself. You saw all the statistics that in the prepared remarks, what you saw there was the momentum that we're seeing in both Singapore and Malaysia and also including Indonesia in the deposit base. We�re starting to see now momentum in our loans business, both across especially our GrabFin as well as in our banks. And in my remarks, I alluded that we remain committed for our banks to breakeven by no later than the second half of 2026.

第二個問題有關銀行本身。您在準備好的發言中看到了所有的統計數據，您看到的是新加坡和馬來西亞以及印尼的存款基礎所呈現的勢頭。我們現在開始看到貸款業務的發展勢頭，尤其是在 GrabFin 和銀行方面。我在演講中提到，我們仍然致力於讓我們的銀行不遲於 2026 年下半年達到收支平衡。

And we're seeing some good momentum in where the users are leveraging the banks within Grab ecosystem. Over 80% of our Grab users are actually leveraged in terms of the deposit holders and those who are using the bank products today, there's a good 80% portion of them are Grab users and that's healthy and that's what we want to see. And we're continuing to get more products out also for our banks and also as we drive the profitability to come for no later than 2026.

我們看到用戶在 Grab 生態系統中利用銀行的勢頭良好。我們 Grab 用戶中超過 80% 的人實際上都利用了存款持有者和今天使用銀行產品的人，其中 80% 是 Grab 用戶，這是健康的，這也是我們希望看到的。我們將繼續為我們的銀行推出更多產品，並在不遲於 2026 年實現盈利。

Thank you.

謝謝。

Thanks, Sachin. Next question, operator.

謝謝，Sachin。下一個問題，接線生。

Piyush Choudhary, HSBC.

Piyush Choudhary，匯豐銀行。

Yeah. Hi. Thanks for the call. Two questions, please. Firstly, could you talk a little bit about competitive landscape across both the ride-hailing and Delivery segment. Reason to ask is what has led to increase in incentive spends in On-Demand segment? It rose to around 10.1% of GMV in 2Q versus 9.7% in first quarter? And that's the first question.

是的。你好。感謝您的來電。請問兩個問題。首先，您能否談談叫車服務和外送服務的競爭格局。需要問的原因是，什麼導致了按需領域的激勵支出增加？它佔 GMV 的比重從第一季的 9.7% 上升至第二季的 10.1% 左右？這是第一個問題。

Secondly, you've explained on the Mobility margin drop, but what is the breakup of how much of the drop is due to new rollout of -- new product rollouts and how much is due to change in product mix? And how long will these investments into new product initiatives would persist in the Mobility segment? Thank you.

其次，您已經解釋了行動利潤率下降的原因，但是，其中有多少下降是由於新產品的推出，又有多少是由於產品組合的變化？在行動領域，這些對新產品計劃的投資將持續多久？謝謝。

Thanks, Piyush. Yeah. There's a lot of new launch activity going on in this quarter, not just in Mobility, but also Deliveries, Peter was referring to the omni services that we've been launching, as well as Saver there. And then, we've got Saver and advanced booking in the Mobility space. So those incentives were largely associated with supporting those launches. The competitive activity is there, but it's always been there, as I was saying earlier.

謝謝，Piyush。是的。本季有許多新的發布活動，不僅是在行動領域，還有配送領域，Peter 指的是我們已經推出的全方位服務，以及 Saver。然後，我們在行動領域推出了節省時間和提前預訂服務。因此，這些激勵措施主要與支持這些發布有關。競爭活動是存在的，但正如我之前所說的，它一直都存在。

So we don't see any particular intensification of competitive activity. The product mix is a factor. Obviously, the Saver launches went ahead of the premium launches. So that has changed the product mix in the short term. But like I was saying earlier, we are expecting the premium launches to get more traction in the second half because they were launched only very recently.

因此，我們沒有看到競爭活動有任何特別的加劇。產品組合是一個因素。顯然，Saver 的推出先於 Premium 的推出。因此這在短期內改變了產品結構。但就像我之前說的那樣，我們預計高端產品的推出將在下半年獲得更多的關注，因為它們是最近才推出的。

Another thing I'm going to add, Piyush. We don't break up the split-up between what's new product and product mix because there are some seasonal impact in terms of what type of rides people take in different months also. And also there is also tourism that comes into it. As Alex mentioned earlier, the tourism market also attracts much of a high valued ride for us. So I think overall, while what we're doing is a balance between new products and product mix and new products as well as incentives, also growing the supply base also at the same time.

我還要補充一點，Piyush。我們沒有將新產品和產品組合分開，因為人們在不同月份乘坐的交通類型也會受到季節性的影響。此外，這裡還有旅遊業。正如 Alex 之前提到的，旅遊市場也為我們吸引了許多高價值的遊客。因此我認為總的來說，我們所做的是在新產品和產品組合以及新產品和激勵措施之間取得平衡，同時也在擴大供應基礎。

We are anticipating a strong second half Mobility business. We're ramping up our driver supply base. We are ramping up premium driver supply base also as we anticipate the traveler segment also growing here in Southeast Asia. So from a margin perspective, we'll continue to be committed to the long-term margin of 9% plus for Mobility. And we expect also to continue to drive EBITDA growth in our Mobility business, especially in the second half versus the first half.

我們預計下半年行動業務將會表現強勁。我們正在擴大我們的駕駛員供應基地。我們預計東南亞的旅行者群體也將不斷增長，因此我們也正在加強優質駕駛員供應基地。因此，從利潤率的角度來看，我們將繼續致力於行動業務的長期利潤率達到 9% 以上。我們也預期行動業務的 EBITDA 將持續成長，尤其是下半年相對於上半年。

Ranjan Sharma, JPMorgan.

摩根大通的 Ranjan Sharma。

Hi. Good evening, and thank you for the presentation and the opportunity. So I just have two questions. Firstly, on your stock-based compensation, I see the first half is running at a higher level compared to the first half of last year and even the quarter is running much higher than the quarterly run rate that you had from the second to third quarter -- second to fourth quarter last year. Now when your corporate -- when your headcount is getting optimized, like why is your stock-based compensation running high if you can share more color around that?

你好。晚上好，感謝您的演講和機會。我只有兩個問題。首先，關於你們的股票薪酬，我發現上半年的股票薪酬水準比去年上半年更高，甚至本季的股票薪酬水準也比去年第二季到第三季－第二季到第四季的股票薪酬水準高得多。現在，當您的公司——當您的員工人數優化時，如果您可以分享更多細節，為什麼您的股票薪酬會很高？

And secondly -- and the second question is on your free cash flows. Your guidance is maintained on EBITDA. So -- but you see an inflection in adjusted free cash flow. So if you can help us understand what is the moving part? Thank you.

其次——第二個問題是關於您的自由現金流。您對 EBITDA 的指導保持不變。所以 — — 但您會看到調整後的自由現金流出現了變化。那麼，您能否幫助我們理解移動部分是什麼？謝謝。

Sure, Ranjan. If you look at our stock-based compensation, if you look at the first half and I'm going to compare it to the last half of last year, we're roughly about $8 million higher than last year. And there's always timings when it comes to vesting periods. Yes, we do have a lowered headcount. But if you also remember that the headcount that we made the reduction was in the second half, that was in June last year when we did the restructuring. So a lot of the benefits that you'll see will flow in the second half. So I don't think first half is a good comparison.

當然，Ranjan。如果你看看我們的股票薪酬，如果你看看上半年並且我將其與去年下半年進行比較，你會發現我們比去年大約高出 800 萬美元。而歸屬期總是有時間限制的。是的，我們的員工人數確實減少了。但如果你還記得的話，我們裁員是在下半年，也就是去年六月我們進行重組的時候。因此，您將看到的許多好處將會在下半年顯現。因此我認為上半部不太適合作為比較。

What I'll say is that from an SBC perspective as a percentage of revenue, it will be lower, roughly about 200 basis points to 300 basis points on a year-over-year basis. And it's a cost that we're also obviously watching very closely here. And on dilution, just to give another perspective on SBC, it's currently pacing at roughly about 2% and we're very judicious when it comes to that. Actually, if you include the share buyback program, our dilution is roughly about 1.3% and we're planning to actually deploy our share buyback program more judiciously also to manage our overall share dilution.

我想說的是，從 SBC 的角度來看，佔收入的百分比將會較低，與去年同期相比大約下降 200 個基點到 300 個基點。顯然，我們也在密切關注這項成本。關於稀釋，僅從另一個角度看待 SBC，目前它的步伐大約為 2%，我們對此非常明智。實際上，如果包括股票回購計劃，我們的稀釋度約為 1.3%，我們計劃更明智地部署我們的股票回購計劃，以管理我們的整體股票稀釋度。

Second question around the free cash flow. Look, the really the difference between our -- the delta between EBITDA and free cash flow, all of the components is really on working capital and CapEx itself. So if you look at our CapEx in the first half is roughly running about $50 million and then the other part is working capital. Our working capital in the second half is traditionally much more positive than the first half.

第二個問題是關於自由現金流。你看，我們之間的真正差異——EBITDA 和自由現金流之間的差異，所有組成部分實際上都在於營運資本和資本支出本身。因此，如果你看看我們上半年的資本支出，大約是 5000 萬美元，另一部分是營運資金。我們下半年的營運資本傳統上比上半年積極得多。

And also the third component probably is a little bit more different than last year's taxes. So our income tax expense is higher than last year, but that's also natural just given the profitability profile of our business and just in certain countries, the way our NOLs are also being utilized and also some entities are just achieving profitability much faster than the other countries from a tax perspective.

而且第三個部分可能與去年的稅收略有不同。因此，我們的所得稅支出高於去年，但考慮到我們業務的盈利狀況，以及在某些國家/地區的淨營業利潤 (NOL) 的使用方式，以及從稅收角度來看某些實體實現盈利的速度比其他國家快得多，這也是自然的。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Hey, thanks. I'll just ask one question. These group MTUs, I think they rose about $2.4 million sequentially. I think that's the biggest increase you've had in the last two plus years or something like that. So just go through what, what were the big inflection point drivers of the growth in group MTUs? Thank you.

嘿，謝謝。我只問一個問題。我認為這些 MTU 組的數量連續上漲了約 240 萬美元。我認為這是過去兩年多來最大的增幅，或是類似這樣的增幅。那麼，讓我們來看看，推動群組 MTU 成長的重大轉折點是什麼？謝謝。

Hi, Mark. Thanks for the question. The biggest driver was the push for affordability. So we specifically made this decision to use our scale to drive affordability and that's allowed us to attract new users to the platform. So we're seeing 14% and 15%, respectively, new users to Deliveries and Mobility through those Saver products first and then we cross sell from there. So that's been a big injection of new MTUs.

你好，馬克。謝謝你的提問。最大的驅動力是對負擔能力的追求。因此，我們特意做出這個決定，利用我們的規模來提高價格承受能力，這使我們能夠吸引新用戶使用該平台。因此，我們首先透過這些 Saver 產品看到 Deliveries 和 Mobility 的新用戶分別有 14% 和 15%，然後我們從那裡進行交叉銷售。因此，這是新 MTU 的一次大注入。

And then the transaction volumes are coming and therefore boosting MTUs as well. So we're getting higher frequency from existing users and that's boosting MTU. So this was an intentional strategy. We flagged it at the start of this year and we talked about the new product launches that would underpin it, and we're delighted that we are seeing the MTU increase. In our view, this is a leading indicator for future revenue and profitability growth. So we think it's a good investment for us to make for shareholders.

然後交易量就會增加，也會提高 MTU。因此，我們從現有用戶那裡獲得了更高的頻率，從而提高了 MTU。所以這是一個有意為之的策略。我們在今年年初就對此進行了標記，並討論了將支援它的新產品的發布，我們很高興看到 MTU 的增加。我們認為，這是未來收入和獲利成長的領先指標。因此我們認為這對股東來說是一項很好的投資。

Thank you very much.

非常感謝。

Jiong Shao, Barclays.

巴克萊銀行的邵炯（Jiong Shao）

Thank you for taking my question. My apologies for getting a bit late if I ask you already answered my apologies. I saw you had a nice improvement in regional cost this quarter. Could you talk about sort of your outlook for the next two quarters as well? There was a nice reduction quarter-over-quarter in Q2.

感謝您回答我的問題。如果我問您已經回答了我的歉意，那麼我為您回答得有點晚了。我發現本季你們的區域成本有了很大的改善。您能談談對未來兩季的展望嗎？第二季季減幅度較大。

Lastly on the regional cost, I know already you have talked about the sort of the competition of potential competition from TikTok, but I want to flip to the other side because obviously, some of your peers only really have the business for delivery in one country in a way. Do you think the potential revenue opportunities or partner opportunities with TikTok in the other countries in the region where you have a very high market share. Thank you.

最後，關於區域成本，我知道您已經談到了來自 TikTok 的潛在競爭，但我想談談另一方面，因為很明顯，您的一些同行實際上只在一個國家開展配送業務。您認為 TikTok 在您所在地區佔有高市場份額的其他國家是否具有潛在的收入機會或合作機會？謝謝。

Hey, Jiong. Let me take the first one on regional corporate costs and I'll turn it to Alex on competition. So on regional corporate cost, as you know, and I've been speaking this now for many quarters, we've been really focused in driving our cost structure down. And it's -- as we scale this business, we want to drive more operating leverage. Our regional corporate cost was down 14% on a year-over-year basis in the second quarter.

嘿，囧。讓我先談談區域公司成本，然後再由亞歷克斯談談競爭問題。因此，就區域公司成本而言，正如您所知，而且我已經談過這個很多個季度了，我們一直致力於降低成本結構。隨著我們擴大業務規模，我們希望提高營運槓桿。我們區域公司成本第二季年減了 14%。

And in terms of how we're thinking for the rest of the half here, what I did say earlier was our regional corporate cost for the year 2024 will be lower than 2023. And that gives you the perspective how to model that for the rest of this year. Now, we see -- we're going to continue to find ways in optimizing our cost structure, whether it's fixed or variable because again as we drive scale, we want to drive more operating leverage in the business.

至於我們對下半年的想法，我之前確實說過，我們 2024 年的區域公司成本將低於 2023 年。這為您提供瞭如何為今年剩餘時間建模的視角。現在，我們看到—我們將繼續尋找優化成本結構的方法，無論是固定的還是可變的，因為隨著我們擴大規模，我們希望在業務中提高更多的營運槓桿。

And let me answer the second question about kind of the potential upside from the growth of social media in the region. It is true actually. Yeah. I think that the online commerce is growing as a category, and we work with all of the social media platforms as marketing partners to attract top of funnel. The most direct impact that we would see outside of food delivery is our GrabExpress services and GrabExpress, which is a last-mile delivery service, is growing. It's one -- it's the largest instant delivery service in the region. And we do see upside there as our merchant partners work with social media platforms and as we ourselves use it to attract users into the platform. Thanks for the question.

讓我來回答第二個問題，關於該地區社交媒體成長的潛在優勢。事實上，這是真的。是的。我認為線上商務作為一個類別正在不斷發展，我們作為行銷合作夥伴與所有社交媒體平台合作以吸引管道頂端的客戶。除了食物配送之外，我們看到的最直接的影響是我們的 GrabExpress 服務，而最後一哩配送服務 GrabExpress 正在成長。它是該地區最大的即時配送服務之一。當我們的商家合作夥伴與社群媒體平台合作，並且我們自己使用它來吸引用戶進入平台時，我們確實看到了好處。謝謝你的提問。

So could I please follow up on both questions. One is that, Peter, do you have comments about I know in the past, you may have talked about corporate cost to be kind of flattish next year. Any update there? And back to the social media, I also want to follow up that just curious if you already start discussing about trials in terms of working with them. I know they have started trials in Indonesia with another company as you probably know. Thank you.

因此我能否跟進這兩個問題。一個是，彼得，你對此有何評論？有任何更新嗎？回到社群媒體，我也想跟進一下，只是好奇您是否已經開始討論與他們合作的試驗。我知道他們已經與另一家公司在印尼開始試驗，你可能也知道。謝謝。

Yes, Jiong. We're not providing guidance yet for next year. We'll do that in due time. We'll continue to optimize our costs. And that's my commitment to the business. It's always been, and we'll find ways to do that. So what you'll see is -- and you can see the trend of our corporate cost structure of our business, and we'll continue to find ways to it. And again, this is not just fixed cost, right, you also got variable costs into those components. So again, we're -- when we look for every opportunity where we can.

是的，囧。我們尚未提供明年的預測。我們將在適當的時候這樣做。我們將繼續優化我們的成本。這就是我對這項事業的承諾。事情一直都是這樣的，我們會找到方法來實現這一點。所以您將會看到—您可以看到我們企業成本結構的趨勢，我們會繼續尋找方法來解決它。再說一次，這不僅僅是固定成本，對吧，這些組件中還包含變動成本。所以，我們再說一次——我們尋找每一個可能的機會。

And Jiong, I won't comment on any specific discussions as I'm sure you'll understand. But the way we work with the social media platforms is we use them for demand generation. And there are many -- there are several very large and successful platforms for us to choose from. So we work with all of them and we optimize our marketing efforts across them to make sure that we manage our acquisition costs accordingly. Thanks.

Jiong，我不會對任何具體討論發表評論，因為我相信你會理解。但我們利用社群媒體平台的方式是利用它們來產生需求。有很多——有幾個非常大且成功的平台可供我們選擇。因此，我們與所有這些公司合作，並優化我們的行銷工作，以確保我們相應地管理我們的收購成本。謝謝。

Thank you very much.

非常感謝。

Thanks everyone for your time. Thanks very much guys for listening to the call. I hope it was helpful. And if you have any questions, please address it to our Investor Relations team. More than happy to have more conversations with all of you. So thanks again for your time. Appreciate it and talk next quarter.

感謝大家的時間。非常感謝大家收聽電話會議。我希望這有幫助。如果您有任何疑問，請諮詢我們的投資者關係團隊。非常高興能與大家進行更多交談。再次感謝您的時間。非常感謝，下個季度再聊。

This concludes Grab's second quarter 2024 earnings conference call. Thank you for your participation. You may now disconnect.

這就是 Grab 2024 年第二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。