Grab Holdings Ltd (GRAB) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Sierra, and I will be your conference operator for this session. Welcome to Grab's third-quarter 2024 earnings results call. (Operator Instructions)

女士們、先生們，謝謝你們今天加入我們。我叫 Sierra，我將擔任本次會議的會議操作員。歡迎參加 Grab 2024 年第三季財報電話會議。（操作員說明）

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

我現在將其轉交給 Douglas Eu 來開始通話。

Good day, everyone, and welcome to Grab's third-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 年第三季財報電話會議。我是 Douglas Eu，Grab 投資者關係和策略財務總監。今天加入我的是執行長 Anthony Tan； Alex Hungate，營運長；和財務長 Peter Oey。

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 in 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。由於本次財報電話會議、財報發布以及我們向 SEC 提交的 20-F 表格和其他文件中所述的許多風險和不確定性，實際結果可能會存在重大差異。

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, remarks, 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。這些措施補充但不能取代 IFRS 財務措施。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調節表。欲了解更多信息，請參閱我們的 IR 網站上的收益新聞稿、評論和補充演示文稿。

And with that, I will turn the call over to Anthony to deliver his opening remarks before we open it up for questions.

接下來，我將把電話轉給安東尼，讓他在我們開始提問之前發表開場白。

Thank you so much for joining us today. Third quarter 2024 was a strong quarter for us. The investments we have made or been making across the business drove an acceleration of our on-demand GMV growth year on year. We continue to leverage our platform scale to drive profitable growth, with group adjusted EBITDA more than tripling year on year to reach another record high of $90 million and our 11th consecutive quarter of adjusted EBITDA improvement.

非常感謝您今天加入我們。2024 年第三季對我們來說是一個強勁的季度。我們在整個業務中已經或正在進行的投資推動了我們的按需 GMV 逐年加速成長。我們繼續利用我們的平台規模來推動盈利增長，集團調整後 EBITDA 同比增長兩倍以上，再創歷史新高 9000 萬美元，並且調整後 EBITDA 連續第 11 個季度改善。

Monthly transacting users, a leading indicator of future platform growth, also recorded its sixth sequential quarter of growth, growing 16% year on year to 42 million for the quarter. On the back of these strong results, we remain confident about Grab's growth potential and believe that we are in pole position to capture the opportunities of growing high-value transactions and strengthening domestic demand. And we are committed to doing this while ensuring profitable growth and sustainable free cash flow generation, improving operating leverage and enhancing shareholder returns.

作為未來平台成長領先指標的月度交易用戶也實現了連續第六個季度的成長，年增 16%，達到 4,200 萬。憑藉這些強勁的業績，我們對 Grab 的成長潛力仍然充滿信心，並相信我們處於領先地位，能夠抓住高價值交易成長和國內需求增強的機會。我們致力於做到這一點，同時確保獲利成長和可持續的自由現金流產生、提高營運槓桿並提高股東回報。

As always, I would like to convey our sincere gratitude to our fellow Grabbers, our customers and partners for their contributions and support in driving these results. With that, I open the call for questions. Operator?

一如既往，我謹向我們的 Grabbers 同事、客戶和合作夥伴表示誠摯的謝意，感謝他們為推動這些成果所做的貢獻和支持。就這樣，我開始提問。操作員？

(Operator Instructions) Pang Vitt, Goldman Sachs.

（操作員指令）Pang Vitt，高盛。

Hi, good morning, management, and congratulations on a strong quarter. Two questions from my side. Number one, we've seen a meaningful pickup in your growth rates, particular in your delivery business, growing 16% year on year in constant currency term and also a very nice pickup in margin as well.

嗨，管理層早上好，恭喜季度業績強勁。我這邊有兩個問題。第一，我們看到您的成長率顯著上升，特別是在您的送貨業務方面，以固定匯率計算年增 16%，而且利潤率也有非常好的上升。

Do you expect this growth to sustain? And what incremental initiatives are you putting in place to drive test in fourth quarter and also especially going into next year 2025? That's question number one.

您預計這種成長會持續下去嗎？您將採取哪些增量措施來推動第四季（尤其是明年 2025 年）的測試？這是第一個問題。

Question number two, could you also share the latest update on competitive landscape, especially in Indonesia? Have you seen material change to market share as we've seen your main competitors spend more in recent months? Do you expect this to impact your margins going forward?

第二個問題，您能否分享一下競爭格局的最新動態，尤其是在印尼？您是否看到市場佔有率發生重大變化，因為我們看到您的主要競爭對手近幾個月花費更多？您預計這會影響您未來的利潤率嗎？

Thanks very much, Pang. This is Alex. I'll take those questions. So first of all, we are seeing strong growth momentum in October and November to date, particularly the push for affordability and high-value services for customers. So part of the laddering strategy that we've talked about before. And then GrabUnlimited continues to grow strongly too. Our loyalty program has hit another all-time high.

非常感謝，龐。這是亞歷克斯。我會回答這些問題。首先，我們看到 10 月和 11 月迄今為止的強勁成長勢頭，特別是為客戶提供可負擔性和高價值服務的推動。這是我們之前討論過的階梯策略的一部分。然後 GrabUnlimited 也繼續強勁成長。我們的忠誠度計劃再創歷史新高。

I guess one key call-out that we focused on in some of the slide materials that we sent out earlier is Food to Mart cross-sell. So Mart has been growing 1.7 times faster than Food in the quarter. And then we're getting almost five times higher order frequency amongst users who transact in both Food and Mart with more than two times higher retention rate as well. So we expect that cross-sell to continue to be a strong source of growth with deliveries.

我想我們在之前發出的一些幻燈片材料中重點關注的一個關鍵點是「食品到市場」交叉銷售。本季 So Mart 的成長速度是 Food 的 1.7 倍。然後，在 Food 和 Mart 進行交易的用戶的訂單頻率幾乎提高了五倍，保留率也提高了兩倍以上。因此，我們預期交叉銷售將繼續成為交付量成長的強勁來源。

The other thing that we're doing is that we are helping merchants to attract customers to dine out at the store in addition to the traditional role that we've done in helping them with food deliveries. And that's driving strong GMV growth. And of course, we've got a lot of available TAM there because in most restaurants, the majority of the TAM, majority of the revenue that the merchant is trying to manage is people coming into the store. So that allows Grab to play an important role there. And with the strong growth in advertising revenues that you've seen, that helps us to monetize that with the merchant.

我們正在做的另一件事是，除了幫助商家提供食品配送的傳統作用之外，我們還幫助商家吸引顧客在商店外出用餐。這推動了 GMV 的強勁成長。當然，我們在那裡有很多可用的 TAM，因為在大多數餐廳中，大多數 TAM，商家試圖管理的大部分收入都是進入商店的人。這使得 Grab 能夠在那裡發揮重要作用。隨著您所看到的廣告收入的強勁增長，這有助於我們與商家一起貨幣化。

Mobility is also pacing strongly as you saw, so 30% year on year GMV growth from high-value Mobility rides. So these are the new services that we've launched, particularly advanced booking, which is very popular with both travelers and executives. And we think that that has a lot of upside. It's a newer set of products than our affordability products and therefore, gives us a lot of scope to grow TAM there. It's high margin, and it can produce higher driver earnings. So it's a very good, healthy new source of growth for our marketplace.

正如您所看到的，行動出行也在強勁發展，因此高價值移動出行的 GMV 同比增長了 30%。這些是我們推出的新服務，特別是提前預訂，這很受旅客和高層的歡迎。我們認為這有很多好處。這是比我們的經濟型產品更新的一系列產品，因此為我們提供了很大的發展 TAM 的空間。它的利潤率很高，可以為司機帶來更高的收入。因此，這對我們的市場來說是一個非常好的、健康的新成長源。

And then finally, on the bank side, we're optimistic. As of November, we now have lending products in all three markets. So it's the first time that we've been able to lend in all three markets in addition to lending through GFin, which has been our traditional way of lending.

最後，在銀行方面，我們持樂觀態度。截至 11 月，我們現在在所有三個市場都有貸款產品。因此，除了透過 GFin 提供貸款（這是我們傳統的貸款方式）之外，這是我們第一次能夠在所有三個市場提供貸款。

You will have noticed in our prepared remarks, I just want to emphasize actually, that the trading update, maintaining our prior expectations of driving another quarter of sequential growth in both on-demand segments heading into the fourth quarter. So that will set us up strongly for 2025.

您可能已經注意到，在我們準備好的發言中，我實際上只想強調，交易更新維持了我們先前的預期，即推動兩個按需細分市場在進入第四季度時再實現一個季度的連續增長。因此，這將為我們 2025 年奠定堅實的基礎。

The second question was about competition especially in Indonesia. Okay. So well, Grab Indonesia is enjoying good sustainable growth. For us, Indonesia started to be positive EBITDA more than a year ago, as you recall. And since then, we've grown Indonesia's EBITDA, Indonesia's revenue and Indonesia's GMV, both year on year and quarter on quarter. So it's a good progress financially across all fronts.

第二個問題是關於競爭，特別是在印尼。好的。因此，Grab Indonesia 正在享受良好的可持續成長。您還記得，對我們來說，印尼一年多前就開始實現正 EBITDA。從那時起，我們印尼的 EBITDA、印尼營收和印尼 GMV 均達到年比和季比成長。因此，這在各方面都是財務上的良好進展。

We have noticed an increased spend from our competitor in Indonesia, as you noted in your question. I think the reliability of our services and the new services that we have launched are getting good traction with customers. You can see that very clearly in the data. So overall order frequency is up year on year in Indonesia, while retention rates have remained roughly stable. So that means that the lifetime value of our Indonesian customer base is improving.

正如您在問題中指出的那樣，我們注意到印尼競爭對手的支出有所增加。我認為我們服務的可靠性以及我們推出的新服務受到了客戶的廣泛關注。您可以在數據中非常清楚地看到這一點。因此，印尼的整體訂單頻率較去年同期上升，而保留率則大致保持穩定。這意味著我們印尼客戶群的終身價值正在提高。

And in particular, the deliveries average order frequency has accelerated strongly quarter on quarter. So that's even while competitors are spending a lot more than us, we are able to generate that great traction with our customers. And because of our regional scale, where you'll recall, we're about four times larger than our next biggest competitor in the region, we are getting better operating leverage across our cost base. So we don't comment on category position country by country, but I can confirm that we're still approximately four times larger than our next largest competitor in the region.

特別是，平均訂單交付頻率逐季大幅加快。因此，即使競爭對手的支出比我們多得多，我們也能夠對客戶產生巨大的吸引力。由於我們的區域規模（您可能還記得），我們的規模大約是該地區第二大競爭對手的四倍，因此我們在整個成本基礎上獲得了更好的營運槓桿。因此，我們不會逐一評論類別位置，但我可以確認，我們的規模仍然是該地區第二大競爭對手的大約四倍。

So then just to wrap up on EBITDA, we do remain committed to driving that profitable growth. And so this quarter is a strong proof point for that. Our intent is to continue to grow absolute EBITDA. So based on the updated EBITDA guidance that we've shared today of between $308 million and $313 million for the full year 2024, this implies another strong quarter of EBITDA generation in the fourth quarter. Thanks, Pang.

因此，為了總結 EBITDA，我們仍然致力於推動獲利成長。因此，本季就是一個強而有力的證明。我們的目的是繼續成長絕對 EBITDA。因此，根據我們今天分享的更新後的 EBITDA 指引，2024 年全年的 EBITDA 為 3.08 億美元至 3.13 億美元，這意味著第四季度 EBITDA 的產生又將強勁。謝謝，龐。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay, thanks. Two questions, please. One, on the incentives. Could you just talk about the outlook for incentive spend going forwards? Are you at a point now where that should be coming down sort of consistently as a percentage of GMV? Or is that something that's just set as to whether that's a reasonable expectation or not or you want to continue to be able to pull in and pull out as necessary on that metric?

好的，謝謝。請教兩個問題。一、關於激勵措施。能談談未來激勵支出的前景嗎？您現在是否認為這一比例在 GMV 中所佔的百分比應該持續下降？或者這只是為了確定這是否是合理的預期，或者您希望繼續能夠根據該指標進行​​必要的拉入和拉出？

And then on the MTU growth, any color on the sources of that MTU growth? So help us think about how sustainable that kind of mid-teens growth. It looks like it's been consistent the last couple of quarters. Is there -- are there good reasons to think that it should be consistent going forward over the next year? Thank you very much.

然後關於 MTU 成長，MTU 成長的來源有什麼顏色嗎？因此，請幫助我們思考這種十幾歲左右的成長如何可持續。看起來過去幾個季度一直保持穩定。是否有充分的理由認為明年應該保持一致？非常感謝。

Thanks, Mark. Let me pick up those questions. So on incentives, as you know, over several years, our incentive percentage as a percentage of GMV has been coming down. So you're right, the overall trend is there. And that's because we are able to get more and more efficiency. And of course, we're using a lot of AI targeting now that we didn't have a few years ago too. So there's a lot to be optimistic about in terms of the overall trajectory of incentives.

謝謝，馬克。讓我來回答這些問題。所以在激勵方面，正如你所知，幾年來，我們的激勵百分比佔 GMV 的百分比一直在下降。所以你是對的，整體趨勢就在那裡。那是因為我們能夠獲得越來越高的效率。當然，我們現在正在使用大量的人工智慧定位技術，而幾年前我們還沒有這樣的技術。因此，就激勵措施的整體軌跡而言，有許多值得樂觀的地方。

From quarter to quarter, it can go up and down. And I think particularly when we launch new products, as we have been doing at quite a steady pace these last two quarters. For omni, for example, where we want to generate sustained consumer behavior to look to the Grab app for their dining out choices as well as traditionally what they've done for delivery.

從一個季度到另一個季度，它可能會上升或下降。我認為特別是當我們推出新產品時，因為我們在過去兩個季度一直以相當穩定的速度進行。例如，對於omni，我們希望產生持續的消費者行為，即透過 Grab 應用程式了解他們的外出用餐選擇以及他們傳統上的送貨方式。

Changing consumer behavior does require incentives. And similarly, when we launch something like advanced booking to get consumers to use the app in a different way ahead of the time at which they want to make the ride, that also requires changing consumer behavior. So we will use incentives from time to time to generate the momentum behind these new ways of interacting with the app. But those will peak at different times and then also come off. So those are not long term.

改變消費者行為確實需要激勵措施。同樣，當我們推出諸如提前預訂之類的功能，讓消費者在他們想要乘車的時間之前以不同的方式使用該應用程式時，這也需要改變消費者的行為。因此，我們將不時地利用激勵措施來產生這些與應用程式互動的新方式背後的動力。但這些會在不同的時間達到頂峰，然後也會下降。所以這些都不是長期的。

The MTU growth is encouraging. We found that the affordability push or the bottom of the ladder of the ladder pricing strategy that we have is driving a lot of first-time users into the marketplace. And then, obviously, it's our marketing objective to capture them and keep them coming back and drive retention. And I think the big upside for MTUs that we see is frequency because if you look at our annual transacting users, it's a very large multiple of both our monthly and our daily transacting users.

MTU 的成長令人鼓舞。我們發現，我們所採用的階梯定價策略的負擔能力推動或階梯底部正在推動許多首次用戶進入市場。然後，顯然，我們的行銷目標是吸引他們並讓他們回來並提高保留率。我認為我們看到的 MTU 的一大優勢是頻率，因為如果你看看我們的年度交易用戶，你會發現它是我們每月和每日交易用戶的一個非常大的倍數。

So a lot of our job is to, yes, bring new users in with affordability but then to ride up the frequency curve with them to bring them from annual into monthly, from monthly into daily. And so there's tremendous upside for us. At the moment, our monthly transacting users is only about 5% of the Southeast Asia population. And then the annual transacting users is something like 15%. So still lots and lots of upside to go for us with this affordability strategy that we have. And then, of course, plenty of opportunity to continue to drive good margin because of the ladder strategy where we have a growing premium customer base as well.

因此，我們的許多工作是，是的，以負擔得起的價格吸引新用戶，然後與他們一起提升頻率曲線，將他們從每年一次變成每月一次，從每月一次變成每天一次。因此，我們有巨大的優勢。目前，我們的每月交易用戶僅佔東南亞人口的 5% 左右。那麼每年的交易用戶大約是 15%。因此，我們的這種負擔能力策略仍然有很多很多的好處。當然，由於我們擁有不斷增長的優質客戶群的階梯策略，因此有很多機會繼續提高利潤率。

Ranjan Sharma, J.P. Morgan Singapore.

Ranjan Sharma，摩根大通新加坡公司。

Hi, good morning and thank you for the presentation and congratulations on the results. Two questions from my side. Firstly, on the MTUs, great to see the traction in building momentum there. Do you have a sense on what the target market could be in Southeast Asia, what the profitable number of MTUs could be for the industry over the next few years?

大家好，早安，感謝您的演示並祝賀結果。我這邊有兩個問題。首先，在 MTU 方面，很高興看到在那裡建立勢頭的牽引力。您是否了解東南亞的目標市場是什麼？

The second question is on your free cash flow and buybacks. Now that you have $5.8 billion of net cash liquidity, plus you have highly free cash flow -- highly free cash flow generating franchise, can we expect further increase to the buyback program? Thank you.

第二個問題是關於你的自由現金流和回購。現在你擁有 58 億美元的淨現金流流動性，再加上你擁有高度自由的現金流——高度自由的現金流產生特許經營權，我們可以期望回購計劃進一步增加嗎？謝謝。

Thanks, Ranjan. Let me take the first one and Peter will take the second one on the free cash flow and buyback. I started to get into answering your question a bit earlier on the response to Mark. Our monthly transacting users is around 5% of the total population in Southeast Asia. So we're lucky to be in a region which has lots of upside, lots of growth ahead of it. I think notwithstanding what's happening in the US, I think Southeast Asia has been one of the regions which has benefited from the so-called decoupling.

謝謝，蘭詹。讓我來討論第一個問題，彼得將討論第二個關於自由現金流和回購的問題。我在回覆馬克之前就開始回答你的問題了。我們的每月交易用戶約佔東南亞總人口的 5%。因此，我們很幸運地處於一個有很大上升空間、有很大成長前景的地區。我認為，不管美國發生了什麼，我認為東南亞一直是從所謂脫鉤中受益的地區之一。

We expect that to continue. We've got strong leadership, and a lot of political leadership in a lot of the markets and a lot of optimism in those markets. So at 5% on MTUs and only something like 15% on ATUs, we think that there's considerable upside, not just in the short term, but importantly, the long term with this young population.

我們預計這種情況會持續下去。我們擁有強大的領導力，在許多市場上都有很多政治領導力，並且在這些市場上有很多樂觀情緒。因此，在MTU 為5% 且ATU 僅為15% 左右的情況下，我們認為，這不僅在短期內有相當大的上升空間，而且重要的是，從長遠來看，對年輕人口來說也是如此。

So we'll continue to engage with them. The brand is strong. You can see from the positive uptake of our financial services offerings that the Grab brand seems to be attractive, not just in the on-demand space, but in some significant adjacencies, too. And so the new financial services offerings will also help us drive MTUs in a whole new dimension.

因此我們將繼續與他們接觸。品牌實力雄厚。從我們金融服務產品的積極接受度可以看出，Grab 品牌似乎很有吸引力，不僅在按需領域，而且在一些重要的周邊地區也是如此。因此，新的金融服務產品也將幫助我們將 MTU 推向全新的維度。

Now, Ranjan, on your question around cash and buyback. Let me just also clarify that on the net cash liquidity, when you look at that number, it does include deposits, the bank deposits. And in our prepared remarks and also in our earnings, we had over $1 billion of deposits that we generated from the two banks. But also remember that also excludes loans, and we have restricted cash also as part of that. So just take (inaudible) into the mix, when you look at our net cash liquidity.

現在，蘭詹，關於你關於現金和回購的問題。我還要澄清一下，在淨現金流動性方面，當你看這個數字時，它確實包括存款、銀行存款。在我們準備好的發言中以及我們的收益中，我們從兩家銀行獲得了超過 10 億美元的存款。但也要記住，這也不包括貸款，而且我們也限制現金作為其中的一部分。因此，當您查看我們的淨現金流動性時，請將（聽不清楚）納入其中。

We did generate free cash flow in the business in the third quarter also at the same time. We generated about $138 million of adjusted free cash flow in the business, and roughly $76 million if you look at it from a trailing 12 months.

我們在第三季的業務中也同時產生了自由現金流。我們的業務產生了約 1.38 億美元的調整後自由現金流，如果從過去 12 個月的情況來看，約為 7,600 萬美元。

So it's working, what we're doing from a capital -- from a cash-generation business. As you remember, we've always had a three-pronged strategy when it comes to our bottom line, which is one driving adjusted EBITDA, check; second, positive free cash flow, check. And also, we -- from a net income perspective, also, we are in this beginning journey of getting there.

所以它正在發揮作用，我們從資本——從現金生成業務——中所做的事情。正如您所記得的，在談到我們的底線時，我們一直採用三管齊下的策略，即推動調整後的 EBITDA，檢查；第二，自由現金流為正，檢查。而且，從淨收入的角度來看，我們正處於實現這一目標的起步階段。

Now how did that translate to buyback to your other part of the question? Maybe the way to answer that is just to refresh the capital allocation framework because that's how I think about it. And what's that? It's really a three strategy from our perspective. One is organic growth, organic investment is critical for us. And you're seeing that being played out.

現在，這如何轉化為回購問題的其他部分？也許回答這個問題的方法就是刷新資本配置框架，因為這就是我的想法。那是什麼？從我們的角度來看，這確實是一個三戰略。一是有機成長，有機投資對我們至關重要。你會看到這種情況正在發生。

Third quarter is a really great prime example where the investments that we're making in product set that Alex talked about earlier is seeing the traction, both from a top of the funnel but also we're seeing it in frequency and retention. And that drives lifetime value for us as a business. So we're going to continue to make those investments in the organic side of the business as the highest priority for us.

第三季是一個非常好的例子，我們在亞歷克斯之前談到的產品集上進行的投資看到了吸引力，不僅來自漏斗的頂部，而且我們也看到了它的頻率和保留率。這為我們的企業帶來了終身價值。因此，我們將繼續對業務的有機方面進行投資，作為我們的首要任務。

We'll look at other opportunities inorganically. However, those opportunities will be at a very high bar for us. And that will continue also. Now where we do have excess liquidity, we will look at opportunities to return them to our shareholders.

我們將無機地尋找其他機會。然而，這些機會對我們來說將會是一個非常高的門檻。這也將繼續下去。現在，如果我們確實有過剩的流動性，我們將尋找機會將其回饋給股東。

Now on our buyback program today, we're only about -- roughly about $190 million out of the $500 million mandate that we have today. So we still have some ways to go. So we're going to continue to execute that. And as opportunities come up in the future, if those opportunities are the right ones, we'll revisit our buyback program. But at this stage, we're committed to the $500 million and we still have about another $300 million to go to complete that buyback program.

現在，在我們今天的回購計畫中，我們今天的 5 億美元授權中只有大約 1.9 億美元左右。所以我們還有一些路要走。所以我們將繼續執行該計劃。隨著未來機會的出現，如果這些機會是正確的，我們將重新審視我們的回購計畫。但現階段，我們承諾提供 5 億美元，我們還有大約 3 億美元來完成回購計畫。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Thank you very much. Congrats on the very strong results. Two questions as well. Firstly, I would love to learn a bit more about your fintech business. I know you started with digibanks in Singapore lending out loans to make money. And now all three digibanks are offering credit products now.

非常感謝。祝賀取得了非常強勁的成果。還有兩個問題。首先，我很想多了解你們的金融科技業務。我知道您是從新加坡的數位銀行開始放款賺錢的。現在所有三家數位銀行都提供信貸產品。

Could you sort of elaborate a bit on the borrowers profile? Like who borrow from you? What kind of the typical terms? And expand a bit, please, on the acceleration in growth rate from this business -- next year, I believe you highlighted that before, it's probably one of the most important drivers for revenue reacceleration.

能否詳細說明借款人的概況？例如誰跟你借錢？典型術語有哪些？請稍微擴展一下該業務成長率的加速——明年，我相信您之前強調過，它可能是收入重新加速的最重要驅動因素之一。

And so my second question is on the delivery margins. It's great to see you have made a lot of progress, I think, 50 basis points increase sequentially, if I'm not mistaken, to 1.8%. But that's still quite a bit below of 4% with -- could you elaborate a bit on what kind of growth trajectory for your [advertising] business may be?

所以我的第二個問題是關於交貨利潤。很高興看到你們取得了很大的進步，我認為，如果我沒記錯的話，連續增加了 50 個基點，達到 1.8%。但這仍然遠低於 4%，您能否詳細說明一下您的[廣告]業務的成長軌跡可能是什麼樣的？

You noted earlier about in-store monetization, again, as some of us know that your Chinese peer is doing a great job there in China. Could you talk about how do you plan, when do you plan to monetize the in-store part of the delivery business? Thank you and sorry for the long questions.

您之前再次提到了店內貨幣化，因為我們中的一些人知道您的中國同行在中國做得很好。您能談談您是如何規劃的嗎？謝謝你，也很抱歉問了這麼長的問題。

Thanks, Jiong. That's great. Let me start by talking about financial services. Just explain a little bit about the lending in particular, which is the focus of your question. So you could see the strong loan disbursals in the quarter: 38% year on year, 13% quarter on quarter. So we're now at $565 million in the third quarter, so if you approximately annualize that $2.2 billion.

謝謝，炅。那太棒了。讓我先談談金融服務。請特別解釋一下有關貸款的情況，這是您問題的重點。因此，您可以看到本季的貸款支出強勁：年比 38%，較上季 13%。因此，我們現在第三季的營收為 5.65 億美元，如果您將這 22 億美元大致按年計算的話。

So the pace of the lending is going up, and that's because we are layering now the lending through the banks on top of the existing GFin business, which -- where the lending already had a healthy underlying growth rate.

因此，貸款的步伐正在加快，這是因為我們現在透過銀行在現有的 GFin 業務之上分層提供貸款，而貸款已經具有健康的基礎成長率。

Let me start with the GFin business to understand -- so you can understand that a bit better because that's a long-standing business. So primarily lending to partners and users across all of the markets. So it's ecosystem based where we are benefiting from the deep insights we have into the user behavior on the ecosystem with a very sophisticated, large language model-based lending model, which are now in just something like 120 different variables from the ecosystem lending decisions. So it's a very different, much more multidimensional type of database than traditional banks would use.

讓我從 GFin 業務開始了解——這樣您就可以更好地理解它，因為這是一項歷史悠久的業務。因此，主要向所有市場的合作夥伴和用戶提供貸款。因此，它是基於生態系統的，我們透過一個非常複雜的、基於大型語言模型的貸款模型，從對生態系統上用戶行為的深入洞察中受益，這些模型現在大約有120 個來自生態系統貸款決策的不同變數。因此，與傳統銀行使用的資料庫相比，它是一種非常不同、更加多維的資料庫類型。

That allows us to lend to people like drivers and other gig workers who traditionally have not been well served by banks. So many of them are either unbanked or underbanked because they don't have traditional payslips. And that's in our mission as an organization to support them.

這使我們能夠向司機和其他零工等傳統上無法獲得銀行良好服務的人提供貸款。他們中的許多人要么沒有銀行帳戶，要么銀行帳戶不足，因為他們沒有傳統的薪資單。這就是我們作為一個組織為他們提供支持的使命。

The penetration of the driver lending by GFin is good, but the models are improving all the time, so we can continue to lend on a risk-adjusted basis. And the risk-adjusted returns overall from GFin are comfortably above the cost of capital for the group.

GFin 的司機貸款滲透率很好，但模型一直在改進，所以我們可以繼續在風險調整的基礎上放款。GFin 的風險調整後整體報酬率明顯高於該集團的資本成本。

The penetration of lending to merchants is relatively low at the moment, so that scenario where we have a lot of upside. And when Peter answers the second part of your question, you'll see that we have more and more services that are targeted at the merchant and helping them being successful. And the good thing about us as a data science company is that as we provide more and more services to merchants, that gives us more and more variables for our merchant lending model which helps us to -- with the same risk appetite start to lend to more and more merchants across all of our countries.

目前對商家的貸款滲透率相對較低，因此我們有很大的上升空間。當彼得回答您問題的第二部分時，您會看到我們有越來越多的服務針對商家並幫助他們取得成功。作為一家數據科學公司，我們的好處在於，隨著我們為商家提供越來越多的服務，這為我們的商家貸款模型提供了越來越多的變量，這有助於我們以相同的風險偏好開始向我們各國的商人越來越多。

So that's the GFin lending model performing well, growing well, producing good risk-adjusted returns. The recent addition on top of that, which is why you're seeing the acceleration of lending is that we'll also be able to lend through the banks. The banks are also focused on people who are underbanked or unbanked. And that population is very large in Southeast Asia. By some external studies, we estimate like two-thirds of the population of Southeast Asia are either unbanked or underbanked.

這就是 GFin 貸款模式表現良好、成長良好、產生良好的風險調整回報。除此之外，最近新增的內容就是我們還可以透過銀行提供貸款，這就是您看到貸款加速的原因。銀行也關注那些銀行服務不足或沒有銀行帳戶的人。東南亞的人口數量非常多。根據一些外部研究，我們估計東南亞三分之二的人口不是沒有銀行帳戶，就是銀行服務不足。

And because we -- again, we have very low cost of distribution to them, they are existing users of Grab and therefore, they have an affinity with the brand. And because we see a lot of information from them, for example, what they're doing on pay later, whether they're commuting to work, where they live, all these kinds of things we can impute from the behaviors that we see, we are able to lend to them.

因為我們——再說一次，我們對他們的分銷成本非常低，他們是 Grab 的現有用戶，因此，他們對這個品牌有親和力。因為我們從他們那裡看到了很多信息，例如，他們以後拿薪水做什麼，他們是否通勤上班，他們住在哪裡，所有這些我們都可以從我們看到的行為中推斷出來，我們有能力借錢給他們。

The first lending product, which is now live in all markets, including Malaysia as of this month, November, is the FlexiLoan product, distributed very cost effectively. And then with flexible repayment terms from the point of view of the consumer, it has an extremely high NPS, something like 65. So most banks are hovering at around zero for NPS. So a product with 65 NPS is quite unusual for banking. And so that makes us very successful in terms of the uptake.

第一個貸款產品是 FlexiLoan 產品，現已在所有市場推出，包括馬來西亞，截至本月（即 11 月），該產品的發行非常經濟高效。然後，從消費者的角度來看，由於還款條件靈活，它的 NPS 非常高，大約是 65。因此，大多數銀行的 NPS 徘徊在零左右。因此，NPS 為 65 的產品對於銀行業來說是很不尋常的。因此，這使我們在吸收方面非常成功。

We are very carefully whitelisting users for that product using the data models. And that means that we will maintain a very careful look in terms of risk appetite. But overall, between GFin and the banks, our non-performing loan ratio is still around 2%. So that's extremely good performance from those credit models.

我們非常仔細地使用資料模型將該產品的使用者列入白名單。這意味著我們將非常謹慎地審視風險偏好。但總體而言，GFin 和銀行之間，我們的不良貸款率仍在 2% 左右。這些信用模型的表現非常好。

Then on -- obviously, to fund that, the benefit of having a banking license is we get access to very low-cost deposits. And what we've been delighted with since the launch of all three banks is our ability to attract those deposits. We've been able to bring in deposits much faster and with less cost than we had even planned. So you've seen that the positive momentum across GXS Bank in Singapore and GXBank in Malaysia, where customer deposits have grown 50% quarter on quarter. So over $1 billion now in the third quarter.

然後，顯然，為了提供資金，擁有銀行牌照的好處是我們可以獲得成本非常低的存款。自從這三家銀行成立以來，我們一直感到高興的是我們吸引這些存款的能力。我們能夠以比我們計劃的更快的速度和更少的成本吸收存款。您已經看到了新加坡 GXS 銀行和馬來西亞 GXBank 的積極勢頭，客戶存款季度環比增長了 50%。現在第三季的銷售額已超過 10 億美元。

And then Superbank, which is the Indonesian bank, which only just launched in July, hit two million accounts by October by last month. So a really tremendous uptake. So we are able to raise deposits at a very low cost. And therefore, because of the focus we have on data science and the lending model, you can see very clearly that we can continue this very positive data flywheel for lending. Peter, do you want to --?

然後是印尼銀行 Superbank，7 月才剛開業，到 10 月份，帳戶數量已達到 200 萬個。所以，這確實是一個巨大的吸收。因此我們能夠以非常低的成本籌集存款。因此，由於我們對數據科學和貸款模型的關注，你可以非常清楚地看到，我們可以繼續這種非常積極的數據飛輪進行貸款。彼得，你想嗎——？

Yes, sure. Yeah. Jiong, on your question around Deliveries margin, you asked about the trajectory, if you look at our Deliveries business, you're seeing this evolution actually across all the different products that we have introduced in the last -- over the last 12 months, especially. It's been very intentional and part of this, Jiong, is to drive a few things. We're driving the top of the funnel and pushing the number of transactions through engagement that our users are using our delivery products. The more products that we are offering them, the more that we can offer more variety and also drives transaction. A great example of that is Saver, Saver deliveries, which now accounts for about a third of our deliveries transaction today, and it was about 14% same period last year.

是的，當然。是的。Jiong，關於您關於交付利潤的問題，您詢問了發展軌跡，如果您查看我們的交付業務，您會發現我們在過去 12 個月中推出的所有不同產品實際上都經歷了這種演變，尤其。這是非常有意的，其中一部分是要推動一些事情。我們正在推動漏斗的頂部，並透過用戶使用我們的交付產品的參與度來推動交易數量。我們向他們提供的產品越多，我們就越能提供更多的品種並推動交易。一個很好的例子是 Saver，Saver 交付，目前約占我們今天交付交易的三分之一，去年同期約為 14%。

The other part that we're also driving is also frequency. Frequency is really important for us. So we're doing it in a couple of things, just to give you some examples. So for example, an ability for our subscribers, which is a really important part of our Deliveries business, a third of our Deliveries today are coming from subscribers, the level of frequency there is way higher than what you're seeing in other parts of our business today.

我們也在推動的另一部分也是頻率。頻率對我們來說非常重要。因此，我們正在做幾件事，只是為了給您一些例子。例如，我們的訂閱者的能力，這是我們交付業務的一個非常重要的部分，我們今天三分之一的交付來自訂閱者，那裡的頻率水平比你在其他地方看到的要高得多。我們今天的業務。

Today, if you look at -- if you are GrabUnlimited subscriber, you're spending four times more and your frequency is three times higher. We're also doing a lot of selling between our Food and our Mart business also, and that's driving frequency. If you are both a GrabMart and a GrabFood user in the deliveries, your frequency is five times higher than if you're just using Food only.

今天，如果您是 GrabUnlimited 的訂戶，您的支出會增加四倍，頻率會增加三倍。我們還在食品和超市業務之間進行了大量銷售，這提高了頻率。如果您同時是 GrabMart 和 GrabFood 的送貨用戶，那麼您的送貨頻率比僅使用食品時高出五倍。

All this is also leading to retention. So you've got frequency, then that drives also a retention for us, which is really critical. And if you're a subscriber, our retention there is two times higher, which is very similar to also that you're seeing from our Grab Food and GrabMart cross-sell also.

所有這些也導致了保留。所以你有了頻率，那麼這也推動了我們的保留，這非常關鍵。如果您是訂閱者，我們的保留率會高出兩倍，這與您從 Grab Food 和 GrabMart 交叉銷售中看到的情況非常相似。

So I'm highlighting these examples because these are critical components for us in driving engagement in our Deliveries business, but also at the same time also, continuing the monetization. You had a question around monetization. These are all things that are stacking up in terms of monetizing our users through all these different products that we have. And this is a critical part in also driving segment margin also.

所以我強調這些例子是因為這些是我們推動交付業務參與度的關鍵組成部分，同時也是繼續貨幣化的關鍵組成部分。您有關於獲利的問題。透過我們擁有的所有這些不同的產品，這些都是在我們的用戶貨幣化方面累積起來的。這也是提高細分市場利潤率的關鍵部分。

Well, we are committed for the businesses to continue to drive absolute dollar EBITDA in our Deliveries margin and also to our long-term margin targets. But you will see quarter to quarter for us making investments in our Deliveries business because we are driving all these different elements, whether it's engagement, frequency, retention also. And this is really important as we continue to grow our Deliveries business.

嗯，我們致力於讓企業繼續推動我們的交付利潤率以及我們的長期利潤率目標中的絕對美元 EBITDA。但你會看到我們每個季度都對交付業務進行投資，因為我們正在推動所有這些不同的要素，無論是參與度、頻率還是保留率。隨著我們不斷發展我們的送貨業務，這一點非常重要。

Third quarter was a very important quarter for us. It saw our GMV acceleration in our Deliveries business. It grew 16% on a year-over-year basis. We added more users than before also in our Deliveries business. And also, you saw our segment margin also hitting 1.8% versus last quarter at 1.5%. So hitting all the right things, and we're going to continue this momentum in our Deliveries business.

第三季對我們來說是非常重要的季度。我們的配送業務的 GMV 加速成長。較去年同期成長 16%。我們的送貨業務也比以前增加了更多的用戶。此外，我們的部門利潤率也達到 1.8%，而上季為 1.5%。因此，做好所有正確的事情，我們將繼續保持我們的送貨業務的這一勢頭。

Yeah, that's great. And I'll just build on that for the advertising part. So yes, advertising revenue is increasing. So I remember only a few quarters ago, we celebrated crossing $100 million. Now we're $185 million in revenue for advertising. And the percentage of deliveries GMV has increased from 1.4% in the prior quarter to 1.6%. And that's up from 1.1% in the prior year period. So you can see really strong momentum.

是的，那太好了。我將以此為基礎進行廣告部分。所以，是的，廣告收入正在增加。所以我記得就在幾個季度前，我們慶祝了突破 1 億美元的目標。現在我們的廣告收入為 1.85 億美元。交付量佔GMV的比例也從上一季的1.4%上升至1.6%。這比去年同期的 1.1% 有所上升。所以你可以看到非常強勁的勢頭。

A lot of that is driven by self-serve advertising capabilities. We are continuing to make it easier for merchants to both target on our platform and also get good line of sight of the results. And for self-serve, we have a cost per order form of advertising. In other words, you don't pay unless you actually get orders through the platform. And that's very popular with the smaller merchants because they're typically less sophisticated in terms of how to think about cost per click and some of the other models.

其中很大一部分是由自助廣告功能推動的。我們將繼續讓商家更輕鬆地在我們的平台上進行定位，並獲得良好的結果視線。對於自助服務，我們有按訂單付費的廣告形式。換句話說，除非您實際透過平台獲得訂單，否則您無需付款。這在小型商家中非常受歡迎，因為他們通常在如何考慮每次點擊成本和其他一些模型方面不太成熟。

I was just in Indonesia two weeks ago and in Manado. And they had -- I met with a burger chain entrepreneur and all of his advertising was done through Grab, both for delivery and for their dining-in, which was really powering great success. And he had also taken a loan through the platform. This guy didn't have any account management.

兩週前我剛在印尼的萬鴉老。他們——我遇到了一位漢堡連鎖店企業家，他所有的廣告都是透過 Grab 完成的，包括送貨和用餐，這確實推動了巨大的成功。而且他還透過這個平台貸款了。這傢伙沒有任何帳戶管理。

So he had actually proposed the loan, I presume, through a whitelisting process by us on the back end and taken down the loan in order to order the beef to manage his working capital for his supply chain for beef, which was obviously his most expensive ingredient. And that was allowing him to grow even faster and open more outlets. So I think self-serve is really, really a key part of our strategy because many of our merchants are small and many of them are in far-flung places like Sulawesi.

因此，我認為，他實際上是透過我們在後端的白名單流程提出了這筆貸款，並取消了貸款，以便訂購牛肉來管理他的牛肉供應鏈的營運資金，這顯然是他最昂貴的成分。這讓他能夠更快地成長並開設更多的門市。因此，我認為自助服務確實是我們策略的關鍵部分，因為我們的許多商家規模都很小，而且其中許多都位於蘇拉威西島等偏遠地區。

Sachin Salgaonkar, Bank of America.

薩欽‧薩爾岡卡 (Sachin Salgaonkar)，美國銀行。

Thank you for the opportunity. I have two questions. First question, I wanted to understand a bit more on what could we think as a steady state delivery GMV growth. For last few quarters, Grab is growing in the range of 9% to 12%. And given the fact that we are now looking to make an MTU push with the focus on first-time users, should we see it accelerating? For example, an emerging market like India has a GMV growth on food at 20%. So is that something what the Southeast Asia could eventually go to? So that's question number one.

謝謝你給我這個機會。我有兩個問題。第一個問題，我想更多地了解我們對穩態交付 GMV 成長的看法。過去幾個季度，Grab 的成長率在 9% 至 12% 之間。鑑於我們現在正在尋求以首次用戶為重點的 MTU 推送，我們是否應該看到它加速？例如，像印度這樣的新興市場，食品的GMV成長率為20%。那麼東南亞最終會走向這樣的境況嗎？這是第一個問題。

Question number two, a couple of your peers are talking about the consumption slowdown and impact on that. I just wanted to understand how you guys are looking at it. Thanks.

第二個問題，一些同行正在談論消費放緩及其影響。我只是想了解你們如何看待它。謝謝。

Maybe I'll take the second one first around consumption slowdown. If you look at Southeast Asia, it's still underpenetrated, Sachin. So I'll quote a third-party report that was put out last week. And what they're saying is over the next five years in Southeast Asia digital economy, both the mobility and deliveries is growing at double-digit CAGR growth.

也許我會在消費放緩的情況下先考慮第二個。如果你看看東南亞，你會發現它的滲透率仍然很低，薩欽。因此，我將引用上週發布的第三方報告。他們所說的是，在未來五年的東南亞數位經濟中，行動性和交付量都將以兩位數的複合年增長率成長。

And we're very bullish actually on Southeast Asia. We're not seeing any slowdown in terms of top of the funnel for us. If anything, we're seeing an acceleration of that. And part of that also is the new product sets and all the things that we just talked about earlier during the call. So we feel that from a consumption perspective, from a macro perspective also, it's looking strong for Southeast Asia. Demand looks great at the moment, and October was strong for us.

實際上我們非常看好東南亞。我們沒有看到漏斗頂部有任何放緩。如果有什麼不同的話，那就是我們看到了這種趨勢的加速。其中一部分還包括新產品系列以及我們剛才在電話會議中討論的所有內容。因此，我們認為，從消費角度來看，從宏觀角度來看，東南亞看起來很強勁。目前需求看起來很大，十月對我們來說很強勁。

We see Q4 is a very strong season for us on tourism. We're seeing tourism increasing in Southeast Asia also at the same time. So all these things are pointing for us, at least anyway, from our perspective, a strong Southeast Asian economy as we continue to penetrate what is a very under-penetrated market for us, both in all the products that we have today.

我們認為第四季對我們來說是一個非常強勁的旅遊季節。同時，我們也看到東南亞旅遊業的成長。因此，所有這些事情都向我們表明，至少從我們的角度來看，東南亞經濟強勁，因為我們繼續滲透到我們今天擁有的所有產品中滲透率很低的市場。

I'll just jump in there. Like what Peter said, we're actually very optimistic about the long-term growth outlook, especially for the region, given strong inbound tourism. Just recently we were with the Prime Minister of Thailand, and the cabinet ministers, several of them. And we could see -- I mean, it's like the movie, Everybody Loves Raymond. This one is everybody loves Thailand. And there's a lot of people coming in and we are really blessed to see that strengthening of inbound tourism that's supporting our growth.

我就跳進去。正如彼得所說，鑑於入境旅遊業強勁，我們實際上對長期成長前景非常樂觀，尤其是該地區。就在最近，我們會見了泰國總理和內閣部長，其中有幾位。我們可以看到——我的意思是，這就像電影《人人都愛雷蒙德》。這就是大家都愛的泰國。有很多人進來，我們真的很幸運地看到入境旅遊業的加強支持了我們的成長。

We also see it not just with our own numbers, but we also see across reports. If you look at Temasek, Bain, Google report, it's still very nascent right now on the penetration levels, and we actually -- if you look at the report, it actually expects double-digit growth of CAGRs to be achieved between 2024 to 2030 on both mobility and food deliveries to your question.

我們不僅在自己的數據中看到了這一點，而且在報告中也看到了這一點。如果你看一下淡馬錫、貝恩、谷歌的報告，你會發現它的滲透率目前還處於初級階段，而我們實際上- 如果你看一下該報告，它實際上預計2024 年至2030 年之間將實現兩位數的複合年增長率關於你的問題的流動性和食品配送。

So we are super focused to capture this growth. Alex talked about the affordable, the high-value offerings on demand. Alex talked about the advertising and the omni components and also the financial services across our ecosystem. So our take is we actually see and are very optimistic about this region's long-term growth outlook.

因此，我們非常專注於捕捉這種成長。Alex 談到了按需提供經濟實惠、高價值的產品。亞歷克斯談到了廣告和全方位組件以及我們生態系統中的金融服務。因此，我們的看法是，我們實際上看到了該地區的長期成長前景，並且對此非常樂觀。

Thank you. Just a quick follow-up there. Despite underpenetration, we are seeing a growth on food GMV in the range of 10% to 12%. Is that a steady-state growth or we should expect a 15% growth for the industry going ahead?

謝謝。只是快速跟進。儘管滲透率不足，但我們看到食品 GMV 成長了 10% 至 12%。這是穩定成長還是我們應該預期該產業未來將成長 15%？

Sachin, we're not guiding of what growth rate in terms of all -- across all our business today. What you are seeing is an acceleration of growth in our Deliveries business. We did 16% year on year on a constant currency basis, and it was 14% on a year on year growth we recorded in the prior quarter. And if we continue to execute with all the product sets that we talked about, driving frequency, driving order value also, we continue to make sure that the customers are getting what they want from a price perspective as well as from a product selections perspective, and we're able to continue to cross-sell the customers also.

薩欽，我們並沒有指導我們今天所有業務的成長率。您所看到的是我們的送貨業務的加速成長。以固定匯率計算，我們的年成長率為 16%，而上一季的年成長率為 14%。如果我們繼續執行我們談到的所有產品集，提高頻率，提高訂單價值，我們將繼續確保客戶從價格角度和產品選擇角度得到他們想要的東西，我們也能夠繼續向客戶進行交叉銷售。

We feel good that the delivery business will continue to grow sustainably. So that's where we're focused and making sure that the customers also and our merchants are also benefiting from all these product investments that we're making.

我們對快遞業務將繼續可持續成長感到高興。因此，這就是我們關注的重點，並確保客戶和我們的商家也能從我們正在進行的所有這些產品投資中受益。

Yeah. And Sachin, just to jump in, in terms of a trading updates on October and first part of November, we are seeing an acceleration in the deliveries GMV growth. So we'll keep pushing with the strategy that Peter and Anthony just laid out.

是的。Sachin 插話，根據 10 月和 11 月上半月的交易更新，我們看到交付 GMV 成長加速。因此，我們將繼續推進彼得和安東尼剛剛制定的策略。

Alicia Yap, Citigroup.

艾莉西亞葉 (Alicia Yap)，花旗集團。

Hi and thank you. Good morning, management. Thanks for taking my questions and congrats on the solid results and also the guidance. Two questions. First is that I understand the growth in Mart is faster than Food, like 1.7 times faster. So it is the main driver on the cross-selling. So wondering, do you anticipate the faster growth in Mart right now could eventually also help to increase the faster growth in Food in coming months.

你好，謝謝你。早安，管理層。感謝您提出我的問題，並祝賀取得的紮實成果和指導。兩個問題。首先，我知道 Mart 的成長速度比 Food 快，大約快 1.7 倍。因此，它是交叉銷售的主要驅動力。所以想知道，您是否預計現在 Mart 的更快成長最終也將有助於提高未來幾個月食品的更快成長。

So for example, where maybe in one quarter in the future, could we actually see the frequency and order volume growth in Food growing faster than Mart? So that's the first question.

舉例來說，也許在未來的一個季度裡，我們真的可以看到食品的頻率和訂單量成長速度快於超市嗎？這是第一個問題。

And second question is a follow-up on the incentive. So we saw that the incentives, especially on the consumer front, it's actually increasing at a faster rate. I understand -- I think Alex mentioned earlier some of that is actually necessary when you have the new product launch in order to drive obviously user awareness and also the conversion.

第二個問題是激勵措施的後續問題。所以我們看到激勵措施，特別是在消費者方面，實際上正在以更快的速度增加。我理解——我認為亞歷克斯之前提到的一些內容實際上是必要的，當你發布新產品時，為了明顯提高用戶意識和轉換。

So just wondering on the back -- some of these incentives potentially could actually scale back in the future quarters. If that is the case, it actually could actually translate into a very strong margin improving trends in the coming quarters. So just wondering, would you consistently rolled out some new products that you actually wanted your margin improvement at a more steady stage or we actually could see in one quarter, if the scale backs are more than you expected, then you actually see a jump in the EBITDA margin?

因此，我想知道的是，其中一些激勵措施實際上可能會在未來幾季縮減。如果是這樣的話，它實際上可能會轉化為未來幾季非常強勁的利潤率改善趨勢。因此，我想知道，您是否會持續推出一些您實際上希望在更穩定的階段提高利潤率的新產品，或者我們實際上可以在一個季度內看到，如果規模縮減超過您的預期，那麼您實際上會看到利潤的躍升EBITDA 利潤率？

And lastly, is there anything on the improvement in AI and technology in driving the efficiency, is actually helping your improvement in the margin? Thank you.

最後，人工智慧和技術在提高效率方面的進步是否真的有助於提高利潤？謝謝。

Thanks, Alicia. Yeah, some really good questions there. The Food and Mart users have a five times higher order frequency than just Food users. And that's the key effect that we're going for as we push the cross-sell into Mart. So not only does it drive the Mart GMV stand-alone, but it also drives the flywheel where we're getting users in the app much more frequently. And then that allows us to then push the consumer behavior to use the app for dining out as well.

謝謝，艾莉西亞。是的，有一些非常好的問題。Food 和 Mart 用戶的訂單頻率是 Food 用戶的五倍。這就是我們將交叉銷售推入 Mart 時想要達到的關鍵效果。因此，它不僅獨立驅動 Mart GMV，而且還驅動飛輪，使我們能夠更頻繁地吸引用戶使用應用程式。這樣我們就可以推動消費者使用該應用程式外出用餐的行為。

So you can see actually -- our strategy is to have much higher use of frequency, much higher share of mind for the [year], and that helps us to drive GMV across all three of those initiatives. So the Food business, the Mart business, and then finally, the dining out part of the business.

所以你實際上可以看到——我們的策略是在[一年]中有更高的使用頻率和更高的關注度，這有助於我們在所有這三項舉措中提高 GMV。因此，食品業務、超市業務，最後是外出用餐業務。

Incentives to drive that consumer behavior, particularly into the dining out choices that consumers are making, that's very important for us. And you're right, that has resulted in a little bit of an increase quarter on quarter and year on year on incentives.

推動消費者行為的誘因，特別是消費者外食的選擇，這對我們來說非常重要。你是對的，這導致激勵措施逐季度和逐年略有增加。

We've also -- we are also in the process of integrating Chope, which is the food reservation system that we bought that was present in Singapore, Thailand, and Indonesia. That's a key part of our platform because if you think about the user journey, they go into the app, they look at the different deals and choices they have for dining out. They then would need to make a reservation and before they go to the restaurant.

我們也正在整合 Chope，這是我們購買的食品預訂系統，該系統已在新加坡、泰國和印尼使用。這是我們平台的關鍵部分，因為如果你考慮用戶旅程，他們會進入應用程序，查看外出就餐的不同優惠和選擇。然後他們需要在去餐廳之前預訂。

So it's a perfect gap filler and time to market for us. And we can -- with our footprint, we can actually expand the reservation footprint across multiple countries now using our existing sales teams to sign up the merchants. So that's also part of the data flywheel that we're generating for high-frequency food usage. And I think, Peter, you wanted to follow up.

因此，這對我們來說是一個完美的填補空白和上市時間。透過我們的足跡，我們實際上可以利用我們現有的銷售團隊與商家簽約，將預訂足跡擴展到多個國家。因此，這也是我們為高頻食物使用所產生的數據飛輪的一部分。我想，彼得，你想跟進。

Yeah. Let me address, Alicia, your question around incentives, I think that was an earlier question from Mark also on this point. But the way to think about incentives is it's a lever for us. And quarter to quarter, these incentives, whether it's on the consumer side, whether it's on the partner side, we'll move up and down. And in the last -- if you remember last quarter, in Q2, we had a discussion around mobility margins also. And I made a statement that we are investing into the mobility, high-value rides, all the new products. And what you're seeing in the third quarter is some of those coming into play on those product sets.

是的。艾莉西亞，讓我回答你關於激勵的問題，我認為這也是馬克之前就這一點提出的問題。但考慮激勵的方式是它對我們來說是一個槓桿。每個季度，這些激勵措施，無論是在消費者方面，還是在合作夥伴方面，我們都會上下移動。如果你還記得上個季度的第二季度，我們也討論了流動性利潤率。我聲明我們正在投資於移動性、高價值遊樂設施和所有新產品。您在第三季看到的是其中一些在這些產品集上發揮作用的內容。

So we'll continue to make those investments, Alicia, where we feel it's right. Again, we're driving a long-term business here. We're driving, again, frequency. We're driving retention. We're driving engagement across all our product portfolio, which is really critical. And you will see those movements in a quarter from quarter-on-quarter perspective of incentives. We'll make those investments -- also not just incentives. We'll make them up and down the P&L line. And these investments into this new product is really important because it really drives scale. It really drives also efficiency at the same time.

因此，艾莉西亞，我們將繼續在我們認為正確的地方進行這些投資。再次強調，我們正在推動一項長期業務。我們再次提高頻率。我們正在提高保留率。我們正在推動所有產品組合的參與度，這一點非常重要。從激勵措施的季度環比角度來看，您將在一個季度內看到這些變化。我們將進行這些投資——而不僅僅是激勵措施。我們將在損益線上和下進行計算。對這個新產品的這些投資非常重要，因為它確實推動了規模化。它確實同時也提高了效率。

Now while I'm saying all that also, we're also keeping on very close eye on unit economics of our business and the unit economics translate especially around the margins. So we will see where there's opportunities to improve margins, we will definitely improve those margins. And you've seen this in the Deliveries margin, moving from where it was same time last year, it was 1.1%. And now we're at close to 1.8% for the last and then we improved from 30 basis points from a quarter-on-quarter perspective. So we take a very balanced approach in really growing the to-line engagement and frequency but also in driving profitability at the same time.

現在，在我這麼說的同時，我們也非常密切地關注我們業務的單位經濟效益，尤其是利潤率方面的單位經濟效益。因此，我們將看看哪裡有機會提高利潤率，我們一定會提高這些利潤率。您已經在交付利潤中看到了這一點，與去年同期的 1.1% 相比有所變化。現在我們最後的成長率接近 1.8%，然後從季度環比的角度來看，我們提高了 30 個基點。因此，我們採取非常平衡的方法來真正提高離線參與度和頻率，同時提高獲利能力。

I'll just add to what Peter shared on the AI front. In fact, we've been doing machine learning and AI for -- since the very beginning. We have over 1,000 AI/ML models in production, one of the highest in the region, and it touches every part of our product.

我將補充 Peter 在人工智慧方面分享的內容。事實上，我們從一開始就一直在做機器學習和人工智慧。我們有超過 1,000 個正在生產的 AI/ML 模型，是該地區數量最多的模型之一，它涉及我們產品的每個部分。

So we are actually very, very excited about Gen AI, whether it's about margins, whether it's about growing and improving efficiency, as Peter mentioned. In fact, with GAI, we actually see a step change on development, whether it's developing product development velocity so specifically.

因此，我們實際上對 Gen AI 非常非常興奮，無論是利潤率，還是成長和提高效率，正如 Peter 所提到的。事實上，透過 GAI，我們實際上看到了開發方面的一步變化，無論是特別提高產品開發速度。

So if you look at the Swiss Army Knife that we built with LLMs, we can handle a wide variety of tasks versus just having very specialized model. So one, for example, the food knowledge graph where we actually use LLM for labeling, that just drives higher and higher efficiency. Another example is where we're using GAI to unlock new frontiers of productivity. In the past, for example, our sales enabled team would spend a full day just working on slides for the key customer accounts. And today, we can get that done in minutes.

因此，如果你看看我們與法學碩士一起建造的瑞士軍刀，我們可以處理各種各樣的任務，而不僅僅是擁有非常專業的模型。例如，我們實際上使用 LLM 進行標籤的食品知識圖譜，只會推動越來越高的效率。另一個例子是我們使用 GAI 來開啟生產力的新領域。例如，過去，我們的銷售團隊會花一整天的時間為主要客戶客戶製作幻燈片。今天，我們可以在幾分鐘內完成這項工作。

So we're very, very excited. If you just look at Mystique, we talked about this before, our Gen AI copywriting tool that helps improve conversion by 2x, increasing engagement by 50% amongst users. So lots and lots of these examples, the goals are along all across Grab that will continue to drive greater cost synergies while ensuring better customer experiences.

所以我們非常非常興奮。如果你只看 Mystique，我們之前談過，我們的 Gen AI 文案工具可以幫助將轉換率提高 2 倍，將用戶參與度提高 50%。如此多的例子，Grab 的目標都是一致的，即繼續推動更大的成本協同效應，同時確保更好的客戶體驗。

Divya Kothiyal, Morgan Stanley.

迪維亞·科蒂亞爾，摩根士丹利。

Thank you very much. The first question I had is just on the Mobility margin. I mean we've seen that improve when you've attributed it to better mix. You did comment earlier on Indonesia, but I'd be keen to hear your comments on the competitive landscape, especially related to Singapore, Vietnam and Thailand, where we have seen new players come up. Could you just comment on how you see your market shares in those markets and if there's any risk from competition in these markets to the margins?

非常感謝。我的第一個問題是關於移動性裕度。我的意思是，當你將其歸因於更好的組合時，我們已經看到了這種改善。您早些時候確實對印尼發表了評論，但我很想聽聽您對競爭格局的評論，特別是與新加坡、越南和泰國有關的評論，我們在這些國家看到了新的參與者的出現。您能否簡單評論一下您如何看待您在這些市場中的市場份額以及這些市場的競爭是否會為利潤帶來任何風險？

The second question is related maybe a little bit to what you just talked about. On overall group corporate costs, Grab has done really well this year. We've managed to reduce that by 10%, 11%. I'd like to hear your thoughts going into 2025. Do you think that we have scope to reduce this further either through AI? Or is it going to be more operating leverage driven? And any call-outs on cost inflation that we should be looking out for next year? Thanks.

第二個問題可能和你剛才談到的有一點關係。就集團整體成本而言，Grab 今年的表現非常出色。我們已經成功地將其減少了 10%、11%。我想聽聽您對 2025 年的想法。您認為我們有空間透過人工智慧進一步減少這種情況嗎？還是將更多由營運槓桿驅動？明年我們該注意哪些成本通膨問題？謝謝。

Okay, thanks, Divya. Let me take the first question on competition. You're right, there have been a couple of announcements of new competitors in the region in the last quarter. Similarly, we've had Jerico announce -- sorry, we had Gojek announce that they're pulling out of the Vietnam market.

好的，謝謝，迪維亞。讓我回答第一個問題，關於競爭。你是對的，上個季度該地區發布了一些新競爭對手的消息。同樣，我們讓 Jerico 宣布——抱歉，我們讓 Gojek 宣布他們將退出越南市場。

So the region is competitive. It's always been competitive with people coming in and out. I think the key part of our strategy, and the reason why you've seen the improving margin plus the strong growth is that we've got very high operating leverage. So we're in a position where we're using our scale to push out the reliability and affordability frontier all the time.

所以該地區具有競爭力。人們進進出出，競爭一直很激烈。我認為我們策略的關鍵部分，以及利潤率提高和強勁成長的原因是我們擁有非常高的營運槓桿。因此，我們一直在利用我們的規模來突破可靠性和可承受性的前沿。

So the AI that Anthony was talking about helps us to optimize even faster. And we are doubling down our investment in making sure that we improve services and reliability for our customers at the same time as we make the rides more affordable and at the same time, make sure our drivers take home more earnings.

因此，安東尼所說的人工智慧可以幫助我們更快地優化。我們正在加倍投資，確保改善客戶的服務和可靠性，同時讓乘車變得更實惠，同時確保我們的司機獲得更多收入。

So when you are large, you can do that much more efficiently. And you can see not just in Southeast Asia, where we are four times bigger than our next biggest competitor, but also in almost every other part of the world that the returns to scale to the largest player are there in these platform businesses.

所以當你規模很大時，你可以更有效地做到這一點。你不僅可以在東南亞看到，我們的規模是第二大競爭對手的四倍，而且在世界上幾乎所有其他地區，最大參與者的規模回報都存在於這些平台業務中。

We are aware and we monitor very closely whenever there are new entrants into the market. There's always a number of small players in every market. But we have found, particularly now that we have -- we have the variable commission model for drivers. We are in a very strong position to be able to fine-tune the market, make sure those -- the supply does remain loyal to Grab and that makes it hard for the new entrants to gain traction from the point of view of attracting driver supply.

每當有新進入者進入市場時，我們都會意識到並密切監視。每個市場中總會有許多小參與者。但我們發現，特別是現在我們擁有了針對司機的可變佣金模型。我們處於非常有利的地位，能夠微調市場，確保供應確實保持對 Grab 的忠誠度，這使得新進入者很難從吸引駕駛者供應的角度獲得吸引力。

Divya, on your question around regional corporate costs, I mean, you know we've seen that we've done a lot of work around optimizing the business, and we'll continue to do that in operating -- making sure that we continue to have operating leverage is critical in this business. So we're going to continue to drive that.

Divya，關於您關於區域企業成本的問題，我的意思是，您知道我們已經在優化業務方面做了很多工作，並且我們將繼續在運營中這樣做 - 確保我們繼續擁有經營槓桿對於這項業務至關重要。所以我們將繼續推動這一趨勢。

In terms of corporate costs there, you will see from a dollar perspective, an uptick, and you saw that in the third quarter. And that's tied to volume also. Because as the business continues to grow, we're seeing traction at the top of the funnel. We're seeing the number of orders also increasing also.

就企業成本而言，從美元角度來看，您會看到上升，並且您在第三季度看到了這一點。這也與數量有關。因為隨著業務的不斷增長，我們看到了漏斗頂部的吸引力。我們看到訂單數量也在增加。

There are variable pieces in the regional corporate costs. If you remember, about 40% of our corporate regional corporate costs are tied to variable. Those variables actually will move up also as the volume picks up at the same time.

地區企業成本中有很多可變的部分。如果你還記得的話，我們公司大約 40% 的區域企業成本與變數相關。隨著交易量同時增加，這些變數實際上也會上升。

And from a fixed cost perspective also, there will be certain times when we will make some additional investments such as what Anthony talked about around Gen AI, which has been a critical part in driving productivity and also efficiency in the business today.

同樣從固定成本的角度來看，在某些時候我們會進行一些額外的投資，例如安東尼談到的 Gen AI，它是當今提高業務生產力和效率的關鍵部分。

So we want to make sure that we do have operating leverage. That's really important. When I look at regional corporate costs, I look at it -- rather than dollar, I look at it as a percentage of revenue to make sure that we are continuing to drive efficiency in our business and making sure that that level of leverage continues also in the outer years. So I hope that gives you a bit of color on how I think about regional corporate costs.

因此，我們希望確保我們確實擁有營運槓桿。這真的很重要。當我考慮區域企業成本時，我會考慮它——而不是美元，我將其視為收入的百分比，以確保我們繼續提高業務效率，並確保這種槓桿水平也持續下去在外的歲月裡。因此，我希望這能讓您了解我對區域企業成本的看法。

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

謝謝。Grab 2024 年第三季財報電話會議至此結束。感謝您的參與。您現在可以斷開連線。