Grab Holdings Ltd (GRAB) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Grab Holdings Fourth Quarter 2021 Earnings Conference Call.

女士們、先生們，大家好。感謝您的支持，歡迎參加 Grab Holdings 2021 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to your speaker host, Vivian Tong, Head of U.S. Investor Relations.

現在，我想將會議交給您的演講主持人、美國投資者關係主管 Vivian Tong。

Good day, everyone, and welcome to Grab's Fourth Quarter 2021 Earnings Presentation. This is Vivian Tong, Head of U.S. Investor Relations at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Ming Maa, President; and Peter Oey, Chief Financial Officer.

大家好，歡迎參加 Grab 2021 年第四季財報。這是 Grab 美國投資者關係主管 Vivian Tong。今天與我一起的還有執行長 Anthony Tan；明馬 (Ming Maa)，總裁；以及財務長 Peter Oey。

During the call today, Anthony will discuss our key business updates, and Peter will share detailed insights with you on our fourth quarter and full year 2021 financial results. Following prepared remarks, we'll open up the call for questions where Anthony, Peter and Ming will respond to Q&A.

在今天的電話會議中，Anthony 將討論我們的主要業務更新，Peter 將與您分享有關我們 2021 年第四季度和全年財務業績的詳細見解。在準備好的演講之後，我們將開始提問，Anthony、Peter 和 Ming 將回答問答。

As a reminder before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These comments are based on our predictions and expectations as of today. Actual events and results could differ materially due to a number of risks and uncertainties and including those mentioned in our Form F-1 registration statement and other filings with the SEC.

在開始之前提醒一下，今天的討論包含有關公司未來業務和財務表現的前瞻性陳述。這些評論是基於我們今天的預測和預期。由於多種風險和不確定因素，包括我們的 F-1 表格註冊聲明和向美國證券交易委員會提交的其他文件中提到的風險和不確定因素，實際事件和結果可能存在重大差異。

The discussion today also contains operating metrics and non-IFRS financial measures. The comparable IFRS financial measures are included in this quarter's earnings materials. For more information and additional disclosures on recent business performance, please refer to our earnings press release and supplemental presentation for a detailed fourth quarter and fiscal year 2021 financial review, which can be found on our IR website. Should you have any questions after this presentation, please reach out to investor.relations@grab.com.

今天的討論還涉及營運指標和非國際財務報告準則財務指標。本季的收益資料中包含了可比較的 IFRS 財務指標。有關近期業務表現的更多資訊和額外揭露，請參閱我們的收益新聞稿和補充報告，以獲取詳細的 2021 年第四季度和財年財務回顧，可在我們的 IR 網站上找到。如果您在本次簡報後有任何問題，請聯絡 investor.relations@grab.com。

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

現在，我將把電話轉給安東尼致開場白。

Thank you so much for joining our first-ever earnings call as a public company. We had our best year yet in 2021, and I'm so proud of Grabbers and what we've been able to accomplish. Thank you to all our Grabbers around the globe in all their contribution in driving Southeast Asia forward. I also want to express our deep appreciation to our driver and merchant partners who continue to deliver day in and day out.

非常感謝您參加我們作為上市公司的首次財報電話會議。 2021 年是我們迄今為止最好的一年，我為 Grabbers 和我們所取得的成就感到自豪。感謝全球所有的 Grabbers 為推動東南亞前進所做的貢獻。我還要向日復一日堅持送貨的司機和商家合作夥伴表示深深的感謝。

Before diving into the details of our performance for this year, I'd like to spend a moment on the Grab story. Hooi Ling and I co-founded Grab in 2012 with a mission and that mission is to drive Southeast Asia forward by creating economic empowerment for everyone. And since then, we've evolved into a single everyday, everything super app that is enabling millions of people each day to order food, groceries, hail a ride, pay for purchase and access financial services like lending, insurance and more, all in 1 app and we are just getting started. And during 2022, we continue to be intensely focused on our 3 key priorities: Firstly, we are focused on winning the hearts and minds of more users across the region by introducing the benefits of the Superapp to more users by being hyper local in how we serve the region and by delivering even better user experiences and better service levels. This will further solidify our category leadership in Southeast Asia.

在深入介紹我們今年的表現之前，我想先花點時間講一下 Grab 的故事。 2012 年，我和 Hooi Ling 共同創立了 Grab，我們的使命是透過為每個人創造經濟權力來推動東南亞的發展。從那時起，我們已經發展成為一款日常使用的超級應用程序，每天幫助數百萬人訂購食物、雜貨、叫車、支付購物費用以及獲得貸款、保險等金融服務，而這一切都在一個應用程序中完成，而我們才剛剛起步。 2022 年，我們將繼續專注於以下三大重點任務：首先，我們致力於透過以超本地化方式為本地區服務，向更多用戶介紹超級應用的優勢，提供更好的用戶體驗和更好的服務水平，贏得本地區更多用戶的青睞。這將進一步鞏固我們在東南亞的領先地位。

Secondly, we'll continue to invest in the growth of our key business segments. We're addressing massive market opportunities and see tremendous headroom for growth in our user base and opportunity to drive greater wallet share from our existing users. And third and final, we will continue to reduce our cost to serve. We want to be the most capital-efficient provider in the market, and this is where our Superapp product strategy provides us with this advantage.

其次，我們將繼續投資於主要業務部門的成長。我們正在抓住巨大的市場機遇，看到我們的用戶群有巨大的成長空間，也有機會從現有用戶那裡獲得更多的錢包份額。第三，也是最後一點，我們將繼續降低服務成本。我們希望成為市場上資本效率最高的供應商，而我們的超級應用產品策略為我們提供了優勢。

With this backdrop, let's dive into the results for the year. We had another record year for Grab with tremendous year-over-year growth that saw us achieve a total GMV of USD 16.1 billion, exceeding our GMV guidance for the year. We also delivered against our adjusted EBITDA guidance as we continue to progress on our path to profitability. This was in spite of a difficult COVID environment where lockdowns were markedly harsher in Southeast Asia in 2021.

在此背景下，讓我們深入了解今年的業績。今年，Grab 又創下了新的紀錄，年成長迅猛，總 GMV 達到 161 億美元，超過了我們今年的 GMV 預期。我們也實現了調整後的 EBITDA 指引，繼續在獲利的道路上前進。儘管 2021 年東南亞的新冠疫情情勢嚴峻，封鎖措施明顯更為嚴厲，但這一成績仍然取得。

GMV grew 26% year-over-year in the fourth quarter to $4.5 billion. As of the fourth quarter, our MTUs are at the highest point since COVID lockdowns began. Our data also shows that in 2021, our users are spending 31% more on our platform compared to the year before. These results bear testament to the resilience and the growing relevance of the Superapp and effectiveness of our Superapp product strategy.

第四季GMV年增26%，達到45億美元。截至第四季度，我們的 MTU 已達到 COVID 封鎖開始以來的最高點。我們的數據也顯示，2021 年，我們的用戶在我們平台上的支出比前一年增加了 31%。這些結果證明了超級應用的彈性和日益增長的相關性以及我們的超級應用產品策略的有效性。

It demonstrates our ability to grow even in an uncertain environment. On mobility, while we're not completely out of the COVID woods yet, we're progressing strongly towards full recovery. We saw fourth quarter mobility GMV, up by 45% quarter-on-quarter. We're also seeing mobility GMV in the first 2 months of the year, growing modestly year-on-year as well. Consumers are eager to be out and about again, and we've observed greater nuance in how governments are responding to Omicron compared to the previous infection waves. Countries like Malaysia and Singapore have gradually loosened restrictions in spite of rising cases.

它證明了我們即使在不確定的環境中也具有成長的能力。在出行方面，雖然我們尚未完全擺脫新冠疫情的影響，但我們正在朝著全面復甦的方向穩步前進。我們看到第四季度移動GMV環比增長了45％。我們也看到，今年前兩個月的行動 GMV 年比也出現了小幅成長。消費者渴望再次外出，我們觀察到，與先前的感染浪潮相比，政府對 Omicron 的反應有更大的細微差別。儘管病例不斷增加，馬來西亞和新加坡等國家已逐步放鬆限制。

And while countries like Indonesia and the Philippines have introduced or reintroduced tighter restrictions in the first 2 months of the year. We're more optimistic about a recovery than we were in 2021. And we are investing to position our supply base strongly to capture the demand rebound ahead.

而印尼和菲律賓等國家則在今年前兩個月實施或重新實施了更嚴格的限制措施。與 2021 年相比，我們對復甦更為樂觀。

Turning to deliveries. It is clear to us that deliveries are becoming more and more integral to everyday life. Even through waves of loosening restrictions, our deliveries business has continued to perform strongly. Not only are we seeing our user base grow, users are ordering more frequently and they're spending more per order. Average order values have gone up by 41% in 2021 compared to 2019 before the onset of COVID. On a whole, GMV for our deliveries business expanded by 56% year-over-year in 2021.

轉向交付。我們清楚地看到，快遞在日常生活中變得越來越重要。即使經歷了一波又一波的放鬆限制，我們的配送業務依然表現強勁。我們不僅看到用戶群在成長，而且用戶的訂購頻率更高，而且每次訂單的花費也更多。與新冠疫情爆發前的 2019 年相比，2021 年的平均訂單價值上漲了 41%。整體而言，2021 年我們的配送業務 GMV 年比成長 56%。

For Financial Services, we continue to see strong momentum. The fourth quarter was another record quarter for us. And our total payments volume for 2021 was $12.1 billion, a 37% increase year-over-year. We're seeing good growth in products like buy now, pay later with fourth quarter TPVs being 5x higher than the year before. I'm also excited about our Digibank opportunities. The Grab- Singtel Digibank joint venture is getting ready to launch in Singapore this year. We're awaiting results in our Digibank license application in Malaysia, which the regulator has stated they expect to announce within March. We also recently acquired a 16.26% stake in Bank Fama in Indonesia, which we intend to use as a launch pad for our Indonesia digi banking ambitions.

對於金融服務而言，我們持續看到強勁的發展動能。第四季對我們來說又是一個創紀錄的季度。我們 2021 年的總支付額為 121 億美元，年增 37%。我們看到先買後付等產品實現了良好的成長，第四季的總營收比去年同期高出 5 倍。我對我們的 Digibank 機會也感到非常興奮。 Grab-Singtel Digibank 合資企業準備今年在新加坡上市。我們正在等待馬來西亞 Digibank 牌照申請的結果，監管機構表示預計將在三月公佈結果。我們最近也收購了印尼法瑪銀行 (Bank Fama) 16.26% 的股份，我們打算以此作為我們在印尼數位銀行業務的起點。

A quick point on enterprise and new initiatives. We continue to expand our existing advertising and mapping offerings. While still a small and very young segment, the growth prospects are very exciting and we will continue to sharpen our value proposition with the expanding partner and client base that we are progressively building.

關於企業和新措施的簡要概述。我們將繼續擴大現有的廣告和地圖服務。雖然這仍然是一個很小且非常年輕的領域，但其成長前景非常令人興奮，我們將繼續透過不斷擴大的合作夥伴和客戶群來強化我們的價值主張。

In our advertising business, for example, we have tripled the number of merchants on our ads platform between the fourth quarter of 2020 and the fourth quarter of 2021. I want to point out that the fourth quarter was a quarter of reinvestments for Grab and we expect some of this to continue into the first and second quarter. There are 3 drivers for this. First, we're preemptively investing to recalibrate driver supply to capture a strong recovery in mobility demand.

例如，在我們的廣告業務中，我們廣告平台上的商家數量在 2020 年第四季至 2021 年第四季之間增加了兩倍。有 3 個驅動程式可以實現此目的。首先，我們正在進行預先投資，重新調整駕駛員供應，以抓住出行需求的強勁復甦。

Similar to what was observed in other parts of the world, our driver supply base moderated down amid lower mobility demand in the third quarter. We're investing to pull drivers back even as we continue to find ways to increase your productivity on our platform. Not only are we seeing our driver pool grow, the utilization rates went up by 19% year-over-year in the fourth quarter and the average earnings per hour grew by 16%.

與世界其他地區的情況類似，由於第三季出行需求下降，我們的司機供應基礎也出現放緩。我們正在進行投資以吸引司機，同時我們繼續尋找方法來提高您在我們平台上的生產力。我們不僅看到我們的司機數量正在增長，而且第四季度的利用率同比增長了 19%，每小時平均收入增長了 16%。

Second, we're strategically investing to maintain category leadership in Southeast Asia. According to Euromonitor, we remain the #1 category leader across our core verticals in 2021. We're 3.9x larger than the next largest competitor in ride-hailing, 2.1x larger in online food delivery and 1.3x larger in payments. The growth opportunity in Southeast Asia is tremendous across our verticals, and we're not the only ones who recognize this. Players in some markets have at times increased their promotion spend significantly. We will continue to invest as appropriate to maintain our lead. And while we have a fortress balance sheet to support this, we aim to do it in an efficient, judicious and disciplined manner.

其次，我們正在進行戰略投資，以維持在東南亞的領先地位。根據歐睿國際的數據顯示，2021 年，我們仍然是核心垂直領域的第一大類別領導者。東南亞在我們各個垂直產業中都具有巨大的成長機會，而且我們並不是唯一認識到這一點的人。一些市場的參與者有時會大幅增加促銷支出。我們將繼續進行適當投資以保持領先地位。雖然我們有穩健的資產負債表來支持這一點，但我們的目標是以高效、明智和有紀律的方式實現這一目標。

As the category leader, we continue to lead in capital efficiency across the categories in which we operate. Let me share 2 quick examples. In Singapore, we retained a comfortable lead in category share for mobility while spending an estimated 4x less on promotions per ride in the fourth quarter compared to one of our competitors. This represents a 4:1 advantage in capital efficiency that Grab has.

作為類別領導者，我們在所經營類別的資本效率方面繼續保持領先地位。讓我分享兩個簡單的例子。在新加坡，我們在行動出行類別中保持了領先地位，而與我們的競爭對手相比，第四季度我們在每次出行促銷上的花費估計減少了 4 倍。這顯示 Grab 在資本效率方面擁有 4:1 的優勢。

In food deliveries, despite competition, we maintained category leadership in the region while driving greater efficiencies from our incentive spend across our core markets.

在食品配送方面，儘管競爭激烈，我們仍然保持了該地區的品類領先地位，同時透過在核心市場的激勵支出提高了效率。

For example, on a per order basis across competitive markets such as Indonesia, Malaysia, Thailand and Vietnam, we estimate that our GMV to cost ratios are 25% to almost 100% more efficient than competitor averages. This demonstrates that our platform and Superapp product strategy affords us greater efficiencies in our incentive spend. Not only because of advantages from our Superapp flywheel, but also because of consumer loyalty and preference towards Grab.

例如，在印尼、馬來西亞、泰國和越南等競爭激烈的市場中，以每筆訂單計算，我們估計我們的 GMV 與成本比率比競爭對手的平均水準高出 25% 至近 100%。這顯示我們的平台和超級應用產品策略使我們的激勵支出更有效率。不僅因為我們的超級應用程式飛輪的優勢，也因為消費者對 Grab 的忠誠度和偏好。

Year-on-year, we are seeing the number of cross-vertical users grow. Users who use more than 2 or more Grab services have now reached 56% of our user base, up from 49% a year ago. Your retention rates are higher and they're spending more on our platform. This, in turn, drives higher customer lifetime value and greater efficiency in incentive spend. Third, we continue to invest into tech infrastructure and talent to support the pursuit of our long-term growth opportunities.

我們看到跨垂直用戶的數量逐年增加。目前，使用 2 個或以上 Grab 服務的用戶已占我們用戶群的 56％，高於一年前的 49％。您的保留率更高，並且他們在我們的平台上花費更多。這反過來又會提高客戶終身價值並提高激勵支出的效率。第三，我們繼續投資技術基礎設施和人才，以支持我們追求長期成長機會。

We're scaling up our cloud infrastructure, investing more in mapping out Southeast Asia in AI, analytics and in our ads platform. With all these investments, I want to emphasize that we don't expect these levels of investments to persist in the long run. With Southeast Asia still in the early stages of online adoption across our key categories, we see significant headroom for our TAM to increase. We're confident that the investments we are making are important, foundational and ones that we expect will pave the way for sustainable future growth.

我們正在擴大我們的雲端基礎設施，並在東南亞的人工智慧、分析和廣告平台規劃方面投入更多資金。對於所有這些投資，我想強調的是，我們並不期望這些投資水準能夠長期持續下去。由於東南亞仍處於我們主要產品類別線上化應用的早期階段，我們認為 TAM 還有很大成長空間。我們堅信，我們正在進行的投資是重要的、基礎的，我們預計這些投資將為未來的永續成長鋪平道路。

I do also want to underscore that we continue to be laser focused on our path to profitability. Mobility continues to deliver best-in-class segment adjusted EBITDA margins. And across all our segments, we've seen our adjusted EBITDA margins improve year-over-year. Peter will share more on our margins and how we are thinking about the medium to long term.

我還想強調的是，我們將繼續全神貫注於實現盈利的道路。行動業務持續實現最佳的分部調整後 EBITDA 利潤率。在我們所有部門中，我們看到調整後的 EBITDA 利潤率逐年提高。 Peter 將進一步分享我們的利潤率以及我們的中長期想法。

Looking ahead, I expect 2022 to be another watershed year for Grab and for a few reasons. First, we're aiming to launch our very first Digibank in Singapore this year. Second, we will continue to pursue large opportunities in deliveries across both offline and online demand for prepared meals and groceries. So when our consumers are hungry for anything, whether it's a restaurant meal or home-cook dinner or just something to snack on, we want Grab to instinctively come top of mind for them.

展望未來，我預計 2022 年將成為 Grab 的另一個分水嶺，原因有幾個。首先，我們計劃今年在新加坡推出第一家數位銀行。其次，我們將繼續尋求線上線下配送領域的巨大機遇，滿足消費者對熟食和雜貨的需求。因此，當我們的消費者想要吃任何東西時，無論是餐廳餐點、家常晚餐還是只是想吃點零食，我們都希望 Grab 能夠本能地成為他們的首選。

Third, we'll continue to focus on the recovery of mobility. This is where we have a proven track record of 9 quarters of segment adjusted EBITDA profitability to date. As we march towards profitability, mobility will continue serving as a solid foundation for our other verticals and focus areas. I have deep conviction in our Superapp product strategy as our right to win and we'll continue to aim for the best product experience for our consumers in the market.

第三，我們將繼續關注流動性的復甦。這是我們迄今為止 9 個季度分部調整後 EBITDA 盈利的成功記錄。隨著我們邁向獲利，移動性將繼續為我們其他垂直領域和重點領域奠定堅實的基礎。我深信我們的超級應用產品策略是我們獲勝的關鍵，我們將繼續致力於為市場上的消費者提供最佳的產品體驗。

It is key to how we drive loyalty to our platform while reducing our cost to serve. We continue to stay true to our mission of driving economic empowerment across all of Southeast Asia and remain steadfast in executing our strategy.

這是我們如何在降低服務成本的同時提昇平台忠誠度的關鍵。我們將繼續忠於推動整個東南亞經濟賦權的使命，並堅定不移地執行我們的策略。

I'll now turn the call over to Peter for a review of the financials.

我現在會把電話轉給彼得，讓他審查一下財務狀況。

Thanks, Anthony. Before I turn to the financial update, I wanted to update you about Grab's inclusion in the MSCI world index earlier this week on March 1. This month is another significant milestone for Grab, which will enhance our trading liquidity and improve our visibility to global investors.

謝謝，安東尼。在介紹財務更新之前，我想向您介紹 Grab 本週稍早（3 月 1 日）被納入 MSCI 全球指數的情況。

Now turning to the financials. We ended 2021 with a strong fourth quarter and full year 2021 results, exceeding our expectations on top- line and meeting our guidance on our bottom line. The fourth quarter was our strongest quarter to date as GMV grew 26% year-over-year to $4.5 billion, driven by deliveries growth of 52% year-over-year. GMV for the year finished at $16.1 billion, a year-over-year increase of 29% and Deliveries GMV of $8.5 billion, growth of 56% for the same period.

現在來談談財務。我們以強勁的第四季度和 2021 年全年業績結束了 2021 年，超越了我們對營收的預期，並達到了我們對盈利的指導。第四季是我們迄今表現最強勁的一個季度，GMV 年比成長 26%，達到 45 億美元，其中交付量年增 52%。全年商品交易總額 (GMV) 達到 161 億美元，年增 29%，其中配送商品交易總額 (GMV) 達到 85 億美元，年增 56%。

Mobility GMV in the fourth quarter grew 45% over the third quarter. While we're still away from mobility recovering to pre-COVID levels, we are optimistic on mobility's future growth based on this quarter's strong recovery progress. Mobility GMV for the year finished at $2.8 billion.

第四季行動裝置GMV較第三季成長45%。雖然我們的流動性仍未恢復到疫情之前的水平，但基於本季強勁的復甦進展，我們對流動性的未來成長持樂觀態度。全年行動購物 GMV 達 28 億美元。

Overall, across all our segments, we're seeing improvements in commission rates, which is defined as Grab's commissions before incentives as a percentage of GMV. Deliveries commissions are up from 17.5% to 18.2%. Mobility commissions are up from 21.7% to 23.8%, and financial services commissions up from 1.8% to 2.4%. Revenue on an IFRS basis for 2021 grew by 44% year-on-year to $675 million from $469 million. This marks our highest revenue achieved in the fiscal year. For the fourth quarter, revenue did decline to $122 million from $219 million year-on-year.

總體而言，在我們所有的細分市場中，佣金率都在提高，佣金率的定義是 Grab 的獎勵前佣金佔 GMV 的百分比。交付佣金從17.5%上漲至18.2%。流動佣金從 21.7% 上漲至 23.8%，金融服務佣金從 1.8% 上漲至 2.4%。根據國際財務報告準則，2021年營收年增44%，從4.69億美元增至6.75億美元。這是我們本財年取得的最高收入。第四季度，營收確實從去年同期的 2.19 億美元下降至 1.22 億美元。

Now this was primarily due to the strategic investments made in higher driver incentives to meet the strong demand from lockdown reopenings in the third quarter across all markets and also higher consumer incentives in deliveries as we invested in our category leadership and acquiring new MTUs to our platform.

現在，這主要歸功於我們對更高的駕駛員激勵措施進行的戰略投資，以滿足第三季度所有市場重新開放封鎖帶來的強勁需求，同時由於我們投資於我們的品類領導地位並為我們的平台獲取新的 MTU，我們在交付方面也提供了更高的消費者激勵措施。

We made positive strides in improving our EBITDA margins in 2021. Segment adjusted EBITDA margins for 2021 as a percentage of GMV improved from negative 2% to negative 1%. Adjusted EBITDA margins for the group as a percentage of GMV also improved from negative 6% to negative 5% as we improved commission rates and scaled operating leverage at segment level.

2021 年，我們在提高 EBITDA 利潤率方面取得了積極進展。由於我們提高了佣金率並擴大了分部層級的營運槓桿，因此集團調整後的 EBITDA 利潤率佔 GMV 的百分比也從負 6% 改善至負 5%。

For the fourth quarter, segment adjusted EBITDA declined to $113 million loss from $49 million loss in the fourth quarter of 2020, driven by the investments in incentives as I alluded to earlier. Focusing on segment adjusted EBITDA for deliveries, our margins improved from a negative 3.9% to negative 1.5% from 2020 to 2021. And we see core food deliveries being closer to breakeven, achieving segment adjusted EBITDA margin of negative 1% for 2021 compared to negative 4.5% in 2020. As for mobility segment adjusted EBITDA margin for 2021, we achieved 12.4% of GMV compared to 9.5% in 2020.

第四季度，分部調整後 EBITDA 從 2020 年第四季的 4,900 萬美元虧損降至 1.13 億美元虧損，這主要是由於我之前提到的激勵措施投資所致。專注於配送分部調整後的 EBITDA，我們的利潤率從 2020 年的負 3.9% 提高到 2021 年的負 1.5%。 4% 的 GMV，而 2020 年為 9.5%。

Turning to regional costs. This remains stable at approximately 4.4% as a percentage of GMV in 2021 relative to 2020. In 2021, we made key investments in scaling further our cloud infrastructure as well as critical talent to support growth of the existing business lines and new initiatives of the platform. Our IFRS loss for the fourth quarter was $1.1 billion, which includes $311 million non-cash interest expense related to Grab's convertible, redeemable preference shares that ceased upon Grab's public listing as well as $328 million related to one-time public listing related expenses.

談到區域成本。與 2020 年相比，2021 年這一數字保持穩定，佔 GMV 的百分比約為 4.4%。我們第四季的 IFRS 虧損為 11 億美元，其中包括與 Grab 公開上市後終止的可轉換、可贖回優先股相關的 3.11 億美元非現金利息支出，以及與一次性公開上市相關費用相關的 3.28 億美元。

For the full year 2021 IFRS loss was $3.6 billion, which includes $1.6 billion of non-cash interest expense related to convertible redeemable preference shares and $353 million related to one-time public listing related expenses. We continue to maintain a fortress balance sheet with $9 billion of cash liquidity as of the end of the fourth quarter including our $2 billion Term Loan B facility. Our net cash liquidity was $6.8 billion as of the end of the fourth quarter.

2021年全年IFRS虧損為36億美元，其中包括與可轉換可贖回優先股相關的16億美元非現金利息支出及與一次性公開上市相關費用相關的3.53億美元。我們繼續保持穩健的資產負債表，截至第四季度末，我們的現金流動性為 90 億美元，其中包括 20 億美元的定期貸款 B 類。截至第四季末，我們的淨現金流動性為 68 億美元。

As we look into 2022 and the first quarter, we currently expect some slight disruptions to our mobility business with some of the minor lockdowns we've seen in certain cities as Southeast Asia reaches higher levels of Omicron cases in February and March. We are continuing to strengthen our driver supply to anticipate strong mobility demand recovery. For deliveries, we expect the momentum to continue as we double down on strategic initiatives like grocery deliveries.

展望 2022 年第一季度，由於東南亞 2 月和 3 月的 Omicron 病例數量較高，我們目前預計某些城市將實施小規模封鎖，這會導致我們的行動業務略有中斷。我們將繼續加強司機供應，以預期強勁的出行需求復甦。對於配送而言，隨著我們加倍投入雜貨配送等策略性舉措，我們預期這一勢頭將持續下去。

Finally, for Financial Services, we are focusing on ensuring the successful launch of Digibank Singapore sometime in 2022. With that context, for the first quarter, we expect to see deliveries GMV of $2.4 billion to $2.5 billion. Mobility GMV of $750 million to $800 million and financial services TPV of $3.1 billion to $3.2 billion. From the second quarter to the fourth quarter of 2022, we expect group GMV growth for each quarter to accelerate to 30% to 35% year-on-year subject to the COVID recovery.

最後，對於金融服務，我們專注於確保在 2022 年某個時候成功推出 Digibank Singapore。行動業務 GMV 為 7.5 億至 8 億美元，金融服務 TPV 為 31 億至 32 億美元。從 2022 年第二季到第四季度，我們預計隨著新冠疫情的復甦，集團 GMV 每季的成長速度將加速至年增 30% 至 35%。

Now looking beyond 2022, we see a path to profitability in sight for deliveries as we expect deliveries as a segment to reach segment adjusted EBITDA breakeven by the end of 2023 with core food delivery breakeven by the first half of 2023. This is complemented with our best-in-class mobility margins of 10% plus. We are targeting long-term segment adjusted EBITDA margins as a percentage of GMV for mobility of 12% and deliveries of 3%.

現在展望 2022 年以後，我們看到配送業務預計將實現盈利，因為我們預計配送業務作為一個部門將在 2023 年底實現部門調整後的 EBITDA 盈虧平衡，核心食品配送業務將在 2023 年上半年實現盈虧平衡。我們設定的長期分部調整後 EBITDA 利潤率目標為，移動性佔 GMV 的百分比為 12%，交付性佔 3%。

In conclusion, we are pleased with our strong performance this last quarter and 2021. We'll continue to compete in a more capital-efficient manner while at the same time, driving the flywheel of the Superapp ecosystem that continues to spin faster. With this, we remain optimistic about the recovery and growth opportunities ahead of us. Thank you very much for your time, and we will now open up the call to questions.

總而言之，我們對上個季度和 2021 年的強勁表現感到滿意。因此，我們對未來的復甦和成長機會保持樂觀。非常感謝您抽出時間，我們現在開始提問。

(Operator Instructions)

（操作員指令）

And our first question coming from the line of Alicia Yap with Citigroup.

我們的第一個問題來自花旗集團的 Alicia Yap。

Congrats on the first earnings call as a public company. My question is related to the delivery business. First of all, so beyond the natural structural increase in the penetration ramp, what are some of the proactive measures that you will be using or push for more market shaking in the coming quarters? Would you continue to explore opportunity to acquire or invest some offline supermarket chain like the one Jaya in Malaysia.

祝賀公司以上市公司召開首次獲利電話會議。我的問題與送貨業務有關。首先，除了滲透率自然結構性成長之外，未來幾季您將採取哪些主動措施或推動哪些措施來進一步撼動市場？您是否會繼續探索機會收購或投資一些離線連鎖超市，例如馬來西亞的 Jaya 超市？

And the follow-up question is on competitive landscape. So how would you balance between your target of breakeven by end of 2023 versus the market shaking, given the rising intensity of the competitive landscape. Would you foresee you would not need to spend more if the competition become irrational.

後續問題是關於競爭格局。那麼，考慮到競爭格局日益激烈，您將如何在 2023 年底實現收支平衡的目標與市場震動之間取得平衡。如果競爭變得不理性，您是否預見到您不需要花費更多？

This is Ming. Let me talk a little bit about how we think about growing penetration within the delivery market, and then I'll hand it over to Anthony and Peter to talk about some of the growth versus profitability aspects of this. I think very largely speaking, there's really 2 areas that we're really pushing on to really deepen our category position.

這是明。讓我稍微談談我們對不斷增長的配送市場滲透率的看法，然後我會把話題交給安東尼和彼得，讓他們談談這方面的成長與獲利方面的問題。我認為從整體上講，我們確實在兩個領域大力推動，以真正深化我們的品類地位。

The first is really continuing to lower our cost to serve. So the more efficient we become with every single order, the more we unlock the markets for a broader set of consumers. So I think Anthony mentioned our advantages and cost to serve in certain markets like Thailand, for every dollar that we are investing into the market, we're generating about 97% higher GMV than our competition in deliveries. So again, it is about stretching our dollars, stretching our balance sheet and ensuring we have the lowest cost to serve.

首先是繼續降低我們的服務成本。因此，我們處理每一份訂單的效率越高，我們就能為更廣大的消費者開啟市場。所以我認為安東尼提到了我們在某些​​市場（如泰國）的優勢和服務成本，我們在市場上投入的每一美元，都能比我們的競爭對手產生約 97% 的 GMV。所以，再說一遍，這是為了精簡我們的資金，擴大我們的資產負債表，並確保我們以最低的成本提供服務。

The second area I would highlight is really laterally as we think about expanding the business and really future grouping for post-COVID recovery, expanding from food to Mart, fresh groceries I think the penetration rates that Anthony talked about earlier, 1% for groceries is really just an indication for how unlocked the market is and what the potential could be if we develop the right products at the right price points.

我要強調的第二個領域實際上是橫向的，因為我們考慮擴大業務，並真正為後疫情時代的複蘇進行未來的佈局，從食品擴展到超市、生鮮雜貨，我認為安東尼之前提到的食品雜貨滲透率為 1%，這實際上只是一個指標，表明市場開放程度如何，如果我們以合適的價格開發出合適的產品，其潛力有多大。

Thanks, Alicia. Let me give you an update on competition. So I wouldn't comment on what competitors are doing, but let me tell you how we are maintaining our leading category position. So competition here has always been robust. That's what makes it really fun. Some of our peers have increased their spending to try and drive additional growth. We will continue to defend and build on our #1 category position.

謝謝，艾莉西亞。讓我向你通報一下比賽的最新情況。因此，我不會評論競爭對手在做什麼，但讓我告訴你我們如何保持領先的地位。所以這裡的競爭一直很激烈。這才是真正有趣的。我們的一些同行已經增加了支出，試圖推動進一步的成長。我們將繼續捍衛並鞏固我們第一的品類地位。

And part of that includes some high investments, but we think of this in a very targeted judicious manner. If you refer to our earnings presentation, you'll see actually the capital efficiency of our spend is much better than our peers. Just take, for example, mobility in Singapore, even with that increased competition because of our Superapp scale, we're estimating what 4 to 1 capital advantage and therefore, believe we are very well positioned to protect, lead through very targeted promotional campaigns while still financially outperform the overall category.

其中一部分包括一些高額投資，但我們以非常有針對性的明智方式考慮這一點。如果您參考我們的收益報告，您會發現我們的資本支出效率實際上比同行好得多。以新加坡的移動出行為例，儘管由於我們的超級應用規模而導致競爭加劇，但我們估計仍擁有 4 比 1 的資本優勢，因此，我們相信我們完全有能力保護並通過非常有針對性的促銷活動保持領先，同時在財務上仍然優於整體類別。

And if you look at -- it's not just for mobility, but also for food deliveries. It's a highly competitive category, but despite that, we are still able to drive greater efficiencies from our incentive spend across our core markets. One example where I just came in the market in Thailand, where for every dollar we spend, we can almost get 2x the GMV relative to our peers.

如果你看一下——它不僅適用於出行，也適用於食品配送。這是一個競爭非常激烈的類別，但儘管如此，我們仍然能夠透過在核心市場中的激勵支出來提高效率。舉個例子，我剛進入泰國市場，我們每花一美元，就能獲得比同業高出兩倍的 GMV。

So our share remains strong in categories with this massive headroom for growth, for example, in grocery delivery, it's only 1% penetration today. Our category share in ride-hailing is 1%, Peter talked about it, 51% for food delivery. This means that what it represents is customers' #1 choice. So we are seeing that even as our peers take some share, they're taking it from other competitors in our markets by targeting low AOV strategies, very different.

因此，在具有巨大成長空間的類別中，我們的份額仍然保持強勁，例如在雜貨配送方面，目前的滲透率僅為 1%。彼得談到了，我們在叫車服務領域的份額為 1%，在食品配送領域的份額為 51%。這意味著它代表的是客戶的首要選擇。因此，我們看到，即使我們的同行佔據了一些份額，他們也是透過針對低 AOV 策略從我們市場上的其他競爭對手那裡奪取的，這是非常不同的。

So we are in a strong position to respond to market dynamics with this balance sheet that Peter talked about. We have a 4:1 capital advantage. And despite heavy competition, we're maintaining our market share across very large categories. Now let me put it out there. We are going to be judicious in recalibrating our supply, our driver supply and we are incredibly confident in our ability to defend our territory.

因此，透過彼得談到的資產負債表，我們能夠很好地應對市場動態。我們擁有4：1的資本優勢。儘管競爭非常激烈，我們仍然在很大的產品類別中保持著市場份額。現在讓我把它說出來。我們將明智地重新調整我們的供應、我們的司機供應，我們對保衛我們領土的能力非常有信心。

Alicia, if I can just add on a little bit here. Also, you asked the question around incentives and spend. If you look at just the profitability, the unit economics of our deliveries business, we cited that our delivery segment adjusted EBITDA improved from 3.9% in 2020 to a negative 1.5% in 2021. So that's a big step up in terms of improvements.

艾莉西亞，我可以在這裡補充一點嗎？另外，您也詢問了有關激勵和支出的問題。如果只看獲利能力，也就是我們配送業務的單位經濟效益，我們指出，配送部門的調整後 EBITDA 從 2020 年的 3.9% 提高到 2021 年的負 1.5%。

And if you look at just our food delivery business, our EBITDA margin improved from negative 4.5% to negative 1%. So we have a path to continue to improve our unit economics of our business, especially on deliveries. And how we're doing that in a couple of things, you heard that our commission rates are up, and it's over 200 basis points up year-on-year on our deliveries business, but also just our average order value.

如果只看我們的食品配送業務，我們的 EBITDA 利潤率從負 4.5% 提高到負 1%。因此，我們有辦法繼續改善我們業務的單位經濟效益，特別是在交付方面。我們採取了以下幾種做法，例如，我們的佣金率上漲了，我們的配送業務佣金率年增了 200 個基點，而且我們的平均訂單價值也上漲了。

If you look at our order value today on deliveries, it's up 41% from 2019 to 2021. GMV per MTU also, if you look at our deliveries business, it's up 30% plus year-over-year. So we've got the levers to actually continue to improve the unit economics of our business. But as Anthony said, we're going to continue to invest in category leadership as the market is just so big, and we're going to continue to make our unit economics also improve at the same time. So I hope that's helpful to you.

如果您查看我們今天的交付訂單價值，您會發現從 2019 年到 2021 年增長了 41%。因此，我們實際上已經掌握了繼續改善業務單位經濟效益的手段。但正如安東尼所說，由於市場如此之大，我們將繼續投資於品類領導地位，同時我們也將繼續提高我們的單位經濟效益。我希望這對你有幫助。

Our next question coming from the line of Mark Mahaney from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Two questions, please. You talked about this acceleration in growth during the year to 30% to 35%, leaving aside what happens with COVID Omicron. Could you talk about what factors would cause those growth rates to come in better or worse than expected? And then on the delivery side, can you talk about to date, the success you've had in expanding beyond food to grocery and convenience. Just a way that we can track the -- your expansion beyond core food and deliveries just in terms of consumer demand.

請問兩個問題。您談到了今年的成長加速至 30% 至 35%，撇開 COVID Omicron 的情況不談。您能談談哪些因素會導致這些成長率好於或差於預期嗎？那麼在配送方面，您能否談談迄今為止您在從食品擴展到雜貨和便利商店方面取得的成功？我們可以這樣追蹤──從消費者需求的角度來看，你們在核心食品和配送之外的擴張。

Sure. Mark . I'll take the first one here, and I'll get Anthony or Ming also just to chime in on how we're thinking about deliveries. So yes, we -- in our guidance for the Q2 to Q4, we are expressing that GMV acceleration to be between 30% to 35%. So what's -- you asked question about what's upside. But I think as we think about our deliveries business, there's 2 factors here. Our deliveries business, we've got also the Grab supermarket that we're heavily investing in.

當然。標記 。我將在這裡選擇第一個，我也將讓安東尼 (Anthony) 或明 (Ming) 也參與討論我們如何考慮交付。所以是的，在我們第二季至第四季的指引中，我們表示 GMV 成長率將在 30% 至 35% 之間。那麼 — — 你問的是好處是什麼。但我認為，當我們考慮我們的送貨業務時，這裡有兩個因素。我們的配送業務還包括大力投資 Grab 超市。

And as you see, our GrabMart business as a whole has been tremendously growing, and that's going from strength to strength. If you look at our growth alone, our mart grew 300% on a year-over-year basis. So you've got that lever that we're pulling that we can also on supermarket.

如您所見，我們的 GrabMart 業務整體上得到了極大的發展，並且發展勢頭強勁。如果只看我們的成長，我們的市場比去年同期成長了 300％。所以，我們已經掌握了可以在超市使用的槓桿。

And if you look at mobility, mobility is just getting started. If you look at the quarter-on-quarter growth, it's 45% for our mobility business. And we've got mobility also as the economy opens up here in Southeast Asia as people are starting to travel in Southeast Asia as airports are starting to open up here. Well, we're cautiously optimistic in terms of how the government will react to the rising cases. But so far, what we've seen, we seem to be seeing some good traction in our mobility business.

如果你看一下移動性，你會發現移動性才剛起步。如果查看季度環比成長，我們的行動業務成長了 45%。隨著東南亞經濟的開放，隨著人們開始到東南亞旅行，隨著這裡的機場開始開放，我們的流動性也隨之增加。嗯，對於政府將如何應對不斷增加的案件，我們持謹慎樂觀的態度。但到目前為止，我們看到我們的行動業務似乎取得了一些良好的進展。

Mike, let me just follow up on your second question regarding some expansion metrics on outside of food and -- food vertical. I think the first thing is our expansion verticals are still quite young. And we are looking at some significant opportunities to expand both in Mart as well as supermarket. We're not breaking specific metrics out, but I think you can get an indication of how the cross-sell is occurring.

麥克，讓我跟進一下你的第二個問題，關於食品和食品垂直行業之外的一些擴張指標。我認為首先我們的垂直擴張領域還很年輕。我們正在尋找一些在商場和超市擴張的重要機會。我們沒有列出具體的指標，但我認為您可以了解交叉銷售是如何發生的。

Peter and Anthony talked about our MTU spend growing by 41% from 2019 to 2021. Part of this is obviously increased baskets within food delivery itself. But while this is also coming from cross-sells into larger baskets in the Grocery basket or Mart basket. So that gives you a little bit of sense for where we're heading. The last thing I'll mention is when you look at our new customer acquisitions within Mart, a very high percentage, call it, about 80% or more comes from our food vertical. And so you'll see that top of the funnel coming from either rides or food really at the top and then really funneling down to some of our other expansion verticals here.

Peter 和 Anthony 談到了我們的 MTU 支出從 2019 年到 2021 年增加了 41%。但這也來自於雜貨籃或超市籃子中更大籃子的交叉銷售。這會讓你稍微了解我們前進的方向。我要提到的最後一件事是，當你看看我們在 Mart 內獲得的新客戶時，你會發現非常高的比例，大約 80% 或更多來自我們的食品垂直行業。因此，你會看到漏斗頂部來自遊樂設施或食品，然後真正匯集到我們這裡的其他一些擴展垂直領域。

Our next question coming from the line of Navin Killa with UBS.

我們的下一個問題來自瑞銀的 Navin Killa。

If I can squeeze 2 questions here. First of all, on the financial services side, I mean, the guidance that you have provided for the first quarter does imply a bit of slowdown. I was just wondering how much of this could be the result of the Gojek Tokopedia merger? And generally, if you could just talk a little bit about the impact of that in terms of the magnitude and the time frame over which we expect that to play out. And then secondly, you talked about Digibank in Singapore, Indonesia. Is there a strategy around Digibank in other markets beyond Malaysia? And obviously, I mean Thailand, Philippines and Vietnam.

如果我可以在這裡提出兩個問題。首先，在金融服務方面，您提供的第一季度的指引確實暗示了一些放緩。我只是想知道這在多大程度上是 Gojek 和 Tokopedia 合併的結果？總體而言，您能否就其影響的程度以及我們預計其將發生的時間範圍稍微談一談。其次，您談到了新加坡和印尼的 Digibank。除了馬來西亞以外，Digibank 在其他市場有沒有什麼策略？顯然，我指的是泰國、菲律賓和越南。

Right. Sure, Navin. Let me just kick it off around the TPV question that you asked and -- also just around GoTo, I'll ask Anthony just to speak a little bit about that. That's something that's been paying very close attention to. So on the TPV, if you heard on our call earlier, we did achieve record TPV for our business, our financial services with the $12 billion in 2021. Now if you break that down between our on and off platform also, we see tremendous growth in our on-platform growth. It was over 50% year-over-year.

正確的。當然，納文。讓我先從您問到的 TPV 問題開始討論，另外，關於 GoTo，我會請安東尼就此稍微講一下。這是我們一直密切關注的事情。因此，就 TPV 而言，如果您之前聽說過我們電話會議，我們確實為我們的業務、我們的金融服務實現了創紀錄的 TPV，在 2021 年達到了 120 億美元。與去年同期相比成長了50%以上。

But if you look at also just outside of Indonesia, our financial services business grew by over 100% that's on the off-platform side. So there's some good momentum that we're seeing for our Financial Services business. Now it is also tracking close to how the mobility trend is coming back. If you recall, third quarter was quite severe in terms of lockdowns for us. So as the economy comes back up, as mobility comes back up and people are moving around also merchants getting back online, we're actually running on the back of that.

但如果你看看印尼以外的地區，我們的金融服務業務成長了 100% 以上，這是在平台外的。我們看到金融服務業務出現了一些良好的勢頭。現在它也正在密切追蹤流動性趨勢的回歸情況。如果你還記得的話，第三季對我們來說，封鎖措施相當嚴格。因此，隨著經濟復甦，隨著流動性恢復，隨著人們四處走動，隨著商家重新上線，我們實際上正在依靠這些來運作。

So we're seeing fairly good traction coming out of our off-platform business as well as an on platform for our GFG business.

因此，我們看到我們的平台外業務和 GFG 平台內業務都取得了相當不錯的進展。

So on the Tokopedia -- what we've seen is the TPV from Tokopedia has been in decline for some time. And that was actually fully expected when Tokopedia and Gojek announced the merger. So it didn't catch us by surprise at all. However, what we see is an opportunity to grow meaningfully with other partners that we've onboard in our open ecosystem. And thankfully, we've had this open ecosystem since day 1, and that has been core to our strategy.

因此在 Tokopedia 上——我們看到 Tokopedia 的 TPV 已經下滑了一段時間。當 Tokopedia 和 Gojek 宣布合併時，這實際上是完全預料之中的。因此我們一點也不感到驚訝。然而，我們看到的是與我們開放生態系統中的其他合作夥伴一起實現有意義的成長的機會。值得慶幸的是，我們從第一天起就擁有了這個開放的生態系統，這是我們策略的核心。

So while Tokopedia has been a large support of OVO, OVO became a leading #1 wallet not because of one partner, but because we have multi-partners, and I'll talk about them. Number one, we're talking about Indomaret. . Innomart, I think Peter alluded to it just now 19,000 cash-in, cash-out. I think that is a massive network. We talk about the partners with big e-commerce platforms like Lazada, JD.id, Bukalapak, great online partnerships. So there will be short-term impact on the merger on OVO and where we see Tokopedia moving to GoTo, we don't believe this fundamentally changes the long-term opportunity for OVO.

因此，雖然 Tokopedia 一直是 OVO 的大力支持者，但 OVO 成為領先的排名第一的錢包並不是因為一個合作夥伴，而是因為我們擁有多個合作夥伴，我會談談他們。首先，我們談論的是印多馬雷特 (Indomaret)。 。 Innomart，我認為 Peter 剛才提到了 19,000 的現金存入和現金支出。我認為這是一個龐大的網路。我們談論與 Lazada、JD.id、Bukalapak 等大型電子商務平台的合作夥伴，以及偉大的線上合作夥伴關係。因此，此次合併對 OVO 會產生短期影響，儘管我們看到 Tokopedia 轉向 GoTo，但我們認為這不會從根本上改變 OVO 的長期機會。

Let me just touch on a few comments around our Digital Bank. You're absolutely right. Singapore is slated for launch this year. We have an application process in Malaysia and then we did recently invest in Bank Fama in Indonesia. So very attractive markets from a digital banking perspective. Now as it relates to thinking about expansion outside of those 3 core markets, we really view digital banking as just another very core segment in our cross vertical strategy.

讓我簡單談談關於我們數位銀行的一些評論。你完全正確。新加坡預計今年推出。我們在馬來西亞有一個申請流程，最近我們確實投資了印尼的 Bank Fama。從數位銀行的角度來看，這是一個非常有吸引力的市場。現在，當考慮在這三個核心市場之外的擴張時，我們確實將數位銀行視為跨垂直策略中的另一個核心部分。

So how do you make banking as easy as ordering it right? And as long as you provide the best product experience, and there's going to be a lot of very attractive cross-sell opportunities, both within our Superapp, as well as the partners that we work with in every country. So I think Indonesia is a very good example. We obviously have a very large ecosystem.

那麼，如何才能讓銀行業務變得像正確訂購一樣簡單呢？只要您提供最佳的產品體驗，就會有很多非常有吸引力的交叉銷售機會，無論是在我們的超級應用程式內，還是在我們在每個國家合作的合作夥伴之間。所以我認為印尼就是一個很好的例子。我們顯然擁有非常龐大的生態系統。

Our partner there, Emtek also has a very large digital ecosystem, and that creates the opportunity for us to really think about developing a very vibrant digital bank ecosystem. So we don't have any other countries to announce today, but you can really look across our -- country by country to see where we have strong -- strong ecosystems and those are candidates that we would look at.

我們的合作夥伴 Emtek 也擁有非常龐大的數位生態系統，這為我們真正考慮開發一個非常活躍的數位銀行生態系統創造了機會。所以，我們今天沒有其他國家可以宣布，但你可以真正縱觀我們每一個國家，看看哪些國家擁有強大的生態系統，而這些就是我們會考慮的候選國。

And our next question coming from the line of Mark Goodridge with Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬克·古德里奇。

I just had one question. Specifically looking at your steady-state margins. You're highlighting steady-state margins in your delivery business of about 3% and that's obviously pre some of those corporate overheads. So if we sort of allocate that in as well, it's probably closer to 2%. My question is, is that when we look at some of your global peers, they're talking about steady-state margins in their delivery business of closer to 5% to 6%. So my question is, why is Grab less ? Is there any structural reason why you guys cannot get up to those mid-single digit levels?

我只有一個問題。具體來說，看看你的穩態利潤率。您強調說，您的配送業務的穩定利潤率約為 3%，這顯然已經扣除部分企業管理費用。因此，如果我們也將其分配進去，它可能會更接近 2%。我的問題是，當我們看看你們的一些全球同行時，他們談論的配送業務的穩定利潤率接近 5% 到 6%。所以我的問題是，為什麼 Grab 更少？是否存在結構性原因導致你們無法達到中位數個位數？

Mark, yes, let me take that one. Look, I think the way we think about our delivery business, it's still very early days for us also. If you look at it, it's on its 4th year now of its journey, and we're still growing, as you can tell just from the numbers we went through today.

馬克，是的，讓我來接手這個。看，我認為我們對送貨業務的看法對我們來說還處於早期階段。如果你看一下，你會發現它已經走過了第四個年頭，而且我們仍在成長，這一點從我們今天經歷的數字就可以看出來。

And if you look at where we're heading in terms of our margin, we've made improvements already on a year-on-year basis. Now as we think about longer term, our deliveries business actually is quite mixed. As you can tell, we've got food, we've got mart, we've got supermarket, we've got Express as our courier service. We've got a very mixture of delivery services. I'm not going to comment on our peers or on our others, our competitors. But if you look at delivery mix, it is a mixed business, and that's critical.

如果你看看我們的利潤率發展情況，你會發現我們已經逐年取得了進步。現在，當我們考慮更長遠的未來時，我們的配送業務實際上是相當複雜的。如您所知，我們有食品，有商場，有超市，我們有快遞服務。我們擁有多種送貨服務。我不會對我們的同行或其他競爭對手發表評論。但如果你看一下交付組合，你會發現這是一項混合業務，這一點至關重要。

And what we are continuing to improve is a couple of things. One is our food delivery, which is very core for us. And then we're going to continue to improve the unit economics of that business. And we've already seen that in the year-over-year basis that I quoted earlier, we're already nearly breakeven. And then if you look at our supermarket, which is still in the very early days, there's still room for improvement there in terms of margin.

我們正在繼續改進一些事情。一是我們的食品配送，對我們來說非常核心。然後我們將繼續改善該業務的單位經濟效益。我們已經看到，從我之前引用的同比數據來看，我們已經幾乎達到收支平衡。如果你看看我們的超市，它仍處於起步階段，利潤率方面仍有提升空間。

So we'll continue to tweak and fine-tune the margins of our business as we go medium term to long term, we feel confident of the 3%. We feel pretty good about it. I think there could be upside potentially, we'll continue to work on it as we continue to grow our top line also at the same time.

因此，從中期到長期來看，我們將繼續調整和微調我們業務的利潤率，我們對 3% 的目標充滿信心。我們對此感覺很好。我認為可能會有上行空間，我們會繼續努力，同時繼續增加我們的營業收入。

Our next question coming from the line of Pang Vitt with Goldman Sachs.

我們的下一個問題來自高盛的 Pang Vitt。

I have 2 questions here. Firstly, can you talk about how has the reopening impacted your business so far with, of course, the Omicron still overhanging. But lastly, how do you think going to, let's say, opening already. People are returning back to work. We should generally see -- expect a nice pickup in terms of mobility momentum.

我有 2 個問題。首先，您能否談談重新開放對您的業務有何影響，當然，奧密克戎問題仍然懸而未決。但最後，您認為會怎麼樣呢？人們正在重返工作崗位。我們總體上應該看到——預計移動性勢頭將出現良好回升。

But latest that we hear is that there were challenges facing towards coming in from a driver supply. Are we still seeing that going on currently in the current dynamics? And how is the consideration like? And further more from that, do we see any reversal in growth rate for the segment that were beneficiary from COVID, for example, food delivery? What -- did you see any weakness coming in from those type -- that segment? That's my question number one.

但我們最新聽到的是，在駕駛員供應上面臨挑戰。在當前的動態中我們是否仍看到這種情況正在發生？考慮怎麼樣？此外，我們是否看到從 COVID 中受益的細分市場的成長率出現逆轉，例如食品配送？您認為這類部分有什麼弱點嗎？這是我的第一個問題。

And question number 2 is regarding the mobility EBITDA margins. EBITDA as a percentage of GMV slipped into 10% as of now -- in the fourth quarter. Question is, how should we think about this trend going forward, especially as we are heading towards reopening in this year, right? Do you have to spend more in order to get back both the user and driver on the platform? And in other words, how confident are you that you'll be able to actually get back to the margins that you are looking for as well the long term of 12%.

第二個問題涉及移動 EBITDA 利潤率。截至目前（第四季），EBITDA 佔 GMV 的百分比已下滑至 10%。問題是，我們應該如何看待這一趨勢，尤其是當我們今年即將重新開放的時候，對嗎？你是否需要花費更多才能讓平台的使用者和司機都回來？換句話說，您對於能夠真正恢復到您所期望的利潤率以及長期 12% 的利潤率有多大信心？

Let me talk about COVID recovery. Now honestly, it will be presumptuous of me or anyone to give a specific timeline given how unpredictable COVID has been. What we can say is the eagerness for people to go out and about again. So every time we've seen restrictions loosen, we see a strong bounce back in mobility. Coming out of hard lockdown in Q3, our Q4 mobility GMV was up by 45% and we also see deliveries, and we will talk more about deliveries. I know that was your other question as well.

讓我來談談新冠疫情的恢復情況。說實話，考慮到 COVID 疫情的難以預測，我或任何人來說給出一個具體的時間表都是冒昧的。我們能說的是人們再次渴望外出活動。因此，每當我們看到限制放鬆時，我們就會看到流動性的強勁反彈。在第三季解除嚴格封鎖後，我們的第四季行動 GMV 成長了 45%，我們也看到了交付量，我們將更多地討論交付量。我知道這也是你的另一個問題。

So we're also watching the impact of Omicron especially in this region. And there's also how certain countries have responded to it a bit different. Some have introduced minor movement restrictions like in Indonesia while others have pushed forward and said, look, COVID is endemic and they're just opening borders. So we are observing that people are getting more and more excited to go out. We are seeing waves of loosening restrictions. The good news is even with the losening restrictions, our deliveries are really here to stay. We've actually seen it grow from strength to strength year-on-year.

因此我們也在關注奧密克戎的影響，尤其是在這個地區。而且某些國家對此的反應也略有不同。一些國家（如印尼）出台了較小程度的人員流動限制，而另一些國家則繼續推進並表示，看，新冠肺炎是地方病，他們只是開放邊境。所以我們觀察到人們越來越熱衷於外出。我們看到一波又一波的放鬆限制的浪潮。好消息是，即使限制放寬，我們的送貨服務仍會持續進行。我們實際上看到它逐年不斷發展壯大。

So what I can say about deliveries is there has been a structural shift actually in consumer behavior in our favor, actually. And we don't see this even in a time when the world normalizes. So overall, I would say we are cautiously optimistic. What is important that our long-term fundamentals remain intact, we stay extremely focused on our merchant partners, our driver partners and our consumers. And we know that our business has proven to be resilient even through the toughest time of COVID.

因此，關於交付我可以說的是，消費者行為實際上發生了對我們有利的結構性轉變。即使在世界恢復正常的時候，我們也沒有看到這種情況。所以總的來說，我們持謹慎樂觀的態度。重要的是，我們的長期基本面保持完整，我們高度關注我們的商家合作夥伴、我們的司機夥伴和我們的消費者。我們知道，即使在疫情最艱難的時期，我們的業務也展現了韌性。

Your question around mobility EBITDA, if I can package it, I think you asked around expectations for 2022 and also how we're spending this year. Just continue what Anthony just mentioned earlier, mobility is coming back, and we saw that in the fourth quarter, 45% quarter-on-quarter growth. People are getting -- moving around again, which is great to see, airport rides are starting to come back up again.

您關於行動 EBITDA 的問題，如果我可以將其打包起來，我想您詢問的是 2022 年的預期以及我們今年的支出情況。繼續安東尼剛才提到的，移動性正在回歸，我們看到第四季度環比增長了 45%。人們又開始四處走動了，這是令人高興的，機場交通也開始恢復了。

But also at the same time, we've got to calibrate our driver supply. And then we're making investments in the fourth quarter on driver supply. And it's going to take about 1 or 2 quarters for us to get to the equilibrium for demand and supply to match together, and it's a marketplace at the end of the day.

但同時，我們必須校準我們的驅動器供應。然後我們將在第四季度對驅動程式供應進行投資。我們大約需要一到兩個季度的時間才能達到供需平衡，最終這是一個市場。

So we're going to continue to invest on driver supply as the demand comes back up. Now as we think about margins, you had a question, can we get back to 12%. Here's what I will say, you've seen us 9 quarters now, our profitability for the mobility business. And this quarter -- last quarter, Q4, we did 12.4% of GMV. So we are seeing a track record of improving unit economics of our business. Now we will pull the levers as we need to invest in our driver supply to make sure that our consumers are getting the best and the fastest ride at the most optimal price at the same time.

因此，隨著需求回升，我們將繼續對司機供應進行投資。現在，當我們考慮利潤率時，您有一個問題，我們能否回到 12%。我要說的是，大家已經看到了我們過去 9 個季度的行動業務獲利能力。本季度，也就是上個季度，第四季度，我們的 GMV 佔比為 12.4%。因此，我們看到了業務單位經濟效益不斷改善的記錄。現在我們將採取行動，我們需要投資我們的司機供應，以確保我們的消費者能夠同時以最優惠的價格獲得最好、最快的乘車服務。

At the same time also, we've got to think about our great drivers out there. Are we going to continue in making sure that the earnings are also been maintained or increased. If you look at what we've done over the last year, they're up 19% on a year-over-year basis. So we'll balance that to make sure that the marketplace is healthy and at the same time also improving the unit economics that you've seen us demonstrate quarter-over-quarter when it comes to mobility. So hope that's helpful to you.

同時，我們也必須考慮我們優秀的車手。我們是否會繼續確保收入得以維持或增加？如果你看看我們去年取得的成績，你會發現我們的業績年增了 19%。因此，我們將平衡這一點，以確保市場健康，同時改善我們在移動性方面逐季展示的單位經濟效益。希望這對你有幫助。

The other thing I'll just quickly jump in, Pang, is what we've seen in consumer behavior shift because of COVID is how GrabMart and Grab supermarket has really been appreciated by our consumers. We're really pleased with the uptake. Our Mart segment actually grew by almost 350% year-on-year between FY '20 and FY '21.

龐先生，我要快速說的另一件事是，我們看到因疫情而發生的消費者行為轉變是 GrabMart 和 Grab 超市如何真正受到消費者的青睞。我們對於這項進展感到非常滿意。我們的市場部門在2020財年至21財年之間實際上同比增長了近350％。

So we also see, I think, Ming alluded to it, 80% of our GrabMart consumers coming from our food delivery services. So what that tells us is a Superapp product strategy is working, and we strongly believe in our ability to expand and do so efficiently without significantly increasing CAC or customer acquisition costs. So for us, we will focus on delivering the best product experience, knowing this new consumer behavior and retain and capture this new segment of customers.

因此，我認為，我們也看到，正如 Ming 所暗示的，80% 的 GrabMart 消費者來自我們的食品配送服務。所以，這告訴我們，超級應用產品策略是有效的，我們堅信我們有能力擴張，並且有效率地做到這一點，而不會大幅增加 CAC 或客戶獲取成本。因此對我們來說，我們將專注於提供最佳的產品體驗，了解新的消費者行為並留住和吸引這個新的客戶群。

Our next question coming from the line of Piyush Choudhary with HSBC.

我們的下一個問題來自匯豐銀行的 Piyush Choudhary。

Can you tell us what is driving a softer outlook for GMV in the first quarter in both mobility and delivery because in mobility, your guidance is suggesting a decline by minus like 2% or maximum growth of 4%. And in delivery also, it's a decline of almost 2% to probably a growth of 2.6%. So any color on what's driving that guidance will be useful?

您能否告訴我們，是什麼原因導致第一季行動和配送領域的 GMV 前景疲軟？在交付方面，它也下降了近 2%，但可能增長了 2.6%。那麼，對於推動該指導的因素，有什麼說明嗎？

And if I may ask secondly, what do you think mobility GMV will be back to pre-COVID levels because in first quarter of March 2022, you used to make around $1.3 billion of GMV, right, quarterly GMV mobility. So when do you think that path will be achieved?

其次，我想問一下，您認為移動 GMV 會恢復到新冠疫情之前的水平嗎？那麼您認為這條道路何時能夠實現？

Hi Piyush, thanks for your question. Look, I think the way to think about our first quarter is it's -- there is some seasonal effect into this. Fourth quarter is traditionally our strongest quarter. And Q1 that is filled with holiday season here in Southeast Asia, as you whether it's Chinese New Year or other, also festive season celebrated across this region. So we baked that into our model.

你好，Piyush，謝謝你的提問。看，我認為思考我們第一季的方式是——這其中存在一些季節性的影響。傳統上，第四季是我們表現最強勁的季度。第一季是東南亞的節日季，無論是農曆新年還是其他節日，整個地區都會慶祝節日。因此我們將其融入我們的模型中。

The second thing I would say is around mobility. As you've heard from Anthony earlier, that we are seeing some minor disruptions in mobility as COVID cases are on the rise in these countries across Southeast Asia. Now they're still rising. So we're taking a more cautious approach and seeing in terms of mobility where there could be some minor disruptions.

我想說的第二件事是關於移動性。正如您之前從安東尼那裡聽到的，隨著東南亞國家中 COVID 病例的增加，我們看到流動性出現了一些輕微的中斷。現在它們仍在上漲。因此，我們採取了更謹慎的態度，並在移動性方面觀察可能出現的一些輕微幹擾。

Now stepping back out of those 2, our business overall, especially mobility, we feel confident in increasing quarter-on-quarter. We already saw January and February up on a year-over-year basis and a quarter-on-quarter basis. So we feel confident in terms of improving that.

現在，除了這兩個方面，我們的整體業務，特別是行動業務，我們對季度環比成長充滿信心。我們已經看到一月和二月的銷售額年比和季比均有所成長。因此，我們對改善這一點充滿信心。

On the delivery side, on the deliveries, this thing is not slowing down. Deliveries just continue to pump and that's great because why? We've got a couple of things happening there. We've got mart and supermarket chugging along really nicely, firing all cylinders. We've got also our food delivery business also going very strong. That's why I think we feel confident as we were in my guidance for the Q2 to Q4 for us to accelerate our growth from 30% to 35% in GMV.

從交貨方面來看，交貨速度並沒有放緩。交付量持續成長，這很好，為什麼呢？我們那裡發生了幾件事。我們的商場和超市運作順利，開足馬力。我們的食品配送業務也發展得非常強勁。這就是為什麼我認為我們對第二季至第四季的預期充滿信心，我們將實現 GMV 成長率從 30％ 加速至 35％。

Now your second question about mobility coming back to pre-COVID, when is that? The way we see it is if the government continues to loosen things up, if the government continues to make sure that airports are opening up, people are coming back to work, mobility is going to come back. We've seen it already. We saw it in the fourth quarter and it's just a matter of time. Now we've got to make sure we've got enough driver supply out there to meet those high demands. And we think by the end of this year -- the end of this year, we'll probably see -- you'll probably won't see to pre-COVID levels, but we're going to get close to pre-COVID levels. So hope that's helpful.

您的第二個問題是關於行動性何時能恢復疫情前的狀態？我們認為，如果政府繼續放鬆政策，如果政府繼續確保機場開放，人們重返工作崗位，那麼流動性就會恢復。我們已經看到了。我們在第四節看到了這一點，這只是時間問題。現在我們必須確保有足夠的司機供應來滿足這些高需求。我們認為到今年年底——今年年底，我們可能看不到——雖然可能不會恢復到疫情之前的水平，但我們會接近疫情之前的水平。希望這對您有幫助。

Yes. And can I just clarify your delivery guidance? Does that include the Jaya Grocer acquisition.

是的。我可以澄清一下您的送貨指導嗎？這包括收購 Jaya Grocer 嗎？

Can you please repeat that question again, Piyush?

皮尤什，你能再重複一次這個問題嗎？

Yes, on the delivery guidance, is your acquisition of Jaya Grocer, is that already built into the guidance?

是的，關於配送指南，您對 Jaya Grocer 的收購是否已經納入指南中了？

So Jaya Grocer, we closed early at the end of January, that we're baking in 2 months' worth of their GMV and their revenue. So we're still in the period of integration with those folks. We're very excited in terms of what we're seeing so far in terms of what they can do. They have 44 stores now and growing. So yes, those numbers are built in.

因此，Jaya Grocer 在 1 月底提前關閉，以便實現其 2 個月的 GMV 和收入。因此，我們仍處於與這些人融合的時期。就目前所見他們所能做的事情而言，我們感到非常興奮。他們現在有 44 家商店並且還在增加。是的，這些數字是內建的。

Our next question coming from the line of Ranjan Sharma from JPMorgan.

我們的下一個問題來自摩根大通的 Ranjan Sharma。

Two questions from my side. Firstly, on the delivery side, do you see any consolidation opportunities in Southeast Asia. Would you evaluate these opportunities as they come? Or do you think that you have the largest platform so you don't need to acquire or merge with someone else?

我有兩個問題。首先，在交付方面，您是否看到東南亞有任何整合機會？當這些機會來臨的時候，您會對其進行評估嗎？或者您認為您擁有最大的平台，因此不需要收購或與其他平台合併？

Secondly, on the investments needed to drive further growth in deliveries. What other opportunities do you see? Is this like investing in dark stores or buying more sort of market chains or would you rather explore strategic partnerships?

其次，推動交付進一步成長所需的投資。您還看到哪些其他機會？這是否類似於投資黑店或購買更多類型的市場連鎖店，或者您更願意探索策略合作夥伴關係？

Ranjan, let me talk a little bit about sort of M&A and then -- more broadly speaking M&A strategy. If you look at the category position here, within the free delivery space, we are more than double the size of #2. And so there's obviously certain countries, the longer tail of numbers 2, 3, 4, 5. But by and large, the forecast that we are underwriting, the path to profitability that we expect in the overall segment does not rely on M&A to achieve the business figures.

Ranjan，讓我簡單談談併購，然後更廣泛地談談併購策略。如果你看這裡的類別位置，在免費送貨空間內，我們的規模是第二名的兩倍多。因此顯然存在某些國家，即數字 2、3、4、5 的長尾。

So it's all really based on organic developments. Having said that, if there are opportunities that come available and makes sense and is accretive for our shareholders. And again, continues to lower the cost to serve, then we will, of course, look at opportunities as they arise.

所以這一切確實是基於有機發展。話雖如此，如果有機會，而且是合理的，並且能為我們的股東帶來增值。再一次，繼續降低服務成本，然後我們當然會抓住出現的機會。

I think your second question was then around. I want just to make sure I clarify it. It was really around M&A strategy.

我想你的第二個問題就是這個。我只是想確保我能澄清這一點。這實際上是圍繞著併購策略進行的。

Sorry, if I can repeat, like my question is, what are the other investments that you need to make to drive further growth in deliveries? Are you thinking in terms of dark stores buying more supermarket chain, strategic partnerships. So any thoughts that you can share?

抱歉，如果我可以重複一遍，我的問題是，您還需要進行哪些其他投資來推動交付量的進一步成長？您是否考慮過幕後店購買更多的超市連鎖店，建立策略夥伴關係？那您有什麼想法可以分享嗎？

Yes. Sure thing. I would say the first thing that we always look at is really investing into our tech platform. That's always core #1. And anything that improves the product experience is really where we want to be making investments. So I think a lot about our advertising platform, think about some of our geo capabilities that we're putting in place to meet the overall delivery experience and literally the experience from the door as seamless as possible. Those are areas that we'll continue to invest in organically.

是的。當然可以。我想說，我們始終關注的第一件事就是對我們的技術平台的真正投資。這始終是核心＃1。任何能夠改善產品體驗的事情都是我們真正想要投資的。因此，我花了很多時間考慮我們的廣告平台，考慮我們正在實施的一些地理功能，以滿足整體交付體驗以及從門口開始盡可能無縫的體驗。我們將繼續對這些領域進行有機投資。

Now we deal with some of dark stores, and there is going to be a natural mix of, call it, first-party versus third-party assets within Mart and supermarkets. And I think it really is just a balance between really having the best customer experience in the case of 1P versus having the best diversity and the catalog of products for 3P. So we'll continue to experiment and optimize country by country. And as the case may be here.

現在我們正在處理一些幕後店，並且在商場和超市中會出現所謂的第一方資產與第三方資產的自然混合。我認為這實際上只是在第一方擁有最佳客戶體驗與在第三方擁有最佳多樣性和產品目錄之間的平衡。因此，我們將繼續針對各國進行實驗和最佳化。正如這裡的情況一樣。

And our last question coming from the line of Thomas Chong with Jefferies.

我們的最後一個問題來自 Jefferies 的 Thomas Chong。

My question is about the enterprise and new initiatives. In particular, when we talk about the advertising business, which is a high-margin business and also we are also experiencing very good user growth. I just want to get some color about our thoughts in terms of this area and the long-term potential that we should be thinking.

我的問題是關於企業和新措施的。特別是當我們談到廣告業務時，這是一項高利潤的業務，我們也經歷了非常好的用戶成長。我只是想了解我們對這個領域的想法以及我們應該考慮的長期潛力。

Thomas, really appreciate it. Let me talk about the ads opportunity for us. The key competitive advantage of our ads platform and Ming alluded to this, is the ability that we can close the loop, whether it's with our payments GrabPay and especially with the ability to send goods the sales fulfillment tech.

湯瑪斯，真的很感激。讓我來談談我們的廣告機會。我們的廣告平台的關鍵競爭優勢（Ming 也提到了這一點）是我們能夠形成閉環的能力，無論是透過我們的支付方式 GrabPay，還是特別是透過銷售履行技術來發送貨物的能力。

So merchants really value this because they're not just getting millions of eyeballs or it's not just about click through, right? It's -- more importantly, it's getting [DR] goods, goods they care about in the hands of customers. And because they can do this and they have that assurance because they're working the largest fulfillment army of drivers in the region, as a result of that, our advertising services to our merchant partners. What we are seeing is that merchant partners are willing to pay higher commission rates.

所以商家非常重視這一點，因為他們不只是獲得數百萬的眼球，也不只是點擊量，對嗎？更重要的是，它將 [DR] 商品，他們關心的商品送到客戶手中。因為他們可以做到這一點，而且他們有這樣的保證，因為他們正在與該地區最大的司機履行隊伍合作，因此，我們向我們的商家合作夥伴提供廣告服務。我們看到的是，商家合作夥伴願意支付更高的佣金率。

And I think Peter also alluded to the commission rates. Another competitive advantage is as we think about how we close the loop, what we see from a merchant perspective is they're tracking their ad dollars much better because of GrabPay and because of that sales fulfillment conversion rate. So the results have been very promising. What we are seeing is actually the number of merchants have tripled on our ads platform from the fourth quarter of 2020 to the fourth quarter of 2021.

我認為彼得也提到了佣金率。另一個競爭優勢是，當我們思考如何完成閉環時，從商家的角度來看，由於 GrabPay 和銷售履行轉換率，他們可以更好地追蹤他們的廣告收入。因此結果非常令人鼓舞。我們看到的是，從 2020 年第四季到 2021 年第四季度，我們廣告平台上的商家數量實際上增加了兩倍。

Now we also see that there are other types of merchants. You name it, whether it's the Dyson, the Nike, the Samsungs, other big global names, but a bulk of our contributions come from the deliveries merchants. So ad is still very much early days for us. And as Ming said, we'll continue doubling down on investing and focusing and growing with this technology to help our merchant partners grow their sales.

現在我們也看到，還有其他類型的商家。不論是戴森、Nike、三星或其他全球大品牌，我們的貢獻主要來自於外送商家。因此，廣告對我們來說還處於早期階段。正如明所說，我們將繼續加倍投資，專注於這項技術並不斷發展，以幫助我們的商家合作夥伴增加銷售。

I'm showing no further questions at this time. I would now like to turn the call back over to Peter Oey for any closing remarks.

我目前沒有其他問題。現在我想將電話轉回給 Peter Oey，請他做最後發言。

Well, thank you, everyone, for taking the time to join our call today. Really appreciate all the questions. If you have any questions, just feel free to reach out to our Investor Relations team or visit our Investor Relations website. Once again, thank you. Appreciate it. Bye-bye.

好吧，感謝大家今天抽出時間參加我們的電話會議。非常感謝大家的提問。如果您有任何疑問，請隨時聯絡我們的投資者關係團隊或造訪我們的投資者關係網站。再次感謝您。非常感謝。再見。

Thank you so much.

太感謝了。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。