Grab Holdings Ltd (GRAB) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Michelle, and I will be your conference operator for this session. Welcome to Grab's First Quarter 2022 Earnings Presentation. (Operator Instructions)

女士們，先生們，感謝各位今天的參與。我叫Michelle，我將擔任本次會議的主持人。歡迎參加Grab 2022年第一季業績發表會。 （主持人指示）

I will now turn it over to Vivian Tong to start the call.

現在我將把電話會議交給 Vivian Tong 開始。

Good day, everyone, and welcome to Grab's First Quarter 2022 Earnings Presentation. I'm Vivian Tong, Head of U.S. Investor Relations at Grab, and joining me today are Anthony Tan, Chief Executive Officer; Peter Oey, Chief Financial Officer; Ming Maa, President; and Alex Hungate, Chief Operating Officer.

大家好，歡迎參加 Grab 2022 年第一季業績發表會。我是 Grab 美國投資者關係主管 Vivian Tong，今天與我一同出席的還有執行長 Anthony Tan、財務長 Peter Oey、總裁 Ming Maa 和營運長 Alex Hungate。

During the call today, Anthony will discuss our key business updates and Peter will share details of our first quarter 2022 financial results. Following prepared remarks, we will open the call to questions where Anthony, Peter, Ming and Alex will provide responses for the Q&A.

在今天的電話會議上，Anthony 將討論我們的主要業務更新，Peter 將分享我們 2022 年第一季財務表現的詳細資訊。在準備好的演講之後，我們將開始提問環節，Anthony、Peter、Ming 和 Alex 將進行問答。

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, including those mentioned in our Form F-1 registration statement and other filings with the SEC.

提醒一下，在開始之前，今天的討論包含關於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目前的預測和預期。由於許多風險和不確定因素，包括我們提交給美國證券交易委員會 (SEC) 的 F-1 表格註冊聲明和其他文件中提及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 first quarter 2022 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.

今天的討論還涵蓋營運指標和非國際財務報告準則 (IFRS) 財務指標。可比較的國際財務報告準則 (IFRS) 財務指標已包含在本季的收益資料中。如需了解更多關於近期業務表現的資訊和額外揭露，請參閱我們的收益新聞稿和補充簡報，其中包含詳細的 2022 年第一季財務回顧，這些簡報可在我們的投資者關係 (IR) 網站上找到。如果您在本次簡報發布後有任何疑問，請聯絡 investor.relations@grab.com。

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

接下來，我將把電話交給安東尼，讓他致開幕詞。

Thank you, everyone, for joining us today. I'm pleased to report a strong set of results in the first quarter. We outperformed our GMV and TPV guidance for deliveries, mobility and financial services segments while improving our group level and delivery segment margins at the same time.

感謝各位今天的到來。我很高興地向大家匯報，第一季取得了一系列強勁的業績。我們的配送、旅遊和金融服務業務的GMV和TPV均超出預期，同時集團整體利潤率和配送業務的利潤率也得到了提升。

Our results are a testament to the resilience of Southeast Asia's economy. The region's governments have been more cautious in lifting COVID restrictions compared to other parts of the world. But in March, we saw a shift in some countries to a post-pandemic footing, where travel restrictions and capacity limits eased significantly. We are optimistic that our business will continue to strengthen as more countries pivot to living with COVID-19.

我們的業績證明了東南亞經濟的韌性。與世界其他地區相比，該地區各國政府在解除新冠疫情限制方面更加謹慎。但3月份，我們看到一些國家的經濟狀況已轉入疫情時代，旅行限制和客運量限制已大幅放鬆。我們樂觀地認為，隨著更多國家轉入新冠疫情防控，我們的業務將持續成長。

Looking ahead, we are laser-focused on meeting our profitability targets and growing sustainably. We have 3 main levers to achieve this.

展望未來，我們將全力以赴實現獲利目標並實現永續發展。我們主要透過三大槓桿來實現這一目標。

First, we're driving towards profitability through disciplined cost management. We have started optimizing our fixed cost base and are disciplined with our capital by managing our spend closely.

首先，我們正透過嚴格的成本管理來提升獲利能力。我們已開始優化固定成本基礎，並透過嚴格管理支出來規範資本使用。

Second, we'll continue to focus on winning the hearts and minds of more users across Southeast Asia. We will leverage technology, partnerships and our superapp strategy to grow our user base in an efficient manner that leads to greater consumer engagement and retention.

其次，我們將繼續專注於贏得更多東南亞用戶的青睞。我們將利用技術、合作夥伴關係以及我們的超級應用策略，有效地擴大用戶群，從而提高用戶的參與度和留存率。

Last, we will continue to position our core segments for recovery and growth in order to capture the vast opportunities across our core segments. By doing this, we aim to build a resilient, future-proof business that delivers long-term value to our shareholders. With this backdrop, let us dive into our first quarter performance.

最後，我們將繼續為核心業務的復甦和成長做好準備，以抓住核心業務領域的巨大機會。透過此舉，我們的目標是打造一個韌性、面向未來的業務，為股東創造長期價值。在此背景下，讓我們深入了解我們第一季的業績。

In the first quarter, our mobility segment rebounded with GMV up 9% quarter-on-quarter despite the Omicron overhang in the first 2 months of the year. We saw signs of recovery coming out of the quarter as countries like Singapore, Indonesia and the Philippines loosened COVID-related travel restrictions in March. In the period of February to April, our mobility GMV increased 32%. Airport rides, which have higher margin and higher order values, rose to 6% of GMV, the highest level since the start of the pandemic.

第一季度，儘管受Omicron業務影響，我們的出行業務仍出現反彈，GMV較上季成長9%。隨著新加坡、印尼和菲律賓等國在3月放鬆了與新冠疫情相關的旅行限制，我們在本季看到了復甦的跡象。 2月至4月期間，我們的旅遊業務GMV成長了32%。利潤率更高、訂單價值更高的機場接送業務佔GMV的6%，創下疫情爆發以來的最高水準。

On the supply side, in the first quarter, we reached the highest number of active drivers since the second quarter of 2020. We increased our average monthly active drivers by 220,000 from the third quarter 2021 to the first quarter of 2022. While these are positive indications that our efforts to restore driver supply are bearing fruit, our active driver base over March 2022, the majority of whom do both deliveries and mobility jobs, was 76% of the December 2019 level. This indicates an existing gap when it comes to meeting mobility demand that is rebounding sharply.

在供給方面，第一季度，我們活躍司機數量達到了2020年第二季度以來的最高水準。 2022年第一季度，我們平均每月活躍司機數量從2021年第三季增加了22萬。雖然這些正面的跡象顯示我們恢復司機供應的努力正在取得成效，但截至2022年3月，我們的活躍駕駛人數（其中大多數同時從事配送和出行工作）僅為2019年12月水準的76%。這表明，在滿足正在急劇反彈的出行需求方面存在著缺口。

I will take some time to address this gap in our driver supply. In 2021, COVID-19 variants, from Delta to Omicron, caused many countries across Southeast Asia to loosen and tighten restrictions in fits and starts. This impacted our active driver supply as some drivers temporarily left capital cities during the lockdowns to return to their hometowns, while others moved on to odd jobs in other industries.

我會花一些時間來解決我們司機供應的缺口。 2021年，從Delta到Omicron，新冠變異株導致東南亞許多國家斷斷續續地放鬆和收緊限制。這影響了我們活躍的司機供應，因為一些司機在封鎖期間暫時離開首都返回家鄉，而另一些司機則轉向其他行業從事零工。

In the fourth and first quarters, we've had to acquire more drivers to meet the increased demand rapidly coming back online. To rebuild our driver supply, we have 3 main strategies.

在第四季和第一季度，我們必須招募更多司機，以滿足快速恢復的司機需求。為了重建司機供應，我們主要採取了三大策略。

First, we're running targeted campaigns in each market to reactivate dormant drivers.

首先，我們在每個市場進行有針對性的活動，以重新啟動休眠司機。

Second, we are widening our acquisition funnel and making it more efficient. For example, we have ramped up assisted onboarding in some countries to complement our self-serve model to increase driver conversion.

其次，我們正在拓寬我們的獲客管道，並提高其效率。例如，我們在一些國家加強了輔助入職服務，以補充我們的自助服務模式，從而提高司機轉換率。

Finally, we continuously innovate on our superapp platform so we are the best platform for drivers to earn an income. For example, we launched an enhanced shifts feature for Singapore drivers that led to higher driver earnings and productivity for them in selected zones while meeting demand in supply crunch areas.

最後，我們不斷創新我們的超級應用平台，力求成為司機賺取收入的最佳平台。例如，我們為新加坡駕駛者推出了增強型輪班功能，在滿足供應稀缺地區需求的同時，提高了他們在特定區域的駕駛者收入和工作效率。

We also launched cross-vertical batching in a few cities to allow our drivers to do back-to-back jobs across different verticals, improving their earnings by reducing idle time. In the first quarter, average driver earnings per hour increased by around 9% year-on-year while utilization rates improved. Of course, reduction in driver idle time also helps improve our overall cost to serve.

我們還在幾個城市推出了跨行業批量配送，讓我們的司機在不同的行業之間連續工作，透過減少閒置時間來提高他們的收入。第一季度，司機平均每小時收入年增約9%，同時利用率也有所提高。當然，減少司機閒置時間也有助於降低我們的整體服務成本。

Looking ahead, we are focused on rebuilding our driver base to capture the strong mobility demand recovery. We expect the mobility supply to stabilize in the second half of the year with driver incentives as a percentage of GMV tapering in that period. Separately, we are closely monitoring the impact of fuel inflation on our drivers' earnings. We'll continue to look for ways to support them through surcharges, fuel discounts and fare adjustments to mitigate its impact on our driver supply.

展望未來，我們專注於重建駕駛隊伍，以抓住出行需求強勁復甦的機會。我們預計出行供給將在下半年趨於穩定，司機獎勵佔GMV的比例將在此期間逐步縮減。此外，我們正在密切關注燃油價格上漲對駕駛者收入的影響。我們將繼續探索透過附加費、燃油折扣和票價調整等方式來支援司機，以減輕其對司機供應的影響。

Moving on to deliveries. Deliveries continued to register another quarter of strong GMV and revenue growth on the back of food and grocery strength as well as contributions from Jaya Grocer. We managed to grow both our top line and improve our unit economics quarter-on-quarter. This gives us confidence in our sustainable growth strategy for deliveries.

再來說說外送業務。由於食品和雜貨業務的強勁成長以及 Jaya Grocer 的貢獻，外送業務在本季度繼續保持強勁的 GMV 和收入成長。我們實現了營收成長，單位經濟效益也較上季提升。這讓我們對外送業務的可持續成長策略充滿信心。

In the first quarter, we focused on forging strong partnerships with local merchants to give users more reasons to transact with Grab. We believe this helps us form a natural moat while improving user retention on our deliveries platform. Over the first quarter, the number of active merchants rose 34% year-on-year, while average earnings per active merchant increased 9% year-on-year.

第一季度，我們專注於與本地商家建立穩固的合作關係，為用戶提供更多選擇 Grab 的理由。我們相信，這有助於我們建構天然的護城河，同時提升外送平台的用戶留存率。第一季度，活躍商家數量年增 34%，每位活躍商家的平均營收年增 9%。

For groceries, we began to integrate Jaya Grocer stores onto our groceries marketplace in Malaysia. We plan for the integration to be fully completed in the second half of the year. Meanwhile, GrabPay has been integrated in all Jaya Grocer stores in the quarter. In the first quarter, Jaya Grocer became the largest GrabPay merchant in the country by TPV, all within a super-quick 2-month period post-acquisition.

在食品雜貨方面，我們已開始將 Jaya Grocer 門市整合到我們在馬來西亞的食品雜貨平台。我們計劃在今年下半年全面完成整合。同時，GrabPay 已在本季整合到所有 Jaya Grocer 門市。在第一季度，Jaya Grocer 憑藉 TPV 的數據，成為馬來西亞最大的 GrabPay 商家，而這一切都發生在收購後短短兩個月內。

Looking ahead, we are focused on improving our unit economics at a faster clip by tapering our incentives and driving organic growth. We will do this by ensuring users have the best product experience and the widest merchant selection on Grab. We also plan to sustainably grow our deliveries business in underpenetrated outer cities and towns in 5 of our 8 markets to meet strong customer demand in those areas.

展望未來，我們將專注於透過逐步減少激勵措施並推動有機成長，以更快的速度提升單位經濟效益。我們將確保用戶在 Grab 上獲得最佳的產品體驗和最廣泛的商家選擇。我們還計劃在 8 個市場中的 5 個滲透率較低的偏遠城鎮持續發展配送業務，以滿足這些地區強勁的客戶需求。

For financial services, we continue to see strong momentum in payments, and we made great progress in lending. In the quarter, TPV of our Buy Now Pay Later product grew 5x between Q1 2021 and Q1 2022. Overall loans disbursed, which includes Buy Now Pay Later loans, grew 3x in the same period. We achieved this while keeping our NPL ratio steady at low single digits. Looking ahead, we plan to expand the Buy Now Pay Later product into more markets and deepen lending penetration within our ecosystem. This will allow us to grow financial services to meet the needs of an underserved market while growing sustainably.

在金融服務方面，我們繼續保持強勁的支付勢頭，並在貸款領域取得了顯著進展。本季度，我們的「先買後付」產品的總價值 (TPV) 在 2021 年第一季至 2022 年第一季期間增長了 5 倍。在同一時期，包括「先買後付」貸款在內的總貸款發放量增加了 3 倍。我們實現這一目標的同時，不良貸款率也穩定在個位數的低點。展望未來，我們計劃將「先買後付」產品擴展到更多市場，並深化貸款在我們生態系統中的滲透率。這將使我們能夠拓展金融服務，以滿足服務不足的市場需求，同時實現永續發展。

In the quarter, OVO continued to execute on its open ecosystem strategy. OVO did so by forging new large partnerships, including one the global short-form video sharing app and launching its first recurring payment partnership with a global subscription streaming service.

本季，OVO 持續推行其開放生態系統策略。 OVO 透過建立新的大型合作夥伴關係，包括與一家全球短視頻分享應用程式建立合作夥伴關係，並與一家全球訂閱串流媒體服務商建立了首個定期付款合作夥伴關係。

Finally, I'm also excited about our digital bank opportunities. Our digital banking joint venture with Singtel, also known as GXS Bank, and a consortium of partners was selected to receive a full digital bank license in Malaysia in April. There were 29 total applicants, and 3 full bank licenses were granted. We were 1 of the 3 that passed the high bar set by Malaysia's Central Bank. We are tremendously grateful for this opportunity to serve Malaysians, where 1 in 2 are currently considered underbanked or unbanked.

最後，我對我們的數位銀行機會也感到興奮。我們與新加坡電信（Singtel，又稱GXS銀行）以及合作夥伴財團成立的數位銀行合資企業於今年4月在馬來西亞獲批了完整的數位銀行執照。共有29家申請機構，最後有3家獲得了完整的銀行執照。我們是三家透過馬來西亞央行高標準審核的銀行之一。我們非常感激能有機會為馬來西亞人民服務，目前每2個人中就有1人沒有或享受不到銀行服務。

Winning the Malaysia digital bank license allows us to create a regional digital bank footprint in a cost-efficient manner. We plan to leverage the same technology stack for our digital banks in Singapore and Malaysia and our Indonesia bank investment in order to sustainably scale access to financial services across the region. We also aim to launch a Singapore digital bank, currently in an internal pilot, in the second half of the year.

獲得馬來西亞數位銀行牌照使我們能夠以經濟高效的方式在區域內建立數位銀行業務。我們計劃在新加坡、馬來西亞的數位銀行以及印尼銀行投資中採用相同的技術棧，以可持續地擴大整個區域的金融服務覆蓋範圍。我們也計劃在今年下半年推出一家新加坡數位銀行，目前該銀行正處於內部試點階段。

A quick point on enterprise and new initiatives. GMV and revenues grew strongly year-over-year, driven by advertising contributions. In the quarter, our GrabAds advertiser base jumped 7x compared to the same period a year ago as we continue to onboard Grab merchants onto our self-serve ads platform to provide them search and display advertising options for them to grow their sales in our app. This is another example of our superapp strategy in motion.

關於企業和新舉措，我簡單介紹一下。在廣告業務的推動下，商品交易總額 (GMV) 和收入較去年同期成長強勁。本季度，我們的 GrabAds 廣告客戶數量較去年同期增長了 7 倍，因為我們繼續將 Grab 商家納入我們的自助廣告平台，為他們提供搜尋和展示廣告選項，從而提升他們在我們應用程式中的銷售額。這是我們超級應用策略實施的另一個例子。

Aside from being a superapp for consumers, we are also a superapp for merchants, where we cross-sell services to them and create a virtuous cycle that also benefits our merchant partners and allows them to perform well. When they perform well, so do we. And through GrabAds, we give them the tools to grow their businesses.

我們不僅是面向消費者的超級App，也是面向商家的超級App。我們向商家交叉銷售服務，形成良性循環，讓商家合作夥伴也從中受益，並幫助他們取得良好業績。他們業績優異，我們也能從中受益。透過GrabAds，我們為他們提供拓展業務的工具。

To conclude, we will continue to double down on our superapp strategy. We have a laser focus on growing sustainably so we can win many more hearts in Southeast Asia and drive toward our profitability targets.

總而言之，我們將繼續加倍推進我們的超級應用策略。我們專注於永續發展，以贏得東南亞更多用戶的青睞，並努力實現獲利目標。

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

我現在將電話轉給彼得，讓他對財務狀況進行審查。

Thanks, Anthony. We had a strong start to the year with our core segment's first quarter 2022 GMV and TPV outperforming the high end of our guidance range. GMV grew 32% year-over-year to $4.8 billion, driven by both higher average spend per user and continued growth in our MTUs year-on-year.

謝謝，安東尼。我們今年開局強勁，核心業務部門2022年第一季的GMV和TPV都超出了我們預期的上限。 GMV年增32%，達到48億美元，這得益於每位用戶的平均支出增加以及MTU的持續年增。

For our segments' GMV and TPV performance, we saw strong growth in our delivery segment with GMV growing 50% year-on-year to reach $2.6 billion, while financial services TPV scaled to $3.6 billion in the first quarter. Mobility GMV was $834 million in the first quarter and grew by 3% year-on-year and 9% over the fourth quarter due to Omicron impact over the first 2 months of the year.

就我們各部門的商品交易總額 (GMV) 和最終交易價值 (TPV) 表現而言，我們的外賣業務增長強勁，GMV 同比增長 50%，達到 26 億美元；金融服務業務 TPV 在第一季達到 36 億美元。行動業務第一季的 GMV 為 8.34 億美元，較去年同期成長 3%，較上季成長 9%，主要得益於今年前兩個月 Omicron 的影響。

Looking ahead, we are optimistic of a gradual mobility recovery, and we will continue to spend efficiently and judiciously to grow our driver base to support demand coming back online. As Anthony mentioned, we expect the mobility supply to stabilize in the second half of the year with driver incentives as a percentage of GMV tapering in that period.

展望未來，我們對出行服務業的逐步復甦充滿信心，並將繼續高效且審慎地投入資金，擴大司機隊伍，以支持市場需求的復甦。正如Anthony所說，我們預計出行服務供應將在下半年趨於穩定，屆時司機獎勵佔GMV的比例將逐步下降。

Overall, across all our segments, we are seeing improvement in commission rates. Year-on-year, deliveries commissions are up from 18.2% to 19.9%. Mobility commissions up from 22.6% to 23.4%. And financial services commissions up from 2.1% to 2.5%. The year-on-year improvement in deliveries and mobility commission rates was driven by product and country mix. Financial services commissions also improved on the back of higher contributions from our lending business.

整體而言，我們所有業務板塊的佣金率均有所提升。與去年同期相比，交付佣金率從18.2%上升至19.9%。行動佣金率從22.6%上升至23.4%。金融服務佣金率從2.1%上升至2.5%。交付佣金率和行動佣金率的年比提升得益於產品和國家組合的提升。金融服務佣金率也因貸款業務貢獻的增加而有所提升。

Revenues on an IFRS basis for the first quarter grew by 6% year-on-year to $228 million and grew by 87% quarter-on-quarter. Year-on-year growth in revenues was driven by a strong pickup in revenue in the delivery segment, which includes revenue contribution from Jaya Grocer and continued growth in our financial services and enterprise revenues. These revenue growth drivers more than offset the year-on-year decline in revenues from our mobility segment.

根據國際財務報告準則 (IFRS)，第一季營收年增 6% 至 2.28 億新元，季增 87%。營收年增率主要得益於配送業務收入的強勁成長，其中包括 Jaya Grocer 的營收貢獻，以及金融服務和企業營收的持續成長。這些收入成長動力足以抵消行動出行業務收入的年減。

Segment adjusted EBITDA margins declined year-on-year from 1% in the first quarter of 2021 to negative 1.6% in the first quarter of 2022. Our mobility segment adjusted EBITDA declined to $82 million in the first quarter of 2022 from $115 million in the same period last year. Delivery segment adjusted EBITDA declined to $56 million loss in the first quarter of 2022 from a $4 million loss in the same period last year. And our financial services segment adjusted EBITDA declined to $102 million loss from $78 million loss from the same period last year.

各部門調整後EBITDA利潤率年減，從2021年第一季的1%下降至2022年第一季的負1.6%。我們的行動旅遊部門調整後EBITDA從去年同期的1.15億美元下降至2022年第一季的8,200萬美元。配送部門調整後EBITDA從去年同期的400萬美元虧損降至2022年第一季的5,600萬美元虧損。我們的金融服務部門調整後EBITDA從去年同期的7,800萬美元虧損降至1.02億美元虧損。

As we mentioned in the prior quarter, we made a decision to boost our active driver supply base and to capture the strong underlying demand growth from reopenings, which caused our segment adjusted EBITDA margins to decline on a year-over-year basis. However, I do want to also point out that we've managed to improve our segment adjusted EBITDA margins quarter-on-quarter by around 100 basis points as we continue to drive greater discipline in managing our incentives.

正如我們在上一季提到的，我們決定擴大活躍司機供應基礎，並抓住復工復產帶來的強勁潛在需求增長，這導致我們分部的調整後EBITDA利潤率同比下降。不過，我還想指出，隨著我們持續加強激勵措施的管理，我們已成功將分部的調整後EBITDA利潤率較上季提高了約100個基點。

For example, our delivery segment adjusted EBITDA margins improved quarter-on-quarter from negative 3.5% to negative 2.2%, a 130 basis point improvement. Our core food delivery segment EBITDA margins also saw improvements quarter-on-quarter, from negative 2.8% to negative 1.7%, a 110 basis points improvement. We also saw our financial services segment EBITDA margins as a percentage of TPV improve quarter-on-quarter from negative 3.2% to negative 2.8%, a 40 basis point improvement. Looking ahead, we will continue to remain focused on growing sustainably by allocating our capital efficiently and tapering down our incentive spend.

例如，我們外送業務的調整後EBITDA利潤率較上季提升，從負3.5%上升至負2.2%，提升了130個基點。我們核心外送業務的EBITDA利潤率也較上季提升，從負2.8%上升至負1.7%，提升了110個基點。此外，我們金融服務業務的EBITDA利潤率（佔總營收的百分比）較上季提升，從負3.2%上升至負2.8%，提升了40個基點。展望未來，我們將繼續專注於永續成長，高效配置資本並減少激勵支出。

Our group adjusted EBITDA margins followed a similar trend as we ended the first quarter with an adjusted EBITDA margins of negative 6%, a decline from the prior year period of negative 3.1%, but an improvement of 80 basis points from the fourth quarter of 2021.

我們集團調整後的 EBITDA 利潤率也呈現類似趨勢，第一季末的調整後 EBITDA 利潤率為負 6%，較去年同期的負 3.1% 有所下降，但較 2021 年第四季提高了 80 個基點。

Our regional corporate costs for the first quarter of 2022 increased to $212 million from $146 million last year but remained stable at roughly 4% as a proportion of our GMV. The regional cost increase was primarily driven by investments in product development and cloud infrastructure along with our increasing of our talent pool as well as compliance and other ancillary expenses related to being a newly listed public company.

2022年第一季，我們的區域企業成本從去年的1.46億美元增加到2.12億美元，但佔GMV的比例穩定在4%左右。區域成本的成長主要源自於產品開發和雲端基礎設施的投資，以及人才儲備的擴張，以及作為一家新上市的上市公司所產生的合規及其他相關費用。

I want to assure you that, as Anthony mentioned, we are very focused on our overall cost management and on driving greater internal efficiencies. We will continue to optimize our fixed cost base and be disciplined in hiring and other expenses as we focus on growing our business sustainably.

我想向大家保證，正如安東尼所提到的，我們非常注重整體成本管理，並致力於提高內部效率。我們將繼續優化固定成本基礎，並在招聘和其他支出方面嚴格控制，專注於業務的可持續成長。

IFRS loss for the first quarter was $435 million, representing an improvement from a loss of $666 million in the prior year period. This is primarily due to the elimination of noncash interest expense of Grab's convertible redeemable preference shares which was no longer incurred when we became a public company.

第一季國際財務報告準則 (IFRS) 虧損為 4.35 億美元，較去年同期的 6.66 億美元虧損有所改善。這主要歸因於 Grab 可轉換可贖回優先股的非現金利息支出的抵消，該支出自我們成為上市公司後已不再產生。

Turning to our balance sheet and liquidity position, which continues to be strong. We ended the first quarter with $8.2 billion of cash liquidity, including our $2 billion Term Loan B facility. Our net cash liquidity was $6 billion as of the end of the first quarter. Our cash liquidity declined by $754 million from the end of the fourth quarter, mainly due to net cash outflow from operating activities and the acquisition of Jaya Grocer. We will maintain a disciplined stance in how we allocate and deploy our capital. The strength of our balance sheet is not something that we take for granted.

談到我們的資產負債表和流動性狀況，我們依然保持強勁。第一季末，我們擁有82億美元的現金流動性，其中包括20億美元的B期定期貸款。截至第一季末，我們的淨現金流動性為60億美元。與第四季末相比，我們的現金流動性下降了7.54億美元，主要原因是經營活動產生的淨現金流出以及收購Jaya Grocer。我們將在資本配置和運用上保持嚴謹的立場。我們不會將資產負債表的強勁視為理所當然。

As we look ahead for the second quarter and rest of the year, in the second quarter, we expect to see deliveries GMV of $2.55 billion to $2.65 billion, mobility GMV of $950 million to $1 billion and financial services TPV of $3.5 billion to $3.6 billion.

展望第二季及今年剩餘時間，我們預計第二季交付 GMV 為 25.5 億美元至 26.5 億美元，行動 GMV 為 9.5 億美元至 10 億美元，金融服務 TPV 為 35 億美元至 36 億美元。

Our path to profitability plans remain on track and is a key focus for our management team. In the second quarter, we expect to see continued improvement in the mobility business with COVID-related travel restrictions easing across the region. For mobility, we expect margins to recover back towards our long-term target of 12% on GMV as our active driver base and mobility demand rebounds. We also expect our mobility supply to stabilize in the second half of 2022 and for mobility driver incentives as a percentage of GMV to taper in that period.

我們的盈利計劃仍在穩步推進，這也是我們管理團隊關注的重點。隨著新冠疫情相關出行限制在全地區逐步放寬，我們預期第二季出行業務將持續改善。在旅遊業務方面，隨著活躍駕駛群體和出行需求的回升，我們預期利潤率將回升至我們12%的長期目標（基於GMV）。我們也預計，我們的旅遊服務供應將在2022年下半年趨於穩定，而司機激勵佔GMV的比例將在此期間逐步下降。

In deliveries, we expect demand to remain firm, but saw some seasonal impact on demand levels given the observation of Ramadan, a month of fasting and prayer for Muslims in April, impacting primarily Indonesia, Singapore and Malaysia. For deliveries, we reiterate our expectations for the segment to reach segment adjusted EBITDA breakeven by the end of 2023, with core food delivery breakeven by the first half of 2023.

在外賣方面，我們預期需求將保持堅挺，但受齋戒月（四月是穆斯林的齋戒和祈禱月）的影響，需求水準受到一些季節性影響，主要影響地區包括印尼、新加坡和馬來西亞。對於外賣，我們重申預期，該部門將在2023年底實現調整後EBITDA盈虧平衡，核心食品外賣將在2023年上半年實現盈虧平衡。

We expect our long-term segment adjusted EBITDA margin as a percentage of GMV to come in above 3%. Now this is higher than the 3% guide that we presented in the prior quarter. We have achieved margins higher than 3% in some of our markets in the past, and believe we can adapt the learnings from those markets to optimize our overall segment adjusted EBITDA margins. I do also want to note that our long-term deliveries margin excludes contributions from advertising, which is currently captured in our enterprise and new initiatives segment.

我們預計，我們長期分部調整後EBITDA利潤率（佔GMV的百分比）將超過3%。這高於我們上一季提出的3%的指引。我們過去在部分市場實現了高於3%的利潤率，並相信我們可以藉鏡這些市場的經驗，優化我們整體分部調整後EBITDA利潤率。我還想指出，我們的長期交付利潤率不包括廣告貢獻，廣告貢獻目前計入我們的企業和新計畫分部。

For financial services, we will also continue to drive greater adoption of our wallet and continue to expand our Buy Now Pay Later product. Looking at the full year, we expect group GMV in fiscal year 2022 to grow between 30% to 35% year-on-year, and we expect to generate revenue of approximately $1.2 billion to $1.3 billion. Our revenue guidance includes contributions from Jaya Grocer, along with our expectations to taper our incentive spend. We expect our group revenues, excluding Jaya, to grow by no less than 50% in fiscal year 2022.

在金融服務方面，我們也將繼續推動我們錢包的普及，並繼續擴展「先買後付」產品。展望全年，我們預計2022財年集團商品交易總額（GMV）將年增30%至35%，並預計實現約12億至13億美元的收入。我們的收入預期已包含Jaya Grocer的貢獻，以及我們預期將逐步減少激勵支出。我們預計，不包括Jaya，我們集團2022財年的營收將成長不少於50%。

In conclusion, we are pleased with our performance in the first quarter which sets us up nicely to continue executing for the rest of the year. We'll continue to focus on optimizing our cost structure, exercising capital discipline and tapering our incentive spend sequentially as we push ahead on our path to profitability.

總而言之，我們對第一季的業績感到滿意，這為我們在今年剩餘時間的持續表現奠定了良好的基礎。我們將繼續專注於優化成本結構，嚴格資本紀律，並逐步減少激勵支出，努力實現獲利。

Thank you very much for your time, and we will now open up the call to questions.

非常感謝您抽出時間，我們現在開始提問。

(Operator Instructions) Joining us for the question-and-answer session will be Anthony Tan, Chief Executive Officer; Peter Oey, Chief Financial Officer; Ming Maa, President; and Alex Hungate, Chief Operating Officer. (Operator Instructions)

(操作員指示) 參與問答環節的嘉賓包括執行長 Anthony Tan、財務長 Peter Oey、總裁 Ming Maa 和營運長 Alex Hungate。 (操作員指示)

Our first question comes from the line of Alicia Yap at Citigroup.

我們的第一個問題來自花旗集團的 Alicia Yap。

I have a question on the delivery business. Just wondering, for 2Q guidance itself, if we exclude Jaya Grocer, what kind of growth rate that we should be expecting on the organic growth?

我有一個關於配送業務的問題。我想知道，就第二季的業績指引而言，如果我們排除 Jaya Grocer，我們應該預期有機成長率會達到多少？

And then in terms of the -- if management can also comment if there's any change of the competitive landscape for the delivery business, especially any country that you are seeing, facing more aggressive subsidy by the competitors? Or any areas that kind of stand out in the recent quarter that we should be paying more attention to? Any change on the landscape itself?

然後，管理階層能否評論一下，配送業務的競爭格局是否發生了變化？尤其是在您觀察到的某些國家，競爭對手的補貼是否更激進？或者最近一個季度有哪些領域比較突出，值得我們更關注？格局本身有什麼變化嗎？

Alicia, this is Peter, and let me take the first one, and then Anthony will take the second one.

艾莉西亞，這是彼得，要我先拿第一個，然後安東尼拿第二個。

So on the Q2 deliveries GMV guidance, look, what I'll say is we don't break out the Jaya piece. We don't break out normally all the different subverticals within a segment of our business.

關於第二季的配送GMV指引，我想說的是，我們不會單獨列出Jaya的部分。我們通常不會單獨列出我們業務板塊內所有不同的子垂直領域。

But if you look at delivery, just stepping back, we're still growing and very stable also. We did see some seasonal impacts in the first quarter as we came off a strong fourth quarter, but deliveries overall is very stable. It grew at 5%, as you saw from a quarter-on-quarter basis. And if you look at from February to March, it grew 11% from our business; and also from December to March, at 7%. So we're seeing good momentum despite the very strong coming back -- comeback of mobility in our business, and we're going to see continued growth in the deliveries business overall.

但如果你回顧一下配送業務，你會發現我們仍在成長，而且非常穩定。由於我們在第四季表現強勁，第一季確實受到了一些季節性因素的影響，但整體配送業務非常穩定。環比增長了5%。從2月到3月的數據來看，我們的業務成長了11%；從12月到3月的數據來看，成長了7%。因此，儘管我們業務的流動性正在強勁復甦，但我們仍然看到了良好的發展勢頭，並且我們預計配送業務整體將繼續成長。

Thanks, Alicia, I'll take the competition question, especially with regards to deliveries. In this quarter, actually, we gained share in deliveries against regional food delivery players in all of our markets and improved our unit economics.

謝謝，艾莉西亞。我來回答一下競爭問題，尤其是關於外送方面的問題。實際上，本季我們在所有市場中都與區域性外送公司競爭，增加了外送市場份額，並提升了單位經濟效益。

So we expect that total incentives as a percentage of GMV to continue to taper as we look ahead. So our focus, our laser focus on driving organic growth through really better user experience. And of course, what the users really appreciate is a wider selection. And we believe we have one of the widest, if not the widest, out there.

因此，我們預計，未來總激勵佔 GMV 的比例將持續下降。因此，我們的重點是透過真正改善用戶體驗來推動有機成長。當然，用戶真正欣賞的是更廣泛的選擇。我們相信，我們的選擇即使不是最廣泛的，也是業內最廣泛的之一。

In terms of when we think about competition, we think about how do we out-serve our users and partners? And we do this by capturing the higher basket size user demand across different modalities, whether it's ready-to-eat food, whether it's at a restaurant or self pickup or other forms. And as a result, we actually drive more business for our merchant and driver partners. Hence, many of these partners actually choose us as their main platform. And by doing this, it means that we bring the largest merchant discovery and more user delight.

當我們思考競爭時，我們思考的是如何更好地服務我們的用戶和合作夥伴？我們透過捕捉不同模式下更高額度的用戶需求來做到這一點，無論是即食食品、餐廳取餐、自取餐或其他形式。因此，我們實際上為商家和司機合作夥伴帶來了更多業務。因此，許多合作夥伴實際上選擇我們作為他們的主要平台。透過這樣做，我們能夠帶來最大的商家發現機會和更高的用戶滿意度。

So all in all, there's always going to be competition in the market. What is key for us is to enhance our right to win by capitalizing on the moats of our business. And we'll just keep executing effectively, heads down, as we taper down our incentive spend.

總而言之，市場競爭永遠存在。對我們來說，關鍵在於利用我們業務的護城河來增強我們的勝利能力。在逐步削減激勵支出的同時，我們將繼續有效率地執行，埋頭苦幹。

Our next question comes from Navin Killa with UBS.

我們的下一個問題來自瑞銀的 Navin Killa。

I actually had 2 questions. First of all, on the deliveries business, I just wanted to understand, I guess, broad breakdown between food, groceries and parcels. And even if we can't have any specific numbers, I guess, overall, how the mix will evolve, and what that would mean for commission rates directionally.

我其實有兩個問題。首先，關於配送業務，我想了解食品、雜貨和包裹的大致分類。即使我們無法給出具體的數字，我想總體來說，業務組合將如何演變，以及這對佣金率的方向性意味著什麼。

And I guess the reason for this question is because, I would imagine, I mean, as groceries and all get bigger, the commission rates potentially could decline, but we have obviously managed to grow that. So I wanted to understand that a little bit more.

我猜想我之所以會問這個問題，是因為隨著食品雜貨等業務規模的擴大，佣金率可能會下降，但我們顯然已經實現了成長。所以，我想進一步了解這一點。

And then secondly, in terms of cash, you obviously mentioned the strong balance sheet and the fact that you don't obviously take it easy. I guess, between the cash burn in the business, plus, I guess, some of the inorganic acquisitions that you need to do to expand, I guess, either your physical business or the financial business. How do we look at the balance between those various kind of sources of cash or sources of utilization of cash?

其次，關於現金，您顯然提到了強勁的資產負債表，以及您顯然不會放鬆警惕。我想，這涉及到業務上的現金消耗，以及為了擴張實體業務或金融業務而需要進行的一些非有機收購。我們如何看待這些不同現金來源或現金利用來源之間的平衡？

Sure, yes. So let me address the first one around our deliveries mix. We don't break out the specific percentages between food, our Express business or our Supermarket, Mart business. But I would say is the food business still comprises the majority of our delivery segment itself. At the same time, also, we are seeing good growth in terms of our Mart and Supermarket. If you look at the -- and just to give some numbers around there, we saw a growth of over 150% when it comes to Mart and Supermarket on a year-on-year basis, and continues to grow double digit on a quarter-on-quarter basis.

當然，是的。那麼，首先讓我來談談我們的配送業務組合。我們不會公佈食品、快遞業務和超市、便利商店業務的具體佔比。但我想說的是，食品業務仍佔據我們配送業務的絕大部分。同時，我們的便利商店和超市業務也呈現良好的成長動能。舉幾個數據，便利商店和超市業務年增超過150%，並且環比成長持續保持兩位數。

It's still very early days for us when it comes to Mart and Supermarket. We're optimistic. And also with the integration of Jaya, we're learning a lot, and we're applying a lot of those learnings through our Mart and Supermarket infrastructure also at the same time.

就超市和便利商店而言，我們仍處於起步階段。我們對此持樂觀態度。此外，隨著 Jaya 的整合，我們也學到了很多東西，同時也將這些經驗運用到我們的便利商店和超市基礎設施中。

In terms of how that ties to commission rates, commission rate continues to improve. As you heard earlier, deliveries was up 190 basis points. If you look at it on a quarter-on-quarter basis, it was 170 basis points. Even if we extract the Jaya piece out, we continue to see commission rates very strong at the same time. So it's -- if you look at from a mix standpoint, we look at our portfolios at -- from a same lens perspective, and that's to improve our unit economics.

就其與佣金率的關係而言，佣金率持續提高。正如您之前所聽到的，交付量增加了190個基點。如果按季度來看，則增長了170個基點。即使剔除Jaya的部分，我們仍然看到佣金率同時非常強勁。所以，如果您從組合的角度來看，我們從相同的角度來審視我們的投資組合，那就是提高我們的單位經濟效益。

On the cash piece, you mentioned that the financial services piece was inorganic. We actually see our financial services and digital bank as organic businesses. And it's part and parcel of our ecosystem, it's part and parcel of our superapp strategy. And it's important that we allocate capital there also as part of that.

關於現金業務，您提到金融服務業務是無機的。實際上，我們將金融服務和數位銀行視為有機業務。它們是我們生態系統的重要組成部分，也是我們超級應用策略的重要組成部分。因此，我們也需要將資本配置到這些業務中。

Now if you look at just in terms of how we think about M&A activities, we have a very high bar when it comes to M&A activities, 2 critical lens that we'll look at. One is, does it improve our unit economics of our business? Does it improve the path to profitability of our business? And it's a very high bar for us to look at.

現在，如果僅從我們對併購活動的看法來看，我們會發現我們對併購活動的標準非常高，我們會專注於兩個關鍵方面。其一是，它是否能改善我們業務的單位經濟效益？它是否能改善我們業務的獲利能力？這對我們來說是一個非常高的標準。

Now we're very focused on organic growth. We'll continue to be very focused on all the segments of our business. Mobility is coming back very strongly, delivery continues to be very stable, Financial services continues to grow also. And those organic growth, we'll allocate the right capital to it. But also at the same time, we're also keeping an eye on our margins as we want to make sure that our margins continue to improve sequentially.

現在我們非常注重有機成長。我們將繼續高度關注我們業務的所有領域。行動旅遊業務正在強勁復甦，配送業務維持穩定，金融服務業務也持續成長。我們將為這些有機成長投入適當的資金。但同時，我們也密切關注利潤率，因為我們希望確保利潤率持續環比成長。

If I can -- sorry, just a follow up. I guess what I meant by inorganic in financial services side was not necessarily, I guess, the cash that we need to spend to grow the digi-banks and all, but more acquisitions that, again, have been kind of discussed in the press. So it's more a question of what goes organically into growing the businesses versus the acquisitions that you might have to do to scale up those businesses.

如果可以的話——抱歉，我只是跟進一下。我所說的金融服務方面的「無機」投入，不一定是指我們需要投入的現金來發展數位銀行之類的業務，而是指更多的收購，這些收購在媒體上也已經討論過了。所以，問題更多的在於，哪些是有機投入，哪些是為業務成長而進行的收購，哪些是擴大業務規模而必須進行的收購。

Yes, Navin, this is Ming. First of all, I would just point out that our general policy is to avoid commenting on any market rumors out there. But I would take it up to -- if you really think about the inorganic opportunities, there's really 2 points I would highlight.

是的，Navin，我是Ming。首先，我想指出的是，我們的一般政策是避免對任何市場傳聞發表評論。但我想說的是──如果你認真思考無機投資機會，我想強調兩點。

As Peter mentioned, we take a very conservative stance around M&A. The bar is very high. Cash is king for us. So we are only looking at opportunities that are very compelling to us.

正如Peter所提到的，我們在併購方面持非常保守的態度。門檻很高。對我們來說，現金至上。所以我們只關注那些對我們極具吸引力的機會。

Now what would those look like? Generally, those will look like situations where we can either accelerate our path to profitability or meaningfully improve the unit economics within our marketplace and within our ecosystem. But obviously, absent those 2 criteria, we're going to be very, very disciplined around M&A.

那麼這些會是什麼樣子呢？一般來說，這些情況看起來是，我們要麼可以加速獲利，要麼可以顯著提高我們市場和生態系統內的單位經濟效益。但顯然，如果沒有這兩個標準，我們將在併購方面非常嚴格。

Our next question comes from Mark Mahaney with Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

If I could just ask a question, please, on the mobility segment. Could you talk about rider trends quantitatively or qualitatively, in terms of trip frequency, trip fare amount, number of users; relative to what you experienced in pre-COVID back in 2019?

我想問一個關於出行領域的問題。您能否定量或定性地談談出行趨勢？例如出遊頻率、出遊費用、使用者數量等；與2019年新冠疫情前的情況相比如何？

Thanks so much. I really appreciate the question. With regards to mobility, specifically, I'll talk more about in Q1. We actually achieved this mobility growth even despite this impact of Omicron in the first 2 months. We see clear evidence of a gradual recovery coming out of Q1 as much of these restrictions, these Omicron restrictions, are lifted in March.

非常感謝。非常感謝你的提問。關於行動業務，具體來說，我會在第一季詳細討論。儘管前兩個月受到Omicron的影響，我們實際上仍然實現了行動業務的成長。隨著Omicron的大部分限制措施在3月解除，我們看到第一季業務正在逐步復甦的明顯跡象。

So Mark, to us, we just reported that mobility GMV is up 9% Q-on-Q. Now exiting the quarter, we actually see demand recovery with mobility GMV up by 32% from Feb to April. So we're pretty pleased there. Even then, I have to admit we still have plenty of headroom to grow. Mobility in March '22 is only 57% of pre-COVID levels. So we actually expect the mobility segment to stabilize in H2, and with regard to driver incentives as a percentage of GMV to taper in that same time period. And with that being said, we expect mobility segment adjusted EBITDA margin to recover back to 12%.

馬克，我們剛剛報告稱，出行服務GMV環比增長了9%。現在，在本季即將結束之際，我們實際上看到了需求復甦，2月至4月的旅遊服務GMV成長了32%。我們對此感到非常滿意。即便如此，我必須承認，我們仍有很大的成長空間。 2022年3月的旅遊服務僅為疫情前水準的57%。因此，我們實際上預計出行服務領域將在下半年穩定，而司機獎勵佔GMV的百分比將在同一時期內逐漸下降。話雖如此，我們預計出行服務領域調整後的EBITDA利潤率將回升至12%。

So the teams know, we are laser-focused on mobility supply to make sure we can capture this demand that's coming back quickly online. And I'm sure, if you come across Southeast Asia, we see it, Alex and I, our COO, have traveled across 13 cities in over the past 14, 15 weeks, and we've seen demand coming back strongly. So we are going to just execute strongly on that front to make sure we take advantage of this mobility recovery in a very disciplined way.

所以團隊知道，我們正全心全意地專注於出行服務供應，以確保能夠抓住快速復甦的需求。我相信，如果你去東南亞，我們會看到這種情況。我和我們的營運長Alex在過去14、15週走訪了13個城市，我們看到需求強勁復甦。因此，我們將在這方面大力執行，確保我們以非常規範的方式利用出行服務復甦的機會。

Our next question comes from Pang Vitt with Goldman Sachs.

我們的下一個問題來自高盛的 Pang Vitt。

Another question around mobility business. How has the rising inflation and fuel costs impact your business overall? Post your fare raise in Vietnam and as well also in Singapore, is there any impact to demand?

另一個關於出行業務的問題。通膨和燃油成本上漲對你們的整體業務有何影響？越南和新加坡的票價上調後，對需求有影響嗎？

And also, together with the mobility business, if you can help us comment around the competitive dynamics here, the landscape, that would be very helpful.

此外，如果您能結合行動業務，幫助我們評論這裡的競爭動態和格局，那將會非常有幫助。

Sure. Let me take the question on inflation. We are actually closely monitoring the situation. But so far, we've actually not seen headwinds to demand from high inflation rates. What is actually more evident and observable is actually the higher fuel prices. We've slightly increased fares in Singapore and Vietnam, but have yet to see a material impact in mobility demand. In fact, we're seeing demand still growing faster than supply, even. So generally quite positive with mobility demand. From January to March as well, as just now we shared, our mobility GMV is growing as we bring down partner and consumer incentive spend in the same time period.

當然。我來回答一下關於通貨膨脹的問題。我們實際上正在密切關注形勢。但到目前為止，我們還沒有看到高通膨對需求造成阻力。實際上更明顯、更明顯的是燃油價格上漲。我們略微提高了新加坡和越南的票價，但尚未看到對出行需求產生實質影響。事實上，我們看到需求的成長速度甚至快於供應的成長速度。因此，整體而言，出行需求表現相當樂觀。正如我們剛才分享的，從1月到3月，我們的旅遊業務交易總額（GMV）也在成長，因為我們在同一時期減少了合作夥伴和消費者激勵支出。

So we believe it's still too early to comment on the change in any structural change in consumer behavior due to any of these inflationary pressures. But we remain very confident and -- that the resilience of our everyday services, whether it's mobility, whether it's deliveries in country, in this new endemic phase.

因此，我們認為，現在就評論任何通膨壓力導致的消費者行為結構性變化還為時過早。但我們仍然非常有信心，我們的日常服務，無論是出行服務，還是國內配送服務，在這個新的疫情階段都將保持韌性。

And on the competitive dynamic, the landscape.

以及競爭動態和格局。

I'll just add on the -- Singapore is a surcharge and not a fare increase, so just to be clear.

我只是想補充一點——新加坡是收取附加費而不是提高票價，只是為了清楚起見。

On competition, if I -- if you don't mind, I'll just jump in again. look, the reality is competition is not new to us. We've shown time and again that we can out-execute our competition in a more efficient way because of the cost benefits from our superapp ecosystem. So we've actually remained -- or maintained our leadership category position in mobility and deliveries in the quarter, according to Euromonitor. And notably, we actually increased our lead relative to the next-largest regional food delivery competitor, so while we maintained leadership in mobility.

關於競爭，如果您不介意的話，我再補充一下。事實上，競爭對我們來說並不陌生。我們已經一次又一次地證明，憑藉我們超級應用生態系統帶來的成本效益，我們可以以更有效率的方式超越競爭對手。因此，根據歐睿國際的數據，我們在本季度實際上保持了在移動出行和配送領域的領先地位。值得注意的是，我們實際上擴大了與第二大區域性食品配送競爭對手的領先優勢，同時我們仍然保持了在移動出行領域的領先地位。

So we can only do this because of the leadership that has led to us being able to benefit from reducing our total group incentive spend compared to Q4. That means we are actually being more efficient with our incentive spend compared to our peers while the business continues to grow. So looking ahead, we actually see total incentives as a percentage of GMV come down.

我們之所以能做到這一點，完全得益於領導層的領導，他們幫助我們從與第四季度相比減少集團總激勵支出中獲益。這意味著，在業務持續成長的同時，我們的激勵支出效率實際上比同業更高。因此，展望未來，我們實際上預期總激勵支出佔 GMV 的百分比會下降。

Now as An example of this, what we see is, through cross-vertical batching for our drivers because of our superapp strategy, we actually see better supply-side unit economics because drivers can earn more while we are actually improving our incentives. We've seen, whether it's earnings, average earnings per transit hour, that's increased 9% year-on-year, we've seen utilization rates also improve in the same period, even though we've actually tapered down incentives as a percentage of GMV.

舉個例子，由於我們的超級應用策略，透過對司機進行跨垂直批次分配，我們實際上看到了更好的供應側單位經濟效益，因為司機可以賺得更多，同時我們實際上也在提高激勵措施。我們看到，無論是收入，還是每小時平均收入，都同比增長了9%，而且同期利用率也有所提高，儘管我們實際上已經降低了激勵措施佔GMV的比例。

So we believe it's about building better experiences for our users and partners, and that's why we're just going to keep doubling down on the superapp moat and reducing our cost to serve.

因此，我們相信這是為了為我們的用戶和合作夥伴打造更好的體驗，這就是為什麼我們將繼續加倍努力打造超級應用護城河並降低我們的服務成本。

I'll just add that, that in terms of incentives, that we're seeing is the competitors overall are tapering down on incentives in mobility. And it's a great sign because the market is rationalizing. Also, it's been more constructive at the same time. And that's also helpful for us. And that's something that we're keeping a very close eye on as we continue to make sure our supply base also grows to meet the -- all that demand. Hope that's helpful.

我只想補充一點，就激勵措施而言，我們看到競爭對手總體上正在減少移動出行方面的激勵措施。這是一個好兆頭，因為市場正在理性化。同時，市場也變得更具建設性。這對我們也有幫助。我們正密切關注這一點，同時繼續確保我們的供應基礎也不斷擴大，以滿足所有需求。希望以上資訊對您有幫助。

Our next question comes from Ranjan Sharma with JPMorgan.

下一個問題來自摩根大通的 Ranjan Sharma。

Two questions from my side. Firstly, if you can just give more color on the revenue guidance of $1.2 billion to $1.3 billion. In that guidance, how much are you expecting incentives to come down versus last year?

我有兩個問題。首先，您能否進一步解釋一下12億美元至13億美元的營收預期？在該預期中，您預期激勵措施與去年相比會下降多少？

The second question is if you can also talk us through the changes in the cost that you have seen. Because I see the cost of revenues up 30%, G&A expenses up 90% and R&D up 60%. So what's driving these cost numbers up?

第二個問題是，您能否跟我們談談您所看到的成本變化？我發現營業成本上漲了30%，一般行政費用上漲了90%，研發費用上漲了60%。那麼，是什麼原因導致這些成本數字上漲呢？

So on the revenue guidance part, the revenue guidance, which we're giving up for the first time, of $1.2 billion to $1.3 billion, it's largely driven by a few things. Let me break it out for you.

關於營收預期，我們首次放棄了12億美元到13億美元的收入預期，這主要受幾個因素的影響。讓我來跟大家詳細解釋一下。

One is it's driven by the top line growth, definitely. We're expecting a top line GMV growth of 30% to 35% for the fiscal year. It's also, we're seeing some -- as you can tell from the growth of commission rates that we've seen from the prior period. The other piece is it includes also the contribution from Jaya. And also, the fourth component is it's a reduction of the incentives. Now we don't give out all the different components of that, but you can get a good feel in terms of where that's coming in. The other data point I would give about is -- that will be helpful is we expect our group revenues, excluding Jaya, to grow no less than 50% for fiscal year 2022.

首先，這肯定是由營收成長所驅動的。我們預計本財年營收GMV將成長30%至35%。此外，我們也看到了一些成長——正如你從上一財年佣金率的成長中可以看到的那樣。其次，這也包括了Jaya的貢獻。第四個因素是激勵措施的減少。我們不會公佈所有組成部分，但你可以大致了解這些措施的進展。我想提供的另一個數據是——這將很有幫助——我們預計2022財年集團營收（不包括Jaya）的成長將不低於50%。

In terms of cost, your other question. Our cost structure overall came in, from a percentage of GMV, and I'm focusing here on our regional cost structure, roughly about 4% in terms of costs. Now it's something that we are watching very closely. And the cost increase was primarily driven by investments in product development. We also invested in our cloud infrastructure, along with our increasing talent pool as well as some compliance and ancillary expenses being a newly listed public company.

關於成本，您的另一個問題。我們的整體成本結構是以GMV的一定比例計算的，我這裡重點關注的是區域成本結構，大約佔4%。現在我們正在密切關注這個問題。成本的成長主要源自於產品開發方面的投資。我們還投資了雲端基礎設施，擴大了人才儲備，以及作為一家新上市的上市公司，產生了一些合規和輔助費用。

Looking ahead, though, we are very focused on our overall cost management. And there's a lot of initiatives that's up and running actively all around the world for us in driving greater internal efficiencies. And we see regional costs as a percentage of GMV coming down this year. And we're already making some good the early starts here in the second quarter, and we are working very hard in all fronts here to make sure that we're optimized every penny and every dollar in every department.

展望未來，我們非常注重整體成本管理。我們在全球範圍內積極推行多項舉措，以提高內部效率。我們預計今年區域成本佔GMV的百分比將會下降。第二季初期我們已經取得了一些進展，我們正在各方面努力，確保每個部門的每一分錢、每一美元都得到優化。

Our next question comes from Venugopal Garre with Bernstein.

我們的下一個問題來自伯恩斯坦的 Venugopal Garre。

So a couple of questions. First on the delivery segment. Now after a 50% sort of a growth in the first quarter in GMV, your midpoint of guidance, you're looking at close to about 23% Y-o-Y growth. Now this is factoring in the [1P] business as well. So I wanted to understand that, is it more a situation where your base is catching up, because of which, you're going to see slightly slow momentum compared to what we used to see in the last 2 years? Or is it more to do with a specific strategy around what you want to target in the delivery segment?

所以有幾個問題。首先是關於外送業務。在第一季度，GMV（商品交易總額）成長了50%（這是你們的預期中位數），你們預計將年成長率接近23%。現在，這也考慮到了[1P]業務。所以，我想了解一下，這是否更意味著你們的基礎客戶正在迎頭趕上，因此，與過去兩年相比，你們的成長勢頭會略有放緩？還是這更與你們在外送業務中針對特定目標客戶的具體策略有關？

Now just a part of that question also is that, while you, I think, given a broad indication of what Jaya would be because you've mentioned that revenue guidance even excluding Jaya would be at least 50%. So that sort of ballpark gives an idea of probably Jaya's closer to $200 million GMV for the year. If you don't want to give a quarter number, at least, could you give us an idea of how overall 1P business would be in terms of numbers for Jaya for the -- at the time of acquisition? So that's my first question.

現在，這個問題的一部分是，雖然我認為您對 Jaya 的規模給出了一個大致的預測，因為您提到即使不計入 Jaya，收入預測也至少有 50%。所以，這種大概的預測可以讓我們大致了解 Jaya 今年的 GMV 可能接近 2 億美元。如果您不想給出季度數字，至少能不能告訴我們，在收購時，Jaya 的整體 1P 業務情況如何？這是我的第一個問題。

So I think there was a lot of questions within that question, Venu, so -- and I want to make sure I want to hit your question right. So can I just as -- repeat it.

我覺得這個問題有很多疑問，Venu，所以——我想確保我回答正確。所以我能再說一次嗎？

So you had a question around deliveries, and in terms of the 23% year-over-year and what is driving that?

所以您對交付量有一個疑問，就同比增長 23% 而言，是什麼推動了這一增長？

[Coming to the first quarter. Yes.]

[即將進入第一季。是的。 ]

Coming to the first quarter. Got it, okay.

進入第一季。明白了，好的。

And then your second question was around -- I believe it was around the revenue guidance. Is that correct?

你的第二個問題是關於收入預期的。對嗎？

The revenue, $1.2 billion to $1.3 billion. [I'm going to address that...]

收入在12億到13億美元之間。 [我接下來會談到這一點…]

Yes, yes. And second question was just would like to understand, how much is 1P in that? Because you also mentioned that, excluding Jaya, we would still expect the case of 50% growth. So I could probably calculate, based on your guidance, that Jaya would at least be $200 million. Now I'm pretty sure you don't want to give the numbers for this year. But at least at the time of acquisition, what was Jaya on an annualized basis? It would be good to know.

是的，是的。第二個問題是，我想了解一下，1P 是多少？因為您也提到，即使不考慮 Jaya，我們仍然預計會有 50% 的成長。所以，根據您的預測，我大概可以估算 Jaya 至少會有 2 億美元。我敢肯定您不想透露今年的數字。但至少在收購時，Jaya 的年化收入是多少？知道這一點就好了。

Yes. Look, yes. In terms of Jaya, look, we're not breaking it out in terms of Jaya numbers itself. And I think from a revenue guidance perspective, and we're not giving out quarterly revenue guidance also. So we're only giving full year revenue guidance itself. A good way to think about it is, around our revenue, excluding Jaya, on a full year basis to grow at no less than 50% this year. So that gives you a good feel. Of which, 1P is, I would say, insignificant.

是的，沒錯。至於Jaya，我們不會單獨列出Jaya的具體數字。而且我認為，從營收指引的角度來看，我們也不會發布季度營收指引。所以我們只提供全年收入指引。一個好的想法是，我們今年（不包括Jaya）的全年營收成長率不低於50%。這樣就能讓你感覺良好。我想說，其中1P是微不足道的。

Around the deliveries, your other question around the deliveries guidance, I believe, that's for your other part of the question. The delivery business, like I said, it's going -- it's growing. And there's good growth in that business itself. Again, 1P, it's not a big piece. It's insignificant to us. Our delivery business still primarily comes from the marketplace that we've continued to develop. And that's reflected also in our improvement in our margin as well as reflected in our improvement in our commission rate. So far, I think we feel pretty good around where we are with our deliveries GMV guidance.

關於配送，您另一個關於配送指引的問題，我相信，這涉及到您問題的另一部分。配送業務，正如我所說，正在成長，而且業務本身也成長良好。再說一次，1P 佔比不大，對我們來說微不足道。我們的配送業務仍主要來自我們持續發展的電商平台。這也反映在我們利潤率的提高以及佣金率的提高。到目前為止，我認為我們對配送 GMV 指引的現狀感到相當滿意。

Again, there are some seasonality factored in into deliveries. April was a month of Ramadan for us here in Southeast Asia. So there is that seasonal impact that we're taking into account. But overall, stepping back, it's growing and it's stable.

再次強調，出貨量會受到一些季節性因素的影響。四月是我們東南亞地區的齋戒月，所以我們會考慮季節性因素的影響。但總體而言，我們的出貨量仍在成長，而且保持穩定。

Got it. And if I could, a second question on the mobility segment. While fare, fuel cost increases have, of course, very different country to country, right, depending on the various strategies of these countries itself. Now the fare increases that we have done, especially in terms of surcharges, firstly, I wanted to understand that, I'm assuming it fully covers the sort of fuel price impacts.

明白了。如果可以的話，我想問第二個關於出行方面的問題。雖然票價和燃油成本的上漲情況在不同國家之間差異很大，這取決於各國本身的策略。首先，我想了解一下，我們之前提高的票價，尤其是附加費，我假設它完全涵蓋了燃油價格的影響。

And the second thing within that is, at least based on my observation in Singapore, fares itself seemed to have gone up a lot, okay? So I'm an active user of the platform. So I wanted to understand that, is it because of driver supply challenges continuing specifically in Singapore because it's a large market for you? And if that is the case, that fundamentally, is it a good enough strategy to have overall fares go up because it will probably help your unit economics as well?

第二點是，至少根據我在新加坡的觀察，票價本身似乎漲了很多，對吧？我是這個平台的活躍用戶。所以我想知道，這是否是因為司機供應問題持續存在，尤其是在新加坡，因為新加坡對你們來說是一個很大的市場？如果是這樣，那麼從根本上來說，提高整體票價是否是一個足夠好的策略，因為這可能也會對你們的單位經濟效益有所幫助？

Yes, I'll take that question, Venu. Thanks so much . Basically, how we think about it is, number one, is be the most reliable platform. I think that is from a -- as part of our Grab way, is really serve consumers and be the most reliable out there.

是的，Venu，我來回答這個問題。非常感謝。基本上，我們的想法是，首先，要成為最可靠的平台。我認為這是 Grab 理念的一部分，我們真正服務於消費者，成為最可靠的平台。

Number two is then how do we actually keep fares affordable, even, as you said, in a supply constrained environment? For us, we think about it this way. Even though demand outstrips growth -- outstrips supply, when we do our internal benchmarking of prices versus some of our peers. Actually, we on average, we're actually better and cheaper. And we look at this whether it's a P25, P50, P75 across the segment. So on some -- again, some of our peers, actually, we are more affordable.

第二，即使如您所說，在供應受限的環境下，我們如何才能真正保持票價的可負擔性？我們是這樣考慮的。即使需求超過成長，超過供應，當我們進行內部價格基準測試，並與一些同行進行比較時，我們發現，平均而言，我們的票價確實更好、更便宜。我們會比較整個細分市場的票價，無論是25比索、50比索或75比索。所以，在某些——再說一次，是一些同行——我們的票價實際上更實惠。

So -- and then the third is what we're seeing. Yes, there's one side, is the consumer. The other side, and just as important, is the driver side. We remain the best-earning platform for drivers. Even when recently, when Alex and I were just interviewing many drivers, we do these small group sessions. And the drivers who are driving for our peers even said, hey -- they left because we excluded them in our platform because they did some things that breached our policies. But they said, "Look, if you can take us back, we will gladly come back because we know that from an earnings platform, this is still the best earnings platform," even though we have been driving and really being very cost-conscious.

所以——然後我們看到了第三點。是的，一方面是消費者。另一方面，同樣重要的，是司機。我們仍然是司機收入最高的平台。即使最近，我和亞歷克斯在採訪許多司機時，我們進行了小組討論。我們同行的司機甚至說，嘿——他們離開了，因為我們把他們排除在我們的平台之外，因為他們做了一些違反我們政策的事情。但他們說：「聽著，如果你們能讓我們回來，我們很樂意回來，因為我們知道，從盈利平台的角度來看，這仍然是最好的盈利平台。」儘管我們一直在運營，並且非常注重成本。

Our next question comes from Thomas Chong with Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

My question is about the advertising business. Can you comment about the future monetization potential?

我的問題是關於廣告業務的。您能談談未來的獲利潛力嗎？

And secondly, regarding the digital finance, can we talk about our long-term strategies and opportunities on partnership expenses?

其次，關於數位金融，我們可以談談我們在合作費用方面的長期策略和機會嗎？

Yes, so maybe I'll take the first question on advertising and monetization of advertising. So what we are seeing actually is we're seeing a very strong growth with GrabAds. In fact, if you compare just the same time period, you're looking at 7x growth over the same period a year ago.

是的，我想先回答第一個關於廣告和廣告變現的問題。我們實際上看到的是，GrabAds 的成長非常強勁。事實上，如果只比較同一時期，你會發現它比去年同期成長了 7 倍。

We also saw that Grab merchants who actually are using our self-serve advertising platform, this basically provides them search and display ad options, to grow their sales in-app. So we are seeing them onboard more, because in 2021, we see GrabAds has proven very effective, especially for small merchant partners. It delivered 600% return on every dollar spent through this tool in 2021.

我們還發現，Grab 商家實際上正在使用我們的自助廣告平台，這基本上為他們提供了搜尋和展示廣告選項，以增加他們的應用程式內銷售額。因此，我們看到越來越多的商家開始使用我們的平台，因為在 2021 年，我們發現 GrabAds 已被證明非常有效，尤其是對小型商家合作夥伴而言。 2021 年，透過該工具花費的每一美元都帶來了 600% 的回報。

So our focus is to continue enhance GrabAds' value proposition to our merchants because we believe, when they grow and perform, so do we, sustainably.

因此，我們的重點是繼續增強 GrabAds 對商家的價值主張，因為我們相信，當他們成長和表現良好時，我們也會持續發展。

And let me take that question on the long-term strategy for financial services and the partnership expansion strategy. Financial Services plays an important role in helping us grow and expand our marketplace. We know that users of GrabPay have a 2.7x increase in engagement as compared to cash users and a 4.5% increase in spend and a 1.3% increase in retention. So it's a very healthy way of us growing in our user base and keeping the spend growing as well for those users.

我想回答一下關於金融服務長期策略和合作夥伴拓展策略的問題。金融服務在幫助我們發展和拓展市場方面發揮著重要作用。我們知道，GrabPay 用戶的參與度比現金用戶高出 2.7 倍，支出成長了 4.5%，留存率成長了 1.3%。因此，這對於我們擴大用戶群並維持這些用戶的支出成長來說是一個非常健康的方式。

Now we are adding new services like embedded insurance and lending, which have higher margins so that the GrabPayers start to convert to higher-margin products. And that also helps us to support the health and growth of our marketplace.

現在，我們正在增加諸如嵌入式保險和貸款等新服務，這些服務的利潤率更高，因此 GrabPay 用戶開始轉向利潤率更高的產品。這也有助於我們維持平台的健康和成長。

As we add digital banks, we can use the extraordinary depth of information we have about our users to do better credit underwriting, better collections and obviously, low-cost distribution of those products as well. And the unique thing about having a digital banking license, of course, is you can start to gather deposits which reduces your cost of funds. So you can see that overall, we see the combination of digital bank licenses and the very strong fintech capabilities that we've developed as a way of helping our users to grow in our marketplace and helping to add new users to that marketplace.

隨著數位銀行的加入，我們可以利用我們掌握的關於用戶的海量信息，更好地進行信用承保、更好地催收，當然，還能以低成本分銷這些產品。當然，擁有數位銀行牌照的獨特之處在於，你可以開始吸收存款，從而降低資金成本。所以，總的來說，我們認為數位銀行牌照與我們開發的非常強大的金融科技能力相結合，可以幫助我們的用戶在我們的市場中成長，並幫助該市場吸引新用戶。

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

我們的下一個問題來自美國銀行的 Sachin Salgaonkar。

I have a few questions. First, I just wanted to double check on this entire take rate on deliveries, which increased from 17.5% to 19.3%. Is this largely driven by Jaya, or there were certain underlying factors also?

我有幾個問題。首先，我想再確認一下整體外送的佣金率，它從17.5%漲到了19.3%。這主要是因為Jaya，還是還有其他一些潛在因素？

It's basically about product mix and the country mix. So Jaya has a component to it. But overall, also, there's country mix for us.

這基本上是關乎產品組合和國家組合。所以 Jaya 有其組成部分。但總的來說，我們也考慮了國家組合。

Okay. And can you help give a bit more clarity in terms of which countries are stronger as compared to others?

好的。您能否更清楚地解釋哪些國家比其他國家更強大？

We don't break out the countries, but all our countries are trying to optimize their take rate. And we're also trying to, also at the same time, improving our GMV per MTU in all those countries. What I would say is certain countries, as they're coming out of the lockdowns or the Omicrons, are growing at a much faster pace. And also, they are coming out also in terms of different order sizes, and that helps the product mix for us, and the country mix also.

我們沒有具體列出各個國家/地區，但所有國家/地區都在努力優化其成交率。同時，我們也在努力提高所有這些國家的每單位成交總額 (GMV)。我想說的是，某些國家/地區，隨著它們逐漸擺脫封鎖或Omicrons（奧米克朗）的影響，成長速度要快得多。而且，它們的訂單規模也呈現不同的趨勢，這有助於我們優化產品組合和國家組合。

So let me put that question in other words. So if the country mix tomorrow again reverses, should we see this going down again back to 17%? Or it's just because of Jaya, it will remain high at around 19%-odd going ahead?

那麼，讓我換個角度來問這個問題。如果明天國家組合再次逆轉，我們會看到這個數字再次回落到17%嗎？還是僅僅因為再也（Jaya）的影響，它會繼續保持在19%左右的高位？

Look, it's too early, I would say, whether Jaya has an effect on that. We've only been with those guys for 2 to 3 months now. We're obviously trying to optimize our take rate in every possible way. But also at the same time, we're conscious that there are other demand and supply from a marketplace perspective. We're trying to balance that. I think it's a bit too early to tell whether Jaya can play a significant part in terms of where our rate can continually improve or will stabilize.

我覺得現在判斷 Jaya 是否能帶來影響還太早。我們和他們合作才兩三個月。我們顯然正在盡一切可能優化我們的佣金率。但同時，我們也意識到，從市場角度來看，還有其他需求和供應。我們正在努力平衡這些需求和供應。我認為現在判斷 Jaya 能否在我們的佣金率持續提升或穩定方面發揮重要作用還為時過早。

Got it. My second question is regarding the corporate cost. I heard you guys mention that mainly on the product development talent pool. If that's the case, should one look at it as a percentage of GMV? Or it should generally be looked as largely a fixed cost?

明白了。我的第二個問題是關於公司成本的。我聽說你們主要提到產品開發人才庫的成本。如果是這樣，應該將其視為GMV的百分比嗎？還是應該將其視為一項固定成本？

The way we look at regional costs, just in terms of how we're tracking, is we compare it to as a percentage of GMV. It's a good way for us to just benchmark it. And again, yes, you're right, we are -- we did make -- we continue to make investments in product development, and tied to that is our talent pool. If you look at the majority of our regional cost structure, its product development, data science, all related to really creating the product for us. And that's a critical piece.

我們看待區域成本的方式，就我們追蹤的方式而言，是將其與GMV的百分比進行比較。這對我們來說是一個很好的基準測試方法。再說一次，是的，你說得對，我們確實在持續投資產品開發，而與此息息相關的是我們的人才儲備。如果你看一下我們區域成本結構的大部分，你會發現，產品開發、資料科學，所有這些都與真正為我們創造產品息息相關。這是至關重要的部分。

So we -- having said that also, at the same time, like I mentioned earlier in my statement, that we are looking to reduce and make those costs optimized also at the same time. So we're trying to drive greater internal efficiencies at all different departments, and product development is part of that. But also at the same time, we want to make sure that the product continues to evolve as a platform as we continue to grow our top line also.

所以，正如我之前在聲明中提到的，我們也在尋求降低並優化這些成本。因此，我們正在努力提高所有部門的內部效率，產品開發就是其中的一部分。但同時，我們也希望確保產品作為一個平台不斷發展，同時我們的營收也持續成長。

Okay. No, the reason I ask this question is I just wanted to understand it, should it grow in sync with the GMV? And I do understand some cost control. So in simple terms, in other words, would the gap between adjusted EBITDA and reported EBITDA continue to widen on the back of this higher corporate cost?

好的。不，我問這個問題的原因只是想了解一下，它應該與GMV同步成長嗎？我確實了解一些成本控制。那麼簡單來說，換句話說，在企業成本上升的背景下，調整後的EBITDA和報告的EBITDA之間的差距會繼續擴大嗎？

From a dollar perspective, our regional costs will continue to come down, and that's important for us. And I think it's important for us to maintain, that we optimize the cost structure. So I would say that continue to look at it as a percentage of GMV is a good benchmark.

從美元角度來看，我們的區域成本將繼續下降，這對我們很重要。我認為，保持並優化成本結構對我們來說也很重要。所以我認為，繼續將其視為GMV的百分比是一個很好的基準。

Got it. And my last question is, when we look at the currency movements for the last 3 months, everything has obviously [moved off the dollars]. And I understand you guys report on U.S. dollars while the underlying currencies are in local currencies. So possible to give some kind of a translational impact, what it has on the back of your guidance? Or what you're seeing, given the strong currency movements around?

明白了。我的最後一個問題是，當我們觀察過去三個月的匯率走勢時，顯然一切都[脫離了美元]。我知道你們的報告是以美元為單位的，而標的貨幣是當地貨幣。所以，這可能會帶來一些轉換方面的影響，這對你們的業績指引有什麼影響？或者說，考慮到目前強勁的匯率波動，你們看到了什麼？

Yes. We're watching the currency, the strengthening of the dollar, obviously. And what I would say is we have taken in some of those movements in currency that's been happening in the last month or 2 and we've baked it into our guidance.

是的。我們正在關注貨幣，當然還有美元的走強。我想說的是，我們已經消化了過去一兩個月發生的一些貨幣波動，並將其納入了我們的預期。

This concludes our question-and-answer session. I would like to turn the conference back over to Peter for any closing remarks.

我們的問答環節到此結束。我想將會議交還給Peter，請他做最後發言。

Well, thank you very much, everyone, for carving out the time just to listen. We had a great quarter, and we're off to a great start as we enter into Q2 already. So thank you very much, and we'll talk again next quarter. Thank you very much.

非常感謝大家抽空聆聽我們的分享。我們這個季度表現非常出色，而且隨著第二季度的到來，我們迎來了良好的開端。非常感謝大家，我們下個季度再聊。非常感謝。

This concludes Grab's First Quarter 2022 Earnings Presentation. Thank you for your participation. You may now disconnect your lines.

Grab 2022 年第一季業績發表會到此結束。感謝您的參與。現在您可以斷開線路了。