Q2 2024 Grab Holdings Ltd Earnings Call Transcript
Key Points
- Grab Holdings Inc (GRAB) achieved new all-time highs in On-Demand GMV, group monthly transacting users, and group revenues.
- The company delivered its 10th consecutive quarter of group adjusted EBITDA improvement.
- Grab Holdings Inc (GRAB) achieved its second quarter of positive adjusted free cash flow, with expectations for full-year 2024 to be positive.
- The launch of Superbank in Indonesia and robust growth in Digibank deposits and lending disbursals reflect strong financial services performance.
- The company continues to drive cost discipline, with regional corporate costs declining 14% year-on-year.
- Foreign exchange translational impacts led to a divergence between headline and constant currency growth rates, affecting GMV and revenue growth.
- Mobility segment adjusted EBITDA margins declined due to product mix and investments in new product rollouts.
- Incentive spend as a proportion of On-Demand GMV increased to 10.1% in Q2 from 9.7% in Q1, indicating higher promotional costs.
- The competitive landscape remains intense, requiring continuous investment in affordability and reliability to maintain market leadership.
- Stock-based compensation expenses remain high, impacting overall profitability despite headcount optimization.
Ladies and gentlemen, thank you for joining us today. My name is Aida, and I will be your conference operator for this session. Welcome to Grab's second quarter 2024 earnings results call. After speakers remarks, there will be a question-and-answer session.
I will now turn it over to Douglas Eu to start the call.
Good day, everyone, and welcome to Grab's second quarter 2024 earnings call. I'm Douglas Eu, Director, Investor Relations and Strategic Finance at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, Chief Operating Officer; and Peter Oey, Chief Financial Officer.
During the call today, Anthony will discuss our key strategic and business achievements, followed by Alex, who will provide operational highlights, and Peter will share details of our second quarter 2024 financial results. Following the prepared remarks, we will open the call to questions.
During this call, we will be making forward-looking statements about future
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