GGTKY Q1 2024 Earnings

Call Details

• Call Title: Goto Gojek Q1 2024 Earnings Call
• Date: April 29, 2024 at 12:00 PM UTC
• Management Team:
  • Reggie Susanto (Head of Investor Relations)
  • Patrick Walujo (President Director and Group CEO)
  • Simon Ho (Group CFO)
  • Thomas Husted (Vice President Director and President of Financial Technology)
  • Hans Patuwo (Chief Operating Officer)
  • Catherine Hindra Sutjahyo (President of On-Demand Services)
  • Melissa Siska Juminto (Director of E-Commerce)

Call Summary

Financial Performance

• Performa group core GTV increased 32% year-on-year while performer GTV increased 20% year-on-year for Q1 2024.
• Group gross revenues grew 18% year-on-year in Q1 2024 while growth revenue showed stronger expansion across segments.
• Performa group adjusted EBITDA was negative R102 billion ($6.4M) in Q1, with losses reduced by 89% year-on-year.
• On-demand services was adjusted EBITDA positive at R166 billion ($10.5M) in Q1, representing a R412 billion ($26M) year-on-year uplift.
• FinTech adjusted EBITDA loss was R248 billion ($15.6M) in Q1, a 52% year-on-year reduction, driven by contribution margin improvement.
• Group cash, cash equivalents and short-term time deposits were R23 trillion ($1.5B) as of March 31, 2024.

Guidance

• Company reiterated target to achieve adjusted EBITDA breakeven for full year 2024 and stated it remains on track.
• FinTech segment is targeting adjusted EBITDA positivity by end of 2025, conditional on stable macroeconomic conditions.
• Management signaled intent to accelerate growth from Q2 2024 while reinvesting profit upside back into the business.
• No quarter-by-quarter financial guidance was provided, and the company advised investors to focus on unit cost, product innovation, and growth indicators.
• Board-approved $200 million share repurchase program will proceed subject to regulatory and shareholder approvals.
• Company expects e-commerce service fees from the TikTok partnership to increase in future quarters as integration deepens.