GGTKY Q2 2024 Earnings

Call Details

• Call Title: Goto Gojek Q2 2024 Earnings Call
• Date: July 30, 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)

Call Summary

Financial Performance

• Group GTB reached 121.5 trillion rupiah, or $7.4B, up 26% year-on-year on a pro forma basis.
• Group core GTB grew 54% year-on-year to 63.2 trillion rupiah on a pro forma basis.
• Group adjusted EBITDA was negative 48 billion rupiah, or $2.9M, representing a 95% year-on-year reduction in losses and a 53% quarter-on-quarter improvement.
• Growth revenues increased 39% year-on-year to 4.3 trillion rupiah, or $260M.
• On-demand services GTV was up 14% year-on-year, and Indonesia on-demand GTV was up 18% year-on-year.
• FinTech core GTB grew 65% year-on-year, gross revenues grew 97% year-on-year to 788 billion rupiah, and the consumer loan book grew about 3.5x year-on-year to 3.5 trillion rupiah.

Guidance

• The company reiterated its target to achieve adjusted EBITDA break-even for the full year 2024.
• Executives cited seasonality and a historical pattern of stronger second-half performance as reasons for confidence in reaching full-year break-even.
• On-demand services management expects adjusted EBITDA margin for ODS to be similar to slightly better for the remainder of the year.
• FinTech stated an expectation to continue growing the loan book in the second half while maintaining asset quality, with readiness to tighten credit if needed.
• No new numeric full-year revenue or margin targets were introduced beyond the adjusted EBITDA break-even commitment.
• Product launches and pilot programs (e.g., BNPL on Shop Tokopedia and vehicle financing pilot) were presented as growth levers for guidance but without specific revenue timing.