GGTKY Q3 2024 Earnings

Call Details

• Call Title: Goto Gojek Q3 2024 Earnings Call
• Date: October 30, 2024 at 12:00 PM UTC
• Management Team:
  • 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)
  • Reggie Susanto (Head of Investor Relations)

Call Summary

Financial Performance

• Group GTV reached 137.4 trillion rupiah ($9.1B) in Q3 2024, up 37% year-on-year.
• Group Core GTV grew 74% year-on-year to 72 trillion rupiah ($4.8B) in Q3 2024.
• Gross revenues increased 34% year-on-year to 4.7 trillion rupiah ($311M) in Q3 2024.
• Group adjusted EBITDA turned positive at 137 billion rupiah ($9M) in Q3 2024 versus a loss a year ago.
• Recurring cash fixed costs declined 3% year-on-year to 1.4 trillion rupiah ($89M) in Q3 2024, and recurring cash corporate costs fell 37% year-on-year to 170 billion rupiah ($11M).
• Group cash, cash equivalents and short-term time deposits totaled 21 trillion rupiah ($1.39B) as of September 30, 2024.

Guidance

• The company expects adjusted EBITDA to remain positive in Q4 2024 and reiterated full-year adjusted EBITDA breakeven as the target for 2024.
• Fintech profitability guidance was accelerated and is now expected to deliver positive adjusted EBITDA for Q4 2024, one year earlier than prior guidance.
• The firm reiterated an internal view that loans outstanding could double versus September 2024 levels by the end of 2025, subject to execution and risk management.
• Management expects more than 50% reduction in cloud costs once migration to Alibaba and Tencent is fully implemented over the next nine to 12 months.
• The company stated that more granular disclosures on fintech product-level profitability will be provided in 2025 as part of the full-year review and budgeting cycle.
• No long-term sustainable adjusted EBITDA margin targets for ODS or the group were disclosed during the call.