GGTKY Q4 2024 Earnings

Call Details

• Call Title: Goto Gojek Q4 2024 Earnings Call
• Date: March 12, 2025 12:00 PM UTC
• Management Team:
  • Patrick Walujo (President Director and Group CEO)
  • Simon Ho (Group CFO and Chief Financial Officer)
  • Thomas Husted (Vice President Director and President of Financial Technology)
  • Hans Patuwo (Chief Operating Officer)
  • Catherine Hindra Sutjahyo (President of On Demand Services)
  • Joel Ellis (Head of Investor Relations)

Call Summary

Financial Performance

• Group Core GTV reached an all-time high of 79 trillion rupiah ($4.9B), growing 66% year-on-year in Q4 and 58% over the full year.
• Gross revenue for Q4 reached 5 trillion rupiah ($307M), up 28% year-on-year, and grew 30% for the full year 2024.
• Group adjusted EBITDA for the full year was 386 billion rupiah ($24M), and Q4 adjusted EBITDA was 399 billion rupiah ($25M), up 348% year-on-year for the quarter.
• FinTech segment achieved adjusted EBITDA positivity in Q4 and contributed to the group reaching full-year adjusted EBITDA breakeven.
• FinTech monthly transacting users increased 35% year-on-year to 20.2 million in Q4.
• Loan book expanded 172% year-on-year in Q4 and closed 2024 at 5.2 trillion rupiah, with a target to exceed 8 trillion rupiah by end-2025.
• Advertising revenue grew 92% year-on-year in 2024, and advertising share of Food GMV rose from 1.1% to 1.6% over 12 months.
• Recurring cash fixed costs were reduced by 3% year-on-year, and cash, cash equivalents and short-term time deposits were 21 trillion rupiah ($1.3B) at Dec 31, 2024.

Guidance

• Full year 2025 group adjusted EBITDA guidance range is 1.4 to 1.6 trillion rupiah ($87M to $99M).
• On-demand services (ODS) adjusted EBITDA target for 2025 is at least 1.1 trillion rupiah.
• FinTech segment adjusted EBITDA expectation for 2025 is at least 300 billion rupiah.
• Loan book guidance remains more than 8 trillion rupiah by the end of 2025 versus 5.2 trillion rupiah at end-2024.
• Cloud migration to Alibaba Cloud and Tencent Cloud is expected to complete by Q3 2025 and to reduce cloud expenses by more than 50% versus pre-migration, with financial impact beginning in Q4 2025.
• Holiday bonus guidance for productive, high-performing driver partners will be funded within existing plans.
• Guidance contains macro caveats and uses pro forma adjustments for Tokopedia and GoToLogistics deconsolidation for comparability.