The following is a summary of the PT GoTo Gojek Tokopedia Tbk (GTOFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PT GoTo Gojek Tokopedia Tbk recorded pro forma core GTV increase by 32% and gross revenue increase by 80% in Q1 2024.

• The company experienced slight negative pro forma adjusted EBITDA of IDR102 billion due to increased FinTech investments and seasonal slowness with year-on-year adjusted EBITDA losses decreasing by 89%.

• The closure of a deal with TikTok resulted in an extra income from e-commerce service fees of approximately IDR110 billion.

• GoTo's financial sector reported a year-on-year increase in core GTV and gross revenue of 40% and 57% respectively, with their loan book tripling year-on-year to IDR2.7 trillion.

• Recurring cash corporate costs saw a decrease of 30% Year-on-year and 8% sequentially in Q1 2024.

• The company reported an EBITDA positive of IDR166 billion for On-Demand services, while reporting an EBITDA loss of IDR248 billion for its Fintech division which marked a 52% reduction YoY.

• As of March 31, 2024, the company held IDR23 trillion in cash, cash equivalents, and short-term time deposits.

Business Progress:

• The deal with TikTok made the company's e-commerce segment cash-flow positive and increased GoPay's penetration.

• The company also launched a partnership with a local taxi firm in Singapore for its On-Demand Services division.

• The company plans to enhance their market presence by increasing user base, expanding wallet share among existing users, reducing operating costs and strengthening partnerships.

• PT GoTo Gojek Tokopedia Tbk announced a divestment of its delivery and fulfillment businesses and part of GoTo Logistics that support Tokopedia.

• An ongoing integration of GoTo Financial and TikTok Shop is in process.

• The board of directors and commissioners approved a US$200 million share repurchase program.

• The company refuses to provide quarter-by-quarter guidance, focusing on long-term gains and financial discipline.

• Through a collaboration with CDG, GoTo enhanced it's supply chain, viewing this as a crucial component for their future growth.

• GoTo reports potential for substantial growth in different business sectors like e-commerce, On-Demand Services (ODS), and FinTech.

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