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Annual Public Expose 2024 Public Expose PT GOTO Gojek Tokopedia Tbk Full Year 2023 and Fourth Quarter of 2023 March 2024
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Disclaimer & Cautionary Statements
Forward-Looking Statements
This document may contain forward-looking information or forward-looking statements including, but not limited to discussions of strategy, future plans and indicative financial performance (collectively, “forward-looking information”). All
information contained in this document that is not clearly historical in nature or that necessarily depends on future or subsequent events is forward-looking information prepared as of the date of this document is based upon the opinions and
estimates of management as well as the information available to management as of the date of this document. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely",
"may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, expressions and phrases, including negative and grammatical variations thereof, or statements that certain events or conditions "may,” or "will"
happen, or by discussion of strategy.
Forward-looking information is based upon a number of current internal expectations, estimates, projections, assumptions and beliefs that, while considered reasonable by management, are inherently subject to significant business, economic,
competitive and other uncertainties and contingencies. Forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors (including the risks and uncertainties in the
Company’s consolidated financial statements and Management’s Discussion & Analysis available on the Company’s website), that may cause actual results, performance or achievements to be materially different from the future results,
performance or achievements expressed or implied by such forward-looking information. Any estimates, investment strategies or views expressed in this document are based upon current market conditions, and/or data and information
provided by unaffiliated third parties, and are subject to change without notice. To the extent any information in this document was obtained from third party sources, the Company has not independently verified that information, and there is a
risk that the assumptions made and conclusions drawn by the Company based on such information are not accurate. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking information,
whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on this forward-looking information and should not be viewed, in and of itself, as any basis for making any investment decision.
Non-IFAS Measures
GoTo Group uses the following non-Indonesian Financial Accounting Standards (IFAS) financial measures including gross revenues, contribution margin and adjusted EBITDA, to understand and evaluate GoTo Group’s core operating
performance. However, the definitions of GoTo Group’s non-IFAS financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-IFAS financial measures have certain
limitations in that they do not include the impact of certain expenses that are reflected in GoTo Group’s consolidated financial statements that are necessary to run GoTo Group’s business. Thus, these non-IFAS financial measures should be
considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with IFAS.
Non-IFAS measurements are not intended to replace the presentation of GoTo Group’s financial results in accordance with IFAS. Rather, GoTo Group believes that the presentation of Adjusted EBITDA provides additional information to investors
to facilitate the comparison of past and present results, excluding those items that GoTo Group does not believe are indicative of GoTo Group’s ongoing operations due to their size and/ or nature. In addition, GoTo Group also presents the
Contribution Margin, which may provide additional information to investors in relation to the results excluding non-variable expenses and other income/expenses. Contribution margin and adjusted EBITDA presented herein may not be
comparable to similarly entitled measures presented by other companies, who may use and define this measure differently. Accordingly, you should not compare these non-IFAS measure to those presented by other companies.
Consolidated Financial Information
GoTo Group furnished the result for the year ended December 31, 2023 and 2022. The information for the year ended December 31, 2023 is extracted from the consolidated financial statements of the Company as of and for the year ended
December 31, 2023 (with consolidated financial information as of and for the year ended December 31, 2022 as comparative) that has been audited by the Public Accountant in accordance with the auditing standards established by
Indonesian Financial Accounting Standards with an unmodified opinion dated March 18, 2024.
Furthermore, in this document, GoTo Group also furnished the results of the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 which have been prepared by and are the
responsibility of management. The consolidated financial information for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 have not been audited, reviewed, examined, or
applied any procedures on. Accordingly, there are no opinions or any other form of assurance expressed with respect to any and all consolidated financial information for the three months ended December 31, 2023, September 30, 2023, June
30, 2023, March 31, 2023 and December 31, 2022 presented in this document.
.
Operating Metrics
LTM ATU or Last Twelve Months Annual Transacting Users means the number of unique transacting users in the trailing twelve months. GTV or Gross Transaction Value means gross transaction value, an operating measure representing the sum of
(i) the value of on-demand services transactions; (ii) the value of e-commerce transactions for product and services; and (iii) the total payments volume processed through our financial technology, excluding any inter-company transactions.
4Q 2023 & FY 2023 2
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 2023 & FY 2023
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Key Results in 4Q23
Gross Revenue1 Contribution Margin2 Adj. EBITDA3
6.5 1.6IDR Trillion
77
IDR Billion
IDR Trillion
+3%
(4Q22 vs 4Q23)
+135 bps +199 bps
(4Q22 vs 4Q23) (4Q22 vs 4Q23)
As % of GTV4 As % of GTV4
Notes:
1. Gross Revenue represents the total Rupiah value attributable to GoTo Group from each transaction, without any adjustments for incentives paid to driver-partners and merchant-partners or promotions to
end-users, over the period of measurement
2. Contribution Margin is calculated beginning with net revenues and deducting total cost of revenues, a portion of sales and marketing expenses relating to the promotional excess and product marketing and
others consisting of mainly withholding taxes related to sales and marketing expense and other insignificant expenses
3. Adjusted EBITDA is calculated beginning with loss before income tax and adjusting for (i) depreciation and amortization expenses; (ii) finance income; (iii) interest expenses; (iv) loss on impairment of assets of
disposal group classified as held for sale; (v) (reversal)/loss on impairment of investment in associates and joint ventures; (vi) loss on goodwill; (vii) fair value adjustment of financial instruments; (viii) loss on
impairment of intangible and fixed assets; (ix) share-based compensation cost; (x) unrealized foreign exchange (gain)/loss from cash remeasurement; (xi) share of net losses in associates and joint ventures; (xii)
(gain)/loss
4Q 2023 on divestment and dilution of investment in associates and joint ventures, net (xiii) dividend income; and (xiv) non-recurring items
& FY 2023 4
4. GTV means Gross Transaction Value representing the sum of the value of transactions within the GoTo ecosystem
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4Q23 Group Adjusted EBITDA Positive
Adjusted EBITDA1
In IDR Trillions Feb 16, 2023:
Announcement on Adjusted
EBITDA profitability guidance
FY22 1Q23 2Q23 3Q23 4Q23
(1.6) (1.2) (0.9) 0.1
(16.0)
1.
Adjusted EBITDA is calculated beginning with loss before income tax and adjusting for (i) depreciation and amortization expenses; (ii) finance income; (iii) interest expenses; (iv) loss on impairment of assets of disposal
group classified as held for sale; (v) (reversal)/loss on impairment of investment in associates and joint ventures; (vi) loss on goodwill; (vii) fair value adjustment of financial instruments; (viii) loss on impairment of intangible and
fixed assets; (ix) share-based compensation cost; (x) unrealized foreign exchange (gain)/loss from cash remeasurement; (xi) share of net losses in associates and joint ventures; (xii) (gain)/loss on divestment and dilution of
4Q 2023 & FY 2023 5
investment in associates and joint ventures, net (xiii) dividend income; and (xiv) non-recurring items
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TikTok + Tokopedia Creates an Indonesian
E-commerce Leader
App MAU ID1
125 mm
Continuous Stream of Revenue to GoTo in the
form of an e-commerce service fee from Tokopedia
Affluent, Mass-market,
Urban Country-wide Agreed fee Combined
E-commerce
service fee5
ladder entity GMV2
Shelf-based, Discovery-driven Based on Illustrative quarterly service
3Q2023 core GMV3: fee:
intentional purchases purchases combined entity
~US$2.94 billion ~US$11.4 million
GMV
Electronics, FMCG Fashion
Home & Living & Beauty
Immediate contribution to GoTo’s cash flow and EBITDA
Proprietary payment Content and live
infrastructure streaming
1
Source: Reuters article dated 13-Nov-2023
2
Pro Forma Basis
3
Core GMV: settled GMV, excludes Digital Goods, certain extraordinary high value items and other excluded items as may be agreed between the two parties
4
4Q 2023 & FY 2023 For illustrative purposes only (Assumes USDIDR of 15,500) 6
5
As Quarterly fee charged based on specific services to be provided as agreed between the parties
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Indonesia has enormous digital economy growth potential, which
serves as a challenge and an opportunity that GoTo will tap into
Indonesia’s digital economy GMV E-commerce GMV Mobility and food GMV
(excluding digital financial services) in US$ billion in US$ billion
in US$ billion
210-360 ~160
~20
82
62 9
7
2023 2025 2030 2023 2025 2030
Digital payments GTV Digital loans loan book
109
in US$ billion in US$ billion
82 ~760 ~40
417
313 15
6
2023 2025 2030 2023 2025 2030 2023 2025 2030
Source: Google, Temasek, and Bain & Co. report (2023)
Incidental Public
4Q 2023 & FY 2023Expose | February 2024 7
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Our Strategy
Accelerated Growth and Sustainable Profitability
Expand Accessibility of Product and Services
Enrich Customer Experience
● Enhance Value for Existing Consumers
● Expand Wallet Share
● Grow Consumer Base
Doubling down on successful
Innovative new ventures Discontinuing non-scalable initiatives
strategies
4Q 2023 & FY 2023 8
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Elevate Use Case: Deepening User Wallet through
Premium / Value-Added Product Options
Fastest delivery option More comfortable 2W
on GoFood solution
Premium and more
Launched in 4Q23 Launched in comfortable 4W fleet
September 2023 options; with faster
Available in Jakarta, pickup
Bogor, Bandung, and Available in more than
Surabaya 30 cities in Indonesia
4Q 2023 & FY 2023 9
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Expanding User Base through Affordable Offerings &
Subscription Service
Subscription
4Q 2023 & FY 2023 10
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Wider Market Reach through FinTech Innovation
GoPay: Best app in Indonesia in 2023
on Google Play Savings
in collaboration with Bank Jago
Conventional Shariah
!
NEW
Main Savings Other Shariah-compliant
Account Account Accounts Main Account
Coming
Soon
>10m cumulative downloads as of December 20231
1
According to data.ai
4Q 2023 & FY 2023 11
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Scaling up Lending Products
Consumer Lending
BNPL Cash Loans
Total Loans Outstanding
+32%
+44%
+21%
+40%
1.3%
NPL1
1
4Q 2023 & FY 2023 Non-performing loans more than 90 days past due as a percentage of the total consumer loan book as of Dec-23
12
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 2023 & FY 2023
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Consistent Improvement of Profitability Metrics
In IDR Trillions
Group Adjusted EBITDA Group Contribution Margin
4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23
0.1
(0.9)
(1.2)
(1.6)
(3.1) 0.6 1.0 1.1 1.6
(3.1) (0.6)
+199 bps +67 bps +135 bps +24 bps
As % of GTV As % of GTV As % of GTV As % of GTV
YoY Improvement QoQ Improvement YoY Improvement QoQ Improvement
As % of
(1.9%) (1.1%) (0.8%) (0.6%) 0.05% (0.4%) 0.4% 0.7% 0.8% 1.0%
GTV
4Q 2023 & FY 2023 14
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Group GTV Group Gross Revenue
Key -1% +6%
Year on Year Year on Year
Growth Growth
Operating 613.4 606.5 22.9 24.3
Metrics
In IDR Trillions
Core GTV1
-11%
FY22 FY23 FY22 FY23
As %
3.7% 4.0% of GTV
Group GTV Group Gross Revenue
+1% +3%
Year on Year Year on Year
Growth Growth
161.9 163.0 6.3 6.5
Core GTV1
-8%
4Q22 4Q23 4Q22 4Q23
As %
1
Core GTV: 3.9% 4.0% of GTV
4Q 2023 & FY 2023 excludes digital goods and sales of cars and motorcycles in Ecommerce; and
excludes merchant payment gateway in Fintech
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Continued Progress in Cost Savings
In IDR Trillions
Incentives and Product Marketing1 Recurring Cash OpEx2
-38%
-19%
23.8
10.2
8.3
14.7
FY22 FY23 FY22 FY23
-33% -39%
5.3 2.7
3.5
1.7
4Q22 4Q23 4Q22 4Q23
Notes:
4Q 2023 & FY 2023 1. Incentives and Product Marketing includes incentives to customers, a portion of sales and marketing expenses and others. 16
2. Recurring Cash Opex mainly consists of personnel, non-variable marketing, IT and other expenses which are not directly attributable to the net revenues.
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Continued Progress in User Engagement
GoTo LTM1 ATU2 GoTo Quarterly Orders GoTo LTM1 GTV/LTM1 ATU2 GoTo LTM1 Orders/LTM1 ATU2
in Millions in Millions in IDR Millions Orders/user/year
-20%
Year on Year
+5%
Year on Year
+24%
Year on Year
+24%
Year on Year
Growth Growth Growth Growth
12
64 746
707 10 53
51
43
4Q22 4Q23 4Q22 4Q23 4Q22 4Q23 4Q22 4Q23
Notes:
4Q 2023 & FY 2023 1. LTM means Last Twelve Months 17
2. ATU means Annual Transacting Users over the stated period
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GTV Gross Revenue Contribution Margin Adjusted EBITDA
On-Demand -9% +4% +672 bps +760 bps
Year on Year Year on Year As % of GTV As % of GTV
Services Growth
59.7
54.3
Growth
11.7
12.1
Year on Year Growth
2.6
Year on Year Growth
(4.8) (0.2)
In IDR Trillions
(1.1)
FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23
As % of
GTV
19.6% 22.3% (1.9)% 4.9% (8.0)% (0.4)%
GTV Gross Revenue Contribution Margin Adjusted EBITDA
-10%
Year on Year
+1%
Year on Year
+457 bps +621 bps
As % of GTV As % of GTV
Growth Growth Year on Year Growth Year on Year Growth
15.5
14.0
3.2 3.2 0.8
0.2
(0.7)
0.2
4Q22 4Q23 4Q22 4Q23 4Q22 4Q23 4Q22 4Q23
As % of
GTV
20.7% 23.1% 1.3% 5.9% (4.5)% 1.7%
4Q 2023 & FY 2023 18
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GTV Gross Revenue Contribution Margin Adjusted EBITDA
Financial +5% +15% +41 bps +49 bps
Technology
Year on Year Year on Year As % of GTV As % of GTV
Growth Growth Year on Year Growth Year on Year Growth
379.7 1.9
360.4 1.6
In IDR Trillions (1.6)
0.3
(1.2) (3.3)
Core
GTV1
+11%
FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23
As % of
GTV 0.5% 0.5% (0.3)% 0.1% (0.9)% (0.4)%
GTV Gross Revenue Contribution Margin Adjusted EBITDA
+5%
Year on Year
+26%
Year on Year
+38 bps +59 bps
As % of GTV As % of GTV
Growth Growth Year on Year Growth Year on Year Growth
0.6
103.2
98.6
0.5 0.2 (0.2)
(0.7)
Core
GTV1 (0.2)
+8%
4Q22 4Q23 4Q22 4Q23 4Q22 4Q23 4Q22 4Q23
As % of
0.5% 0.6% (0.2)% 0.2% (0.8)% (0.2)%
4Q 2023 & FY 2023 GTV
19
1
Core GTV: excludes merchant payment gateway
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GTV Gross Revenue Contribution Margin Adjusted EBITDA
E-Commerce -9% +11% +181 bps +199 bps
Year on Year Year on Year As % of GTV As % of GTV
In IDR Trillions Growth Growth Year on Year Growth Year on Year Growth
9.1
273.1
248.8 8.2 1.6
(3.2) (6.2) (0.8)
Core
GTV1
-28%
FY22
FY22 FY23
FY23 FY22 FY23 FY22 FY23 FY22 FY23
As % of
3.0% 3.7% (1.2)% 0.6% (2.3)% (0.3)%
GTV
GTV Gross Revenue Contribution Margin Adjusted EBITDA
-8%
Year on Year
+9%
Year on Year
+147 bps +207 bps
As % of GTV As % of GTV
Growth Growth Year on Year Growth Year on Year Growth
2.4
70.8 2.2
65.3
0.6
0.2
(1.2)
(0.4)
Core
GTV1
-26%
4Q22 4Q23 4Q22 4Q23 4Q22 4Q23 4Q22 4Q23
As % of
3.1% 3.7% (0.6)% 0.9% (1.7)% 0.3%
GTV
4Q 2023 & FY 2023 20
1
Core GTV: excludes digital goods and sales of cars and motorcycles
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Gross Revenue Adjusted EBITDA
Logistics -7% +55%
Year on Year
In IDR Trillions Year on Year
Growth
Growth
2.4 (1.1) (0.5)
2.2
FY22 FY23 FY22 FY23
Gross Revenue Adjusted EBITDA
-31% +56%
Year on Year
Year on Year
Growth
Growth
0.7
(0.3) (0.1)
0.5
4Q22 4Q23 4Q22 4Q23
4Q 2023 & FY 2023 21
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Guidance
Adjusted EBITDA Breakeven
FY 2024
4Q 2023 & FY 2023 22
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 2023 & FY 2023
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Summary For The Three Months Ended
Dec 31
For The Year Ended
Dec 31
2023 20221 2023 20221
Operating & On-demand services
E-commerce
13,956
65,317
15,529
70,789
54,336
248,836
59,656
273,146
Financial technology 103,224 98,583 379,739 360,447
Financial Logistics
All other segments
n/a
0
n/a
196
n/a
1,221
n/a
767
Adjustments and eliminations (19,477) (23,211) (77,585) (80,654)
Metrics Group GTV
On-demand services
163,020
3,229
161,886
3,213
606,547
12,109
613,362
11,682
In IDR Billions, E-commerce 2,399 2,191 9,123 8,228
unless otherwise stated Financial technology 605 481 1,878 1,636
Logistics 518 747 2,190 2,357
All other segments 0 85 107 275
Adjustments and eliminations (282) (420) (1,147) (1,251)
Group Gross Revenues 6,469 6,297 24,260 22,927
Take rate 4.0% 3.9% 4.0% 3.7%
Incentives to customers (2,195) (2,917) (9,475) (11,578)
Group Net Revenues 4,274 3,380 14,785 11,349
Total cost of revenues (1,317) (1,624) (5,093) (5,480)
Sales and marketing expenses2 (1,326) (2,279) (5,133) (11,976)
Others3 (14) (60) (126) (222)
Contribution Margin 1,617 (583) 4,433 (6,329)
As Percentage of Gross Revenues 25% (9)% 18% (28)%
Non-variable expenses4 (2,463) (6,353) (12,041) (21,088)
Other (expenses)/income (ex. interest exp/ income) (79,327) (12,049) (80,633) (10,640)
Group EBITDA (80,173) (18,985) (88,241) (38,057)
Adjustments 80,250 15,848 84,571 22,045
Group Adjusted EBITDA 77 (3,137) (3,670) (16,012)
As Percentage of Gross Revenue 1% (50)% (15)% (70)%
Notes:
1. 2022 figures have been aligned to follow current segment presentation
2. A portion of sales and marketing expenses relating to the promotional excess and product marketing
3. Others consists mainly of withholding taxes related to sales and marketing expenses and other insignificant expenses
4Q 2023 & FY 2023 4. Non-variable expenses are a portion of sales and marketing expenses, general and administrative expenses, operational and support expenses and product development expenses 24
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 2023 & FY 2023
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For The Three Months Ended For The Year Ended
Group Dec 31 Dec 31
2023 2022 2023 2022
Gross
Net Revenue 4,274 3,380 14,785 11,349
Revenues &
Add:
Contribution Incentives to customers 2,195 2,917 9,475 11,578
Margin Gross Revenues 6,469 6,297 24,260 22,927
Reconciliation For The Three Months Ended For The Year Ended
In IDR Billions, Dec 31 Dec 31
unless otherwise stated
2023 2022 2023 2022
Net Revenue 4,274 3,380 14,785 11,349
Deduct:
Total cost of revenues (1,317) (1,624) (5,093) (5,480)
Sales and marketing expenses1 (1,326) (2,279) (5,133) (11,976)
2
Others (14) (60) (126) (222)
Contribution Margin 1,617 (583) 4,433 (6,329)
Notes:
1. A portion of sales and marketing expenses relating to the promotional excess and product marketing
4Q 2023 & FY 2023 2. Others consists of mainly withholding taxes related to sales and marketing expenses and other insignificant expenses 26
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For The Three Months Ended For The Year Ended
Group Dec 31 Dec 31
2023 2022 2023 2022
Adjusted Loss before income tax (80,760) (19,551) (90,634) (40,545)
EBITDA Add/(Deduct):
Depreciation and amortization expenses 633 638 2,671 2,913
Reconciliation Finance income
Interest expenses
(171)
125
(117)
45
(636)
358
(618)
193
In IDR Billions, EBITDA (80,173) (18,985) (88,241) (38,057)
unless otherwise stated
Unrealized foreign exchange loss/(gain) from cash
55 (22) 146 (556)
remeasurement
Share of net losses in associates and joint ventures 14 129 212 500
Loss/(gain) on divestment and dilution of investment in
- - 118 (10)
associates and joint ventures, net
Loss on impairment of investment in associates and joint
84 139 373 427
ventures
Loss on impairment of intangible and fixed assets 33 62 52 69
Fair value adjustment of financial instruments 413 875 992 (550)
Loss on goodwill 78,768 11,004 78,768 11,004
Share based compensation cost 443 3,226 3,194 10,036
Dividend income - - (23) (31)
Non-recurring items1 440 435 739 1,156
Adjusted EBITDA 77 (3,137) (3,670) (16,012)
4Q 2023 & FY 2023 Note: 27
1. These non-recurring items also include share based compensation costs - Gotong Royong Program and restructuring costs
Page 28
For The Three Months Ended Dec 31, 2023
Segment On-demand
services
E-commerce
Financial
technology
Logistics
All other
segments
Corporate
costs
Adjustment &
elimination
Total
Consolidated
Adjusted Segment loss from operations
Add/(Deduct):
20 (184) (250) (151) - (914) - (1,479)
EBITDA & Depreciation and amortization expenses
Share-based compensation cost
130
89
24
160
45
51
21
7
-
-
413
136
-
-
633
443
Non-operating income/(expenses) (6) 44 - - - 2 - 40
Contribution Non-recurring items
Adjusted EBITDA
6
239
179
223
(14)
(168)
9
(114)
(4)
(4)
264
(99)
-
-
440
77
Margin Add/(Deduct):
Recurring cash opex1 522 464 354 133 4 238 (36) 1,679
Reconciliation Allocated corporate costs
Non-recurring items - variable
61
-
41
(93)
31
-
4
-
-
-
(137)
-
-
-
-
(93)
In IDR Billions, Non-operating income/(expenses) - (44) - - - (2) -- (46)
unless otherwise stated Contribution Margin 822 591 217 23 - - (36) 1,617
For The Three Months Ended Dec 31, 2022
On-demand Financial All other Corporate Adjustment & Total
E-commerce Logistics
services technology segments costs elimination Consolidated
Segment loss from operations (1,713) (2,043) (1,074) (286) (154) (2,304) - (7,574)
Add/(Deduct):
Depreciation and amortization expenses 110 36 37 24 19 412 - 638
Share-based compensation cost 791 656 206 2 24 1,547 - 3,226
Non-operating income/(expenses) - - - - - 138 - 138
Non-recurring items 113 130 87 - 4 101 - 435
Adjusted EBITDA (699) (1,221) (744) (260) (107) (106) - (3,137)
Add/(Deduct):
Recurring cash opex1 830 819 541 172 141 410 (170) 2,743
Allocated corporate cost 74 53 34 5 - (166) - -
Non-recurring items - variable - (51) - - - - - (51)
Non-operating income/(expenses) - - - - - (138) - (138)
Contribution Margin 205 (400) (169) (83) 34 - (170) (583)
4Q 2023 & FY 2023 Note: 28
1. Recurring cash opex mainly consists of personnel, non-variable marketing, IT and other expenses which are not directly attributable to the net revenues.
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For The Year Ended Dec 31, 2023
Segment On-demand
services
E-commerce
Financial
technology
Logistics
All other
segments
Corporate
costs
Adjustment &
elimination
Total
Consolidated
Adjusted Segment loss from operations
Add/(Deduct):
(1,521) (2,259) (2,333) (646) (35) (3,485) - (10,279)
EBITDA & Depreciation and amortization expenses
Share-based compensation cost
602
638
124
1,116
193
512
89
66
21
(10)
1,642
872
-
-
2,671
3,194
Non-operating income/(expenses) (32) 24 - - - 13 - 5
Contribution Non-recurring items
Adjusted EBITDA
94
(219)
244
(751)
48
(1,580)
14
(477)
-
(24)
339
(619)
-
-
739
(3,670)
Margin Add/(Deduct):
Recurring cash opex1 2,613 2,330 1,766 489 79 1,175 (198) 8,254
Reconciliation Non-recurring items - variable
Allocated corporate costs
-
250
(114)
156
-
123
-
13
-
1
-
(543)
-
-
(114)
-
In IDR Billions, Non-operating income/(expenses) - (24) - - - (13) - (37)
unless otherwise stated Contribution Margin 2,644 1,597 309 25 56 - (198) 4,433
For The Year Ended Dec 31, 2022
On-demand Financial All other Corporate Adjustment & Total
E-commerce Logistics
services technology segments costs elimination Consolidated
Segment loss from operations (7,871) (8,569) (4,536) (1,167) (488) (7,699) - (30,330)
Add/(Deduct):
Depreciation and amortization expenses 740 152 197 65 116 1,643 - 2,913
Share-based compensation cost 1,944 2,008 962 37 81 5,004 - 10,036
Non-operating income/(expenses) - - - - - 213 - 213
Non-recurring items 415 160 94 - 7 480 - 1,156
Adjusted EBITDA (4,772) (6,249) (3,283) (1,065) (284) (359) - (16,012)
Add/(Deduct):
Recurring cash opex1 3,671 2,913 1,950 482 414 1,225 (415) 10,240
Non-recurring items - variable (293) (51) - - - - - (344)
Allocated corporate cost 289 209 134 20 1 (653) - -
Non-operating income/(expenses) - - - - - (213) - (213)
Contribution Margin (1,105) (3,178) (1,199) (563) 131 - (415) (6,329)
4Q 2023 & FY 2023 Note: 29
1. Recurring cash opex mainly consists of personnel, non-variable marketing, IT and other expenses which are not directly attributable to the net revenues.
Page 30
Go Together, Go Far. 4Q 2023 & FY 2023
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
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Gojek Tokopedia Tbk
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Bank Jago Conventional
p.11
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