For the 4QFY2023, GoTo recorded a net loss of IDR80.92 trillion, up 315% y-o-y compared to its loss of IDR19.50 trillion in the previous corresponding period.
However, the company notes that the goodwill reversal loss is non-recurring and non-cash in nature, and has no impact on its adjusted ebitda and cash flow.
In adjusted ebitda terms, GoTo reversed its loss of IDR3.14 trillion in 4QFY2022 to post earnings of IDR77 billion in the quarter ended Dec 31, 2023, the eighth consecutive quarter of improvement and the first time the company has recorded a positive group adjusted ebitda.
For the full-year period, GoTo’s adjusted ebitda exceeded guidance as losses narrowed by 77% y-o-y to IDR3.67 trillion in FY2023.
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Net revenue for 4QFY2023 came in 26% higher y-o-y at IDR4.27 trillion, while gross transaction volume increased by 8% q-o-q and 1% y-o-y to reach IDR163.0 trillion — the second consecutive quarter of sequential growth.
For FY2023, net revenue came to IDR14.79 trillion, 30% higher y-o-y. Gross transaction value declined slightly by 1% y-o-y for the full-year, attributable to reduced incentives and product marketing in 2023.
As at Dec 31, 2023 the company had IDR27.4 trillion or US$1.8 billion in cash, cash equivalents and short-term time deposits. Following the deconsolidation of Tokopedia effective on Feb 1, these balances would amount to approximately IDR23.0 trillion or US$1.5 billion.
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Moving forward, GoTo expects to break even in adjusted ebitda terms for the FY2024 ending Dec 31 as the company captures additional growth in broad user demographics in its core segments more cost-effectively.
CEO Patrick Walujo says: “GoTo has established a solid operational base, achieving adjusted ebitda profitability in 4QFY2023 and forming a strategic partnership with TikTok in the e-commerce domain, which will expand into Financial Technology and On Demand Services. Looking ahead, our focus is on strengthening this base to foster accelerated, profitable growth.”
Shares in GoTo closed at IDR1 lower or 1.37% down at IDR72 on March 19.
