EBITDA Turns Positive: Highlights from GOTO's Financial Performance
GOTO Gojek Tokopedia (GOTO) finally achieved a positive adjusted EBITDA of Rp 77 billion in the fourth quarter of 2023, with Gojek, the On-Demand Services business unit of GOTO, recording a positive adjusted EBITDA of Rp 239 billion. As a result, throughout 2023, GOTO recorded a negative adjusted EBITDA of Rp 3.67 trillion, significantly lower than the previous year's Rp 16.01 trillion.
Adjusted EBITDA is a financial metric that removes various one-time, irregular, and non-recurring items from EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The adjusted EBITDA margin is a key metric to measure a company's operating performance and is widely used to assess financial profitability.
With this achievement, GOTO announced plans to conduct a share buyback. "A share buyback initiative of up to US$200 million, with realization subject to shareholder and regulatory approval," the management stated on Mar. 19.