Welcome to the virtual Q1 2022 analyst briefing of Globe Telecom, which we will start with a short presentation from our management team. We'll now hand over the virtual floor to our President and Chief Executive Officer, Mr. Ernest Cu.
Thank you, Jose Mari. Good morning, and thank you to everyone joining us today. I am pleased to report that Globe is off to a good start in 2022, with service revenue coming in at a new record high of PHP 39 billion, up 4% year-on-year and 3% quarter-on-quarter, despite the aftermath of Odette and the resurgence of the Omicron variant in the first two months of the year. Not to mention, the lingering effects of the prolonged pandemic on the country's economy. Growth continues to be driven by data, but is now complemented by the improving performance of non-telco services. This is a testament to our strategic push of going beyond telco to cultivate a robust digital ecosystem for the Philippines.
With improved top line performance and prudent cost management, EBITDA likewise grew 8% year-on-year and 9% quarter-on-quarter to PHP 20 billion. Net income grew significantly to PHP 13 billion, an 86% improvement year-on-year and a 137% improvement on a quarter-on-quarter basis. We benefited from a one-time gain on the sale of our data center assets last March. Even without this gain, normalized net income would still have grown by 2% year-on-year, while normalized core net income remained flat. Given our strong performance, I'm also pleased to announce that our board of directors approved the second quarterly cash dividend of PHP 27 per share. On an annualized basis, this represents 68% of full year 2021 core net income.
I will now turn the floor over to Issa to discuss our commercial performance in greater detail. Issa?
Thank you, Ernest. Our top line performance was driven in part by the sustained growth of our mobile business, which grew 2% year-on-year and 3% quarter-on-quarter to PHP 27 billion. This was driven entirely by mobile data, which grew to a record quarterly high of PHP 21 billion. This is also the first time mobile data revenue has reached the PHP 20 billion mark, now accounting for 78% of our mobile revenues. On a by brand basis, performance was driven by all our 3 prepaid brands, which now includes GOMO, the brand that utilizes data as currency and geared towards those who mainly use mobile data and forgo traditional voice and SMS services. This behavior is evident in the sustained growth of our mobile data traffic on our network, which grew 27% year-on-year to 1,058 PB.
A new quarterly record for us. Mobile data monthly AUPU likewise grew to 9.4 GB per month, 22% more than last year and 5% more than last quarter. Moving forward into the year, we see encouraging growth in the mobile segment from improved mobility and continuing economic recovery. The home broadband segment, on the other hand, saw a 4% decline year-on-year to PHP 7 billion, driven by the fixed wireless segment, which saw subscribers migrating to wired solutions or shifting their data consumption back to mobile once mobility restrictions were eased. Initially, our Home Prepaid WiFi product was seen as an easily accessible plug-and-play service, introducing first-time broadband users to a more affordable and less intimidating alternative to a postpaid plan.
However, the growing reliance on data due to the pandemic and recent acceleration of fiber rollouts across the industry have relegated our HPW to a backup service. Moving forward, we expect our fixed wireless subscribers to normalize at 1.3 million by year end. On the other hand, our fixed wired segment sustained its growth across subscribers and revenue, which both grew by 31% year on year. This was driven by increased take-up in fiber, which grew 155% versus the previous year, enabled by our accelerated fiber rollout. Furthermore, when Globe pivoted to an accelerated fiber strategy, there was also an effort to migrate our legacy subscribers to fiber. An exercise that we began in quarter one of 2021, allowing us to migrate over 260,000 subscribers as of March this year.
To date, less than 3% of our subscriber base is left on legacy technology. There's still latent demand in the industry, and we will continue our accelerated fiber rollout to capture that demand. Building on the momentum from previous periods, we have already rolled out close to 500,000 fiber to the home lines just in the first three months of this year. Now, moving on to corporate data, which is our second growth driver for this period, as it grew to almost PHP 4 billion, an 18% growth versus same period last year. Corporate data saw consistent growth in its core account revenue, which grew 3%, but growth was really driven by the fast adoption of our ICT services, which saw its revenue base grow by 59% against last year.
Clearly, with businesses rapidly adopting digital solutions, ICT services is driving growth in this segment across multiple services such as cloud solutions, business applications, cybersecurity, data center services, big data, and IoT. We are constantly innovating and upgrading our suite of products and services to better serve our customers throughout their digital journey. As such, I am proud to announce that Third Pillar, a business applications and systems integration portfolio company under the Globe Group, recently became an elite Salesforce Summit Partner, Salesforce's highest partnership tier. Of Salesforce's global ecosystem, only 10% have attained such prestigious status. Locally, Third Pillar is one of the first Philippine companies to become a Summit Partner.
Lastly, I am pleased to share that our strategic shift into a digital platform is now beginning to bear fruit, with non-telco revenues growing by 252% year-on-year to PHP 800 million. This performance was driven by growth across most of our subsidiaries, with some of the more significant ones being AdSpark, Yondu, ECPay, and Asticom. AdSpark is the largest local data-powered digital media and creative agency that has launched over 2,800 digital campaigns. ECPay is a multi-payment platform which now has a general trade retail base of over 136,000. Yondu is one of our leading IT solutions company providing industry standard, secure, and scalable solutions. Asticom is a shared services company that now serves more than 150 clients from all over the country.
That concludes my portion, and I now turn you over to Joel, who will discuss updates on our network.
Thank you, Issa. For the first three months of 2022, Globe was able to build 234 new cell sites nationwide, upgraded over 3,500 mobile sites, and installed 300 new 5G sites. This was enabled by our CapEx spend of PHP 21 billion, 82% of which was for data-related requirements. This represents 24% of our PHP 89 billion full year CapEx guidance. I'm proud to report that our continued investments and efforts to improve our network have been recognized by both Ookla and Opensignal. According to Ookla, Globe is the most consistent mobile operator in the Philippines for the Q1 of 2022. Opensignal likewise recognizes Globe for delivering the most consistent mobile quality in its recent Mobile Experience Awards. Globe topped the list for both Core Consistent Quality and Excellent Consistent Quality.
These metrics truly speak to the intensive investment that we've made to improve customer experience on our network, as we believe that consistency is the most important experience metric because it's not just speed that matters to the customers, but also reliability. Depending on the activity, there is a recommended performance threshold wherein beyond that, it is already imperceptible to the customer. So it is more important to maintain a consistent level of quality so as not to disrupt customer experience. We have delivered on that front, and we plan to sustain this moving forward with our investments and initiatives on the network. We believe our superior network consistency allowed for continued revenue gain on the mobile side, proving what is really important to customers.
In addition to consistent network quality, Globe was also recently recognized for 5G video experience in Opensignal's Mobile Experience Awards, and was identified as a Global Rising Star in five out of six key measures of Opensignal's Global Mobile Network Experience Awards 2022, namely Video Experience, Voice App Experience, Download Speed Experience, Upload Speed Experience, and 4G Availability. This is the third straight year Globe has been recognized as a Global Rising Star, which is defined as the top 30 operators globally which have showed the most improvement in mobile network experience. That concludes my portion, and I now turn you over to Martha, who will provide updates on Mynt.
Thank you, Joel, and good morning, everyone. I'm here to share highlights of Mynt's strong performance in Q1. In the last quarter, we sustained our market dominance as the number one finance app in the Philippines. 60 million Filipinos are now placing their trust in GCash, which represents 83% of the Philippines' adult population. In the market today, while it is good to have a huge registered base of users, the more important metrics should be those actively using the app. Based on reputable third-party platform data.ai, GCash active users are now 5x larger than the next e-wallet. We've seen user engagement rise even as the world opens up. This shows that we have become a major part of Filipinos' everyday lives. Our daily logins and daily transactions are continuously rising at up to 29 million and 19 million respectively.
With this increase in usage, we are proud to announce that we have already breached the PHP 500 billion mark in-month GTV, hitting PHP 535 billion in March alone. With millions of Filipinos relying on GCash for their daily routines, we further scaled up merchant acquisition and partnerships to widen our robust digital ecosystem. Our merchant and social seller base has grown to 5 million. That's 2.7x larger than Q1 last year and the largest cashless ecosystem in the Philippines. We've expanded our cash in and cash out outlets to 232,000, 5.5x higher year-on-year, offering the most touch points for our users. To help usher in the digital lifestyle, we have onboarded more than 420 GLife merchants as of Q1 this year.
This is from our expansion into new categories like content, health, insurance, and e-government. With all these, GCash is still undoubtedly the leading finance app in the Philippines in terms of users, usage, and the ecosystem around it. We were able to do this while achieving profitability through multiple revenue streams, a feat that only a handful of fintechs in the world have been able to achieve. At GCash, we want to help address a real concern of unbanked Filipinos, that of having money readily available whenever they need it, especially during emergencies. While other players are just launching their financial services because of their digital banking license, Mynt has been offering various relevant lending products and financial services as early as four years ago. GCredit is our first foray into digital lending.
GCredit has already provided PHP 29 billion worth of credit line to qualified users since its launch in 2018. Next, we have GLoan, our quick cash loans offering with affordable and fair rates. In just 10 months since launch, we were able to disburse up to PHP 2.2 billion worth of loans. Our most recent launch is GGives, our buy now, pay later proposition with accessible installment options. Since our launch in December 2021, we have disbursed a total of PHP 130 million connected with 85,000 merchant partners. All these are powered by our strong in-house trust platform called GScore that helps us assess creditworthiness and ensures proper controls in our lending services. Through digital innovation, we were able to make headway into demystifying financial services for the Filipino public.
Our goal is to let people know that these services are not just for the privileged, but for everyone. With GSave, which has been live in the GCash app since December 2018, we encourage Filipinos, especially the unbanked, to open a digital savings account. In Q1, we grew our base to 5.3 million registered users. Our studies show that one out of every five banked adults has a GSave account. Now, we are launching GSave Marketplace, offering our users a choice of which bank and savings products suits them. We will soon have one of the biggest and most reputable banks in the country, BPI, as part of our GSave Marketplace, offering savings products to our users. On top of this, CIMB, the current partner of our GSave product, is also hiking deposit interest rates up to 7% per annum for new account holders.
Our investment marketplace, GInvest, gave our users access to a total of 7 local and global funds with 2 new funds in partnership with BPI Investment Management, Inc., or BIMI. We now have 2 of the biggest companies in ATRAM and BPI offering various products in our marketplace. We launched this in July 2018 and now have 3 million registered users, representing 77% of the UITF accounts in the Philippines. GInsure helps protect Filipinos and their families from breaking the bank in times of emergency by providing easy access to insurance. Since its launch in October 2020, we have grown our offer to 24 various product offerings from more than 10 of the biggest insurance companies in the country. This range from health to vehicle and lifestyle insurance.
On the crypto front, GCash is now also available as a mode of payment across several exchanges. This makes it so much more convenient for users to pay for their crypto transactions. In summary, across the financial services landscape, we partner with and are trusted by the most innovative and biggest market players from savings, invest, insurance to lending as we change the game and democratize financial access to Filipinos. To further our vision towards financial inclusion, we continue expanding other regions across the country. We are doing this via channel expansion, as seen on the slide, and more localized marketing, such as changing dialects on our ads. We've also done a lot of activations across the country. By extending our efforts to the community level, we have already onboarded over 240,000 sari-sari stores.
The same goes for our partnerships with palengkes, now with 20,000 vendors onboarded, Toda with 31,000 drivers, and we are now present in 15,000 convergent zones. Through these efforts and partnerships with LGUs, we have made financial services available to tricycle drivers and wet market vendors. We have also given sari-sari store owners access to these services, as well as additional livelihood opportunities. These channels are key for us to reach our vision of finance for all. That ends my segment. Q1 was a strong start to 2022 for GCash. We have so much lined up for the months ahead as the world opens up, and we continue our efforts to make Filipinos' everyday lives better. I now hand you back to Ernest for the next part of the presentation.
Thank you, Martha, and congratulations again on GCash's great results. As announced last March, when we closed the transaction, Globe has finalized the partnership between STT GDC, ST Telemedia Global Data Centres, and Ayala to subscribe to new shares of Carmen Edge Inc., which will house the carved-out data center business of Globe. The post-money valuation of the transaction is in the range of $300 million, with Globe to receive proceeds in the amount of $100 million, which it will use for our future expansion and growth. The JV is looking to grow its data center capacity to 100 megawatts in the next years, from a current maximum expandable capacity of 30 megawatts.
Additionally, through the transaction, Globe recognized a pre-tax gain of around PHP 10.5 billion from the sale of our current data center assets, as well as the revaluation of the carrying value of Globe's retained interest. Post-execution, Globe will retain 50% ownership, while STT will own 40% and Ayala Corporation the balance of 10%. I'm also pleased to announce that our chief information officer, Carlo Malana, has taken on the role of CEO of Carmen Edge as of last May 1. As mentioned earlier by Issa, our strategic thrust to leverage the Globe group's assets to further expand the digital ecosystem is starting to bear fruit. While some subsidiaries directly contribute to the group's top line, other investments that are accounted for as joint ventures or affiliates will contribute to the group through their share in equity gains.
The most notable at this time is GCash, which has recently started to contribute a positive gain, while others are still in their early stages and have yet to become profitable. Others still will bring value in different ways, whether through business synergies or the enrichment of the ecosystem. Regardless of the different effects on the Globe group, we continue to see great potential in these companies and foresee them bringing even more value, financial or otherwise, to the group in the future. One such company being enabled by the Globe group was recently launched last April, so I will now turn you over to Ian Monsod to introduce KROMA Entertainment. Ian?
Thank you, Ernest. I'm proud to introduce KROMA Entertainment, the Philippines' first tradigital media and entertainment company that connects the audience using traditional mass media platforms enhanced with digital touchpoints. We hook and habituate Filipinos with new ways to engage with world-class entertainment in order to elevate Filipino artists and content to the world stage. These are the various brands that span across KROMA's eight lines of businesses. First, ANIMA is the home of our storytellers, whether short or long-form video or podcasts. Previously known as Globe Studios, it has produced a lot of Philippine firsts, such as the first Philippine original film on Netflix, Dead Kids, the first Philippine original series on HBO, On the Job: The Missing 8, and more. Aside from these, we have collected more than 60 local and international industry awards and citations.
Next, Live MNL is our live events and activations arm, also multi-awarded for its various live theater productions. Live MNL does hybrid physical and online events that enabled Globe to adapt and thrive in customer activations despite the pandemic constraints. We move to Paradise Rising, our first music label in partnership with American label 88rising. We have Wonder and FreebieMNL, our digital publishing business' own labels focused on lifestyle and deals. We have NYMA, or Now You Must Aspire, our brand-new talent business. There's Secret Menu, our B2B video production unit. There's also Upstream, our premium pay-per-view OTT service and acquisition distribution arm. Finally, PIE. PIE is short for Pinoy Interactive Entertainment, our first tradigital and fully interactive channel to be launched on May 23.
PIE is the only multiscreen real-time interactive entertainment that can bring people together through shareable experiences that are fun, rewarding, authentic, inclusive and meaningful. Upon launch, our programs will be making its way into the hearts of 11 million digital TV and select pay TV households in key areas nationwide. If you're not in our coverage area, we still got you. As long as you're online, you can enjoy PIE via YouTube, PIE web and GCash GLife. Yes, 61 million GCash users can watch PIE within GLife. Fresh from the oven, please meet the bakers of PIE, the country's foremost content and technology players, KROMA, ABS-CBN, 917Ventures and BEAM, our partner station.
That ends my portion. Now I turn you over to Rizza, who will discuss Globe's financial highlights.
Thank you, Ian, and good morning, everyone. To summarize the earlier points, gross service revenue for the quarter came in at PHP 39 billion, which is a record high and was 4% higher year-on-year. This revenue performance, as well as prudent cost management, contributed to EBITDA improving by 8% to PHP 20 billion or 50% of service revenues. Reported net income stood at PHP 14 billion for the period, also an all-time high, but driven by the one-time gain related to the partial sale of our DC assets. Stripping off this one-time gain, normalized net income still improved by 2% year-on-year and 37% quarter-on-quarter on the back of higher contributions from MYNT. Normalized core net income remained flat year-on-year and was up 36% quarter-on-quarter.
On the next slide, looking at our costs, total marketing and subsidy costs dropped by PHP 643 million, while staff costs for the first three months of the year grew by PHP 325 million or 8% year-on-year. Network costs grew by PHP 271 million versus the previous year, driven by increase in utilities, supplies, and other administrative expenses, as well as higher repairs and maintenance charges. These expenses on the other hand, declined year-on-year due to a few short-term lease contracts now being accounted for under the ROU model. Provisions slightly declined by PHP 183 million, while service and other expenses grew 2% or PHP 140 million, mainly from higher security, freight, an increase in miscellaneous bank charges, countered by lower charges on cloud, advisory fees, and other contracted services.
I'd also like to quickly walk you through the one-time gain we incurred and its effect on our P&L. The total amount of PHP 10.5 billion included a gain on the sale of our data center assets, as well as a fair value gain on Globe's retained interest, and is net of transaction fees. If we exclude the impact of this, non-operating charges for the period would have been at PHP 2 billion, almost the same level as the previous year. Normalizing as well for the impact of the CREATE tax law in the Q1 of 2021, net income would have been at PHP 5 billion, 2% better year-on-year. On the balance sheet, this remains healthy and even improved against end 2021 levels on the back of sound capital management and improving EBITDA.
Our gross debt level is currently at PHP 218 billion. In terms of ratios, gross debt to equity and gross debt to EBITDA have improved to 1.7x and 2.4x respectively. Similarly, debt service coverage ratio is much better at 7x. Taking into account our record high revenue performance for the Q1 as well as the trends that we have been seeing in April, we are pleased to announce that we are upgrading our 2022 revenue guidance from low single digit to mid-single digit growth. On the other metrics which we provide guidance on, which would be EBITDA, we're keeping it at 50%. Likewise for CapEx, we're keeping it at PHP 89 billion for the full year.
This ends our presentation, and I'd now like to turn you over to Jose Mari for any questions. Over to you, Jose.
Thank you, Riza. Before we begin with the Q&A session, we would like to acknowledge our management panel. We have Mr. Ernest Cu, President and Chief Executive Officer, Mr. Rizza Maniego-Eala, Chief Finance Officer, Ms. Issa Guevarra-Cabreira, Chief Commercial Officer, Attorney Froilan Castelo, General Counsel, Mr. Joel Agustin, Head of Network Planning and Engineering, Ms. Martha Sazon, President and CEO of Mynt, Mr. Darius Delgado, Consumer Mobile Business Head, Mr. Tek Olaño, Chief Finance Officer of Mynt, and Mr. Ian Monsod, CEO of KROMA Entertainment. We'll now open the Q&A session with the first set of questions coming from Gio dela Rosa of Phidias Partners. The first question is for Issa. Mobile revenue was up quarter-over-quarter remarkably. To what do you attribute this gain? Do you think the intensity of competition from PLDT and Dito has waned?
I think our head of mobile would gladly answer that question for us, Jose Mari.
Thank you, Issa. Thanks for this question, and then good morning to everyone. On the overall, we've seen renewed momentum across all brands in terms of both subscribers and spend, given the increase in mobility starting March. Some lift from election spending and our differentiated campaigns and initiatives launched between Feb and March have been gaining traction, where we focused more on elevating customer experience and relevance, where we launched unique offerings beyond connectivity that actually leverage the assets we have in the Globe Group. We also sustained competitiveness in the connectivity front, where we saw MDS revenues reach an all-time high for the quarter. Equally important is our consistent push towards digital channels, of which GCash and GlobeOne are key, where huge momentum in GCash continues, a solid proof point of synergies that deliver results.
Of course, the improving network experience also definitely drove such remarkable growth as we led the market in terms of consistency scores based on both Ookla and Opensignal in quarter one, recovering fully well from the impact of Odette in the beginning of the year. In terms of competitive intensity, though, I think it remains relatively the same and rational at that, as we observe that PLDT stayed the course in their MDS offers, and Dito has started monetizing their network investments with their refreshed portfolio intended to upsell customers to the higher denoms or SKUs. Net-net, all good for the mobile industry as a whole so far.
Okay. Thank you, Darius. The next question for Rizza, it consists of two parts. Can you provide some guidance on the business prospects of the recent spin-off data center business, and what kind of revenue or earnings potential do you see for that business?
Thank you for that question, or for the two questions, actually. On the first one, we are very bullish on this space and believe that there are several waves of demand that will help keep the growth rates in the range of double digits over the midterm. There is the enterprise demand that is more near-term and the big hyperscaler demand that's already coming in. In our projections, DC demand is seen to increase possibly threefold over the next few years. Now, on the second question, for us, we feel we have the right mix of shareholders as well as perfect timing to catch majority of the demand that I just talked about. Thanks, Jose.
Thank you, Rizza. The next question is for GCash, for Martha, of course, and it consists of two parts. Mynt seems to be already quite profitable in Q1 2022. Can you share what's driving profitability? How will the suspension of e-Sabong affect revenue or income?
We have declared before that e-Sabong represents only a small part of the business, so the recent directive has no significant impact to us. Our Q1 performance shows that the business and revenues are on good trajectory. We are proud to say that GCash adoption is at an all-time high, even with the opening up of the economy. This shows that Filipinos have embraced digital tools and are transitioning to a digital life. With our various product launches across the year, use case diversity among our base has improved from around two use cases previously to now at more than 2.6 use cases, consistent with the thrust of increasing our relevance to our users' daily habits.
In fact, on the financial services space, one out of three of our active users have financial services already. We're optimistic about our performance for this year. We forecast to end 2022 with positive EBITDA and looking at better results than last year.
Okay. Thank you, Martha. The next set of questions come from Rachel Rodriguez of Maybank. Again, the first question is for Rizza. Are you looking to sell more of your data centers, and how do you plan to deploy the proceeds on the sale?
Well, we just sold a chunk of our data centers, and the portfolio we carved out has sufficient expansion potential. For now, we are focusing our efforts on expanding those before looking at options for internal captive DCs, which are more tied up to our core telco operations. In terms of the proceeds flowing into Globe, then we intend to use that for our network investments.
Okay. Thank you, Rizza. The next question, again, is for you, Rizza. Are you also considering the sale of your towers?
This has always been an option for us, and given the recent transaction of our competitor, it has made the environment more friendly for this type of transaction. We are continuously looking at all options for our company and will pursue what's best, you know, after you know, evaluating what options we may take. But for now, I think just like in the past 18 months, the focus is to enable the same tower companies on their build-to-suit efforts, and so we're partnering with them. If things change, then we will update the market for any further developments.
Okay. Thank you, Rizza. The next question is again on Mynt for Martha. How much impact does the collaboration with the banks, i.e., CIMB and BPI, have on GCash's GTV and profitability?
Well, through our collaboration with the banks such as CIMB, BPI, and other financial institutions such as ATRAM.
We have been able to gain headway into demystifying and democratizing financial services for Filipinos. To date, 1/3 of our users are subscribed to at least one of our financial services products, and 1/5 of banked adults has a GSave account. In terms of investment, 77% of total UITF accounts are delivered via our GInvest platform. All this contribute to the growth of GCash's GTV, albeit we do not disclose these particular cuts and the unit economics of GCash as a whole.
Okay. Thank you, Martha. Okay, the next set of questions come from German de la Paz of Abacus, and the first question is for Rizza. How do we differentiate core versus normalized core net income?
Normalized core NIAT, as mentioned in my presentation, strips out the one-time gain on the data center carve-out for the last quarter, the Q1 of 2021. In the Q1 in the same period last year, we also took out the one-time impact of the CREATE law to come up with normalized core NIAT. Normalized core NIAT is flat year-on-year.
Okay. Thank you, Rizza. The next follow-up question from German is also for you. May I ask what caused the 31% year-on-year decline in core income?
This is due to the inclusion of the impact of the CREATE law, as I mentioned in my answer just a few seconds ago, which we booked in the Q1 of 2021. Really, you should look at the PHP 10.5 billion one-time gain in 2022. That's pre-tax. After tax, it's PHP 8.5 billion. PHP 2.3 billion upside on CREATE in the Q1 of 2021. We showed the normalized picture, and again, I reiterate that on a normalized basis, core net income was flat year-on-year.
Okay. Thank you, Rizza. The next question is for Issa. What would be the drivers for service revenue growth for this year?
Thanks, Jose Mari, for that question. As mentioned in my section, across all three businesses, we did post very respectable growth rates. On the mobile front, clearly people are starting to go out, so the mobility has clearly increased once again the mobile data usage of our customers. On the broadband front, as mentioned, we continue to build inventory for our customers. Therefore, consumption has also increased in terms of fiber traffic for us. Clearly, on the corporate data, as mentioned, the transformation, the digital transformation journey that a lot of Philippine organizations have embarked on has also clearly positively impacted our corporate data business. Very optimistic, as Riza has shared earlier. It's looking like the opening up of the economy is very good for us here in Globe across all businesses.
Okay. Thank you, Issa. The next question comes from Ariel Santos of Regina Capital, and this is for Rizza. Did Globe book any extra or additional typhoon or debt-related charges in the Q1 of this year?
No, we did not have any.
Okay. Thank you, Rizza. Okay, the next question comes from BeiBei Hu of Maple-Brown Abbott. The first question is marketing and subsidies decline. Is it projected to remain at this level going forward?
It's hard to give projections, since we still have, you know, at least 8 months of the year to go now, and I think, we're just sticking to our guidance of EBITDA target of 50% for full year.
Okay. Thank you, Rizza. The next question, again, is for you, Rizza. On tower lease fees, would that keep at current rates, or do you expect that to increase with more data usage?
In terms of tower lease fees, we have MLAs in place with the different tower companies that would govern lease terms. Growth on that front would be more related to volume of towers. Again, right, I think very tough to give specific guidance on details of costs. From a management perspective, we are really managing both our top line and our expenses to be in line with our target of keeping at the 50% EBITDA margin.
Thank you, Rizza. There are currently no questions in the queue. Again, if you would like to ask questions, please send them to investorrelationsteam@globe.com.ph. As there are no further questions in the queue, we'll now end the Q&A session. Before we adjourn, Ernest, do you have any final thoughts?
No, I just want to thank everyone for joining the briefing today. I think overall, we've had a very good quarter with the recovery of the mobile business. Looks like, you know, with the one month we had for lowered alerts and more open economy in Q1 , we were able to recover quite a bit of growth. It bodes well in the Q2 . Another message for us is that the subsidiaries that we've been building over the years has now started to bear fruit and have generated revenues of about PHP 750 million in the Q1 , and we hope that this trend will continue.
You know, GCash continues on its merry way, and they, you know, continues to dominate the space in fintech despite all the noise that we hear from various groups out there and all of the brouhaha over a digital banking license. You know, we expect that GCash will move from strength to strength as they develop their lending business and add on additional investment products and the soon to be launched crypto services within the app. You heard from Ian about Kroma. Kroma, again, is one of these businesses that we've incubated out of 917Ventures, stitching together a lot of the activities we've been doing and also incubating for the past few years.
We have high hopes that this will generate significant profits as we have seen with companies like ABS-CBN in the past. Again, thank you very much, and we look forward to seeing you in the Q2 .
Okay. Thank you, Ernest. On that note, we conclude the virtual Q1 2022 analyst briefing Globe Telecom. We wish to thank again all of you who joined the call. We hope you'll join us again for our Q2 2022 analyst briefing in early August. Again, we wish everyone a pleasant good morning. Stay safe, everyone, and vote wisely on Monday. Thank you.
Thanks, everyone.