- Outperformed Q1 GMV and TPV guidance for deliveries, mobility
and financial services
- GMV of $4.8 billion, grew 32% year-over-year (“YoY”)
- Revenue $228 million, up 6% YoY
- Loss for the period of $435 million, a 35% improvement YoY
Grab Holdings Limited (NASDAQ: GRAB) today announced financial
results for the quarter ended March 31, 2022.
“Our first quarter results are a testament to the resilience of
Southeast Asia’s economy as we move past the worst of the pandemic
restrictions. We are optimistic that our business will continue to
strengthen as more countries pivot to living with Covid-19. In the
quarter, we delivered strong top-line growth in deliveries as we
expanded our merchant selection to give users more reasons to
choose Grab. Our mobility business also rebounded and we expect it
to gradually recover as Covid restrictions ease further and our
active driver base increases,” said Anthony Tan, Group Chief
Executive Officer and Co-Founder of Grab.
“We are pleased to report strong first quarter results, with our
core segments’ GMV and TPV outperforming the high-end of our
guidance range. Revenue rose year-on-year, driven by strong GMV
growth and higher commission rates1, while our adjusted EBITDA
margins improved from the fourth quarter. Looking ahead, we are
focused on growing sustainably by being disciplined with our
capital, optimizing our fixed cost base and tapering our incentive
spend as the market rationalizes. We believe these actions will put
us on a path to achieving segment adjusted EBITDA breakeven for
deliveries by the end of 2023,” said Peter Oey, Chief Financial
Officer of Grab.
Q1 Key Highlights
- Surpassed quarterly gross merchandise value2 (GMV) and total
payments volume3 (TPV) Q1 guidance for deliveries, mobility and
financial services, respectively.
- Improved Group and deliveries adjusted EBITDA margins, as a
percentage of GMV, from the previous quarter.
- Demonstrated continued growth in financial services, and nearly
doubled enterprise and new initiatives GMV year-on-year (YoY).
- Mobility segment continued to rebound as we increased the
number of active drivers4 on our platform
- Grab expects full-year 2022 YoY growth in Group GMV to be
between 30% and 35% and full-year 2022 revenue to be between $1.2
billion and $1.3 billion.
- As of March 31, 2022, Grab had cash liquidity of $8.2 billion,
a decrease from $9.0 billion as of December 31, 2021 primarily due
to net cash outflow from operating activities and the acquisition
of Jaya Grocer.
First Quarter Group Financial and Operational
Highlights
($ in millions, unless otherwise
stated)
Q1 2022
Q1 2021
YoY % Change
(unaudited)
(unaudited)
Operating metrics:
GMV
4,805
3,644
32%
MTUs5 (millions of users)
30.9
28.0
10%
GMV per MTU ($)
155
130
19%
Partner incentives
216
139
55%
Consumer incentives
344
186
85%
Financial measures:
Revenue
228
216
6%
Loss for the period
(435)
(666)
35%
Total Segment Adjusted EBITDA
(75)
35
NM
Adjusted EBITDA
(287)
(111)
(158)%
Q1 Business
Review
We delivered strong first quarter results that surpassed
quarterly GMV and TPV guidance, driven by robust year-on-year GMV
growth across all business segments. Overall, GMV and revenue grew
32% and 6% year-on-year respectively, driven by mobility segment
acceleration, strong core food and groceries growth as we expanded
our merchant selection and contributions from Jaya Grocer. Revenue
rose 87% compared to the prior quarter, as total incentives in the
deliveries segment moderated and this was the first quarter that
included Jaya Grocer financial results since we closed the
acquisition at the end of January 2022.
As countries eased pandemic restrictions further during the
quarter, monthly transacting users (MTUs) rose 10% year-on-year to
reach 30.9 million, while average spend per user, defined as GMV
per MTU, rose 19% to $155, indicating resilient demand for our
services.
Adjusted EBITDA was negative $287 million, declining from
negative $111 million a year ago on higher regional costs and
incentive investments, while adjusted EBITDA improved by
approximately $17 million compared to the fourth quarter 2021, as
total incentives in our deliveries segment came down. Adjusted
EBITDA margins as a percentage of GMV declined to (6.0)% in the
quarter compared to (3.1)% in the same period a year ago, but
improved from (6.8)% achieved in the previous quarter. Net loss for
the quarter was $435 million, a 35% improvement year-on-year,
primarily due to elimination of the non-cash interest expense of
Grab’s convertible redeemable preference shares that converted to
ordinary shares in December 2021 and will no longer be incurred
going forward.
Q2 &
FY2022 Business Outlook
Operating Metric / Financial
Measure
Guidance
Q2 2022 GMV
Deliveries
$2.55 billion to $2.65
billion
Mobility
$0.95 billion to $1.00
billion
Financial Services TPV (Pre-InterCo)
$3.50 billion to $3.60
billion
FY2022
Group GMV
30% to 35% higher YoY
Revenue
$1.2 billion to $1.3 billion
Mobility
Looking ahead, we believe the worst of the pandemic restrictions
are behind us as more countries in the region pivot to living with
Covid. We are optimistic that our mobility supply will stabilize in
the second-half of 2022, and that mobility driver incentives as a
percentage of GMV will taper in that period.
We exited the first quarter with mobility GMV on the rebound on
a sequential basis. Our active driver base, the majority of which
complete both deliveries and mobility jobs, increased in the
quarter, but was still below pre-Covid levels. Over the month of
March, our active driver base was 76% of December 2019 levels. We
will continue to grow our driver base in order to capture the
strong demand we are seeing coming back online. Furthermore, we are
closely monitoring the impact of fuel inflation on our drivers’
earnings, and will continue to look for ways to support our drivers
in mitigating the effects.
Deliveries
For our deliveries segment, we are focused on improving our unit
economics by tapering incentives as a percentage of GMV, and
driving organic growth in our core food and groceries deliveries
segment. We will do this by improving the driver and user
experience through tech and product enhancements, and strengthening
our moat by offering users a wide selection of merchants to meet
their needs. As we exited the first quarter, we saw stable demand
for deliveries, despite an easing of Covid-restrictions in some
countries, and a moderating of consumer incentives compared to the
prior quarter. These early signs indicate that demand for
deliveries may remain stable even as Southeast Asia moves to a
post-pandemic footing. Longer term, we plan to expand our
deliveries segment into underpenetrated outer cities and towns in
most of our markets to tap growth opportunities there. During the
quarter, we began to integrate Jaya Grocer stores onto our
groceries marketplace in Malaysia and plan to complete the
integration in the second-half of 2022.
Financial Services
For financial services, we will continue to embed different
payment and lending options into our app to enhance our marketplace
and better support our drivers, merchants and consumers. For
example, we will expand the Buy Now Pay Later product into more
markets in 2022 and 2023. Our Singapore digital bank is undergoing
an internal pilot, and we plan to launch it publicly in the second
half of the year. In April, Grab’s digital banking joint venture
with Singtel, also known as GXS Bank, and a consortium of partners
were selected to receive a full digital banking license in
Malaysia, subject to meeting all of Bank Negara Malaysia’s
regulatory conditions. This development is another milestone in our
journey to bring financial services to a vast underserved
market.
OVO continues to make meaningful progress as it deepens its open
ecosystem in order to tap the long-term opportunities within
Indonesia’s payments and financial services landscape.
Sustainable Growth
Going forward, we are focused on sustainable growth to meet our
core food deliveries and overall deliveries segment adjusted EBITDA
breakeven timelines of by the first half of 2023 and the end of
2023, respectively. We are also targeting long-term segment
adjusted EBITDA margins for mobility and deliveries of 12% and 3%
and above, respectively. To achieve this, we are focused on three
key levers. First, we are focused on overall cost management
where we will optimize our fixed cost base, streamline our core
segments to drive internal efficiencies and continue to be
disciplined with our capital by managing our incentive spend
closely. Second, we plan to leverage technology, partnerships
and our superapp ecosystem to grow our user base, improve
efficiency and increase user stickiness. Last, we will continue to
position our core segments for recovery and growth in order
to capture the vast opportunities across our core segments.
ESG Goals
In May, we announced three new sustainability goals in
our annual Environment, Social and Governance report. They are i)
to double the number of marginalized individuals earning an income
on our platform by 2025, ii) to expand the proportion of women on
our leadership bench to 40% by 2030, and iii) to achieve carbon
neutrality within our ecosystem by 2040. These goals serve as a
blueprint for us as we transition to a triple bottom line company;
one where we deliver financial performance for our shareholders
while ensuring we have a positive social impact on communities and
on the environment.
First Quarter Segment Financial and Operational
Highlights
Deliveries
($ in millions, unless otherwise
stated)
Q1 2022
Q1 2021
YoY% Change
(unaudited)
(unaudited)
Operating metrics:
GMV
2,562
1,702
50%
Commission Rate
19.9%
18.2%
Financial measures:
Revenue
91
53
70%
Segment Adjusted EBITDA
(56)
(4)
NM
Our deliveries segment registered strong GMV and revenue
growth driven by continued growth in food and groceries deliveries
and contributions following our acquisition of Jaya Grocer.
Deliveries’ MTUs and average spend per user grew by 26% and 19%
year-on-year respectively, as we expanded our merchant selection
and deepened local merchant relationships to give users more
reasons to transact with Grab.
In Q1 2022, active merchant-partners6 grew by 34% year-on-year
and we continued to forge strong local partnerships to drive
organic growth. For example, we launched a pilot in the first
quarter to partner with and promote local food merchants to our
users by creating bespoke marketing materials that we amplified
in-app. We saw early positive results from this pilot and we plan
to expand these partnerships this year.
Segment Adjusted EBITDA declined $52 million year-on-year to
negative $56 million, but improved by 34% from the previous quarter
as total incentives spent moderated on a sequential basis. We also
made progress on our deliveries unit economics with segment
adjusted EBITDA margins as a percentage of GMV, improved to (2.2)%
in the quarter from (3.5)% in the fourth quarter 2021 as total
incentives as a proportion of deliveries GMV declined to 16.3% from
18.2% quarter-on-quarter.
Mobility
($ in millions, unless otherwise
stated)
Q1 2022
Q1 2021
YoY % Change
(unaudited)
(unaudited)
Operating metrics:
GMV
834
808
3%
Commission Rate7
23.4%
22.6%
Financial measures:
Revenue
112
145
(22)%
Segment Adjusted EBITDA
82
115
(29)%
In the first quarter, our mobility segment showed signs
of a rebound on both the demand and supply side of the marketplace.
Furthermore, we see the continuation of a gradual recovery coming
out of the quarter, as countries like Singapore, Indonesia and the
Philippines loosened Covid and travel restrictions in March.
Segment MTUs continued to recover and mobility GMV rose 9%
quarter-on-quarter, signaling demand recovery after the impact of
Omicron in the first two months of the quarter. We increased our
average monthly active drivers by 220,000 from the third quarter
2021 to the first quarter 2022. The number of active drivers on our
platform over Q1 2022 reached the highest level since Q2 2020,
indicating that our efforts to onboard more drivers for our
platform are bearing fruit. Looking ahead, we will continue to
acquire drivers in order to reestablish our pre-covid supply levels
and to capture the strong demand we see coming back online. We
expect our mobility supply to stabilize in H2 2022, and for
mobility driver incentives as a percentage of GMV to taper in that
period.
Revenue and segment adjusted EBITDA declined year-on-year as we
spent to acquire drivers to capture demand coming back online.
Segment Adjusted EBITDA margin for mobility declined to 9.8% of GMV
in Q1 2022 compared to 14.3% of GMV in Q1 2021 and from 10.1% of
GMV in the previous quarter.
Furthermore, we are closely monitoring the impact of fuel price
inflation on our driver-partners’ earnings and taking steps to
support them. In Q1 2022, we raised ride-hailing fares in Vietnam,
while in Singapore we introduced a temporary driver fee of S$0.50
per ride in addition to fuel discount schemes to help our partners
defray higher operating costs.
Financial Services
($ in millions, unless otherwise
stated)
Q1 2022
Q1 2021
YoY % Change
(unaudited)
(unaudited)
Operating metrics:
Pre-InterCo Total Payment Volume (TPV)
3,600
2,727
32%
Pre-InterCo TPV: Off-Grab
1,357
1,134
20%
GMV
1,357
1,108
23%
Commission Rate
2.5%
2.1%
Financial measures:
Revenue
11
8
52%
Segment Adjusted EBITDA
(102)
(78)
(30)%
Financial Services (Pre-InterCo) TPV grew robustly in the
first quarter, driven by on-platform growth as well as strong MTUs
growth of 18% year-on-year. Continued on-platform transaction
growth enhances our Superapp flywheel, as GrabPay users have higher
levels of retention rates, spending and cross-segment usage
compared to cash-users.
Revenue and GMV grew 52% and 23% year-on-year respectively,
driven by off-platform GMV growth and strong ecosystem lending
growth. TPV8 of our Buy Now Pay Later product has grown 5 times
from Q1 2021 to Q1 2022. Overall loans disbursed, that includes Buy
Now Pay Later loans, grew 3 times in the same period.
In the quarter, OVO continued to execute on its open ecosystem
strategy, signing up key partners and launching its first recurring
payment partnership with a global subscription-based streaming
service. OVO also expanded its partnerships with key merchants in
the groceries, travel and marketplace segments to capture growth
opportunities in those segments. One such partner is Indomaret, a
convenience store chain in Indonesia. In the quarter, the number of
Indomaret top-up transactions to the OVO wallet grew 57%
month-on-month on average, indicating the partnership’s success in
driving user stickiness for OVO.
In the quarter, we also launched our first Islamic financing
product with a partner in Malaysia. The Shariah-compliant product
lets eligible drivers tap convenient financing options to address
their cash flow needs. This product is yet another example of how
we deliver value to our users via our hyperlocal approach.
Financial services segment adjusted EBITDA for Q1 2022 declined
in the quarter to $(102) million, versus $(78) million in Q1 2021
on continued investment into our digital bank strategy and higher
consumer incentives, while segment adjusted EBITDA margin for Q1
2022 was at (2.8)% of TPV, an improvement from (2.9)% in Q1
2021.
Enterprise and New
Initiatives
($ in millions, unless otherwise
stated)
Q1 2022
Q1 2021
YoY% Change
(unaudited)
(unaudited)
Operating metrics:
GMV
52
26
98%
Financial measures:
Revenue
14
10
34%
Segment Adjusted EBITDA
1
2
(51)%
In the quarter, enterprise and new initiatives GMV and
revenue grew strongly on a year-over-year basis driven by gains in
our advertising business. GrabAds also increased its advertiser
base seven times compared to the same period a year ago, by
onboarding more Grab merchants on its advertising platform that
provides search and display advertising options to drive in-app
sales.
About Grab
Grab is Southeast Asia’s leading superapp based on GMV in 2021
in each of food deliveries, mobility and the e-wallets segment of
financial services, according to Euromonitor. Grab operates across
the deliveries, mobility and digital financial services sectors in
480 cities in eight countries in the Southeast Asia region –
Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore,
Thailand and Vietnam. Grab enables millions of people each day to
access its driver- and merchant-partners to order food or
groceries, send packages, hail a ride or taxi, pay for online
purchases or access services such as lending, insurance, wealth
management and telemedicine, all through a single “everyday
everything” app. Grab was founded in 2012 with the mission to drive
Southeast Asia forward by creating economic empowerment for
everyone, and since then, the Grab app has been downloaded onto
millions of mobile devices. Grab strives to serve a triple bottom
line: to simultaneously deliver financial performance for its
shareholders and have a positive social and environmental impact in
Southeast Asia.
Forward-Looking Statements
This document and the announced investor webcast contain
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact contained in this document and the webcast, including but not
limited to, statements about Grab’s beliefs and expectations,
business strategy and plans, objectives of management for future
operations of Grab, and growth opportunities, are forward-looking
statements. Some of these forward-looking statements can be
identified by the use of forward-looking words, including
“anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,”
“estimate,” “target,” “project,” “should,” “could,” “would,” “may,”
“will,” “forecast” or other similar expressions. Forward-looking
statements are based upon estimates and forecasts and reflect the
views, assumptions, expectations, and opinions of Grab, which
involve inherent risks and uncertainties, and therefore should not
be relied upon as being necessarily indicative of future results. A
number of factors could cause actual results to differ materially
from those contained in any forward-looking statement, including
but not limited to: Grab’s ability to grow at the desired rate or
scale and its ability to manage its growth; its ability to further
develop its business, including new products and services; its
ability to attract and retain partners and consumers; its ability
to compete effectively in the intensely competitive and constantly
changing market; its ability to continue to raise sufficient
capital; its ability to reduce net losses and the use of partner
and consumer incentives, and to achieve profitability; potential
impact of the complex legal and regulatory environment on its
business; its ability to protect and maintain its brand and
reputation; general economic conditions, in particular as a result
of COVID-19; expected growth of markets in which Grab operates or
may operate; and its ability to defend any legal or governmental
proceedings instituted against it. In addition to the foregoing
factors, you should also carefully consider the other risks and
uncertainties described in the “Risk Factors” section of Grab’s
registration statement on Form F-1 and the prospectus therein, and
other documents filed by Grab from time to time with the U.S.
Securities and Exchange Commission (the “SEC”).
Forward-looking statements speak only as of the date they are
made. Grab does not undertake any obligation to update any
forward-looking statement, whether as a result of new information,
future developments, or otherwise, except as required under
applicable law.
Unaudited Financial Information and Non-IFRS Financial
Measures
Grab’s unaudited selected financial data for the three months
ended March 31, 2022 and 2021 included in this document and the
investor webcast is based on financial data derived from the Grab’s
management accounts that have not been reviewed or audited.
This document and the investor webcast also include references
to non-IFRS financial measures, which include: Adjusted EBITDA,
Total Segment Adjusted EBITDA and Segment Adjusted EBITDA. However,
the presentation of these non-IFRS financial measures is not
intended to be considered in isolation from, or as an alternative
to, financial measures determined in accordance with IFRS. In
addition, these non-IFRS financial measures may differ from
non-IFRS financial measures with comparable names used by other
companies.
Grab uses these non-IFRS financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons, and Grab’s management believes that
these non-IFRS financial measures provide meaningful supplemental
information regarding its performance by excluding certain items
that may not be indicative of its recurring core business operating
results. For example, Grab’s management uses: Total Segment
Adjusted EBITDA as a useful indicator of the economics of Grab’s
business segments, as it does not include regional corporate
costs.
There are a number of limitations related to the use of non-IFRS
financial measures. In light of these limitations, we provide
specific information regarding the IFRS amounts excluded from these
non-IFRS financial measures and evaluate these non-IFRS financial
measures together with their relevant financial measures in
accordance with IFRS.
This document and the investor webcast also includes
“Pre-InterCo” data that does not reflect elimination of intragroup
transactions, which means such data includes earnings and other
amounts from transactions between entities within the Grab group
that are eliminated upon consolidation. Such data differs
materially from the corresponding figures post-elimination of
intra-group transactions.
Explanation of non-IFRS financial measures:
- Adjusted EBITDA is a non-IFRS financial measure calculated as
net loss adjusted to exclude: (i) interest income (expenses), (ii)
other income (expenses), (iii) income tax expenses (credit), (iv)
depreciation and amortization, (v) share-based compensation
expenses, (vi) costs related to mergers and acquisitions, (vii)
unrealized foreign exchange gain (loss), (viii) impairment losses
on goodwill and non-financial assets, (ix) fair value changes on
investments, (x) restructuring costs, (xi) legal, tax and
regulatory settlement provisions and (xii) share listing and
associated expenses.
- Segment Adjusted EBITDA is a non-IFRS financial measure,
representing the Adjusted EBITDA of each of our four business
segments, excluding, in each case, regional corporate costs.
- Adjusted EBITDA margin is a non-IFRS financial measure
calculated as Adjusted EBITDA divided by Gross Merchandise
Value.
Q1 FY2022
Q1 FY2021
($ in millions, unless otherwise
stated)
$
$
Loss for the period
(435)
(666)
Net interest expenses
27
420
Other income
(2)
(6)
Income tax expenses
1
1
Depreciation and amortization
34
84
Share-based compensation expenses
121
34
Unrealized foreign exchange
(gain)/loss
(1)
1
Impairment losses / (gains) on goodwill
and non-financial assets
3
(1)
Fair value change on investments
(39)
13
Restructuring costs
*
*
Legal, tax and regulatory settlement
provisions
4
9
Adjusted EBITDA
(287)
(111)
Regional corporate costs
212
146
Total Segment Adjusted EBITDA
(75)
35
Segment Adjusted EBITDA
Deliveries
(56)
(4)
Mobility
82
115
Financial services
(102)
(78)
Enterprise and new initiatives
1
2
Total Segment Adjusted EBITDA
(75)
35
* Amount less than $1 million
Operating Metrics
Gross Merchandise Value (GMV) is an operating metric
representing the sum of the total dollar value of transactions from
Grab’s services, including any applicable taxes, tips, tolls and
fees, over the period of measurement. GMV is a metric by which Grab
understands, evaluates and manages its business, and Grab’s
management believes is necessary for investors to understand and
evaluate its business. GMV provides useful information to investors
as it represents the amount of a consumer’s spend that is being
directed through Grab’s platform. This metric enables Grab and
investors to understand, evaluate and compare the total amount of
customer spending that is being directed through its platform over
a period of time. Grab presents GMV as a metric to understand and
compare, and to enable investors to understand and compare, Grab’s
aggregate operating results, which captures significant trends in
its business over time.
Monthly Transacting User (MTUs) is defined as the monthly
transacting users, which is an operating metric defined as the
monthly number of unique users who transact via Grab’s products,
where transact means to have successfully paid for any of Grab’s
products. MTUs is a metric by which Grab understands, evaluates and
manages its business, and Grab’s management believes is necessary
for investors to understand and evaluate its business.
Commission Rate represents the total dollar value paid to Grab
in the form of commissions and fees from each transaction, without
any adjustments for incentives paid to driver- and
merchant-partners or promotions to end-users, as a percentage of
GMV, over the period of measurement.
Partner incentives is an operating metric representing the
dollar value of incentives granted to driver- and
merchant-partners. The incentives granted to driver- and
merchant-partners include base incentives and excess incentives,
with base incentives being the amount of incentives paid to driver-
and merchant-partners up to the amount of commissions and fees
earned by Grab from those driver- and merchant-partners, and excess
incentives being the amount of payments made to driver- and
merchant-partners that exceed the amount of commissions and fees
earned by Grab from those driver- and merchant-partners. Consumer
incentives is an operating metric representing the dollar value of
discounts and promotions offered to consumers. Partner incentives
and consumer incentives are metrics by which we understand,
evaluate and manage our business, and we believe are necessary for
investors to understand and evaluate our business. We believe these
metrics capture significant trends in our business over time.
Industry and Market Data
This document also contains information, estimates and other
statistical data derived from third party sources, including
research, surveys or studies, some of which are preliminary drafts,
conducted by third parties, information provided by customers
and/or industry or general publications. Such information involves
a number of assumptions and limitations, and you are cautioned not
to give undue weight on such estimates. Grab has not independently
verified such third-party information, and makes no representation
as to the accuracy of such third-party information.
Unaudited Summary of Financial Results
Condensed consolidated statement of profit or loss and other
comprehensive income
($ in millions, except for per share
data)
Q1 2022
Q1 2021
$
$
Revenue
228
216
Cost of revenue
(310)
(241)
Other income
3
6
Sales and marketing expenses
(70)
(45)
General and administrative expenses
(169)
(89)
Research and development expenses
(119)
(75)
Net impairment losses on financial
assets
(8)
(3)
Other expenses
*
*
Operating loss
(445)
(231)
Finance income
49
8
Finance costs
(37)
(442)
Net finance income/(costs)
12
(434)
Share of loss of equity-accounted
investees (net of tax)
(1)
*
Loss before income tax
(434)
(665)
Income tax expense
(1)
(1)
Loss for the period
(435)
(666)
Items that will not be reclassified to
profit or loss:
Defined benefit plan remeasurements
*
-
Items that are or may be reclassified
subsequently to profit or loss:
Foreign currency translation differences –
foreign operations
(5)
(17)
Other comprehensive loss for the
period, net of tax
(5)
(17)
Total comprehensive loss for the
period
(440)
(683)
*
Loss attributable to:
Owners of the Company
(423)
(657)
Non-controlling interests
(12)
(9)
(435)
(666)
Total comprehensive loss attributable
to:
Owners of the Company
(429)
(653)
Non-controlling interests
(11)
(30)
(440)
(683)
Loss per share:
Basic
$ (0.11)
$ (3.18)
Diluted
$ (0.11)
$ (3.18)
* Amount less than $1 million
Condensed consolidated statement of financial
position
($ in millions, unless otherwise
stated)
March 31,
2022
December 31,
2021
$
$
Non-current assets
Property, plant, and equipment
508
441
Intangible assets and goodwill
905
675
Associates and joint venture
48
14
Deferred tax assets
4
5
Other investments
1,283
1,241
Prepayments and other assets
126
127
2,874
2,503
Current assets
Inventories
45
4
Trade and other receivables
304
255
Prepayments and other assets
226
185
Other investments
4,095
3,240
Cash and cash equivalents
3,387
4,991
8,057
8,675
Total assets
10,931
11,178
Equity
Share capital and share premium
22,072
21,529
Reserves
532
606
Accumulated losses
(14,974)
(14,402)
Equity attributable to owners of the
Company
7,630
7,733
Non-controlling interests
46
286
Total equity
7,676
8,019
Non-current liabilities
Warrant liabilities
20
54
Loans and borrowings
2,082
2,031
Provisions
17
18
Other liabilities
119
27
Deferred tax liabilities
19
3
2,257
2,133
Current liabilities
Loans and borrowings
156
144
Provisions
38
35
Trade and other payables
801
844
Current tax liabilities
3
3
998
1,026
Total liabilities
3,255
3,159
Total equity and liabilities
10,931
11,178
Condensed consolidated statement of cash flow
Q1 2022
Q1 2021
($ in millions, unless otherwise
stated)
$
$
Cash flows from operating
activities
Loss before income tax
(434)
(665)
Adjustments for:
Amortization of intangible assets
4
58
Depreciation of property, plant and
equipment
30
26
Impairment of property, plant and
equipment
3
(1)
Equity-settled share-based payment
121
34
Finance costs
37
442
Net impairment loss on financial
assets
8
3
Finance income
(49)
(8)
Loss on disposal of property, plant and
equipment
-
1
Share of loss of equity-accounted
investees (net of tax)
1
*
Change in provisions
2
-
(277)
(110)
Changes in:
- Inventories
9
*
- Deposit pledged
(18)
-
- Trade and other receivables
(116)
6
- Trade and other payables
(57)
(46)
Cash used in operations
(459)
(150)
Income tax paid
(6)
(1)
Net cash used in operating
activities
(465)
(151)
Cash flows from investing
activities
Acquisition of property, plant and
equipment
(10)
(5)
Purchase of intangible assets
(3)
(6)
Proceeds from disposal of property, plant
and equipment
3
9
Acquisition of businesses, net of cash
acquired
(175)
-
Net acquisitions of other investments
(891)
(688)
Restricted cash
-
1
Interest received
9
7
Net cash used in investing
activities
(1,067)
(682)
Cash flows from financing
activities
Proceeds from exercise of share
options
-
39
Payment of share listing and associated
expenses
(39)
-
Proceeds from bank loans
30
1,932
Repayment of bank loans
(38)
(31)
Payment of lease liabilities
(7)
(5)
Proceeds from issuance of convertible
redeemable preference shares
-
62
Proceeds from subscription of shares in
subsidiaries by non-controlling interests
-
41
Deposit pledged
5
-
Interest paid
(37)
(3)
Net cash (used in)/ from financing
activities
(86)
2,035
Net (decrease)/ increase in cash and
cash equivalents
(1,618)
1,202
Cash and cash equivalents at January 1
4,838
2,004
Effect of exchange rate fluctuations on
cash held
(5)
(26)
Cash and cash equivalents at March
31
3,215
3,180
* Amount less than $1 million
1 Commission Rate is an operating metric, representing the total
dollar value paid to Grab in the form of commissions and fees from
each transaction, without any adjustments for incentives paid to
driver- and merchant-partners or promotions to end-users, as a
percentage of GMV, over the period of measurement.
2 GMV means gross merchandise value, an operating metric
representing the sum of the total dollar value of transactions from
Grab’s services, including any applicable taxes, tips, tolls and
fees, over the period of measurement.
3 Total Payments Volume (TPV) is defined as the value of
payments, net of payment reversals, successfully completed through
the Grab platform for the financial services segment. Pre-InterCo
means this segment data includes earnings and other amounts from
transactions between entities within the Grab group that are
eliminated upon consolidation.
4 Active driver-partners are defined as Grab's driver-partners
that had bid at least one job on the Grab driver app during a
month. Active driver-partners over a quarterly or annual period are
calculated based on the average of the Active drivers for each
month in the relevant period.
5 MTUs means monthly transacting users, which is an operating
metric defined as the monthly number of unique users who transact
via our products, where transact means to have successfully paid
for any of our products. MTUs over a quarterly or annual period are
calculated based on the average of the MTUs for each month in the
relevant period. Figure is inclusive of OVO MTUs. Excluding OVO
MTUs, our MTUs for Q1 2022 and Q1 2021 would be 27.8 million and
23.8 million respectively, and GMV per MTU will be $173 and $153
respectively.
6 Active merchant-partners are defined as Grab’s
merchant-partners that had completed at least one order on the Grab
merchant app during a month. Active merchant-partners over a
quarterly or annual period are calculated based on the average of
the Active merchants for each month in the relevant period.
7 Commission Rate is an operating metric, representing the total
dollar value paid to Grab in the form of commissions and fees from
each transaction, without any adjustments for incentives paid to
driver- and merchant-partners or promotions to end-users, as a
percentage of GMV, over the period of measurement.
8 Calculated as the year-on-year change in TPV (Pre-InterCo)
generated from Buy Now Pay Later.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220519005566/en/
For inquiries regarding Grab, please contact:
Media Grab: press@grab.com Sard Verbinnen & Co:
Grab-SVC@sardverb.com
Investors Grab: investor.relations@grab.com
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