- Revenue grew 61% year-over-year to $615
million1
- Loss for the period improved by 71%
year-over-year to $99 million
- Group Adjusted EBITDA grew to $29 million,
delivering Grab’s first Adjusted EBITDA profitable quarter
- 2023 Revenue and Group Adjusted EBITDA outlook
raised to $2.31 billion to $2.33 billion and $(20) million to $(25)
million, respectively
Grab Holdings Limited (NASDAQ: GRAB) today announced its
unaudited financial results for the third quarter ended September
30, 2023.
“We achieved our first positive Group Adjusted EBITDA this
quarter as we reached another all-time high in Group MTUs and saw
increased earnings for our driver-partners,” said Anthony Tan,
Group Chief Executive Officer and Co-Founder of Grab. “While
this is an important milestone for Grab, it is just one of many
steps in our journey as we continue to drive growth in a
sustainable and profitable manner. Our progress forward remains
anchored on improving our marketplace efficiency, building better
and more affordable services for our users, and empowering the
millions of everyday entrepreneurs on our platform to thrive.”
“Our third quarter results reflect our consistency and
discipline in execution. Revenues grew 61% year-over-year while
Deliveries Segment Adjusted EBITDA margin expanded to 3.4% amid
continued Deliveries GMV growth,” said Peter Oey, Chief
Financial Officer of Grab. “On the back of the strong results,
we are revising up our outlook on full year 2023 Revenues and Group
Adjusted EBITDA. As we look beyond 2023, we will continue to
sharpen our focus on generating Adjusted EBITDA and Free Cash
Flows, while maintaining cost discipline to drive further operating
leverage.”
Group Third Quarter 2023 Key Operational and Financial
Highlights
($ in millions,
unless otherwise stated)
Q3 2023
Q3 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant
currency3)
Operating metrics:
GMV
5,341
5,080
5%
6%
On-Demand GMV2
4,015
3,525
14%
14%
MTUs (millions of users)
36.0
33.5
7%
GMV per MTU ($)
148
151
-2%
-2%
Partner incentives
165
199
-17%
Consumer incentives
216
277
-22%
Financial measures:
Revenue1
615
382
61%1
62%1
Loss for the period
(99)
(342)
71%
Total Segment Adjusted EBITDA
221
47
367%
Adjusted EBITDA
29
(161)
NM
- Revenue grew 61% year-over-year (“YoY”) to $615 million in the
third quarter of 2023, and 62% YoY on a constant currency basis3,
primarily attributed to growth across all our segments, continued
incentive optimization and a change in business model for certain
delivery offerings in one of our markets1.
- Total GMV grew 5% YoY, and 6% YoY on a constant currency basis,
primarily attributed to growth in Mobility and Deliveries GMV, and
Group MTUs growing 7% YoY. Notably, On-Demand GMV2 grew 14% YoY and
3% quarter-over-quarter (“QoQ”).
- Foreign exchange currency fluctuations impacted our results
during the quarter. Total revenue and GMV grew 8% and 2% QoQ
respectively, while on a constant currency basis, they grew by 10%
and 3% QoQ, respectively.
- Total incentives were 7.1% of GMV in the third quarter,
compared to 9.4% in the same period in 2022, demonstrating our
continued focus on improving the health and efficiency of our
marketplace.
- Loss for the quarter was $99 million, representing a 71%
improvement YoY, primarily due to the improvement in Group Adjusted
EBITDA and a reduction in net interest expenses, fair value losses
on investments, and share-based compensation expenses. Our loss for
the quarter included $70 million in non-cash share-based
compensation expenses.
- Group Adjusted EBITDA turned positive for the first time at $29
million for the quarter, an improvement of $190 million compared to
negative $161 million for the same period in 2022, as we continued
to grow GMV and revenue, while improving profitability on a Segment
Adjusted EBITDA basis and lowering regional corporate costs.
- Regional corporate costs4 for the quarter was $192 million,
compared to $208 million in the same period in 2022, as we
continued to drive cost efficiencies across the organization.
Overhead expenses declined 9% YoY, primarily driven by lower staff
costs.
- Cash liquidity5 totaled $5.9 billion at the end of the third
quarter, compared to $5.6 billion at the end of the prior quarter.
Our net cash liquidity6 was $5.2 billion at the end of the third
quarter, compared to $4.9 billion at the end of the prior
quarter.
Business Outlook
Financial Measure
Guidance
FY 2023
Revenue
$2.31 billion - $2.33 billion
(Previous: $2.20 billion - $2.30
billion)
Adjusted EBITDA
$(20) million - $(25) million
(Previous: $(30) million - $(40)
million)
The guidance represents our expectations as of the date of this
press release, and may be subject to change.
Segment Financial and Operational Highlights
Deliveries
($ in millions,
unless otherwise stated)
Q3 2023
Q3 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
GMV
2,608
2,439
7%
8%
Financial measures:
Revenue7
306
171
79%7
82%7
Segment Adjusted EBITDA
88
9
917%
- Deliveries revenue grew 79% YoY, or 82% YoY on a constant
currency basis, to $306 million in the third quarter from $171
million in the same period in 2022. The strong growth was primarily
attributed to a reduction in incentives, GMV growth, and a change
in business model of certain Deliveries offerings in one of our
markets7.
- Deliveries GMV continued to grow in the third quarter by 7%
YoY, or 8% YoY on a constant currency basis, and 1% QoQ or 3% QoQ
on a constant currency basis. Growth was underpinned by robust
demand, as we improved affordability of our services and drove user
engagement via GrabUnlimited. In particular, Deliveries
transactions and average order frequency both increased 2%
QoQ.
- As we drive greater affordability of our services and expand
Saver deliveries to more cities, adoption continues to track
healthily, increasing average order frequency among existing users
and enabling Grab to serve new users. In Malaysia and Singapore
where the services were first launched, the penetration of Saver
has reached over a third of Deliveries MTUs.
- GrabUnlimited also continues to enhance user engagement on our
platform. During the quarter, GrabUnlimited subscribers spent 4.2x
more in Food Deliveries relative to non-subscribers and continued
to have average retention rates8 that were approximately 2x higher
than non-subscribers.
- Deliveries segment adjusted EBITDA as a percentage of GMV
expanded to 3.4% in the third quarter of 2023 from 2.7% in the
second quarter of 2023 and 0.4% in the third quarter of 2022, amid
further optimization of incentives spend, increased operational
efficiencies and GMV growth.
- During the quarter, we also focused on enhancing driver
efficiency and earnings. Batching rates improved 330 basis points
QoQ and 520 basis points YoY, while average driver-partner earnings
per transit hour for batched orders were 5% higher compared to
unbatched orders.
Mobility
($ in millions,
unless otherwise stated)
Q3 2023
Q3 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
GMV
1,407
1,086
30%
30%
Financial measures:
Revenue
231
176
31%
31%
Segment Adjusted EBITDA
180
135
33%
- Mobility revenues continued to grow strongly, rising 31% YoY,
and on a constant currency basis, during the third quarter. The
increase was mainly attributed to our efforts to improve supply
across the region, which enabled us to capture the recovery in
tourism ride-hailing demand, and the growth in domestic
demand.
- Mobility GMV increased 30% YoY and on a constant currency
basis, driven by frequency uplifts and more users adopting our
economical Mobility offerings. Mobility transactions increased 37%
YoY and 12% QoQ, and Mobility MTUs grew 24% YoY and 6% QoQ.
- Mobility segment adjusted EBITDA as a percentage of GMV was
12.8% in the third quarter of 2023, increasing from 12.5% in the
same period last year.
- During the quarter, we continued to increase active driver
supply while optimizing our existing driver supply to meet the
strong demand growth. In the third quarter of 2023, monthly active
driver supply increased by 9% YoY, while earnings per transit hour9
of driver-partners on our platform increased 8% YoY. Our efforts to
improve supply have resulted in surged Mobility rides10 as a
proportion of total rides reducing by 243 basis points YoY and 111
basis points QoQ.
- Our efforts to drive frequency and bring new user segments onto
our platform by improving the affordability of our services are
gaining traction. During the quarter, Mobility MTUs and
transactions in the Philippines grew 18% and 28% QoQ, respectively,
primarily driven by the re-launch of the enhanced MOVE IT app in
May, our two-wheel ride-hailing service in the country.
Financial Services
($ in millions,
unless otherwise stated)
Q3 2023
Q3 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
Pre-Interco Total Payment Volume (TPV)
3,889
3,833
1%
2%
GMV
1,275
1,507
-15%
-15%
Financial measures:
Revenue
50
20
156%
156%
Segment Adjusted EBITDA
(68)
(105)
35%
- Revenue for Financial Services grew 156% YoY and on a constant
currency basis, to $50 million in the third quarter of 2023. The
YoY growth was driven primarily by improved monetization of our
payments business and higher contributions from other services such
as lending.
- GMV for Financial Services declined 15% YoY and on a constant
currency basis, consistent with our efforts to focus on ecosystem
transactions.
- Segment adjusted EBITDA for the quarter improved by 35% YoY to
negative $68 million as we continue to reduce overhead expenses,
attributable to improved operational efficiencies in our GrabFin
cost structure. Cost of Funds, a variable cost that supports the
payment platform, was higher YoY purely driven from increased
transaction volumes. Cost of Funds represent 30% of our Financial
Services segment cost structure. Digibank-related costs increased
11% QoQ as we prepare for the public launch of our Digibank outside
of Singapore.
- Loans disbursed to our ecosystem partners continued to gain
traction. Year-to-date from January to September 2023, total loan
disbursements grew 52% YoY to reach $1 billion, while total loans
outstanding11 amounted to $275 million at the end of the third
quarter. Customer deposits in GXS Bank, our digital bank in
Singapore launched at the beginning of the year, stood at $362
million as at the end of the third quarter.
- In September, our Malaysia digital bank, GX Bank Berhad
(GXBank) was the first of the five digital bank license applicants to
receive the approval to commence operations from Bank Negara
Malaysia, following the successful completion of an operational
readiness review.
- In October, KakaoBank, South Korea’s leading digital bank,
announced its investment of a 10% stake in Superbank, the
Indonesian digital bank backed by Grab and Singtel, through the
subscription of new shares. Through this strategic partnership,
Superbank will be able to leverage on KakaoBank’s expertise and
proven competitiveness in digital finance to collaborate in the
development of products and services, and drive digital banking
innovation in Indonesia.
Enterprise and New Initiatives
($ in millions,
unless otherwise stated)
Q3 2023
Q3 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
GMV
50
48
4%
5%
Financial measures:
Revenue
28
15
83%
84%
Segment Adjusted EBITDA
21
8
160%
- Revenue from Enterprise and New Initiatives rose 83% YoY, or
84% YoY on a constant currency basis for the third quarter of 2023,
primarily attributable to growing contributions from Advertising.
During the third quarter, the total number of active advertisers
who joined our self-serve platform increased 83% YoY, as we
continued to deepen Advertising penetration among our
merchant-partners.
- Segment adjusted EBITDA grew 160% YoY in the quarter compared
to the same period in 2022, while segment adjusted EBITDA margins
expanded to 41.0% as we improved the monetization of our
Advertising offering.
About Grab
Grab is a leading superapp in Southeast Asia, operating across
the deliveries, mobility and digital financial services sectors.
According to research done by Euromonitor for Indonesia, Malaysia,
the Philippines, Singapore, Thailand and Vietnam, Grab remained the
category leader in 2022 by GMV in online food deliveries and
ride-hailing in Southeast Asia. Serving over 500 cities in eight
Southeast Asian countries, Grab enables millions of people to order
food or groceries, send packages, hail a ride or taxi, pay for
online purchases or access services such as lending and insurance,
all through a single app. Grab was founded in 2012 with the mission
to drive Southeast Asia forward by creating economic empowerment
for everyone, and 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 goals, targets, projections,
outlooks, beliefs, expectations, strategy, 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, including macro-economic, industry,
business, regulatory and other risks, 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, currency exchange fluctuations and inflation; 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
under “Item 3. Key Information – D. Risk Factors” and in other
sections of Grab’s annual report on Form 20-F for the year ended
December 31, 2022, as well as in 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
Grab’s unaudited selected financial data for the three months
and nine months ended September 30, 2023 and 2022 included in this
document and the investor webcast is based on financial data
derived from Grab’s management accounts that have not been reviewed
or audited.
Non-IFRS Financial Measures
This document and the investor webcast include references to
non-IFRS financial measures, which include: Adjusted EBITDA,
Segment Adjusted EBITDA, Total Segment Adjusted EBITDA and Adjusted
EBITDA margin. 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. However, there are a number of
limitations related to the use of non-IFRS financial measures, and
as such, the presentation of these non-IFRS financial measures
should not 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. See below for additional explanations about the non-IFRS
financial measures, including their definitions and a
reconciliation of these measures to the most directly comparable
IFRS financial measures. With regard to forward-looking non-IFRS
guidance and targets provided in this document and the investor
webcast, Grab is unable to provide a reconciliation of these
forward-looking non-IFRS measures to the most directly comparable
IFRS measures without unreasonable efforts because the information
needed to reconcile these measures is dependent on future events,
many of which Grab is unable to control or predict.
Explanation of non-IFRS financial measures:
- Adjusted EBITDA is a non-IFRS financial measure calculated as
net loss adjusted to exclude: (i) net 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 loss 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.
- Total Segment Adjusted EBITDA is a non-IFRS financial measure,
representing the sum of Adjusted EBITDA of our four business
segments.
- Adjusted EBITDA margin is a non-IFRS financial measure
calculated as Adjusted EBITDA divided by Gross Merchandise
Value.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
($ in millions, unless otherwise
stated)
$
$
$
$
Loss for the period
(99)
(342)
(496)
(1,349)
Net interest (income)/expenses
(31)
7
(62)
52
Net other expenses/(income)
12
3
17
(1)
Income tax expenses
16
4
22
7
Depreciation and amortization
37
38
108
110
Share-based compensation expenses
70
90
238
322
Unrealized foreign exchange gain
(4)
(5)
(13)
(10)
Impairment loss on goodwill and
non-financial assets
*
*
1
3
Fair value change on investments
22
42
68
175
Restructuring costs
1
2
52
3
Legal, tax and regulatory settlement
provisions
5
*
8
6
Adjusted EBITDA
29
(161)
(57)
(682)
Regional corporate costs
192
208
599
634
Total Segment Adjusted EBITDA
221
47
542
(48)
Segment Adjusted EBITDA
Deliveries
88
9
217
(82)
Mobility
180
135
494
342
Financial services
(68)
(105)
(213)
(322)
Enterprise and new initiatives
21
8
44
14
Total Segment Adjusted EBITDA
221
47
542
(48)
* Amount less than $1 million
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.
We compare the percent change in our current period results from
the corresponding prior period using constant currency. We present
constant currency growth rate information to provide a framework
for assessing how our underlying GMV and revenue performed
excluding the effect of foreign currency rate fluctuations. We
calculate constant currency by translating our current period
financial results using the corresponding prior period’s monthly
exchange rates for our transacted currencies other than the U.S.
dollar.
Operating Metrics
Gross Merchandise Value (GMV) is an operating metric
representing the sum of the total dollar value of transactions from
Grab’s products and services, including any applicable taxes, tips,
tolls, surcharges and fees, over the period of measurement. GMV
includes sales made through offline stores. 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 customer 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.
Total Payments Volume (TPV) means total payments volume received
from consumers, which is an operating metric defined as the value
of payments, net of payment reversals, successfully completed
through our platform.
Monthly Transacting User (MTUs) is defined as the monthly number
of unique users who transact via Grab’s apps (including OVO), where
transact means to have successfully paid for any of Grab’s products
or services. MTUs over a quarterly or annual period are calculated
based on the average of the MTUs for each month in the relevant
period. Starting in 2023, MTUs additionally include the monthly
number of unique users who transact with Grab offline while
recording their loyalty points on Grab's apps. 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.
Partner incentives is an operating metric representing the
dollar value of incentives granted to driver- and
merchant-partners, the effect of which is to reduce revenue. 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 us 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 us from those driver- and
merchant-partners. For certain delivery offerings where Grab is
contractually responsible for delivery services provided to
end-users, incentives granted to driver-partners are recognized in
cost of revenue.
Consumer incentives is an operating metric representing the
dollar value of discounts and promotions offered to consumers, the
effect of which is to reduce revenue. 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
Euromonitor), 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
due to the nature of the techniques and methodologies used in
market research, and as such neither Grab nor the third-party
sources (including Euromonitor) can guarantee the accuracy of such
information. 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
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
($ in millions, except for share amounts
which are reflected in thousands and per share data)
$
$
$
$
Revenue
615
382
1,706
931
Cost of revenue
(375)
(321)
(1,122)
(968)
Other income
6
3
12
9
Sales and marketing expenses
(76)
(66)
(209)
(208)
General and administrative expenses
(131)
(150)
(415)
(481)
Research and development expenses
(99)
(116)
(319)
(356)
Restructuring costs
(1)
(2)
(52)
(3)
Net impairment losses on financial
assets
(18)
(17)
(51)
(39)
Other expenses
(14)
(3)
(24)
(3)
Operating loss
(93)
(290)
(474)
(1,118)
Finance income
54
38
156
70
Finance costs
(18)
(40)
(81)
(112)
Net change in fair value of financial
assets and liabilities
(22)
(42)
(68)
(175)
Net finance income/(costs)
14
(44)
7
(217)
Share of loss of equity-accounted
investees (net of tax)
(4)
(4)
(7)
(7)
Loss before income tax
(83)
(338)
(474)
(1,342)
Income tax expense
(16)
(4)
(22)
(7)
Loss for the period
(99)
(342)
(496)
(1,349)
Items that will not be reclassified to
profit or loss:
Defined benefit plan remeasurements
1
-
*
*
Investments and put liabilities at FVOCI –
net change in fair value
(9)
-
(15)
-
Items that are or may be reclassified
subsequently to profit or loss:
Foreign currency translation differences –
foreign operations
(38)
(52)
(52)
(106)
Other comprehensive loss for the
period, net of tax
(46)
(52)
(67)
(106)
Total comprehensive loss for the
period
(145)
(394)
(563)
(1,455)
Loss attributable to:
Owners of the Company
(91)
(327)
(469)
(1,297)
Non-controlling interests
(8)
(15)
(27)
(52)
Loss for the period
(99)
(342)
(496)
(1,349)
Total comprehensive loss attributable
to:
Owners of the Company
(133)
(378)
(526)
(1,402)
Non-controlling interests
(12)
(16)
(37)
(53)
Total comprehensive loss for the
period
(145)
(394)
(563)
(1,455)
Loss per share:
Basic
$ (0.02)
$ (0.08)
$ (0.12)
$ (0.34)
Diluted
$ (0.02)
$ (0.08)
$ (0.12)
$ (0.34)
Weighted-average ordinary shares
outstanding:
Basic
3,907,945
3,831,531
3,887,446
3,806,577
Diluted
3,907,945
3,831,531
3,887,446
3,806,577
* Amount less than $1 million
As we incurred a net loss for the period ended September 30,
2023, basic loss per share was the same as diluted loss per
share.
The number of outstanding Class A and Class B ordinary shares
was 3,800 million and 112 million for the period ended September
30, 2023. 354 million potentially dilutive outstanding securities
were excluded from the computation of diluted loss per ordinary
share because their effects would have been antidilutive for the
period ended September 30, 2023, or issuance of such shares is
contingent upon the satisfaction of certain conditions which were
not satisfied by the end of the period.
Condensed consolidated statement of
financial position
September 30,
2023
December 31,
2022
($ in millions, unless otherwise
stated)
$
$
Non-current assets
Property, plant, and equipment
475
492
Intangible assets and goodwill
917
904
Associates and joint venture
101
107
Deferred tax assets
34
20
Other investments
1,399
1,742
Loan receivables in the Financial Services
segment
35
-
Prepayments and other assets
183
217
3,144
3,482
Current assets
Inventories
46
48
Trade and other receivables
148
187
Prepayments and other assets
227
182
Loan receivables in the Financial Services
segment
240
185
Other investments
1,780
3,134
Cash and cash equivalents
3,018
1,952
5,459
5,688
Total assets
8,603
9,170
Equity
Share capital and share premium
22,622
22,278
Reserves
454
602
Accumulated losses
(16,788)
(16,277)
Equity attributable to owners of the
Company
6,288
6,603
Non-controlling interests
42
54
Total equity
6,330
6,657
Non-current liabilities
Loans and borrowings
657
1,248
Provisions
17
18
Other liabilities
140
132
Deferred tax liabilities
20
18
834
1,416
Current liabilities
Loans and borrowings
121
117
Provisions
39
38
Trade payables and other liabilities
895
930
Deposits from customers in the banking
business
362
3
Current tax liabilities
22
9
1,439
1,097
Total liabilities
2,273
2,513
Total equity and liabilities
8,603
9,170
Condensed consolidated statement of cash
flow
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
($ in millions, unless otherwise
stated)
$
$
$
$
Cash flows from operating
activities
Loss before income tax
(83)
(338)
(474)
(1,342)
Adjustments for:
Amortization of intangible assets
4
4
12
14
Depreciation of property, plant and
equipment
33
34
96
96
Impairment of property, plant and
equipment
*
*
1
3
Equity-settled share-based payments
70
90
238
322
Finance costs
18
40
81
112
Net change in fair value of financial
assets and liabilities
22
42
68
175
Net impairment loss on financial
assets
18
17
51
39
Finance income
(54)
(38)
(156)
(70)
Gain on disposal of property, plant and
equipment
(4)
*
(9)
*
Restructuring costs
1
-
52
-
Share of loss of equity-accounted
investees (net of tax)
4
4
7
7
Change in provisions
*
(1)
-
*
29
(146)
(33)
(644)
Changes in:
- Inventories
(2)
4
2
11
- Deposits pledged
(6)
2
(16)
3
- Trade and other receivables
3
54
23
(48)
- Loan receivables in the Financial
Services segment
(53)
(2)
(119)
(68)
- Trade payables and other liabilities
23
25
(88)
(9)
- Deposits from customers in the banking
business
334
-
364
-
Cash from/(used in) operations
328
(63)
133
(755)
Income tax paid
(6)
(9)
(21)
(19)
Net cash from/(used in) operating
activities
322
(72)
112
(774)
Cash flows from investing
activities
Acquisition of property, plant and
equipment
(23)
(13)
(43)
(35)
Purchase of intangible assets
(8)
(1)
(26)
(8)
Proceeds from disposal of property, plant
and equipment
13
2
27
7
Acquisition of businesses, net of cash
acquired
-
(3)
-
(168)
Acquisition of additional interest in
associates and joint venture
-
(74)
-
(109)
Net proceeds from/ (acquisition of) other
investments
429
(86)
1,633
(1,121)
Interest received
57
15
131
32
Net cash from/(used in) investing
activities
468
(160)
1,722
(1,402)
Cash flows from financing
activities
Proceeds from share-based payment
arrangements
7
1
20
1
Payment of listing expenses
-
-
-
(39)
Proceeds from bank loans
38
23
88
88
Repayment of bank loans
(50)
(58)
(719)
(207)
Payment of lease liabilities
(10)
(8)
(30)
(24)
Acquisition of non-controlling interests
without change in control
-
-
(27)
-
Proceeds from subscription of shares in
subsidiaries by non-controlling interests without change in
control
9
29
10
29
Deposits pledged
4
(10)
2
(3)
Interest paid
(17)
(48)
(64)
(119)
Net cash used in financing
activities
(19)
(71)
(720)
(274)
Net increase/(decrease) in cash and
cash equivalents
771
(303)
1,114
(2,450)
Cash and cash equivalents at beginning of
the period
2,282
2,793
1,952
4,991
Effect of exchange rate fluctuations on
cash held
(35)
(43)
(48)
(94)
Cash and cash equivalents at end of the
period
3,018
2,447
3,018
2,447
* Amount less than $1 million
____________________ 1 Deliveries revenues benefited in Q3 2023
due to a business model change implemented in Q4 2022 for certain
delivery offerings in one of our markets from being an agent
arranging for delivery services provided by our driver-partners to
end-users, to being a principal whereby Grab is the delivery
service provider contractually responsible for the delivery
services provided to end-users. Assuming the change in business
model had occurred in 2022, Q3 2023 Group revenue growth would have
been 35% YoY. 2 On-Demand GMV is defined as the sum of Mobility and
Deliveries GMV. 3 We calculate constant currency by translating our
current period financial results using the corresponding prior
period’s monthly exchange rates for our transacted currencies other
than the U.S. dollar. 4 Regional corporate costs are costs that
have not been attributed to any of the business segments, including
certain costs of revenue, research and development expenses,
general and administrative expenses and marketing expenses. These
regional costs of revenue include cloud computing costs. These
regional research and development expenses also include mapping and
payment technologies and support and development of the internal
technology infrastructure. These general and administrative
expenses also include certain shared costs such as finance,
accounting, tax, human resources, technology and legal costs.
Regional corporate costs exclude share-based compensation expenses
and capitalized software costs. 5 Cash liquidity includes cash on
hand, time deposits, and marketable securities. 6 Net cash
liquidity includes cash liquidity less loans and borrowings. 7
Deliveries revenues benefited in Q3 2023 due to a business model
change implemented in Q4 2022 for certain delivery offerings in one
of our markets from being an agent arranging for delivery services
provided by our driver-partners to end-users, to being a principal
whereby Grab is the delivery service provider contractually
responsible for the delivery services provided to end-users.
Assuming the change in business model had occurred in 2022, Q3 2023
Deliveries revenue growth would have been 26% YoY. 8 Average
6-month retention rates of GrabUnlimited subscribers in Indonesia,
Malaysia, Philippines, Singapore and Thailand from April to
September 2023. 9 Earnings per transit hour across both Mobility
and Deliveries. 10 Surged Mobility rides are defined as completed
rides where demand exceeds supply in a specified region and/or
where pricing regulations adherence is required. 11 Total loans
outstanding include current and non-current loan receivables held
by Grab and GXS Singapore.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109083952/en/
For inquiries regarding Grab, please contact:
Media Grab: press@grab.com
Investors Grab: investor.relations@grab.com
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