Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited
financial results for the fourth quarter and full year ended
December 31, 2023.
“2023 was a pivotal year for us. We generated
over $11 billion of earnings1 for our partners, achieved strong
top-line growth as we exited the year with Mobility GMV above
pre-COVID levels and Deliveries GMV growth re-accelerating, while
also reaching Adjusted EBITDA profitability in the year,” said
Anthony Tan, Group Chief Executive Officer and Co-Founder
of Grab. “We will continue to execute towards sustainable
and profitable growth in 2024, as we deepen engagement with our
users through affordable and high value offerings, grow our
Financial Services business, while continuing to outserve our
driver- and merchant-partners.”
“We reported a strong set of results in the
fourth quarter, recording our eighth consecutive quarter of
Adjusted EBITDA improvements,” said Peter Oey, Chief
Financial Officer of Grab. “As we execute on our
strategies in 2024, we expect to drive continued improvements in
Adjusted EBITDA and Adjusted Free Cash Flow2. In the medium term,
we see between 100 to 200 basis points of upside to our Segment
Adjusted EBITDA margins for Deliveries, as we continue to drive
growth in On-Demand GMV3 and accelerate year-over-year revenue
growth rates beyond 2024. With our robust balance sheet position,
we are pleased to announce that our Board of Directors has
authorized our first share repurchase program of up to $500 million
and the repayment of the outstanding balance of our Term Loan
B.”
Group Fourth Quarter 2023 Key Operational and Financial
Highlights
| ($ in
millions,unless otherwise stated) |
Q4 2023 |
|
Q4 2022 |
|
YoY %Change |
YoY %Change(Constant
Currency4) |
| |
(unaudited) |
|
(unaudited) |
|
|
|
| Operating
metrics: |
|
|
|
|
|
|
|
GMV |
5,441 |
|
|
4,997 |
|
|
9 |
% |
8 |
% |
| On-Demand GMV3 |
4,122 |
|
|
3,499 |
|
|
18 |
% |
17 |
% |
| MTUs (millions of users) |
37.7 |
|
|
33.6 |
|
|
12 |
% |
|
| GMV per MTU ($) |
144 |
|
|
149 |
|
|
-3 |
% |
-3 |
% |
| Partner incentives |
172 |
|
|
174 |
|
|
-1 |
% |
|
| Consumer incentives |
225 |
|
|
238 |
|
|
-5 |
% |
|
| |
|
|
|
|
|
|
| Financial
measures: |
|
|
|
|
|
|
| Revenue |
653 |
|
|
502 |
|
|
30 |
% |
30 |
% |
| Profit/(Loss) for the
period |
11 |
|
|
(391 |
) |
|
NM |
|
| Total Segment Adjusted
EBITDA |
228 |
|
|
112 |
|
|
104 |
% |
|
| Adjusted EBITDA |
35 |
|
|
(111 |
) |
|
NM |
|
| Net cash used in operating
activities |
(26 |
) |
|
(23 |
) |
|
-9 |
% |
|
| Adjusted Free Cash Flow |
1 |
|
|
(32 |
) |
|
NM |
|
| |
|
|
|
|
|
|
|
|
- Revenue grew 30% year-over-year
(“YoY”) to $653 million in the fourth quarter of 2023, attributable
to revenue growth across all our segments and further reductions in
incentives.
- Total GMV grew 9% YoY, and 8% YoY
on a constant currency basis4, primarily attributed to growth in
Mobility and Deliveries GMV, with Group MTUs growing 12% YoY.
Notably, On-Demand GMV3 grew 18% YoY and 3% quarter-over-quarter
(“QoQ”).
- Foreign exchange currency
fluctuations negatively impacted our results during the quarter. On
a QoQ basis, Group revenue and GMV grew 6% and 2% respectively, and
9% and 4% on a constant currency basis, respectively.
- During the quarter, total
incentives were further reduced to 7.3% of GMV, compared to 8.2%
for the same period in 2022 as we continued to improve the health
of our marketplace.
- Profit for the quarter was $11
million compared to a net loss of $391 million in the prior year
period, primarily due to the improvement in Group Adjusted EBITDA,
fair value changes in investments, and lowered share-based
compensation expenses. The profit in the fourth quarter also
benefited from the reversal of an accounting accrual no longer
required.
- Group Adjusted EBITDA was $35
million for the quarter compared to negative $111 million for the
same period in 2022 as we continued to grow GMV, while improving
profitability on a Segment Adjusted EBITDA basis and lowering our
regional corporate costs5.
- Group Adjusted EBITDA margin was
0.6% for the quarter, an improvement from (2.2)% in the fourth
quarter of 2022 and from 0.5% in the third quarter of
2023.
- Regional corporate costs for the
quarter were $193 million, improving from $223 million in the same
period a year ago.
- Cash liquidity6 totaled $6.0
billion at the end of the fourth quarter, compared to $5.9 billion
at the end of the prior quarter. Our net cash liquidity7 was $5.2
billion at the end of the fourth quarter, unchanged from $5.2
billion in the prior quarter.
- Net cash used in operating
activities was $26 million in the fourth quarter of 2023 compared
to $23 million in the same period in 2022, primarily driven by an
increase in income taxes paid which was partially offset by an
improvement in cash used in operations.
- Adjusted Free Cash Flow was $1
million in the fourth quarter of 2023, with improving Adjusted
EBITDA offsetting working capital changes, capital expenditures and
other operating cash expenses. Adjusted Free Cash Flow is defined
as net cash flows from operating activities less capital
expenditures, excluding changes in working capital related to loans
and advances to customers, and deposits from the digital banking
business.
Group Full Year 2023 Key Operational and Financial
Highlights
| ($ in millions,unless otherwise
stated) |
FY
2023 |
|
FY
2022 |
|
YoY
%Change |
YoY
%Change(Constant Currency) |
| |
(unaudited) |
|
(unaudited) |
|
|
|
| Operating
metrics: |
|
|
|
|
|
|
|
GMV |
20,983 |
|
|
19,937 |
|
|
5 |
% |
7 |
% |
| On-Demand GMV3 |
15,592 |
|
|
13,930 |
|
|
12 |
% |
14 |
% |
| MTUs (millions of users) |
35.5 |
|
|
32.7 |
|
|
8 |
% |
|
| GMV per MTU ($) |
592 |
|
|
610 |
|
|
-3 |
% |
-1 |
% |
| Partner incentives |
682 |
|
|
801 |
|
|
-15 |
% |
|
| Consumer incentives |
907 |
|
|
1,169 |
|
|
-22 |
% |
|
| |
|
|
|
|
|
|
| Financial
measures: |
|
|
|
|
|
|
| Revenue8 |
2,359 |
|
|
1,433 |
|
|
65 |
% |
67 |
% |
| Loss for the year |
(485 |
) |
|
(1,740 |
) |
|
72 |
% |
|
| Total Segment Adjusted
EBITDA |
771 |
|
|
65 |
|
|
NM |
|
| Adjusted EBITDA |
(22 |
) |
|
(793 |
) |
|
97 |
% |
|
| Net cash from/(used in)
operating activities |
86 |
|
|
(798 |
) |
|
NM |
|
| Adjusted Free Cash Flow |
(234 |
) |
|
(825 |
) |
|
72 |
% |
|
| |
|
|
|
|
|
|
|
|
|
- Revenue for the full year grew 65%
YoY, or 67% YoY on a constant currency basis, to $2,359 million,
above our guidance of $2.31 billion to $2.33 billion. Growth was
attributed to growth across all our segments, continued incentive
optimization and a change in business model for certain delivery
offerings in one of our markets8. Assuming the change in business
model had occurred in 2022, full year 2023 Group revenue growth
would have been 40% YoY and Deliveries revenue growth would have
been 30% YoY.
- Full year Group GMV grew 5% YoY, or
7% YoY on a constant currency basis to $20,983 million, driven by
continued growth in Mobility and Deliveries. On-Demand GMV grew 12%
YoY, or 14% YoY on a constant currency basis to $15,592
million.
- Loss for the year was $485 million,
a 72% improvement YoY, primarily due to the improvements in Group
Adjusted EBITDA, reduction in fair value losses on investments, and
lower interest expenses and share-based compensation expenses.
Non-cash expenses included $304 million in share-based compensation
expenses, $145 million of depreciation and amortization and $38
million in fair value changes on investments.
- Full year Group Adjusted EBITDA was
negative $22 million, an improvement of 97% compared to negative
$793 million in 2022, and performed in line with our guidance of
negative $25 million to negative $20 million.
- Net cash from operating activities
was $86 million in 2023 as compared to net cash used in operating
activities of $798 million in 2022, with the improvement driven by
a decline in loss before income tax, as well as an increase in
deposits from customers in the banking business.
- Adjusted Free Cash Flow2 was
negative $234 million in 2023, compared to negative $825 million in
2022, mainly driven by improvements in net cash from operating
activities.
Business Outlook
|
Financial Measure |
Guidance |
| FY 2024 |
|
|
Revenue |
$2.70 billion - $2.75 billion14% - 17% YoY |
|
Adjusted EBITDA |
$180 million - $200 million |
|
|
|
The guidance represents our expectations as of
the date of this press release, and may be subject to
change.
Segment Financial and Operational
Highlights
Deliveries
|
($ in millions,unless otherwise
stated) |
Q4 2023 |
|
Q4 2022 |
|
YoY %Change |
YoY %Change |
FY 2023 |
|
FY 2022 |
|
YoY %Change |
YoY %Change |
| |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
| Operating
metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GMV |
2,648 |
|
2,350 |
|
13 |
% |
12 |
% |
10,173 |
|
9,827 |
|
|
4 |
% |
5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
measures: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue8 |
321 |
|
268 |
|
20 |
% |
21 |
% |
1,194 |
|
663 |
|
|
80 |
% |
85 |
% |
| Segment Adjusted EBITDA |
96 |
|
47 |
|
107 |
% |
|
313 |
|
(35 |
) |
|
NM |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Deliveries revenue grew to $321
million in the fourth quarter 2023 from $268 million in the same
period in 2022, and by 80% YoY for the full year 2023. The strong
growth was primarily attributed to a reduction in incentives as a
percentage of GMV, GMV growth, and a change in business model of
certain Deliveries offerings in one of our markets. Assuming the
change in business model had occurred in 2022, full year 2023
Deliveries revenue growth would have been 30% YoY.
- Deliveries GMV grew 13% YoY, or 12%
YoY on a constant currency basis to $2,648 million in the fourth
quarter of 2023, underpinned by an increase in spend per user, and
growth in Deliveries MTUs which reached an all-time high during the
quarter. On a full year basis, Deliveries GMV grew 4% YoY, and 5%
YoY on a constant currency basis.
- In 2023, we continued to drive
greater affordability of our services, and increased adoption rates
of Saver deliveries, which offers users a lower delivery charge, in
exchange for a longer delivery time, and improving batching rates.
In the fourth quarter 2023, Saver deliveries now account for 23% of
Deliveries transactions, and Saver users had average order
frequencies in Food Deliveries that were 1.6x higher than users who
have never used Saver.
- Deliveries segment adjusted EBITDA
as a percentage of GMV expanded to 3.6% in the fourth quarter of
2023 from 2.0% in the same period in 2022. For the full year 2023,
Deliveries segment adjusted EBITDA was $313 million, improving from
negative $35 million in 2022, amid further optimization of
incentives spend, improved operational efficiencies and GMV
growth.
Mobility
|
($ in millions,unless otherwise
stated) |
Q4 2023 |
|
Q4 2022 |
|
YoY %Change |
YoY %Change |
FY 2023 |
|
FY 2022 |
|
YoY %Change |
YoY %Change |
| |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
| Operating
metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GMV |
1,474 |
|
1,149 |
|
28 |
% |
27 |
% |
5,419 |
|
4,103 |
|
32 |
% |
33 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
measures: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
237 |
|
189 |
|
26 |
% |
24 |
% |
869 |
|
639 |
|
36 |
% |
37 |
% |
| Segment Adjusted EBITDA |
182 |
|
152 |
|
20 |
% |
|
676 |
|
494 |
|
37 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Mobility revenues grew strongly and
rose 26% YoY, or 24% YoY on a constant currency basis, in the
fourth quarter 2023, and grew by 36% YoY, or 37% YoY on a constant
currency basis, for the full year 2023. The growth was mainly
attributed to our efforts to improve supply across the region,
which enabled us to capture the increase in tourism ride-hailing
demand, and the growth in domestic demand.
- Mobility GMV rose 28% YoY, or 27%
YoY on a constant currency basis, during the quarter and grew 32%
YoY, or 33% YoY on a constant currency basis, on a full year basis.
Growth during the quarter was mainly driven by an increase in
Mobility MTUs and average order frequency.
- Mobility segment adjusted EBITDA as
a percentage of GMV was 12.3% in the fourth quarter of 2023 and
12.5% for full year 2023.
- During the quarter, we continued to
optimize our existing driver supply and enhance driver efficiency
to meet the strong demand growth levels. In the fourth quarter of
2023, monthly active driver supply increased by 11% YoY, while
earnings per transit hour9 of driver-partners on our platform
increased 14% YoY. Our efforts to improve supply have resulted in
surged Mobility rides10 as a proportion of total rides reducing by
6% YoY.
Financial Services
|
($ in millions,unless otherwise
stated) |
Q4 2023 |
|
Q4 2022 |
|
YoY %Change |
YoY %Change |
FY 2023 |
|
FY 2022 |
|
YoY %Change |
YoY %Change |
| |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
| Operating
metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Interco Total Payment Volume (TPV) |
3,957 |
|
|
3,744 |
|
|
6 |
% |
5 |
% |
15,342 |
|
|
14,954 |
|
|
3 |
% |
4 |
% |
| GMV |
1,255 |
|
|
1,452 |
|
|
-14 |
% |
-13 |
% |
5,185 |
|
|
5,809 |
|
|
-11 |
% |
-9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
measures: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
56 |
|
|
28 |
|
|
102 |
% |
100 |
% |
184 |
|
|
71 |
|
|
159 |
% |
162 |
% |
| Segment Adjusted EBITDA |
(81 |
) |
|
(93 |
) |
|
13 |
% |
|
(294 |
) |
|
(415 |
) |
|
29 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Revenue for Financial Services
doubled to $56 million in the fourth quarter 2023, from $28 million
in the same period in 2022, and grew by 159% YoY or 162% YoY on a
constant currency basis for the full year 2023. The strong YoY
growth was primarily attributed to improved monetization of our
payments business, higher contributions from our lending business,
and lowered incentive spend.
- Financial Services GMV declined 14%
YoY during the quarter, or 13% YoY on a constant currency basis,
and by 11% YoY or 9% YoY on a constant currency basis for the full
year, consistent with our focus on driving ecosystem transactions.
- Segment adjusted EBITDA for the
quarter improved 13% YoY, and 29% YoY for the full year, as we
further streamlined overhead expenses in our GrabFin cost base to
achieve operational efficiencies. Cost of Funds, a variable cost
that supports the payment platform, was higher YoY due to increased
transaction volumes. Cost of Funds represented 26% and 29% of our
Financial Services segment cost structure in the fourth quarter and
full year 2023, respectively. Segment adjusted EBITDA declined QoQ
to negative $81 million, mainly attributed to the launch of our
digibank in Malaysia, GX Bank Berhad (GXBank), while costs in
GrabFin remained stable despite the increased Cost of Funds
expenses associated with the growth in On-Demand
transactions.
- Loans disbursed to our ecosystem
partners continued to grow. For the full year 2023, total loan
disbursements grew 57% YoY to reach $1.5 billion, while total loans
outstanding11 amounted to $326 million as of December 31, 2023.
Customer deposits in GXS Bank and GXBank, our digital banks in
Singapore and Malaysia respectively, stood at $374 million as of
December 31, 2023.
- In November 2023, GXBank was the
first Digibank to launch in Malaysia. In the span of two weeks
following the launch, over 100,000 depositors opened an account
with GXBank, with 79% of GXBank depositors being existing Grab
users.
Enterprise and New
Initiatives
|
($ in millions,unless otherwise
stated) |
Q4 2023 |
|
Q4 2022 |
|
YoY %Change |
YoY %Change |
FY 2023 |
|
FY 2022 |
|
YoY %Change |
YoY %Change |
| |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
(unaudited) |
|
(unaudited) |
|
|
(constant currency) |
| Operating
metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GMV |
64 |
|
46 |
|
40 |
% |
40 |
% |
206 |
|
198 |
|
4 |
% |
6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
measures: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
39 |
|
17 |
|
124 |
% |
122 |
% |
112 |
|
60 |
|
86 |
% |
87 |
% |
| Segment Adjusted EBITDA |
31 |
|
6 |
|
378 |
% |
|
76 |
|
21 |
|
267 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Revenue from Enterprise and New
Initiatives grew 124% YoY, or 122% YoY on a constant currency basis
for the fourth quarter 2023, and by 86% YoY, or 87% YoY on a
constant currency basis for the full year 2023, mainly driven by
growing contributions from Advertising. During the fourth quarter,
the total number of monthly active advertisers who joined our
self-serve platform increased 54% YoY while average spend by
monthly active advertisers on our platform increased 129% YoY, as
we continued to deepen Advertising penetration among our
merchant-partners.
- Segment adjusted EBITDA grew by
378% YoY in the fourth quarter 2023, and by 267% YoY for the full
year, primarily attributed to the increase in revenue.
Other Events
- Grab’s Board of Directors has
authorized a share repurchase program, under which Grab may
repurchase up to $500 million worth of its outstanding Class A
ordinary shares. The proposed repurchases may be made from time to
time through open market transactions at prevailing market prices,
privately negotiated transactions, block trades and/or through
other legally permissible means, or any combination thereof,
depending on market conditions and the trading price of the
Company’s Class A ordinary shares, among other factors, and in
accordance with applicable rules and regulations. The Company's
Board of Directors will review the share repurchase program
periodically, and may amend the terms and size of the program. The
Company intends to fund the repurchases with excess cash after
allocating and potentially allocating for investments to drive
growth. The share repurchase program does not obligate the Company
to acquire any particular amount of Class A ordinary shares.
- Grab’s Board of Directors has also
approved the full repayment of our outstanding Term Loan B. This
loan facility was issued in January 2021, with a five-year tenor
and a principal amount of $2 billion. As of December 31, 2023, $497
million in principal amount and accrued interest was outstanding
under our Term Loan B. The repayment is expected to create
significant interest expense savings.
A Note on our Financial Reporting going
forward
- Beginning with our First Quarter
2024 earnings release, we will discontinue the reporting of GMV for
our Financial Services segment, consistent with our strategic focus
on ecosystem transactions and lending for GrabFin and our digital
banks, and we will limit our GMV reporting to our On-Demand
businesses. We also intend to report results under four segments of
Mobility, Deliveries, Financial Services and Others. These
reporting changes reflect a change in how we plan to evaluate the
performance of our businesses, and to enhance comparability to the
reporting of our peers. As part of that initiative, we will
attribute a portion of the cost of funds in our Financial Services
segment to the Mobility and Deliveries segments where such cost of
funds is attributable to a Mobility and Deliveries transaction,
allocate a portion of the regional corporate costs to the segments
where such costs can be directly attributed to supporting those
segments, while allocating Advertising contributions to the
Mobility, Deliveries, and Financial Services segments where such
contributions can be attributed to the respective segments. We will
share additional details about these changes during our First
Quarter 2024 earnings call.
About Grab
Grab is a leading superapp in Southeast Asia,
operating across the deliveries, mobility and digital financial
services sectors. Serving over 500 cities in eight Southeast Asian
countries – Cambodia, Indonesia, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam – Grab enables
millions of people everyday 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 twelve months ended December 31, 2023 and 2022
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.
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,
Adjusted EBITDA margin and Adjusted Free Cash Flow. Grab uses
Adjusted EBITDA, Segment Adjusted EBITDA, Total Segment Adjusted
EBITDA and Adjusted EBITDA margin 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. Adjusted Free Cash
Flow excludes the effects of the movement in working capital for
our lending and digital banking deposit activities. Grab has
recently begun using Adjusted Free Cash Flow to monitor business
performance and assess its cash flow activity other than its
lending and digital banking deposit activities, and Grab’s
management believes that the additional disclosure serves as a
useful indicator for comparison with the cash flow reporting of
certain of its peers. 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 profit (loss) for the period
adjusted to exclude: (i) net interest income (expenses), (ii) net
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.
- 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.
- Adjusted Free Cash Flow is a
non-IFRS financial measure, defined as net cash flows from
operating activities less capital expenditures, excluding changes
in working capital related to loans and advances to customers, and
deposits from the digital banking business.
| |
Three months endedDecember
31, |
For the year endedDecember
31, |
|
|
2023 |
2022 |
2023 |
2022 |
| ($ in millions, unless
otherwise stated) |
$ |
$ |
$ |
$ |
|
Profit/(Loss) for the period |
11 |
|
(391 |
) |
(485 |
) |
(1,740 |
) |
| |
|
|
|
|
| Net interest
(income)/expenses |
(35 |
) |
5 |
|
(98 |
) |
57 |
|
| Net other income |
(25 |
) |
(6 |
) |
(8 |
) |
(7 |
) |
| Income tax
(credit)/expenses |
(4 |
) |
* |
19 |
|
6 |
|
| Depreciation and
amortization |
37 |
|
40 |
|
145 |
|
150 |
|
| Share-based compensation
expenses |
66 |
|
90 |
|
304 |
|
412 |
|
| Unrealized foreign exchange
loss/(gain) |
11 |
|
12 |
|
(2 |
) |
2 |
|
| Impairment losses on goodwill
and non-financial assets |
* |
3 |
|
* |
5 |
|
| Fair value changes on
investments |
(30 |
) |
119 |
|
38 |
|
294 |
|
| Restructuring costs |
3 |
|
4 |
|
56 |
|
8 |
|
| Legal, tax and regulatory
settlement provisions |
1 |
|
13 |
|
9 |
|
20 |
|
| Adjusted
EBITDA |
35 |
|
(111 |
) |
(22 |
) |
(793 |
) |
| Regional corporate costs |
193 |
|
223 |
|
793 |
|
858 |
|
| Total Segment Adjusted
EBITDA |
228 |
|
112 |
|
771 |
|
65 |
|
| |
|
|
|
|
| Segment Adjusted EBITDA |
|
|
|
|
| Deliveries |
96 |
|
47 |
|
313 |
|
(35 |
) |
| Mobility |
182 |
|
152 |
|
676 |
|
494 |
|
| Financial services |
(81 |
) |
(93 |
) |
(294 |
) |
(415 |
) |
| Enterprise and new
initiatives |
31 |
|
6 |
|
76 |
|
21 |
|
| Total Segment Adjusted
EBITDA |
228 |
|
112 |
|
771 |
|
65 |
|
* Amount less than $1 million
| |
Three months endedDecember
31, |
For the year endedDecember
31, |
|
|
2023 |
2022 |
2023 |
2022 |
| ($ in millions, unless
otherwise stated) |
$ |
$ |
$ |
$ |
|
Net cash (used in)/from operating activities |
(26 |
) |
(23 |
) |
86 |
|
(798 |
) |
| Less: Capital
expenditures |
(38 |
) |
(47 |
) |
(140 |
) |
(134 |
) |
| Free Cash
Flow |
(64 |
) |
(70 |
) |
(54 |
) |
(932 |
) |
| |
|
|
|
|
| Changes
in: |
|
|
|
|
| - Loan receivables in the
financial services segment |
65 |
|
41 |
|
184 |
|
110 |
|
| - Deposits from customers in
the banking business |
* |
(3 |
) |
(364 |
) |
(3 |
) |
| |
|
|
|
|
| Adjusted Free Cash
Flow |
1 |
|
(32 |
) |
(234 |
) |
(825 |
) |
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 MetricsGross
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
or utilized 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 from 2023,
MTUs additionally include the monthly number of unique users who
transact with Grab offline while recording their Jaya Grocer
loyalty points on Grab's apps. Starting from the fourth quarter of
2023, MTUs additionally include the monthly number of unique users
who transact via Grab’s apps (including OVO) through group orders.
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 DataThis
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 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 endedDecember
31, |
For the year endedDecember
31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| ($ in millions, except for
share amounts which are reflected in thousands and per share
data) |
$ |
$ |
$ |
$ |
| Revenue |
|
653 |
|
|
502 |
|
|
2,359 |
|
|
1,433 |
|
| Cost of revenue |
|
(377 |
) |
|
(388 |
) |
|
(1,499 |
) |
|
(1,356 |
) |
| Other income |
|
5 |
|
|
9 |
|
|
17 |
|
|
17 |
|
| Sales and marketing
expenses |
|
(84 |
) |
|
(70 |
) |
|
(293 |
) |
|
(278 |
) |
| General and administrative
expenses |
|
(136 |
) |
|
(166 |
) |
|
(550 |
) |
|
(646 |
) |
| Research and development
expenses |
|
(103 |
) |
|
(110 |
) |
|
(421 |
) |
|
(465 |
) |
| Restructuring costs |
|
(3 |
) |
|
(4 |
) |
|
(56 |
) |
|
(8 |
) |
| Net impairment losses on
financial assets |
|
(21 |
) |
|
(19 |
) |
|
(72 |
) |
|
(58 |
) |
| Other income/(expenses) |
|
20 |
|
|
(9 |
) |
|
(4 |
) |
|
(12 |
) |
| Operating
loss |
|
(46 |
) |
|
(255 |
) |
|
(519 |
) |
|
(1,373 |
) |
| Finance income |
|
42 |
|
|
38 |
|
|
198 |
|
|
107 |
|
| Finance costs |
|
(17 |
) |
|
(54 |
) |
|
(99 |
) |
|
(166 |
) |
| Net change in fair value of
financial assets and liabilities |
|
29 |
|
|
(119 |
) |
|
(39 |
) |
|
(294 |
) |
| Net finance
income/(costs) |
|
54 |
|
|
(135 |
) |
|
60 |
|
|
(353 |
) |
| Share of loss of
equity-accounted investees (net of tax) |
|
(1 |
) |
|
(1 |
) |
|
(7 |
) |
|
(8 |
) |
| Profit/(Loss) before
income tax |
|
7 |
|
|
(391 |
) |
|
(466 |
) |
|
(1,734 |
) |
| Income tax
credit/(expense) |
|
4 |
|
* |
|
(19 |
) |
|
(6 |
) |
| Profit/(Loss) for the
period |
|
11 |
|
|
(391 |
) |
|
(485 |
) |
|
(1,740 |
) |
| |
|
|
|
|
| Items that will not be
reclassified to profit or loss: |
|
|
|
|
| Defined benefit plan
remeasurements |
|
1 |
|
|
2 |
|
|
2 |
|
|
2 |
|
| Investments and put
liabilities at FVOCI – net change in fair value |
|
(9 |
) |
|
(2 |
) |
|
(24 |
) |
|
(3 |
) |
| Items that are or may
be reclassified subsequently to profit or loss: |
|
|
|
|
| Foreign currency translation
differences – foreign operations |
|
60 |
|
|
64 |
|
|
7 |
|
|
(42 |
) |
| Other comprehensive
income/(loss) for the period,net of
tax |
|
52 |
|
|
64 |
|
|
(15 |
) |
|
(43 |
) |
| |
|
|
|
|
| Total comprehensive
income/(loss) for the period |
|
63 |
|
|
(327 |
) |
|
(500 |
) |
|
(1,783 |
) |
| |
|
|
|
|
| Profit/(Loss)
attributable to: |
|
|
|
|
| Owners of the Company |
|
35 |
|
|
(386 |
) |
|
(434 |
) |
|
(1,683 |
) |
| Non-controlling interests |
|
(24 |
) |
|
(5 |
) |
|
(51 |
) |
|
(57 |
) |
| Profit/(Loss) for the
period |
|
11 |
|
|
(391 |
) |
|
(485 |
) |
|
(1,740 |
) |
| |
|
|
|
|
| Total comprehensive
income/(loss) attributable to: |
|
|
|
|
| Owners of the Company |
|
77 |
|
|
(327 |
) |
|
(448 |
) |
|
(1,729 |
) |
| Non-controlling interests |
|
(14 |
) |
* |
|
(52 |
) |
|
(54 |
) |
| Total comprehensive
income/(loss) for the period |
|
63 |
|
|
(327 |
) |
|
(500 |
) |
|
(1,783 |
) |
| |
|
|
|
|
| Earnings/(Loss) per
share: |
|
|
|
|
| Basic |
$ |
0.01 |
|
$ |
(0.10 |
) |
$ |
(0.11 |
) |
$ |
(0.44 |
) |
| Diluted |
$ |
0.01 |
|
$ |
(0.10 |
) |
$ |
(0.11 |
) |
$ |
(0.44 |
) |
| |
|
|
|
|
| Weighted-average
ordinary shares outstanding: |
|
|
|
|
| Basic |
|
3,916,321 |
|
|
3,837,981 |
|
|
3,894,724 |
|
|
3,814,492 |
|
| Diluted |
|
3,916,321 |
|
|
3,837,981 |
|
|
3,894,724 |
|
|
3,814,492 |
|
* Amount less than $1 million
As we incurred net losses for the years ended
December 31, 2023 and 2022, basic loss per share was the same as
diluted loss per share.
The number of outstanding Class A and Class B
ordinary shares was 3,813 million and 110 million, respectively,
for the year ended December 31, 2023, and 3,736 million and 104
million, respectively, for the year ended December 31, 2022. 343
million and 359 million potentially dilutive outstanding securities
were excluded from the computation of diluted loss per ordinary
share because their effects would have been antidilutive for the
years ended December 31, 2023 and 2022, respectively, or issuance
of such shares is contingent upon the satisfaction of certain
conditions which were not satisfied by the end of the period.
|
Condensed consolidated statement of financial
position |
| |
|
|
| |
December 31,2023 |
December 31,2022 |
| ($ in millions, unless
otherwise stated) |
$ |
$ |
| Non-current
assets |
|
|
|
Property, plant, and equipment |
512 |
|
492 |
|
| Intangible assets and
goodwill |
916 |
|
904 |
|
| Associates and joint
venture |
102 |
|
107 |
|
| Deferred tax assets |
56 |
|
20 |
|
| Other investments |
1,188 |
|
1,742 |
|
| Loan receivables in the
Financial Services segment |
54 |
|
- |
|
| Prepayments and other
assets |
196 |
|
217 |
|
| |
3,024 |
|
3,482 |
|
| Current
assets |
|
|
| Inventories |
49 |
|
48 |
|
| Trade and other
receivables |
196 |
|
187 |
|
| Loan receivables in the
financial services segment |
272 |
|
185 |
|
| Prepayments and other
assets |
208 |
|
182 |
|
| Other investments |
1,905 |
|
3,134 |
|
| Cash and cash equivalents |
3,138 |
|
1,952 |
|
| |
5,768 |
|
5,688 |
|
| Total
assets |
8,792 |
|
9,170 |
|
| Equity |
|
|
| Share capital and share
premium |
22,669 |
|
22,278 |
|
| Reserves |
544 |
|
602 |
|
| Accumulated losses |
(16,764 |
) |
(16,277 |
) |
| Equity attributable to owners
of the Company |
6,449 |
|
6,603 |
|
| Non-controlling interests |
19 |
|
54 |
|
| Total
equity |
6,468 |
|
6,657 |
|
| |
|
|
| Non-current
liabilities |
|
|
| Loans and borrowings |
668 |
|
1,248 |
|
| Provisions |
18 |
|
18 |
|
| Other liabilities |
140 |
|
132 |
|
| Deferred tax liabilities |
20 |
|
18 |
|
| |
846 |
|
1,416 |
|
| Current
liabilities |
|
|
| Loans and borrowings |
125 |
|
117 |
|
| Provisions |
39 |
|
38 |
|
| Trade and other payables |
925 |
|
930 |
|
| Deposits from customers in the
banking business |
374 |
|
3 |
|
| Current tax liabilities |
15 |
|
9 |
|
| |
1,478 |
|
1,097 |
|
| Total
liabilities |
2,324 |
|
2,513 |
|
| Total equity and
liabilities |
8,792 |
|
9,170 |
|
|
Condensed consolidated statement of cash flow |
|
|
| |
|
|
| |
Three months endedDecember
31, |
For the year endedDecember
31, |
|
|
2023 |
2022 |
2023 |
2022 |
| ($ in millions, unless
otherwise stated) |
$ |
$ |
$ |
$ |
| Cash flows from
operating activities |
|
|
|
|
|
Profit/(Loss) before income tax |
7 |
|
(391 |
) |
(466 |
) |
(1,734 |
) |
| Adjustments for: |
|
|
|
|
| Amortization of intangible
assets |
4 |
|
6 |
|
17 |
|
21 |
|
| Depreciation of property,
plant and equipment |
33 |
|
33 |
|
128 |
|
129 |
|
| Impairment of intangible
assets and goodwill |
- |
|
3 |
|
- |
|
3 |
|
| Impairment of property, plant
and equipment |
* |
* |
* |
3 |
|
| Equity-settled share-based
payments |
66 |
|
90 |
|
304 |
|
412 |
|
| Finance costs |
17 |
|
54 |
|
99 |
|
166 |
|
| Net change in fair value of
financial assets and liabilities |
(29 |
) |
119 |
|
39 |
|
294 |
|
| Net impairment loss on
financial assets |
21 |
|
19 |
|
71 |
|
58 |
|
| Finance income |
(42 |
) |
(37 |
) |
(198 |
) |
(107 |
) |
| Gain on disposal of property,
plant and equipment |
(2 |
) |
(3 |
) |
(11 |
) |
(3 |
) |
| Gain on disposal of
subsidiary |
- |
|
(2 |
) |
- |
|
(2 |
) |
| Share of loss of
equity-accounted investees(net of tax) |
1 |
|
1 |
|
7 |
|
8 |
|
| Change in provisions |
* |
3 |
|
1 |
|
3 |
|
| |
76 |
|
(105 |
) |
(9 |
) |
(749 |
) |
| Changes in: |
|
|
|
|
| - Inventories |
(3 |
) |
(6 |
) |
(1 |
) |
6 |
|
| - Deposits pledged |
(6 |
) |
(3 |
) |
(22 |
) |
* |
| - Trade and other
receivables |
(33 |
) |
(3 |
) |
(10 |
) |
(51 |
) |
| - Loan receivables in the
financial services segment |
(65 |
) |
(41 |
) |
(184 |
) |
(110 |
) |
| - Trade and other
payables |
29 |
|
138 |
|
(7 |
) |
129 |
|
| - Deposits from customers in
the banking business |
* |
3 |
|
364 |
|
3 |
|
| Cash (used in)/from
operations |
(2 |
) |
(17 |
) |
131 |
|
(772 |
) |
| Income tax paid |
(24 |
) |
(6 |
) |
(45 |
) |
(26 |
) |
| Net cash (used
in)/from operating activities |
(26 |
) |
(23 |
) |
86 |
|
(798 |
) |
| |
|
|
|
|
| Cash flows from
investing activities |
|
|
|
|
| Acquisition of property, plant
and equipment |
(28 |
) |
(24 |
) |
(71 |
) |
(58 |
) |
| Purchase of intangible
assets |
- |
|
(8 |
) |
(21 |
) |
(16 |
) |
| Proceeds from disposal of
property, plant and equipment |
2 |
|
5 |
|
28 |
|
12 |
|
| Acquisition of additional
interests in associate |
- |
|
- |
|
- |
|
(109 |
) |
| Proceeds from disposal of
associate |
- |
|
3 |
|
- |
|
3 |
|
| Acquisition of subsidiaries
with non-controlling interests, net of cash acquired, and loan
receivables |
- |
|
(98 |
) |
- |
|
(266 |
) |
| Net proceeds from/(acquisition
of) other investments |
119 |
|
438 |
|
1,752 |
|
(683 |
) |
| Interest received |
52 |
|
23 |
|
183 |
|
55 |
|
| Net cash from/(used
in) investing activities |
145 |
|
339 |
|
1,871 |
|
(1,062 |
) |
| |
|
|
|
|
| Cash flows from
financing activities |
|
|
|
|
| Proceeds from share-based
payment arrangements |
1 |
|
8 |
|
16 |
|
8 |
|
| Payment of listing
expenses |
- |
|
- |
|
- |
|
(39 |
) |
| Proceeds from bank loans |
28 |
|
21 |
|
116 |
|
109 |
|
| Repayment of bank loans |
(46 |
) |
(813 |
) |
(765 |
) |
(1,019 |
) |
| Payment of lease
liabilities |
(9 |
) |
(12 |
) |
(39 |
) |
(35 |
) |
| Acquisition of non-controlling
interests without change in control |
- |
|
(15 |
) |
(27 |
) |
(15 |
) |
| Proceeds from subscription of
shares in subsidiaries by non-controlling interests without change
in control |
- |
|
3 |
|
10 |
|
32 |
|
| Deposits pledged |
(4 |
) |
* |
(1 |
) |
(3 |
) |
| Interest paid |
(16 |
) |
(40 |
) |
(80 |
) |
(160 |
) |
| Net cash used in
financing activities |
(46 |
) |
(848 |
) |
(770 |
) |
(1,122 |
) |
| |
|
|
|
|
| Net
increase/(decrease) in cash and cash equivalents |
73 |
|
(532 |
) |
1,187 |
|
(2,982 |
) |
| Cash and cash equivalents at
beginning of the period |
3,018 |
|
2,447 |
|
1,952 |
|
4,991 |
|
| Effect of exchange rate
fluctuations on cash held |
47 |
|
37 |
|
(1 |
) |
(57 |
) |
| Cash and cash
equivalents at end of the period |
3,138 |
|
1,952 |
|
3,138 |
|
1,952 |
|
* Amount less than $1 million
For inquiries regarding Grab, please
contact:
MediaGrab: press@grab.com
InvestorsGrab:
investor.relations@grab.com
Source: Grab Holdings Limited
______________________________
1Includes earnings by driver-partners and
merchant-partners. ‘Driver-partner earnings’ is defined as the
fare, bonuses, tips and fees, net of commission. ‘Merchant-partner
earnings’ is defined as the total order bill, including taxes
charged by the restaurant/merchant net of commission, advertising
spend with Grab, and promotion costs.2Adjusted Free Cash Flow is a
non-IFRS financial measure, defined as net cash flows from
operating activities less capital expenditures, excluding changes
in working capital related to loans and advances to customers, and
deposits from the digital banking business. For a reconciliation to
the most directly comparable IFRS measure, see the section titled
"Non-IFRS Financial Measures.”3 On-Demand GMV is defined as the sum
of Mobility and Deliveries GMV.4 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.5 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.6 Cash
liquidity includes cash on hand, time deposits, marketable
securities and restricted cash.7 Net cash liquidity includes cash
liquidity less loans and borrowings.8 Deliveries revenue benefited
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, 2023 Group revenue growth would have
been 40% YoY and Deliveries revenue growth would have been 30%
YoY.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.
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