Grab Holdings Ltd 6-K, filed May 16, 2024
Grab Holdings Ltd (GRAB)
About this 6-K
Grab Holdings Ltd filed this 6-K on May 16, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number: 001-41110
GRAB HOLDINGS LIMITED
3 Media Close, #01-03/06
Singapore 138498
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Incorporation by Reference
This Report on Form 6-K, including all exhibits hereto, shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration Nos. 333-261949 and 333-264872) of Grab Holdings Limited (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
Exhibit |
Description of Exhibit |
99.1 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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GRAB HOLDINGS LIMITED |
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By: |
/s/ Peter Oey____ |
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Date: May 16, 2024 |
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Name: Peter Oey |
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Title: Chief Financial Officer |
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Exhibit 99.1
Grab Reports First Quarter 2024 Results
Changes to Segment Reporting
Beginning with the first quarter 2024, Grab made a number of reporting changes to align with changes in how we are managing and evaluating the performance of our business and to facilitate comparison with our industry peers.
As part of the segment reporting changes, we have discontinued 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 limit our GMV reporting to our On-Demand businesses. Additionally, Advertising contributions previously reported within the Enterprise and New Initiatives segment are now reported in the respective Mobility, Deliveries and Financial Services segments in accordance with the relevant Advertising products. Other reporting changes made include a portion of payment transaction revenues and transaction costs (which we refer to as the net cost of funds) and other relevant support costs previously reported in our Financial Services segment that relate to Mobility and Deliveries transactions now being allocated to the respective Mobility and Deliveries segments. Selected regional corporate costs that support our Mobility, Deliveries and Financial Services segments are now also allocated to these respective segments. After the aforementioned reporting updates are made, Grab’s four reporting segments include: Deliveries, Mobility, Financial Services, and Others.
We have provided certain unaudited historical financial data that is on a basis consistent with our revised segment structure in the section headed “Segment Reporting Changes” below. These reporting changes only affect segment allocation of our financial results and do not revise or restate our previously reported consolidated financial statements.
Group First Quarter 2024 Key Operational and Financial Highlights1
($ in millions, unless otherwise stated) |
Q1 2024 |
Q1 2023 |
YoY % Change |
YoY % Change |
|
(unaudited) |
(unaudited) |
|
(constant currency4) |
Operating metrics: |
|
|
|
|
On-Demand GMV2 |
4,242 |
3,600 |
18% |
21% |
Group MTUs (millions of users) |
38.5 |
33.3 |
16% |
|
On-Demand MTUs (millions of users) |
34.4 |
28.9 |
19% |
|
On-Demand GMV per MTU ($) |
123 |
125 |
(1)% |
2% |
Partner incentives |
177 |
169 |
4% |
|
Consumer incentives |
239 |
222 |
8% |
|
Loan portfolio3 |
363 |
196 |
86% |
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|
|
|
|
|
Financial measures: |
|
|
|
|
Revenue |
653 |
525 |
24% |
29% |
Operating loss |
(75) |
(204) |
63% |
|
Loss for the period |
(115) |
(250) |
54% |
|
Total Segment Adjusted EBITDA |
153 |
35 |
332% |
|
Adjusted EBITDA |
62 |
(67) |
NM |
|
Net cash used in operating activities (Operating Cash Flow) |
(11) |
(158) |
93% |
|
Adjusted Free Cash Flow |
(98) |
(213) |
53% |
|
__________
1 The financial results in this earnings release have been updated to reflect the segment reporting changes. Our financial results beginning with the first quarter 2024 reflect certain segment reporting changes. See the section headed “Segment Reporting Changes” for details.
2 We consider Mobility and Deliveries segments to represent our On-Demand businesses. On-Demand GMV is defined as the sum of Mobility and Deliveries GMV.
3 The total of current and non-current loan receivables in the financial services segment, net of expected credit loss allowances.
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 are not attributed to any of the business segments, including certain cost 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.
Segment Financial and Operational Highlights
Deliveries
($ in millions, unless otherwise stated) |
Q1 2024 |
Q1 2023 |
YoY % Change |
YoY % Change |
|
(unaudited) |
(unaudited) |
|
(constant currency) |
Operating metrics: |
|
|
|
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GMV |
2,695 |
2,381 |
13% |
16% |
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|
|
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Financial measures: |
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Revenue |
350 |
294 |
19% |
24% |
Segment Adjusted EBITDA |
42 |
(19) |
NM |
|
__________
8 Includes completed food and groceries transactions.
Mobility
($ in millions, unless otherwise stated) |
Q1 2024 |
Q1 2023 |
YoY % Change |
YoY % Change |
|
(unaudited) |
(unaudited) |
|
(constant currency) |
Operating metrics: |
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|
|
GMV |
1,547 |
1,219 |
27% |
30% |
|
|
|
|
|
Financial measures: |
|
|
|
|
Revenue |
247 |
194 |
27% |
30% |
Segment Adjusted EBITDA |
138 |
97 |
41% |
|
__________
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.
Financial Services
($ in millions, unless otherwise stated) |
Q1 2024 |
Q1 2023 |
YoY % Change |
YoY % Change |
|
(unaudited) |
(unaudited) |
|
(constant currency) |
Operating metrics: |
|
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|
Loan portfolio |
363 |
196 |
86% |
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|
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Financial measures: |
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Revenue |
55 |
36 |
53% |
56% |
Segment Adjusted EBITDA |
(28) |
(43) |
34% |
|
__________
11 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.
Others
($ in millions, unless otherwise stated) |
Q1 2024 |
Q1 2023 |
YoY % Change |
YoY % Change |
|
(unaudited) |
(unaudited) |
|
(constant currency) |
Financial measures: |
|
|
|
|
Revenue |
1 |
1 |
53% |
53% |
Segment Adjusted EBITDA |
1 |
(*) |
NM |
|
* Amount less than $1 million
About Grab
Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 700 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. Grab strives to serve a triple bottom line – we aim to simultaneously deliver financial performance for our shareholders and have a positive social impact, which includes economic empowerment for millions of people in the region, while mitigating our environmental footprint.
We use our website as a means of disclosing material non-public information. Such disclosures will be included on our website in the “Investor Relations'' section or at investors.grab.com. Accordingly, investors should monitor such sections of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information contained on, or that can be accessed through, our website does not constitute a part of this document and is not incorporated by reference herein.
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 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, 2023, 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 ended March 31, 2024 and 2023 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.
Certain amounts and percentages that appear in this document may not sum due to rounding.
Non-IFRS Financial Measures
This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Free Cash Flow. Grab uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, 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 uses 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.
Explanation of non-IFRS financial measures:
|
Three months ended March 31, |
|
|
2024 |
2023 |
($ in millions, unless otherwise stated) |
$ |
$ |
Loss for the period |
(115) |
(250) |
|
|
|
Income tax expense |
13 |
11 |
Share of loss of equity-accounted investees (net of tax) |
4 |
1 |
Net finance costs (including foreign exchange (gain) loss) |
23 |
34 |
Operating loss |
(75) |
(204) |
Net other income |
(2) |
(3) |
Depreciation and amortization |
40 |
35 |
Share-based compensation expenses |
94 |
103 |
Impairment losses on goodwill and non-financial assets |
- |
* |
Restructuring costs |
1 |
1 |
Legal, tax and regulatory settlement provisions |
4 |
1 |
Adjusted EBITDA |
62 |
(67) |
Regional corporate costs |
91 |
102 |
Total Segment Adjusted EBITDA |
153 |
35 |
|
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Segment Adjusted EBITDA |
|
|
Deliveries |
42 |
(19) |
Mobility |
138 |
97 |
Financial services |
(28) |
(43) |
Others |
1 |
(*) |
Total Segment Adjusted EBITDA |
153 |
35 |
* Amount less than $1 million
|
Three months ended March 31, |
|
|
2024 |
2023 |
($ in millions, unless otherwise stated) |
$ |
$ |
Net cash used in operating activities |
(11) |
(158) |
Less: Capital expenditures |
(22) |
(25) |
Free Cash Flow |
(33) |
(183) |
|
|
|
Changes in: |
|
|
- Loan receivables in the financial services segment |
49 |
3 |
- Deposits from customers in the banking business |
(114) |
(33) |
Adjusted Free Cash Flow |
(98) |
(213) |
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.
Monthly Transacting User (MTUs) is defined as the monthly number of unique users who transact via Grab’s apps (including OVO, GXS Bank and GXBank), where transact means to have successfully paid for or utilized any of Grab’s products or services (including lending). 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. MTUs additionally include the monthly number of unique users who transact via Grab’s apps (including OVO) through group orders, starting from the fourth quarter of 2023, and users who transact via Grab’s apps (including GXS Bank and GXBank), starting from the first quarter of 2024. 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. 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.
Loan portfolio is an operating metric representing the total of current and non-current loan receivables in the financial services segment, net of expected credit loss allowances.
Segment Reporting Changes
Beginning with the first quarter 2024 earnings release, Grab reports its segment results as Deliveries, Mobility, Financial Services, and Others:
These reporting changes were made to align with changes in how we are managing and evaluating the performance of our business and to facilitate comparison with our industry peers.
As part of the segment reporting changes, we have discontinued 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 limit our GMV reporting to our On-Demand businesses. Additionally, Advertising contributions previously reported within the Enterprise and New Initiatives segment are now reported in the respective Mobility, Deliveries and Financial Services segments in accordance with the relevant Advertising products. Other reporting changes made include a portion of payment transaction revenues and transaction costs (which we refer to as the net cost of funds) and other relevant support costs previously reported in our Financial Services segment that relate to Mobility and Deliveries transactions now being allocated to the respective Mobility and Deliveries segments. Selected regional corporate costs that support our Mobility, Deliveries and Financial Services segments are now also allocated to these respective segments. After the aforementioned reporting updates are made, Grab’s four reporting segments include: Deliveries, Mobility, Financial Services, and Others.
In conjunction with these reporting changes, certain prior year amounts have been recast to conform to the new segment reporting structure. These reporting changes have no impact on previously reported consolidated statements of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity or statement of cash flows.
The following table presents our On-Demand GMV, revenues and Adjusted EBITDA (in $ millions, unaudited):
($ in millions, unaudited) |
Recast Historical On-Demand GMV |
|||||
|
Fiscal Year |
Quarter |
Fiscal Year |
|||
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
2023 |
|
Deliveries |
10,007 |
2,381 |
2,619 |
2,656 |
2,709 |
10,365 |
Mobility |
4,106 |
1,219 |
1,320 |
1,407 |
1,474 |
5,420 |
On-Demand GMV |
14,113 |
3,600 |
3,939 |
4,063 |
4,183 |
15,785 |
($ in millions, unaudited) |
Recast Historical Revenue |
|||||
|
Fiscal Year |
Quarter |
Fiscal Year |
|||
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
2023 |
|
Deliveries |
724 |
294 |
320 |
335 |
362 |
1,310 |
Mobility |
643 |
194 |
208 |
232 |
237 |
871 |
Financial Services |
64 |
36 |
39 |
48 |
54 |
177 |
Others |
2 |
1 |
* |
(*) |
* |
1 |
Revenue |
1,433 |
525 |
567 |
615 |
653 |
2,359 |
($ in millions, unaudited) |
Recast Historical Adjusted EBITDA |
|||||
|
Fiscal Year |
Quarter |
Fiscal Year |
|||
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
2023 |
|
Deliveries |
(390) |
(19) |
10 |
34 |
56 |
81 |
Mobility |
297 |
97 |
114 |
127 |
128 |
466 |
Financial Services |
(278) |
(43) |
(42) |
(36) |
(49) |
(170) |
Others |
(*) |
(*) |
(1) |
* |
* |
(1) |
Total Segment Adjusted EBITDA |
(371) |
35 |
81 |
125 |
135 |
376 |
Regional Corporate Costs |
(422) |
(102) |
(98) |
(98) |
(100) |
(398) |
Group Adjusted EBITDA |
(793) |
(67) |
(17) |
27 |
35 |
(22) |
* Amount less than $1 million
For reference, segment results as previously reported are as follows (in $ millions, unaudited):
($ in millions, unaudited) |
Previously Reported Historical On-Demand GMV |
|||||
|
Fiscal Year |
Quarter |
Fiscal Year |
|||
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
2023 |
|
Deliveries |
9,827 |
2,344 |
2,573 |
2,608 |
2,648 |
10,173 |
Mobility |
4,103 |
1,218 |
1,320 |
1,407 |
1,474 |
5,419 |
On-Demand GMV |
13,930 |
3,562 |
3,893 |
4,015 |
4,122 |
15,592 |
($ in millions, unaudited) |
Previously Reported Historical Revenue |
|||||
|
Fiscal Year |
Quarter |
Fiscal Year |
|||
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
2023 |
|
Deliveries |
663 |
275 |
292 |
306 |
321 |
1,194 |
Mobility |
639 |
194 |
208 |
231 |
237 |
869 |
Financial Services |
71 |
38 |
40 |
50 |
56 |
184 |
Enterprise & New Initiatives |
60 |
18 |
27 |
28 |
39 |
112 |
Revenue |
1,433 |
525 |
567 |
615 |
653 |
2,359 |
($ in millions, unaudited) |
Previously Reported Historical Adjusted EBITDA |
|||||
|
Fiscal Year |
Quarter |
Fiscal Year |
|||
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
2023 |
|
Deliveries |
(35) |
60 |
69 |
88 |
96 |
313 |
Mobility |
494 |
152 |
163 |
180 |
182 |
676 |
Financial Services |
(415) |
(70) |
(75) |
(68) |
(81) |
(294) |
Enterprise & New Initiatives |
21 |
8 |
15 |
21 |
31 |
76 |
Total Segment Adjusted EBITDA |
65 |
150 |
172 |
221 |
228 |
771 |
Regional Corporate Costs |
(858) |
(216) |
(192) |
(192) |
(193) |
(793) |
Group Adjusted EBITDA |
(793) |
(66) |
(20) |
29 |
35 |
(22) |
For reference, the following tables present our On-Demand GMV, revenues and Adjusted EBITDA in the first quarter of 2024, and detail the updates from the previous to the current segment reporting structure (in $ millions, unaudited):
($ in millions, unaudited) |
Deliveries |
Mobility |
Financial Services |
Others |
Regional Corporate Costs |
GMV, pre-segment reporting changes |
2,642 |
1,546 |
n.a. |
n.a. |
n.a. |
Advertising GMV |
53 |
1 |
n.a. |
n.a. |
n.a. |
GMV, as reported |
2,695 |
1,547 |
n.a. |
n.a. |
n.a. |
|
|
|
|
|
|
($ in millions, unaudited) |
Deliveries |
Mobility |
Financial Services |
Others |
Regional Corporate Costs |
Revenue, pre-segment reporting changes |
313 |
244 |
60 |
36 |
n.a. |
Advertising and other revenue reporting changes |
37 |
3 |
(5) |
(35) |
n.a. |
Revenue, as reported |
350 |
247 |
55 |
1 |
n.a. |
|
|
|
|
|
|
($ in millions, unaudited) |
Deliveries |
Mobility |
Financial Services |
Others |
Regional Corporate Costs |
Adjusted EBITDA, pre-segment reporting changes |
88 |
192 |
(58) |
26 |
(186) |
Advertising reporting changes |
24 |
* |
* |
(25) |
- |
GrabFin reporting changes |
(21) |
(16) |
37 |
- |
- |
Regional Corporate Costs reporting change |
(49) |
(38) |
(7) |
- |
95 |
Adjusted EBITDA, as reported |
42 |
138 |
(28) |
1 |
(91) |
* Amount less than $1 million
Industry and Market Data
This document may contain information, estimates and other statistical data derived from third party sources , including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies used in market research, and as such neither Grab nor the third-party sources can guarantee the accuracy of such information. You are cautioned not to give undue weight on such estimates. Grab has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information.
Unaudited Summary of Financial Results
Condensed consolidated statement of profit or loss and other comprehensive income
|
Three months ended March 31, |
|
|
2024 |
2023 |
($ in millions, except for share amounts which are reflected in thousands and per share data) |
$ |
$ |
Revenue |
653 |
525 |
Cost of revenue |
(394) |
(372) |
Other income |
2 |
3 |
Sales and marketing expenses |
(71) |
(70) |
General and administrative expenses |
(127) |
(147) |
Research and development expenses |
(116) |
(128) |
Net impairment losses on financial assets |
(20) |
(13) |
Other expenses |
(1) |
(1) |
Restructuring costs |
(1) |
(1) |
Operating loss |
(75) |
(204) |
Finance income |
44 |
49 |
Finance costs |
(52) |
(46) |
Net change in fair value of financial assets and liabilities |
(15) |
(37) |
Net finance costs |
(23) |
(34) |
Share of loss of equity-accounted investees (net of tax) |
(4) |
(1) |
Loss before income tax |
(102) |
(239) |
Income tax expense |
(13) |
(11) |
Loss for the period |
(115) |
(250) |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
Defined benefit plan remeasurements |
(*) |
- |
Investments and put liabilities at FVOCI – net change in fair value |
(*) |
(11) |
Items that are or may be reclassified subsequently to profit or loss: |
|
|
Foreign currency translation differences – foreign operations |
(27) |
26 |
Other comprehensive (loss)/ income for the period, net of tax |
(27) |
15 |
Total comprehensive loss for the period |
(142) |
(235) |
* |
|
|
Loss attributable to: |
|
|
Owners of the Company |
(104) |
(244) |
Non-controlling interests |
(11) |
(6) |
Loss for the period |
(115) |
(250) |
|
|
|
Total comprehensive loss attributable to: |
|
|
Owners of the Company |
(126) |
(226) |
Non-controlling interests |
(16) |
(9) |
Total comprehensive loss for the period |
(142) |
(235) |
|
|
|
Loss per share: |
|
|
Basic |
$ (0.03) |
$ (0.06) |
Diluted |
$ (0.03) |
$ (0.06) |
|
|
|
Weighted-average ordinary shares outstanding: |
|
|
Basic |
3,935,353 |
3,853,731 |
Diluted |
3,935,353 |
3,853,731 |
* Amount less than $1 million
As we incurred a net loss for the three months ended March 31, 2024, basic loss per share was the same as diluted loss per share.
The number of outstanding Class A and Class B ordinary shares was 3,840 million and 113 million as of March 31, 2024, and 3,784 million and 103 million, respectively, as of March 31, 2023. 379 million and 397 million potentially dilutive outstanding securities were excluded from the computation of diluted loss per ordinary share because their effects would have been antidilutive for the three months ended March 31, 2024 and 2023 respectively, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period.
Condensed consolidated statement of financial position
|
March 31, 2024 |
December 31, 2023 |
($ in millions, unless otherwise stated) |
$ |
$ |
Non-current assets |
|
|
Property, plant, and equipment |
485 |
512 |
Intangible assets and goodwill |
912 |
916 |
Associates and joint venture |
95 |
102 |
Deferred tax assets |
58 |
56 |
Other investments |
1,547 |
1,188 |
Loan receivables in the financial services segment |
71 |
54 |
Deposits, prepayments and other assets |
194 |
196 |
|
3,362 |
3,024 |
Current assets |
|
|
Inventories |
48 |
49 |
Trade and other receivables |
203 |
196 |
Loan receivables in the financial services segment |
292 |
272 |
Deposits, prepayments and other assets |
282 |
208 |
Other investments |
1,892 |
1,905 |
Cash and cash equivalents |
2,113 |
3,138 |
|
4,830 |
5,768 |
Total assets |
8,192 |
8,792 |
Equity |
|
|
Share capital and share premium |
22,874 |
22,669 |
Reserves |
413 |
544 |
Accumulated losses |
(17,011) |
(16,764) |
Equity attributable to owners of the Company |
6,276 |
6,449 |
Non-controlling interests |
49 |
19 |
Total equity |
6,325 |
6,468 |
|
|
|
Non-current liabilities |
|
|
Loans and borrowings |
206 |
668 |
Provisions |
17 |
18 |
Other liabilities |
140 |
140 |
Deferred tax liabilities |
21 |
20 |
|
384 |
846 |
Current liabilities |
|
|
Loans and borrowings |
92 |
125 |
Provisions |
39 |
39 |
Trade payables and other liabilities |
855 |
925 |
Deposits from customers in the banking business |
479 |
374 |
Current tax liabilities |
18 |
15 |
|
1,483 |
1,478 |
Total liabilities |
1,867 |
2,324 |
Total equity and liabilities |
8,192 |
8,792 |
Condensed consolidated statement of cash flows
|
Three months ended March 31, |
|
|
2024 |
2023 |
($ in millions, unless otherwise stated) |
$ |
$ |
Cash flows from operating activities |
|
|
Loss before income tax |
(102) |
(239) |
Adjustments for: |
|
|
Amortization of intangible assets |
8 |
4 |
Depreciation of property, plant and equipment |
32 |
31 |
Impairment of property, plant and equipment |
- |
* |
Equity-settled share-based payments |
94 |
103 |
Finance costs |
52 |
46 |
Net change in fair value of financial assets and liabilities |
15 |
37 |
Net impairment loss on financial assets |
20 |
13 |
Finance income |
(44) |
(49) |
Gain on disposal of property, plant and equipment |
(1) |
(2) |
Share of loss of equity-accounted investees (net of tax) |
4 |
1 |
Change in provisions |
(1) |
1 |
|
77 |
(54) |
Changes in: |
|
|
- Inventories |
1 |
1 |
- Deposits pledged |
2 |
(3) |
- Trade and other receivables |
(41) |
(16) |
- Loan receivables in the financial services segment |
(49) |
(3) |
- Trade payables and other liabilities |
(102) |
(111) |
- Deposits from customers in the banking business |
114 |
34 |
Cash from/ (used in) operations |
2 |
(152) |
Income tax paid |
(13) |
(6) |
Net cash used in operating activities |
(11) |
(158) |
|
|
|
Cash flows from investing activities |
|
|
Acquisition of property, plant and equipment |
(11) |
(5) |
Purchase of intangible assets |
(3) |
(6) |
Proceeds from disposal of property, plant and equipment |
4 |
5 |
Acquisition of additional interest in associates and joint venture |
(38) |
- |
(Acquisition of)/ Net proceeds from other investments |
(345) |
1,151 |
Interest received |
41 |
37 |
Net cash (used in)/ from investing activities |
(352) |
1,182 |
|
|
|
Cash flows from financing activities |
|
|
Proceeds from share-based payment arrangements |
4 |
4 |
Repurchase of ordinary shares |
(97) |
- |
Proceeds from bank loans |
30 |
25 |
Repayment of bank loans |
(521) |
(629) |
Payment of lease liabilities |
(10) |
(9) |
Proceeds from subscription of shares in subsidiaries by non-controlling interests without change in control |
- |
* |
Deposits pledged |
(2) |
(3) |
Interest paid |
(14) |
(31) |
Net cash used in financing activities |
(610) |
(643) |
|
|
|
Net (decrease)/ increase in cash and cash equivalents |
(973) |
381 |
Cash and cash equivalents at beginning of the period |
3,138 |
1,952 |
Effect of exchange rate fluctuations on cash held |
(52) |
18 |
Cash and cash equivalents at end of the period |
2,113 |
2,351 |
* Amount less than $1 million |