SINGAPORE–(BUSINESS WIRE)–Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the fourth quarter and full year ended December 31, 2022.
�Our 2022 and fourth quarter results demonstrate our commitment to accelerating our path to profitability. In the fourth quarter, we achieved revenue growth of 310% year-over-year (YoY)1, while improving our Group and Deliveries Segment Adjusted EBITDA margins and maintaining regional category leadership across our Mobility and Food Deliveries businesses. We achieved these results by focusing on capturing the rebound in Mobility demand, optimizing our costs, reducing our cost-to-serve and innovating on products and services that drive stickiness and engagement within our ecosystem. As we look ahead, we will remain laser-focused on driving sustainable growth, and improving the efficiency of our ecosystem, said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
We are pleased to report a strong set of results, with full year revenues and second half 2022 Adjusted EBITDA coming in well above our guidance ranges. In the fourth quarter, we recorded strong year-over-year growth in Mobility revenue of 78%, and in our Deliveries segment, we focused on driving a more profitable and sustainable business, which resulted in Deliveries Segment Adjusted EBITDA margins improving substantially on a year-over-year and quarter-over-quarter basis. This sets us up for a strong 2023 as we continue to focus on growing in a sustainable manner by driving cost efficiencies across our organization, and driving margin improvements whilst being prudent with our capital. We are accelerating our group breakeven outlook on an Adjusted EBITDA basis to the fourth quarter of 2023, earlier than our prior expectations of the second half of 2024, said Peter Oey, Chief Financial Officer of Grab.
Group Fourth Quarter 2022 Key Operational and Financial Highlights | ||||||||||
($ in millions, unless otherwise stated) | Q4 2022 |
| Q4 2021 |
| YoY% Change | YoY% Change (Constant currency) | ||||
| (unaudited) |
| (unaudited) |
|
|
| ||||
Operating metrics: |
|
|
|
|
|
| ||||
GMV | 4,997 |
|
| 4,501 |
|
| 11 | % | 20 | % |
MTUs (millions of users) | 33.6 |
|
| 29.6 |
|
| 14 | % |
| |
GMV per MTU ($) | 149 |
|
| 152 |
|
| -2 | % | 6 | % |
Partner incentives | 174 |
|
| 218 |
|
| -20 | % |
| |
Consumer incentives | 238 |
|
| 365 |
|
| -35 | % |
| |
|
|
|
|
|
|
| ||||
Financial measures: |
|
|
|
|
|
| ||||
Revenue | 502 |
|
| 122 |
|
| 310 | % | 346 | % |
Loss for the period | (391 | ) |
| (1,100 | ) |
| 64 | % |
| |
Total Segment Adjusted EBITDA | 112 |
|
| (113 | ) |
| NM |
|
| |
Adjusted EBITDA | (111 | ) |
| (305 | ) |
| 63 | % |
|
Group Full Year 2022 Key Operational and Financial Highlights | ||||||||||
($ in millions, unless otherwise stated) | FY 2022 |
| FY 2021 |
| YoY% Change | YoY% Change (Constant currency) | ||||
| (unaudited) |
| (unaudited) |
|
|
| ||||
Operating metrics: |
|
|
|
|
|
| ||||
GMV | 19,937 |
|
| 16,061 |
|
| 24 | % | 30 | % |
|
|
|
|
|
| |||||
MTUs (millions of users) | 32.7 |
|
| 28.1 |
|
| 16 | % |
| |
GMV per MTU ($) | 610 |
|
| 571 |
|
| 7 | % | 12 | % |
Partner incentives | 801 |
|
| 717 |
|
| 12 | % |
| |
Consumer incentives | 1,169 |
|
| 1,065 |
|
| 10 | % |
| |
|
|
|
|
|
|
| ||||
Financial measures: |
|
|
|
|
|
| ||||
Revenue | 1,433 |
|
| 675 |
|
| 112 | % | 125 | % |
Loss for the year | (1,740 | ) |
| (3,555 | ) |
| 51 | % |
| |
Total Segment Adjusted EBITDA | 65 |
|
| (125 | ) |
| NM |
|
| |
Adjusted EBITDA | (793 | ) |
| (842 | ) |
| 6 | % |
|
Business Outlook | |
Financial Measure | Guidance |
FY 2023 |
|
Revenue8 | $2.20 billion – $2.30 billion 54% – 60% YoY |
Adjusted EBITDA | $(275) million – $(325) million |
|
|
Adjusted EBITDA Breakeven |
|
Adjusted EBITDA Breakeven |
Breakeven in Q4 2023, |
The guidance represents our expectations as of the date of this press release, and may be subject to change.
Segment Financial and Operational Highlights | ||||||||||||||||||||
Deliveries | ||||||||||||||||||||
($ in millions, unless otherwise stated) | Q4 2022 |
| Q4 2021 |
| YoY% Change | YoY% Change | FY 2022 |
| FY 2021 |
| YoY% Change | YoY% Change | ||||||||
| (unaudited) |
|
(unaudited) |
|
| (constant currency) | (unaudited) |
| (unaudited) |
|
| (constant currency) | ||||||||
Operating metrics: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
GMV | 2,350 |
|
| 2,438 |
|
| -4 | % | 5 | % | 9,827 |
|
| 8,530 |
|
| 15 | % | 22 | % |
Commission Rate | 23.8 | % |
| 18.2 | % |
|
|
| 21.4 | % |
| 18.2 | % |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Financial measures: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Revenue9 | 268 |
|
| 1 |
|
| NM |
| NM |
| 663 |
|
| 148 |
|
| 349 | % | 380 | % |
Segment Adjusted EBITDA | 47 |
|
| (84 | ) |
| NM |
|
| (35 | ) |
| (130 | ) |
| 73 | % |
|
Mobility | ||||||||||||||||||||
($ in millions, unless otherwise stated) | Q4 2022 |
| Q4 2021 |
| YoY% Change | YoY% Change | FY 2022 |
| FY 2021 |
| YoY% Change | YoY% Change | ||||||||
| (unaudited) |
| (unaudited) |
|
| (constant currency) |
(unaudited) |
| (unaudited) |
|
| (constant currency) | ||||||||
Operating metrics: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
GMV | 1,149 |
|
| 765 |
|
| 50 | % | 62 | % | 4,103 |
|
| 2,787 |
|
| 47 | % | 54 | % |
Commission Rate | 23.4 | % |
| 23.8 | % |
|
|
| 23.3 | % |
| 23.4 | % |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Financial measures: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Revenue | 189 |
|
| 106 |
|
| 78 | % | 91 | % | 639 |
|
| 456 |
|
| 40 | % | 46 | % |
Segment Adjusted EBITDA | 152 |
|
| 76 |
|
| 97 | % |
| 494 |
|
| 345 |
|
| 43 | % |
|
Financial Services | ||||||||||||||||||||
($ in millions, unless otherwise stated) | Q4 2022 |
| Q4 2021 |
| YoY% Change | YoY% Change | FY 2022 |
| FY 2021 |
| YoY% Change | YoY% Change | ||||||||
|
(unaudited) |
| (unaudited) |
|
| (constant currency) |
(unaudited) |
|
(unaudited) |
|
| (constant currency) | ||||||||
Operating metrics: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pre-Interco Total Payment Volume (TPV) | 3,744 |
|
| 3,395 |
|
| 10 | % | 19 | % | 14,954 |
|
| 12,149 |
|
| 23 | % | 29 | % |
GMV | 1,452 |
|
| 1,247 |
|
| 16 | % | 25 | % | 5,809 |
|
| 4,591 |
|
| 27 | % | 31 | % |
Commission Rate | 2.9 | % |
| 2.4 | % |
|
|
| 2.8 | % |
| 2.3 | % |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Financial measures: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Revenue | 28 |
|
| (1 | ) |
| NM |
| NM |
| 71 |
|
| 27 |
|
| 166 | % | 185 | % |
Segment Adjusted EBITDA | (93 | ) |
| (110 | ) |
| 16 | % |
| (415 | ) |
| (349 | ) |
| -19 | % |
|
Enterprise and New Initiatives | ||||||||||||||||
($ in millions, unless otherwise stated) | Q4 2022 |
| Q4 2021 |
| YoY% Change | YoY% Change | FY 2022 |
| FY 2021 |
| YoY% Change | YoY% Change | ||||
| (unaudited) |
| (unaudited) |
|
| (constant currency) | (unaudited) |
| (unaudited) |
|
| (constant currency) | ||||
Operating metrics: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
GMV | 46 |
| 51 |
| -11 | % | -4 | % | 198 |
| 153 |
| 30 | % | 35 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial measures: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Revenue | 17 |
| 16 |
| 10 | % | 20 | % | 60 |
| 44 |
| 37 | % | 46 | % |
Segment Adjusted EBITDA | 6 |
| 5 |
| 28 | % |
| 21 |
| 9 |
| 121 | % |
|
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 is the regional category leader in food deliveries and mobility based on GMV in 2022, according to Euromonitor. Every day, 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 Grabs 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: Grabs 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 in the Risk Factors section of Grabs registration statement on Form F-1 and the prospectus therein, and other documents filed by Grab from time to time with the U.S. Securities and Exchange Commission (the SEC).
Forward-looking statements speak only as of the date they are made. Grab does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required under applicable law.
Unaudited Financial Information
Grabs unaudited selected financial data for the three months and twelve months ended December 31, 2022 and 2021 included in this document and the investor webcast is based on financial data derived from the Grabs 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 Grabs 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, Grabs management uses: Total Segment Adjusted EBITDA as a useful indicator of the economics of Grabs 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:
| Three months ended December 31, | For the year ended December 31, | ||||||
| 2022 | 2021 | 2022 | 2021 | ||||
($ in millions, unless otherwise stated) | $ | $ | $ | $ | ||||
Loss for the period | (391 | ) | (1,100 | ) | (1,740 | ) | (3,555 | ) |
|
|
|
|
| ||||
Net interest expenses | 5 |
| 340 |
| 57 |
| 1,675 |
|
Other (income) / expense | (6 | ) | 8 |
| (7 | ) | (12 | ) |
Income tax (credit) / expenses | * | (3 | ) | 6 |
| 3 |
| |
Depreciation and amortization | 40 |
| 89 |
| 150 |
| 345 |
|
Share-based compensation expenses | 90 |
| 110 |
| 412 |
| 357 |
|
Unrealized foreign exchange loss | 12 |
| 9 |
| 2 |
| 1 |
|
Impairment losses on goodwill and non-financial assets | 3 |
| 13 |
| 5 |
| 15 |
|
Fair value changes on investments | 119 |
| (103 | ) | 294 |
| (37 | ) |
Restructuring costs | 4 |
| * | 8 |
| 1 |
| |
Legal, tax and regulatory settlement provisions | 13 |
| 4 |
| 20 |
| 12 |
|
Share listing and associated expenses | – |
| 328 |
| – |
| 353 |
|
Adjusted EBITDA | (111 | ) | (305 | ) | (793 | ) | (842 | ) |
Regional corporate costs | 223 |
| 192 |
| 858 |
| 717 |
|
Total Segment Adjusted EBITDA | 112 |
| (113 | ) | 65 |
| (125 | ) |
|
|
|
|
| ||||
Segment Adjusted EBITDA |
|
|
|
| ||||
Deliveries | 47 |
| (84 | ) | (35 | ) | (130 | ) |
Mobility | 152 |
| 76 |
| 494 |
| 345 |
|
Financial services | (93 | ) | (110 | ) | (415 | ) | (349 | ) |
Enterprise and new initiatives | 6 |
| 5 |
| 21 |
| 9 |
|
Total Segment Adjusted EBITDA | 112 |
| (113 | ) | 65 |
| (125 | ) |
* Amount less than $1 million |
Contacts
Media
Grab: press@grab.com
Investors
Grab: investor.relations@grab.com
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