- Q1 2023 Revenue grew 130% year-over-year to
$525 million1
- Q1 2023 Loss for the period improved by 43%
year-over-year to $250 million
- Q1 2023 Adjusted EBITDA improved by 77%
year-over-year to $(66) million, with Deliveries Segment Adjusted
EBITDA margins at an all time high
Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited
financial results for the first quarter ended March 31, 2023.
“This quarter, we reported another solid set of results which
reflects our disciplined focus to drive sustainable growth and
profitability. Our revenues for the quarter more than doubled
year-over-year (“YoY”)1, while we reduced our Adjusted EBITDA
losses by 77% YoY,” said Anthony Tan, Group Chief Executive
Officer and Co-Founder of Grab. “With five sequential quarters
of Adjusted EBITDA improvements, we remain on track on our path to
profitability, and to achieve Group Adjusted EBITDA breakeven in
the fourth quarter of this year. We are confident that we can drive
growth for Mobility and Deliveries, and create more income
opportunities for our partners to meet the growing demand from both
travelers and domestic consumers.”
“We are pleased with our first quarter results, with strong
revenue growth and profitability improvements across all of our
segments, supported by a strong balance sheet. On the back of the
solid first quarter performance, we are revising-up our Adjusted
EBITDA guidance range by $80 million to $90 million, to $(195)
million to $(235) million for the full year 2023,” said Peter
Oey, Chief Financial Officer of Grab. “We remain focused on
driving cost efficiencies across our organization and improving
operating leverage.”
Group First Quarter 2023 Key Operational and Financial
Highlights
($ in millions,
unless otherwise stated)
Q1 2023
Q1 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant
currency2)
Operating metrics:
GMV
4,958
4,805
3%
7%
MTUs (millions of users)
33.3
30.9
8%
GMV per MTU ($)
149
155
-4%
0%
Partner incentives
169
216
-22%
Consumer incentives
222
344
-36%
Financial measures:
Revenue3
525
228
130%3
139%
Loss for the period
(250)
(435)
43%
Total Segment Adjusted EBITDA
150
(75)
NM
Adjusted EBITDA
(66)
(287)
77%
- Revenue grew 130% YoY to $525 million in the first quarter of
2023, or 139% on a constant currency basis2, attributed to growth
across all our segments, a reduction in incentives and a change in
business model for certain delivery offerings in one of our
markets3.
- Total GMV grew 3% YoY, or 7% YoY on a constant currency basis,
primarily due to the continued growth in Mobility, which offset
softer Deliveries demand as a result of Chinese New Year and
Ramadan during the first quarter. For our Deliveries segment, GMV
declined YoY against a first quarter 2022 comparison base where
Deliveries demand was supported by COVID restrictions on dine-in
and social gatherings in Southeast Asia. Additionally, fasting
during the Ramadan period commenced during the first quarter of
this year, which was earlier as compared to the prior year where it
commenced in the second quarter.
- Total incentives further reduced to 7.9% of GMV in the first
quarter, compared to 11.6% in the same period in 2022 and 8.2% in
the previous quarter, demonstrating our continued focus on
optimizing our incentive spend and the health of our
marketplace.
- Loss for the quarter was $250 million, a 43% improvement YoY,
primarily due to the improvement in Group Adjusted EBITDA and a
reduction in net interest expenses. Our loss for the quarter
included a $37 million non-cash loss from fair value changes on
investments, and $103 million in non-cash stock-based compensation
expenses.
- Group Adjusted EBITDA was negative $66 million for the quarter,
an improvement of 77% compared to negative $287 million for the
same period in 2022 as we continued to grow GMV and revenue while
improving profitability on a Segment Adjusted EBITDA basis. We have
recorded sequential improvements in Group Adjusted EBITDA on a
quarter-over-quarter (QoQ) basis for five consecutive
quarters.
- Group Adjusted EBITDA margin was (1.3)% for the quarter, an
improvement from (6.0)% in the first quarter of 2022 and (2.2)% in
the fourth quarter of 2022.
- Regional corporate costs4 for the quarter were $216 million,
compared to $212 million in the same period in 2022 and $223
million in the prior quarter. Overall headcount across our core
segments and corporate functions has fallen sequentially over the
past two quarters. Management remains focused on driving cost
efficiencies across our organization in order to further reduce
regional corporate costs.
- Cash liquidity5 totaled $5.8 billion at the end of the first
quarter, compared to $6.5 billion at the end of the prior quarter,
with a substantial part of the cash outflow attributed to the
prepayment of our Term Loan B in the aggregate principal amount of
$600 million completed in February 2023. Our net cash liquidity6
was $5.0 billion at the end of the first quarter, compared to $5.1
billion at the end of the prior quarter.
Business Outlook
Financial Measure
Guidance
FY 2023
Revenue
$2.20 billion - $2.30 billion,
54% - 60% YoY
(Unchanged)
Adjusted EBITDA
$(195) million - $(235)
million
(Previous: $(275) million -
$(325) million)
Adjusted EBITDA Breakeven
Adjusted EBITDA Breakeven
Breakeven in Q4 2023
(Unchanged)
The guidance represents our expectations as of the date of this
press release, and may be subject to change.
Segment Financial and Operational Highlights
Deliveries
($ in millions,
unless otherwise stated)
Q1 2023
Q1 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
GMV
2,344
2,562
-9%
-4%
Financial measures:
Revenue7
275
91
203%7
217%
Segment Adjusted EBITDA
60
(56)
NM
- Deliveries revenue grew 203% YoY, or 217% YoY on a constant
currency basis, to $275 million in the first quarter from $91
million in the same period in 2022. The strong growth was primarily
attributed to contributions from Jaya Grocer, a reduction in
incentives, and a change in business model of certain Deliveries
offerings in one of our markets.
- Deliveries GMV declined 9% YoY, or 4% YoY on a constant
currency basis, against a first quarter 2022 comparison base where
Deliveries demand was supported by COVID restrictions on dine-in
and social gatherings in Southeast Asia. Additionally, fasting
during the Ramadan period commenced during the first quarter of
this year, which was earlier as compared to the prior year where it
commenced in the second quarter. Notably, we have seen a rebound in
Deliveries transactions following Chinese New Year and the Ramadan
fasting period.
- Deliveries segment adjusted EBITDA as a percentage of GMV
expanded to an all time high of 2.6% in the first quarter of 2023
from 2.0% in the fourth quarter of 2022 and negative 2.2% in the
first quarter of 2022, amid greater optimization of our incentive
spend. In the first quarter of 2023, several countries across our
six core markets reported Deliveries segment adjusted EBITDA as a
percentage of GMV that exceeded our steady-state target of 3%.
- GrabUnlimited, our subscription program, enables us to deepen
user engagement on our platform. In the first quarter 2023,
GrabUnlimited users accounted for over a quarter of Deliveries GMV
and on average, GrabUnlimited subscribers spend 3.7x more in Food
Deliveries relative to non-subscribers.
Mobility
($ in millions,
unless otherwise stated)
Q1 2023
Q1 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
GMV
1,218
834
46%
51%
Financial measures:
Revenue
194
112
72%
77%
Segment Adjusted EBITDA
152
82
85%
- Mobility revenues continued to grow strongly, rising 72% YoY,
or 77% YoY on a constant currency basis, in the first quarter 2023.
The increase can be attributed to our efforts to improve supply
across the region, which enabled us to capture the recovery in
tourism ride-hailing demand, and the growth in domestic
demand.
- Mobility GMV increased 46% YoY, or 51% YoY on a constant
currency basis.
- Mobility segment adjusted EBITDA as a percentage of GMV was
12.4% in the first quarter of 2023, increasing from 9.8% in the
same period last year, and in line with our steady-state target of
12%.
- During the quarter, we remained focused on increasing active
driver supply whilst optimizing our existing driver supply to meet
the strong demand growth. In the first quarter of 2023, monthly
active driver supply increased by 10% YoY and 2% QoQ, while total
active driver online hours increased by 14% YoY and 3% QoQ.
- Our efforts to improve driver supply resulted in a QoQ
reduction in average passenger wait times and the proportion of
surged Mobility rides. Underpinned by strong demand levels,
Mobility fulfillment rates also improved QoQ and average driver
earnings per transit hour increased by 14% YoY and 4% QoQ.
Financial Services
($ in millions,
unless otherwise stated)
Q1 2023
Q1 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
Pre-Interco Total Payment Volume (TPV)
3,658
3,600
2%
5%
GMV
1,355
1,357
0%
4%
Financial measures:
Revenue
38
11
233%
245%
Segment Adjusted EBITDA
(70)
(102)
32%
- Revenue for Financial Services grew 233% YoY, or 245% YoY on a
constant currency basis, to $38 million in the first quarter of
2023. The YoY growth was primarily driven by lowered consumer
incentives and higher contributions from lending.
- GMV for Financial Services remained stable YoY, or grew 4% YoY
on a constant currency basis, with the slower growth consistent
with our efforts to focus on ecosystem transactions.
- Segment adjusted EBITDA for the quarter improved by 32% YoY to
negative $70 million, attributable to lowered consumer incentives
and a reduction in overhead expenses. We continued to streamline
our cost base across GrabFin’s businesses, and operating expenses
improved by 19% YoY and 10% QoQ.
- We continued to focus on lending to our ecosystem partners,
with GrabFin’s loan disbursements during the quarter growing by 45%
YoY. In April, our digital bank in Singapore (GxS Bank) announced
the launch of the GxS FlexiLoan, the bank’s first lending
product.
Enterprise and New Initiatives
($ in millions,
unless otherwise stated)
Q1 2023
Q1 2022
YoY %
Change
YoY %
Change
(unaudited)
(unaudited)
(constant currency)
Operating metrics:
GMV
41
52
-21%
-17%
Financial measures:
Revenue
18
14
29%
33%
Segment Adjusted EBITDA
8
1
676%
- Revenue from Enterprise and New Initiatives rose 29% YoY, or
33% YoY on a constant currency basis for the first quarter of 2023,
mainly driven by lowered incentives.
- GMV for the first quarter declined 21% YoY, or 17% YoY on a
constant currency basis, as we focused on driving profitable
transactions.
- Segment adjusted EBITDA grew 676% YoY in the quarter compared
to the same period in 2022, primarily attributed to lowered
incentives and a reduction in operating expenses as we focused on
profitability.
About Grab
Grab is a leading superapp in Southeast Asia, operating across
the deliveries, mobility and digital financial services sectors.
According to research done by Euromonitor for Indonesia, Malaysia,
the Philippines, Singapore, Thailand and Vietnam, Grab remained the
category leader in 2022 by GMV in online food deliveries and
ride-hailing in Southeast Asia. Serving over 500 cities in eight
Southeast Asian countries, Grab enables millions of people to order
food or groceries, send packages, hail a ride or taxi, pay for
online purchases or access services such as lending and insurance,
all through a single app. Grab was founded in 2012 with the mission
to drive Southeast Asia forward by creating economic empowerment
for everyone, and strives to serve a triple bottom line: to
simultaneously deliver financial performance for its shareholders
and have a positive social and environmental impact in Southeast
Asia.
Forward-Looking Statements
This document and the announced investor webcast contain
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact contained in this document and the webcast, including but not
limited to, statements about Grab’s goals, targets, projections,
outlooks, beliefs, expectations, strategy, plans, objectives of
management for future operations of Grab, and growth opportunities,
are forward-looking statements. Some of these forward-looking
statements can be identified by the use of forward-looking words,
including “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “estimate,” “target,” “project,” “should,” “could,”
“would,” “may,” “will,” “forecast” or other similar expressions.
Forward-looking statements are based upon estimates and forecasts
and reflect the views, assumptions, expectations, and opinions of
Grab, which involve inherent risks and uncertainties, and therefore
should not be relied upon as being necessarily indicative of future
results. A number of factors, including macro-economic, industry,
business, regulatory and other risks, could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to: Grab’s ability to grow at
the desired rate or scale and its ability to manage its growth; its
ability to further develop its business, including new products and
services; its ability to attract and retain partners and consumers;
its ability to compete effectively in the intensely competitive and
constantly changing market; its ability to continue to raise
sufficient capital; its ability to reduce net losses and the use of
partner and consumer incentives, and to achieve profitability;
potential impact of the complex legal and regulatory environment on
its business; its ability to protect and maintain its brand and
reputation; general economic conditions, in particular as a result
of COVID-19, currency exchange fluctuations and inflation; expected
growth of markets in which Grab operates or may operate; and its
ability to defend any legal or governmental proceedings instituted
against it. In addition to the foregoing factors, you should also
carefully consider the other risks and uncertainties described
under “Item 3. Key Information – D. Risk Factors” and in other
sections of Grab’s annual report on Form 20-F for the year ended
December 31, 2022, as well as in other documents filed by Grab from
time to time with the U.S. Securities and Exchange Commission (the
“SEC”).
Forward-looking statements speak only as of the date they are
made. Grab does not undertake any obligation to update any
forward-looking statement, whether as a result of new information,
future developments, or otherwise, except as required under
applicable law.
Unaudited Financial Information
Grab’s unaudited selected financial data for the three months
ended March 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 and Adjusted
EBITDA margin. Grab uses these non-IFRS financial measures for
financial and operational decision-making and as a means to
evaluate period-to-period comparisons, and Grab’s management
believes that these non-IFRS financial measures provide meaningful
supplemental information regarding its performance by excluding
certain items that may not be indicative of its recurring core
business operating results. For example, Grab’s management uses:
Total Segment Adjusted EBITDA as a useful indicator of the
economics of Grab’s business segments, as it does not include
regional corporate costs. However, there are a number of
limitations related to the use of non-IFRS financial measures, and
as such, the presentation of these non-IFRS financial measures
should not be considered in isolation from, or as an alternative
to, financial measures determined in accordance with IFRS. In
addition, these non-IFRS financial measures may differ from
non-IFRS financial measures with comparable names used by other
companies. See below for additional explanations about the non-IFRS
financial measures, including their definitions and a
reconciliation of these measures to the most directly comparable
IFRS financial measures. With regard to forward-looking non-IFRS
guidance and targets provided in this document and the investor
webcast, Grab is unable to provide a reconciliation of these
forward-looking non-IFRS measures to the most directly comparable
IFRS measures without unreasonable efforts because the information
needed to reconcile these measures is dependent on future events,
many of which Grab is unable to control or predict.
Explanation of non-IFRS financial measures:
- Adjusted EBITDA is a non-IFRS financial measure calculated as
net loss adjusted to exclude: (i) interest income (expenses), (ii)
other income (expenses), (iii) income tax expenses (credit), (iv)
depreciation and amortization, (v) share-based compensation
expenses, (vi) costs related to mergers and acquisitions, (vii)
unrealized foreign exchange gain (loss), (viii) impairment losses
on goodwill and non-financial assets, (ix) fair value changes on
investments, (x) restructuring costs, (xi) legal, tax and
regulatory settlement provisions and (xii) share listing and
associated expenses.
- Segment Adjusted EBITDA is a non-IFRS financial measure,
representing the Adjusted EBITDA of each of our four business
segments, excluding, in each case, regional corporate costs.
- Total Segment Adjusted EBITDA is a non-IFRS financial measure,
representing the sum of Adjusted EBITDA of our four business
segments.
- Adjusted EBITDA margin is a non-IFRS financial measure
calculated as Adjusted EBITDA divided by Gross Merchandise
Value.
Three months ended
March 31,
2023
2022
($ in millions, unless otherwise
stated)
$
$
Loss for the period
(250)
(435)
Net interest (income) / expenses
(1)
27
Other income
(1)
(2)
Income tax expenses
11
1
Depreciation and amortization
35
34
Share-based compensation expenses
103
121
Unrealized foreign exchange gain
(2)
(1)
Impairment losses on goodwill and
non-financial assets
*
3
Fair value changes on investments
37
(39)
Restructuring costs
1
*
Legal, tax and regulatory settlement
provisions
1
4
Adjusted EBITDA
(66)
(287)
Regional corporate costs
216
212
Total Segment Adjusted EBITDA
150
(75)
Segment Adjusted EBITDA
Deliveries
60
(56)
Mobility
152
82
Financial services
(70)
(102)
Enterprise and new initiatives
8
1
Total Segment Adjusted EBITDA
150
(75)
* Amount less than $1 million
This document and the investor webcast also includes
“Pre-InterCo” data that does not reflect elimination of intragroup
transactions, which means such data includes earnings and other
amounts from transactions between entities within the Grab group
that are eliminated upon consolidation. Such data differs
materially from the corresponding figures post-elimination of
intra-group transactions.
We compare the percent change in our current period results from
the corresponding prior period using constant currency. We present
constant currency growth rate information to provide a framework
for assessing how our underlying GMV and revenue performed
excluding the effect of foreign currency rate fluctuations. We
calculate constant currency by translating our current period
financial results using the corresponding prior period’s monthly
exchange rates for our transacted currencies other than the U.S.
dollar.
Operating Metrics
Gross Merchandise Value (GMV) is an operating metric
representing the sum of the total dollar value of transactions from
Grab’s products and services, including any applicable taxes, tips,
tolls, surcharges and fees, over the period of measurement. GMV
includes sales made through offline stores. GMV is a metric by
which Grab understands, evaluates and manages its business, and
Grab’s management believes is necessary for investors to understand
and evaluate its business. GMV provides useful information to
investors as it represents the amount of a consumer’s spend that is
being directed through Grab’s platform. This metric enables Grab
and investors to understand, evaluate and compare the total amount
of customer spending that is being directed through its platform
over a period of time. Grab presents GMV as a metric to understand
and compare, and to enable investors to understand and compare,
Grab’s aggregate operating results, which captures significant
trends in its business over time.
Total Payments Volume (TPV) means total payments volume received
from consumers, which is an operating metric defined as the value
of payments, net of payment reversals, successfully completed
through our platform.
Monthly Transacting User (MTUs) is defined as the monthly number
of unique users who transact via Grab’s apps (including OVO), where
transact means to have successfully paid for any of Grab’s products
or services. MTUs over a quarterly or annual period are calculated
based on the average of the MTUs for each month in the relevant
period. Starting in 2023, MTUs additionally include the monthly
number of unique users who transact with Grab offline while
recording their loyalty points on Grab's apps. MTUs is a metric by
which Grab understands, evaluates and manages its business, and
Grab’s management believes is necessary for investors to understand
and evaluate its business.
Partner incentives is an operating metric representing the
dollar value of incentives granted to driver- and
merchant-partners, the effect of which is to reduce revenue. The
incentives granted to driver- and merchant-partners include base
incentives and excess incentives, with base incentives being the
amount of incentives paid to driver- and merchant-partners up to
the amount of commissions and fees earned by us from those driver-
and merchant-partners, and excess incentives being the amount of
payments made to driver- and merchant-partners that exceed the
amount of commissions and fees earned by us from those driver- and
merchant-partners. For certain delivery offerings where Grab is
contractually responsible for delivery services provided to
end-users, incentives granted to driver-partners are recognized in
cost of revenue.
Consumer incentives is an operating metric representing the
dollar value of discounts and promotions offered to consumers, the
effect of which is to reduce revenue. Partner incentives and
consumer incentives are metrics by which we understand, evaluate
and manage our business, and we believe are necessary for investors
to understand and evaluate our business. We believe these metrics
capture significant trends in our business over time.
Industry and Market Data
This document also contains information, estimates and other
statistical data derived from third party sources (including
Euromonitor), including research, surveys or studies, some of which
are preliminary drafts, conducted by third parties, information
provided by customers and/or industry or general publications. Such
information involves a number of assumptions and limitations and
due to the nature of the techniques and methodologies used in
market research, and as such neither Grab nor the third-party
sources (including Euromonitor) can guarantee the accuracy of such
information. You are cautioned not to give undue weight on such
estimates. Grab has not independently verified such third-party
information, and makes no representation as to the accuracy of such
third-party information.
Unaudited Summary of Financial Results
Condensed consolidated statement of profit or loss and other
comprehensive income
Three months ended
March 31,
2023
2022
($ in millions, except for share amounts
which are reflected in thousands and per share data)
$
$
Revenue
525
228
Cost of revenue
(372)
(310)
Other income
3
3
Sales and marketing expenses
(70)
(70)
General and administrative expenses
(147)
(169)
Research and development expenses
(129)
(119)
Net impairment losses on financial
assets
(13)
(8)
Other expenses
(1)
*
Operating loss
(204)
(445)
Finance income
49
10
Finance costs
(46)
(37)
Net change in fair value of financial
assets and liabilities
(37)
39
Net finance (costs)/ income
(34)
12
Share of loss of equity-accounted
investees (net of tax)
(1)
(1)
Loss before income tax
(239)
(434)
Income tax expense
(11)
(1)
Loss for the period
(250)
(435)
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
26
(5)
Other comprehensive income/ (loss) for
the period, net of tax
15
(5)
Total comprehensive loss for the
period
(235)
(440)
*
Loss attributable to:
Owners of the Company
(244)
(423)
Non-controlling interests
(6)
(12)
Loss for the period
(250)
(435)
Total comprehensive loss attributable
to:
Owners of the Company
(226)
(429)
Non-controlling interests
(9)
(11)
Total comprehensive loss for the
period
(235)
(440)
Loss per share:
Basic
$ (0.06)
$ (0.11)
Diluted
$ (0.06)
$ (0.11)
Weighted-average ordinary shares
outstanding:
Basic
3,853,731
3,712,606
Diluted
3,853,731
3,712,606
* Amount less than $1 million
As we incurred net loss for the period ended March 31, 2023,
basic loss per share was the same as diluted loss per share.
The number of outstanding Class A and Class B ordinary shares
was 3,784 million and 103 million for the period ended March 31,
2023. 397 million potentially dilutive outstanding securities were
excluded from the computation of diluted loss per ordinary share
because their effects would have been antidilutive for the period
ended March 31, 2023, or issuance of such shares is contingent upon
the satisfaction of certain conditions which were not satisfied by
the end of the period.
Condensed consolidated statement of financial
position
March 31,
2023
December 31,
2022
($ in millions, unless otherwise
stated)
$
$
Non-current assets
Property, plant, and equipment
479
492
Intangible assets and goodwill
909
904
Associates and joint venture
109
107
Deferred tax assets
20
20
Other investments
1,178
1,742
Prepayments and other assets
178
217
2,873
3,482
Current assets
Inventories
47
48
Trade and other receivables
340
372
Prepayments and other assets
266
182
Other investments
2,522
3,134
Cash and cash equivalents
2,351
1,952
5,526
5,688
Total assets
8,399
9,170
Equity
Share capital and share premium
22,452
22,278
Reserves
552
602
Accumulated losses
(16,520)
(16,277)
Equity attributable to owners of the
Company
6,484
6,603
Non-controlling interests
45
54
Total equity
6,529
6,657
Non-current liabilities
Loans and borrowings
668
1,248
Provisions
18
18
Other liabilities
140
132
Deferred tax liabilities
18
18
844
1,416
Current liabilities
Loans and borrowings
113
117
Provisions
40
38
Trade and other payables
859
933
Current tax liabilities
14
9
1,026
1,097
Total liabilities
1,870
2,513
Total equity and liabilities
8,399
9,170
Condensed consolidated statement of cash flow
Three months ended
March 31,
2023
2022
($ in millions, unless otherwise
stated)
$
$
Cash flows from operating
activities
Loss before income tax
(239)
(434)
Adjustments for:
Amortization of intangible assets
4
4
Depreciation of property, plant and
equipment
31
30
Impairment of property, plant and
equipment
*
3
Equity-settled share-based payments
103
121
Finance costs
46
37
Net change in fair value of financial
assets and liabilities
37
(39)
Net impairment loss on financial
assets
13
8
Finance income
(49)
(9)
Gain on disposal of property, plant and
equipment
(2)
*
Share of loss of equity-accounted
investees (net of tax)
1
1
Change in provisions
1
2
(54)
(276)
Changes in:
- Inventories
1
9
- Deposits pledged
(3)
*
- Trade and other receivables
(18)
(116)
- Trade payables and other liabilities
(77)
(57)
Cash used in operations
(151)
(440)
Income tax paid
(6)
(6)
Net cash used in operating
activities
(157)
(446)
Cash flows from investing
activities
Acquisition of property, plant and
equipment
(5)
(10)
Purchase of intangible assets
(7)
(3)
Proceeds from disposal of property, plant
and equipment
5
3
Acquisition of subsidiaries with
non-controlling interests, net of cash acquired, and loan
receivables
-
(175)
Net proceeds from/ (acquisition of) other
investments
1,151
(891)
Interest received
37
9
Net cash from/ (used in) investing
activities
1,181
(1,067)
Cash flows from financing
activities
Proceeds from share-based payment
arrangements
4
*
Payment of listing expenses
-
(39)
Proceeds from bank loans
25
30
Repayment of bank loans
(629)
(38)
Payment of lease liabilities
(9)
(7)
Proceeds from subscription of shares in
subsidiaries by non-controlling interests without change in
control
*
-
Deposits pledged
(3)
5
Interest paid
(31)
(37)
Net cash used in financing
activities
(643)
(86)
Net increase/ (decrease) in cash and
cash equivalents
381
(1,599)
Cash and cash equivalents at beginning of
the period
1,952
4,991
Effect of exchange rate fluctuations on
cash held
18
(5)
Cash and cash equivalents at end of the
period
2,351
3,387
* Amount less than $1 million
1Deliveries Revenues benefited in Q1 2023 due to a business
model change implemented in Q4 2022 for certain delivery offerings
in one of our markets from being an agent arranging for delivery
services provided by our driver-partners to end-users, to being a
principal whereby Grab is the delivery service provider
contractually responsible for the delivery services provided to
end-users. Assuming the change in business model had occurred in Q1
2022, Q1 2023 Group revenue growth would have been 58% YoY.
2 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.
3Deliveries Revenues benefited in Q1 2023 due to a business
model change implemented in Q4 2022 for certain delivery offerings
in one of our markets from being an agent arranging for delivery
services provided by our driver-partners to end-users, to being a
principal whereby Grab is the delivery service provider
contractually responsible for the delivery services provided to
end-users. Assuming the change in business model had occurred in Q1
2022, Q1 2023 Group revenue growth would have been 58% YoY.
4Regional 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 cost 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.
5Cash liquidity includes cash on hand, time deposits and
marketable securities.
6Net cash liquidity includes cash liquidity less loans and
borrowings.
7Deliveries Revenues benefited in Q1 2023 due to a business
model change implemented in Q4 2022 for certain delivery offerings
in one of our markets from being an agent arranging for delivery
services provided by our driver-partners to end-users, to being a
principal whereby Grab is the delivery service provider
contractually responsible for the delivery services provided to
end-users. Assuming the change in business model had occurred in Q1
2022, Q1 2023 Group revenue growth would have been 58% YoY.
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