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Grab Reports First Quarter 2024 Results

May 15, 2024 6:45 PM

SINGAPORE, May 16, 2024 (GLOBE NEWSWIRE) -- Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the first quarter ended March 31, 2024.

“Our focus on product-led growth is bearing fruit, with On-Demand GMV scaling to new highs in spite of the seasonal impact we usually see in the first quarter of the year. Our push on affordability and reliability is pulling more people onto our platform and driving up order frequency. We also continue to see our partner earnings trending up,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “We continue to strengthen our category position and we will leverage this scale and our technological edge to serve our users and partners better.”

“We continued to drive profitable growth in the first quarter, as we achieved another record Adjusted EBITDA,” said Peter Oey, Chief Financial Officer of Grab. “As we drive growth across our business, we remain focused on continued improvements in profitability as demonstrated by our ninth consecutive quarter of Group Adjusted EBITDA expansion while improving shareholder returns and managing our balance sheet. Pursuant to our $500 million share repurchase program, we have repurchased approximately $97 million worth of Class A ordinary shares in March, and also paid down the remaining $497 million balance of our Term Loan B.”

Changes to Segment Reporting

As announced in the prior quarter, beginning with this 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 2024Q1 2023YoY %
Change
YoY %
Change
(unaudited)(unaudited) (constant currency4)
Operating metrics:
On-Demand GMV24,2423,60018%21%
Group MTUs (millions of users)38.533.316%
On-Demand MTUs (millions of users)34.428.919%
On-Demand GMV per MTU ($)123125(1)%2%
Partner incentives1771694%
Consumer incentives2392228%
Loan portfolio336319686%
Financial measures:
Revenue65352524%29%
Operating loss(75)(204)63%
Loss for the period(115)(250)54%
Total Segment Adjusted EBITDA15335332%
Adjusted EBITDA62(67)NM
Net cash used in operating activities (Operating Cash Flow)(11)(158)93%
Adjusted Free Cash Flow(98)(213)53%

Business Outlook

Financial MeasureGuidance
FY 2024
Revenue$2.70 billion – $2.75 billion
14% – 17% YoY
(Unchanged)
Adjusted EBITDA$250 million – $270 million
(Previous: $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)
Q1 2024Q1 2023YoY %
Change
YoY %
Change
(unaudited)(unaudited) (constant currency)
Operating metrics:
GMV2,6952,38113%16%
Financial measures:
Revenue35029419%24%
Segment Adjusted EBITDA42(19)NM

Mobility

($ in millions,
unless otherwise stated)
Q1 2024Q1 2023YoY %
Change
YoY %
Change
(unaudited)(unaudited) (constant currency)
Operating metrics:
GMV1,5471,21927%30%
Financial measures:
Revenue24719427%30%
Segment Adjusted EBITDA1389741%

Financial Services

($ in millions,
unless otherwise stated)
Q1 2024Q1 2023YoY %
Change
YoY %
Change
(unaudited)(unaudited) (constant currency)
Operating metrics:
Loan portfolio36319686%
Financial measures:
Revenue553653%56%
Segment Adjusted EBITDA(28)(43)34%

Others

($ in millions,
unless otherwise stated)
Q1 2024Q1 2023YoY %
Change
YoY %
Change
(unaudited)(unaudited) (constant currency)
Financial measures:
Revenue1153%53%
Segment Adjusted EBITDA1(*)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. 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
March 31,
20242023
($ in millions, unless otherwise stated)$$
Loss for the period(115)(250)
Income tax expense1311
Share of loss of equity-accounted investees (net of tax)41
Net finance costs (including foreign exchange (gain) loss)2334
Operating loss(75)(204)
Net other income(2)(3)
Depreciation and amortization4035
Share-based compensation expenses94103
Impairment losses on goodwill and non-financial assets*
Restructuring costs11
Legal, tax and regulatory settlement provisions41
Adjusted EBITDA62(67)
Regional corporate costs91102
Total Segment Adjusted EBITDA15335
Segment Adjusted EBITDA
Deliveries42(19)
Mobility13897
Financial services(28)(43)
Others1(*)
Total Segment Adjusted EBITDA15335

* Amount less than $1 million

Three months ended
March 31,
20242023
($ 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 segment493
– 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):

Recast Historical On-Demand GMV
Fiscal YearQuarterFiscal Year
($ in millions, unaudited)2022Q1 2023Q2 2023Q3 2023Q4 20232023
Deliveries10,0072,3812,6192,6562,70910,365
Mobility4,1061,2191,3201,4071,4745,420
On-Demand GMV14,1133,6003,9394,0634,18315,785


Recast Historical Revenue
Fiscal YearQuarterFiscal Year
($ in millions, unaudited)2022Q1 2023Q2 2023Q3 2023Q4 20232023
Deliveries7242943203353621,310
Mobility643194208232237871
Financial Services6436394854177
Others21*(*)*1
Revenue1,4335255676156532,359


Recast Historical Adjusted EBITDA
Fiscal YearQuarterFiscal Year
($ in millions, unaudited)2022Q1 2023Q2 2023Q3 2023Q4 20232023
Deliveries(390)(19)10345681
Mobility29797114127128466
Financial Services(278)(43)(42)(36)(49)(170)
Others(*)(*)(1)**(1)
Total Segment Adjusted EBITDA(371)3581125135376
Regional Corporate Costs(422)(102)(98)(98)(100)(398)
Group Adjusted EBITDA(793)(67)(17)2735(22)

* Amount less than $1 million

For reference, segment results as previously reported are as follows (in $ millions, unaudited):

Previously Reported Historical On-Demand GMV
Fiscal YearQuarterFiscal Year
($ in millions, unaudited)2022Q1 2023Q2 2023Q3 2023Q4 20232023
Deliveries9,8272,3442,5732,6082,64810,173
Mobility4,1031,2181,3201,4071,4745,419
On-Demand GMV13,9303,5623,8934,0154,12215,592


Previously Reported Historical Revenue
Fiscal YearQuarterFiscal Year
($ in millions, unaudited)2022Q1 2023Q2 2023Q3 2023Q4 20232023
Deliveries6632752923063211,194
Mobility639194208231237869
Financial Services7138405056184
Enterprise & New Initiatives6018272839112
Revenue1,4335255676156532,359


Previously Reported Historical Adjusted EBITDA
Fiscal YearQuarterFiscal Year
($ in millions, unaudited)2022Q1 2023Q2 2023Q3 2023Q4 20232023
Deliveries(35)60698896313
Mobility494152163180182676
Financial Services(415)(70)(75)(68)(81)(294)
Enterprise & New Initiatives21815213176
Total Segment Adjusted EBITDA65150172221228771
Regional Corporate Costs(858)(216)(192)(192)(193)(793)
Group Adjusted EBITDA(793)(66)(20)2935(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)DeliveriesMobilityFinancial ServicesOthersRegional Corporate Costs
GMV, pre-segment reporting changes2,6421,546n.a.n.a.n.a.
Advertising GMV12531n.a.n.a.n.a.
GMV, as reported2,6951,547n.a.n.a.n.a.
($ in millions, unaudited)DeliveriesMobilityFinancial ServicesOthersRegional Corporate Costs
Revenue, pre-segment reporting changes3132446036n.a.
Advertising and other revenue reporting changes373(5)(35)n.a.
Revenue, as reported350247551n.a.
($ in millions, unaudited)DeliveriesMobilityFinancial ServicesOthersRegional Corporate Costs
Adjusted EBITDA, pre-segment reporting changes88192(58)26(186)
Advertising reporting changes24**(25)
GrabFin reporting changes(21)(16)37
Regional Corporate Costs reporting change(49)(38)(7)95
Adjusted EBITDA, as reported42138(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,
20242023
($ in millions, except for share amounts which are reflected in thousands and per share data)$$
Revenue653525
Cost of revenue(394)(372)
Other income23
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 income4449
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:
Basic3,935,3533,853,731
Diluted3,935,3533,853,731

* 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 equipment485512
Intangible assets and goodwill912916
Associates and joint venture95102
Deferred tax assets5856
Other investments1,5471,188
Loan receivables in the financial services segment7154
Deposits, prepayments and other assets194196
3,3623,024
Current assets
Inventories4849
Trade and other receivables203196
Loan receivables in the financial services segment292272
Deposits, prepayments and other assets282208
Other investments1,8921,905
Cash and cash equivalents2,1133,138
4,8305,768
Total assets8,1928,792
Equity
Share capital and share premium22,87422,669
Reserves413544
Accumulated losses(17,011)(16,764)
Equity attributable to owners of the Company6,2766,449
Non-controlling interests4919
Total equity6,3256,468
Non-current liabilities
Loans and borrowings206668
Provisions1718
Other liabilities140140
Deferred tax liabilities2120
384846
Current liabilities
Loans and borrowings92125
Provisions3939
Trade payables and other liabilities855925
Deposits from customers in the banking business479374
Current tax liabilities1815
1,4831,478
Total liabilities1,8672,324
Total equity and liabilities8,1928,792

Condensed consolidated statement of cash flows

Three months ended
March 31,
20242023
($ in millions, unless otherwise stated)$$
Cash flows from operating activities
Loss before income tax(102)(239)
Adjustments for:
Amortization of intangible assets84
Depreciation of property, plant and equipment3231
Impairment of property, plant and equipment*
Equity-settled share-based payments94103
Finance costs5246
Net change in fair value of financial assets and liabilities1537
Net impairment loss on financial assets2013
Finance income(44)(49)
Gain on disposal of property, plant and equipment(1)(2)
Share of loss of equity-accounted investees (net of tax)41
Change in provisions(1)1
77(54)
Changes in:
– Inventories11
– Deposits pledged2(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 business11434
Cash from/ (used in) operations2(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 equipment45
Acquisition of additional interest in associates and joint venture(38)
(Acquisition of)/ Net proceeds from other investments(345)1,151
Interest received4137
Net cash (used in)/ from investing activities(352)1,182
Cash flows from financing activities
Proceeds from share-based payment arrangements44
Repurchase of ordinary shares(97)
Proceeds from bank loans3025
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 period3,1381,952
Effect of exchange rate fluctuations on cash held(52)18
Cash and cash equivalents at end of the period2,1132,351

* Amount less than $1 million

For inquiries regarding Grab, please contact:

Media
[email protected]

Investors
[email protected]

Source: Grab Holdings Limited

____________________________________
1 The financial results in this earnings release have been updated to reflect the segment reporting changes. As disclosed in our Q4 2023 earnings release, our financial results beginning with the first quarter 2024 earnings release 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.
8 Includes completed food and groceries transactions
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 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.
12 Advertising GMV was previously recorded under the “Enterprise & New Initiatives” segment.


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