Grab Holdings Limited · NASDAQ:GRAB
Grab — SPAC Merger (April 2021)
35 slides from Grab's SPAC merger presentation, Apr 13, 2021
Slide 1: Working File:https://drive.google.com/drive/u/0/folders/1xMRWmQg2IxJ1KvW0nG9UsJnbQzqygSwq
Working File:https://drive.google.com/drive/u/0/folders/1xMRWmQg2IxJ1KvW0nG9UsJnbQzqygSwq
Slide 2: Disclaimer
Disclaimer 2 This Presentation has been prepared by Grab Holdings Inc. (the “Company”) and Altimeter Growth Corporation (the “SPAC”) in connection with a potential business combination involving the Company and the SPAC (the “Transaction”) and is preliminary in nature and solely for information and
Slide 3: Disclaimer (Cont’d)
Disclaimer (Cont’d) 2 The forward-looking statements and financial forecasts and projections contained in this Presentation are subject to a number of factors, risks and uncertainties, some of which are not currently known to us. You should carefully consider the risks and uncertainties described in
Slide 4: Today’s speakers
4 Today’s speakers Peter OeyCFO, Grab Ming MaaPresident, Grab Brad GerstnerFounder & CEO, Altimeter Anthony TanCo-Founder & CEO, Grab Chris ConfortiPartner, Altimeter
Slide 5: Transaction overview
5 Transaction overview Issuer Altimeter Growth Corp. (Nasdaq: AGC) PIPE Size $4.04B Price $10.00 per common share Valuation $30.36B (Enterprise Value1)$39.55B (Equity Value2) Anchor Order $0.75B from Altimeter Capital Management and affiliates Backstop $500M of Trust Proceeds from Altimeter Capital
Slide 6: Altimeter overview – Grab’s long term partner
6 Altimeter overview – Grab’s long term partner + ~$16B Total Firm AUM ~$12B Total Private Capital Managed ~79% Net IRR (VC) Entrepreneur led firm dedicated to helping founders innovate and change the world Leading mid-stage silicon valley, growth VC brandLeading late-stage, crossover investorDeep p
Slide 7: Our mission and H principles
Drive Southeast Asia forward by creatingeconomic empowerment for everyone OUR MISSION To serve our communities and each other HEART Achieving our mission requires grit and drive Kaizen, in big and small ways.Build on ground truths. HUNGER Trust in Grab makes our mission possible Act with integrity.
Slide 8: Our journey so far
Our journey so far 8 2020 2014 2015 2016 2018 2019 2017 2012 2013 Mobility Deliveries Financial Services Enterprise and Others Country Expansion Singapore Philippines Thailand Indonesia Vietnam Myanmar Cambodia Malaysia Acquisition of Uber's business in Southeast Asia Launch of Grab’s first service
Slide 9: Everyday Everything App deeply integrated into consumers’ lives
Everyday Everything App deeply integrated into consumers’ lives 9
Slide 10: #1 Superapp in Southeast Asia
#1 Superapp in Southeast Asia 10 Digital Advertising Deliveries Insurance PayLater Invest Digital Wallet & GrabPay Card Alternative to traditional advertising mediums including prints, television, billboards, classifieds Displace cash transactions Alternative to traditional dining options including
Slide 11: Our scale and leadership in Southeast Asia
Our scale and leadership in Southeast Asia GMV in 2020 $12.5B Adjusted Net Revenue in 2020 $1.6B Transactions completed in 2020 1.9B Deliveries1, Mobility and Financial Services2 by GMV #1 Monthly Transacting Users3 as of Dec 2020 25M Cities in 8 countries 400+ Registered Driver Partners as ofDec 20
Slide 12: Creating Economic Empowerment for Everyone
Creating Economic Empowerment for Everyone
Slide 13: Southeast Asia is still in the early innings of online disruption
13 Southeast Asia is still in the early innings of online disruption Digital financial services promotingfinancial inclusion Online food delivery providing convenience On-demand mobility addressing the infrastructure gap % 2020 electronic transactions (volume) % 2020 banked population (age >15) % 20
Slide 14: Grab is the category leader with growth and profitability at scale across segments
Grab is the category leader with growth and profitability at scale across segments 14 Deliveries $3.2B 2020 GMV $5.5B 2020 GMV $8.9B 2020 TPV1 Scale Growth 37% 2020 – 2022E GMV growth 203% 2018 - 2020 GMV CAGR 102% 2018 – 2020 TPV CAGR Mobility Financial Services Profitability2 11% EBITDA % of GMV i
Slide 15: Category leadership in Southeast Asia in terms of presence, scale and diversity
Category leadership in Southeast Asia in terms of presence, scale and diversity 15 Years of operation Category position1 Diversified business model across 8 countries with no single country contributing > 35% of Adj. Net Revenue MobilityLargest last-mile transportation network 8 DeliveriesLargest de
Slide 16: Highly synergistic ecosystem designed to maximize usage and lower cost of service
16 Highly synergistic ecosystem designed to maximize usage and lower cost of service Underpinned by proprietary technology and financial infrastructure More Driver Partners More Merchant Partners More Consumers More spending More services and ease of access More orders Moreincome More rides /deliver
Slide 17: Bigger and faster spend by our consumers
17 Bigger and faster spend by our consumers GMV per user 1 by cohort, indexed to year 1 – including 2020 2016 Cohort 2017 Cohort 2018 Cohort 2019 Cohort Year 1 1.00x 1.00x 1.00x 1.00x Year 2 1.41x 1.49x 1.62x 1.45x Year 3 1.93x 2.19x 2.06x Year 4 2.75x 2.78x Year 5 3.63x Cohort GMV growth in 2020 de
Slide 18: Growing topline
Growing topline GMV ($B) Adj. Net Revenue ($B) +40% CAGR +96% CAGR +42% CAGR % GMV 7% 8% 13% 14% 13% 13% Actual Projected Actual Projected 18 Note: Our 2018, 2019 and 2020 net revenue on which Adjusted Net Revenue is based is subject to an ongoing PCAOB auditAdjusted Net Revenue is a non-IFRS financ
Slide 19: Improving profitability
Improving profitability Contribution Profit1 ($B) Actual Projected 19 % Adj. Net Revenue 7% 21% 30% 37% (118%) (156)% EBITDA2 ($B) % Adj. Net Revenue (52%) (25%) (5%) 10% (220%) (317)% Actual Projected Mobility segment EBITDA positive since 4Q 2019 Note: Our 2018, 2019 and 2020 net revenue on which
Slide 20: Deliveries is growing rapidly
20 Deliveries is growing rapidly +39% CAGR +203% CAGR Adj. Net Revenue (Pre-InterCo) as % GMV GMV (Pre-InterCo) ($B) Segment EBITDA1 (Pre-InterCo)as % Adj. Net Revenue Actual Projected Actual Projected Actual Projected Take rate improvement to reach steady state Note: The segment GMV, Adjusted Net R
Slide 21: Mobility is EBITDA positive at scale
21 Mobility is EBITDA positive at scale +35% CAGR Actual Projected Actual Projected Actual Projected Take rate improvement to reach steady state GMV (Pre-InterCo) ($B) Segment EBITDA1 (Pre-InterCo)as % GMV Note: The segment GMV, Adjusted Net Revenue and EBITDA figures shown here are "Pre-InterCo" da
Slide 22: Financial Services offer a wide range of products and services
Financial Services offer a wide range of products and services 22 Singapore Malaysia Thailand Philippines Vietnam Indonesia Insurance Wealth Through a co-lending arrangement Lending Payments & Rewards E-wallet ✔ ✔ ✔ ✔ ✔ ✔ Rewards program ✔ ✔ ✔ ✔ ✔ ✔ GrabPay Mastercard ✔ - ✔ - - - PayLater ✔ ✔ ✔ - -
Slide 23: Financial Services is expanding and diversifying
23 Financial Services is expanding and diversifying Adj. Net Revenue (Pre-InterCo) ($M) +23% CAGR TPV (Pre-InterCo) ($B) 19.1 0.5 2.2 +29% CAGR +102% CAGR 7.8 8.9 11.0 14.6 off-Grab TPV on-Grab TPV GrabPayRewardsRemittance Payments Digibank LoansDepositsBanking services Financial Services Lending In
Slide 24: Key investment highlights
Key investment highlights 24 Massive underpenetrated opportunity World-class management and shareholders Proprietary and differentiated technology Hyperlocal approach Deeply integrated Superapp ecosystem Category leadership at scale
Slide 25: Appendix
44 Appendix
Slide 26: Reconciliation from Pre-InterCo to Post-InterCo GMV
26 Reconciliation from Pre-InterCo to Post-InterCo GMV Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.6 2.9 5.5 7.5 10.6 14.7 InterCo adj. 0.0 0.0 0.0 0.0 0.0 0.0 Post-InterCo 0.6 2.9 5.5 7.5 10.6 14.7 Mobility Pre-InterCo 4.6 5.7 3.2 4.2 6.1 7.9 InterCo adj. 0.0 (0.
Slide 27: Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue
27 Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 InterCo adj. (0.0) (0.0) (0.0) (0.0) 0.0 0.0 Post-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 Mobility Pre-InterCo 0.4 0.6 0.5 0.8 1.2 1.6 Int
Slide 28: Reconciliation from Pre-InterCo to Post-InterCo EBITDA
28 Reconciliation from Pre-InterCo to Post-InterCo EBITDA Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo (0.2) (0.8) (0.3) (0.0) 0.1 0.3 InterCo adj. (0.0) 0.0 0.1 0.1 0.1 0.1 Post-InterCo (0.2) (0.8) (0.2) 0.1 0.2 0.5 Mobility Pre-InterCo (0.5) (0.2) 0.3 0.5 0.7 1.0 I
Slide 29: Gross Billing to Adjusted Net Revenue reconciliation
29 ($M) 2018 2019 2020 Comment Gross Billing 966 1,667 1,816 Gross Billing is a measure by which the Company evaluates and manages its business. The Company defines Gross Billing as the total sum attributable to the Company from each transaction, without any adjustments for incentives paid to its cu
Slide 30: Reconciliation from EBITDA to Net Loss
30 ($B) 2018 2019 2020 EBITDA (1.3) (2.3) (0.8) Reconciling items: Other income / expense 0.1 - - Interest expense from RCPS (0.4) (1.1) (1.4) Depreciation / amortization (0.8) (0.7) (0.4) Net loss (2.5) (4.0) (2.7) Reconciliation from EBITDA to Net Loss Note: Our 2018, 2019 and 2020 historical fina
Slide 31: Risk factors relating to Grab
31 Risk factors relating to Grab Grab faces intense competition across the segments and markets it serves.Grab has had deficiencies in net assets and incurred net losses in each year since inception and may not be able to continue to raise sufficient capital or achieve or sustain profitability. Grab
Slide 32: Risk factors relating to Grab (cont’d)
32 Risk factors relating to Grab (cont’d) Grab relies to a large extent on third-party cloud infrastructure services providers, including Amazon Web Services and Microsoft Azure, and any disruption of or interference with Grab’s use of their services could adversely affect Grab’s business, financial
Slide 33: Risk factors relating to Grab (cont’d)
33 Risk factors relating to Grab (cont’d) Grab’s business depends heavily on insurance coverage provided by third parties, and Grab is subject to the risk that this may be insufficient or that insurance providers may be unable to meet their obligations. Grab has incurred a significant amount of debt
Slide 34: Disclaimer
Disclaimer 2 Forward-Looking StatementsThis document includes “forward-looking statements” within the meaning of the federal securities laws with respect to the proposed transaction between Grab Holdings Inc. (“Grab”), J1 Holdings Inc. (“PubCo”) and Altimeter Growth Corp. (“AGC”), and also contains
Slide 35: Disclaimer (cont’d)
Disclaimer (cont’d) 2 Non-IFRS Financial MeasuresThis document may also include references to non-IFRS financial measures. Such non-IFRS measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with IFRS, and such non-IFRS measures may