Grab Holdings Limited · NASDAQ:GRAB
Grab — SPAC Merger (April 2021)
33 slides from Grab's SPAC merger presentation, Apr 13, 2021
Slide 1: Rule 425 filing legend
Filed by J1 Holdings Inc. Pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended Subject Company: Altimeter Growth Corp. Commission File No.: 001-39573
Slide 2: Disclaimer
Disclaimer 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 di
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) 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 t
Slide 4: Today's speakers
Today’s speakers Anthony Tan Ming Maa Peter Oey Brad Gerstner Co-Founder & CEO, Grab President, Grab CFO, Grab Founder & CEO, Altimeter 4
Slide 5: Transaction overview
Transaction overview Issuer§ Altimeter Growth Corp. (Nasdaq: AGC) PIPE Size§ $4.04B Price§ $10.00 per common share 1 § $30.36B (Enterprise Value ) Valuation 2 § $39.55B (Equity Value ) Anchor Order§ $0.75B from Altimeter Capital Management and affiliates Backstop§ $500M of Trust Proceeds from Altime
Slide 6: Altimeter overview – Grab's long term partner
+ Altimeter overview – Grab’s long term partner Altimeter’s long term commitment ~$16B ~$12B ~79% Total Firm AUM Total Private Capital Managed Net IRR (VC) Up to $1.2B PIPE investment ■ Entrepreneur led firm dedicated to helping founders from Altimeter Capital innovate and change the world ■ Leading
Slide 7: Our mission and principles
4 H PRINCIPLES – HOW WE STAY ON MISSION HEART HUNGER To serve our communities Achieving our mission and each other requires grit and drive Consumer first. Kaizen, in big and small ways. OneGrab. Build on ground truths. Leaders coach, serve, and inspire. OUR MISSION Drive Southeast Asia forward HONOU
Slide 8: Our journey so far
Our journey so far 2012 2013 2014 2015 2016 2017 2018 2019 2020 > $10B GMV >$1B Adj. Net >$1B GMV >$5B GMV Revenue Key Acquisition Selected for Launch of of Uber's digital Milestones Grab’s first business in banking service – Southeast license in GrabTaxi Asia Singapore GrabCar GrabExpress GrabShare
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 Deliveries Financial Services Alternative to traditional dining options including Digital Wallet & home-cooked food and dine- GrabPay Card in restaurants Displace cash transactions Express Insurance Ride on the wave of Incumbents e-commerce with parcel delivery services
Slide 11: Our scale and leadership in Southeast Asia
Our scale and leadership in Southeast Asia #1 1.9B $1.6B $12.5B 1 GMV in 2020 Adjusted Net Transactions Deliveries , Mobility Revenue in 2020 completed in 2020 and Financial 2 Services by GMV 25M 400+ 5M+ 2M Cities in Monthly Transacting Registered Driver Merchant Partners and 3 8 countries Users as
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
Southeast Asia is still in the early innings of online disruption Online food delivery On-demand mobility addressing Digital financial services promoting providing convenience the infrastructure gap financial inclusion 17% SE Asia SE Asia 3% SE Asia 11% 60% 43% 15% 21% China China China 95% 82% 5% U
Slide 14: Category leader with growth and profitability at scale across segments
Grab is the category leader with growth and profitability at scale across segments Deliveries Mobility Financial Services $5.5B $3.2B $8.9B Scale 1 2020 GMV 2020 GMV 2020 TPV 37% 102% 203% Growth 2020 – 2022E GMV growth 2018 – 2020 TPV CAGR 2018 - 2020 GMV CAGR 2H21 11% 30% 2 Profitability Target EB
Slide 15: Category leadership in Southeast Asia in terms of presence, scale and diversity
Category leadership in Southeast Asia in terms of presence, scale and diversity Years of Category Diversified business model across 8 countries with 1 operation position no single country contributing > 35% of Adj. Net Revenue Thailand Mobility Since 2013 Largest last-mile 8 1 transportation network
Slide 16: Highly synergistic ecosystem designed to maximize usage
Highly synergistic ecosystem designed to maximize usage and lower cost of service More rides / deliveries / More More services spending orders More More Merchant More Driver Consumers Partners Partners Higher More services More earnings and ease of income access Deep data-driven insights 16 Underpin
Slide 17: Bigger and faster spend by our consumers
Bigger and faster spend by our consumers 1 GMV per user by cohort, indexed to year 1 – including 2020 Year 1 Year 2 Year 3 Year 4 Year 5 2016 Cohort 1.00x 1.41x 1.93x 2.75x 3.63x 2017 Cohort 1.00x 1.49x 2.19x 2.78x 2018 Cohort 1.00x 1.62x 2.06x Cohort GMV growth in 2020 despite COVID impact 2019 Coh
Slide 18: Growing topline
Growing topline GMV ($B) Adj. Net Revenue ($B) 7% 8% 13% 14% 13% 13% +40% CAGR % GMV +42% CAGR 34.2 4.5 24.7 3.3 2.3 16.7 +96% CAGR 12.5 12.2 1.6 1.0 5.7 0.4 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Actual Projected Actual Projected Note: Our 2018, 2019 and 2020 net revenue on whi
Slide 19: Improving profitability
Improving profitability 1 2 Contribution Profit ($B) EBITDA ($B) (156)% (118%) 7% 21% 30% 37% (317)% (220%) (52%) (25%) (5%) 10% % Adj. Net Revenue % Adj. Net Revenue 1.7 0.5 1.0 0.5 (0.2) 0.1 (0.6) (0.8) (1.3) (0.7) Mobility segment EBITDA positive (2.3) (1.2) since 4Q 2019 2018 2019 2020 2021 2022
Slide 20: Deliveries is growing rapidly
Deliveries is growing rapidly 1 Adj. Net Revenue (Pre-InterCo) Segment EBITDA (Pre-InterCo) GMV (Pre-InterCo) ($B) as % GMV as % Adj. Net Revenue +39% CAGR Take rate improvement 14.7 15% to reach steady state 9% 15% 15% 15% 15% 10.6 (2%) 7.5 8% +203% CAGR (34%) 5.5 6% (347%) 2.9 0.6 (478%) 2018 2019
Slide 21: Mobility is EBITDA positive at scale
Mobility is EBITDA positive at scale 1 Segment EBITDA (Pre-InterCo) Adj. Net Revenue (Pre-InterCo) GMV (Pre-InterCo) ($B) as % GMV as % GMV +35% CAGR Take rate improvement 7.9 to reach steady state 12% 12% 12% 20% 20% 20% 8% 6.1 17% 5.7 4.6 4.2 10% 3.2 8% (4%) (11%) 2018 2019 2020 2021 2022 2023 201
Slide 22: Financial Services offer a wide range of products and services
Financial Services offer a wide range of products and services Singapore Malaysia Philippines Thailand Vietnam Indonesia E-wallet ✔✔✔✔✔✔ Rewards program ✔✔✔✔✔✔ Payments & Rewards GrabPay Mastercard ✔✔ - - - - PayLater ✔✔✔ - -✔ Smartphone financing ✔✔✔✔✔ - Lending Driver cash loan / incentive advance
Slide 23: Financial Services is expanding and diversifying
Financial Services is expanding and diversifying Adj. Net Revenue TPV (Pre-InterCo) ($B) (Pre-InterCo) ($M) Off-platform TPV Non-payments On-platform TPV Payments +23% CAGR 630 Financial Services +29% CAGR Payments Digibank 19.1 Lending Insurance Wealth 292 439 14.6 376 359 11.3 GrabPay Cash loan Au
Slide 24: Key investment highlights
Key investment highlights Massive underpenetrated opportunity Category leadership at scale Deeply integrated Superapp ecosystem Hyperlocal approach Proprietary and differentiated technology World-class management and shareholders 24
Slide 25: Appendix
Appendix
Slide 26: Reconciliation from Pre-InterCo to Post-InterCo GMV
Reconciliation from Pre-InterCo to Post-InterCo GMV Actuals Projections ($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 (0.0)
Slide 27: Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue
Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 InterCo adj. (0.0) (0.0) (0.0) (0.0) 0.0 0.0 Post-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 Mobility Pre-InterCo 0.4 0.6 0.5 0.8 1.2 1.6 InterC
Slide 28: Reconciliation from Pre-InterCo to Post-InterCo EBITDA
Reconciliation from Pre-InterCo to Post-InterCo EBITDA Actuals Projections ($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 Inte
Slide 29: Reconciliation from Net Revenue to Adjusted Net Revenue
1 Reconciliation from Net Revenue to Adjusted Net Revenue ($M) 2018 2019 2020 Comment ◼ Gross Billing is a measure by which the Company evaluates and manages its business. The Company Gross Billing 966 1,667 1,816 defines Gross Billing as the total sum attributable to the Company from each transacti
Slide 30: Reconciliation from EBITDA to Net Loss
Reconciliation from EBITDA to Net Loss ($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) Note: Our 2018, 2019 and 2020 historical financi
Slide 31: Risk factors relating to Grab
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. ▪
Slide 32: Risk factors relating to Grab (cont'd)
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)
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 deb