Grab Holdings Limited · NASDAQ:GRAB
Grab — Q4 2023 Earnings Presentation
29 slides from Grab's earnings presentation, Feb 22, 2024
Slide 1: Q4 2023 Earnings Call
Q4 2023 Earnings Call February 2024
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer 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 contain
Slide 3: Disclaimer: IFRS Financial Measures
Disclaimer IFRS Financial M Ik This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Total Segment Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Free Cash Flow. Grab uses these non-IFRS financial meas
Slide 4: Disclaimer: Operating Metrics
Disclaimer 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 mad
Slide 5: Business Update, Financial Results, Outlook, Non-IFRS Reconciliation
Business Update Financial Results Outlook Non-IFRS Reconciliation
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Slide 7: Q4 2023 Financial Highlights
Q4 2023 Financial Highlights On-Demand Gross Merchandise Value +30% +18% $35M YoY YoY Revenue Group Adjusted EBITDA?) +30% YoY Constant Currency?) +17% YoY Constant Currency?) Improved by +$146M YoY
Slide 8: Executing on our growth levers for On-Demand
Business Update Executing on our growth levers for On-Demand On-Demand GMVv\ Growth levers (Illustrative, Y-axis does not start from zero) Growth levers (examples): (examples): - Premium offerings - Affordability initiatives - Grab For Business = GrabUnlimited Growth levers (examples): - Tourism/tra
Slide 9: Maximizing value for our users
Business Update Maximizing value for our users Grab Delivery Options Priority Delivery (From Q1 to Q4 2023, % of Deliveries transactions) Priority deliveries have higher margins than Standard deliveries Standard Saver Priority Delivery options 9 Distance from you: 2.9 km 71 % © Priority + < 45 mins
Slide 10: Improving supply and achieving efficiency gains
Business Update Improving supply and achieving efficiency gains We continued to grow ..and reduce ..enabling us to improve ..and enhance driver active driver supply... surge levels... usage frequency... earnings potential Increase in total monthly Reduction in % of surged rides'2) Increase in averag
Slide 11: Strong growth in our lending business
Business Uedate Strong growth in our lending business Total Loans Disbursed (Full year, $ million) 1,497 ee YoY Loan disbursals grew to $1.5B, attributed to greater ecosystem lending from GrabFin and higher lending volumes from our digital bank — _ 2020 2021 2022 2023 1
Slide 12: Strong ecosystem linkages with Digibanks
Business Update Strong ecosystem linkages with Digibanks GXS Bank (Singapore) GXBank (Malaysia) GxS GX Loans disbursals grew QoQ, and GXBank recorded >100K depositors >80% of GXS users with an active within 2 weeks of launch in November loan have ecosystem linkages to 2023, and Grab users accounted
Slide 13: Capital Allocation Framework
Business Update Capital Allocation Framework Drive long-term, sustainable value creation for shareholders Discipline in investing Highly selective Maintain a strong Return excess for organic and on inorganic balance sheet with capital to profitable growth opportunities ample liquidity shareholders A
Slide 14: Financial Results
Financial Financial Results Results 14
Slide 15: Q4 2023 Results
Q4 2023 Results Consolidated group YoY% Change Q4 2023 Q4 2022 YoY% Change (Constant Q4 2023 Q4 2022 Currency?) $ in millions, unless otherwise stated % of GMV Operating Metrics GMV®) 5,441 4,997 9% 8% - - On-Demand GMV“) 4,122 3,499 18% 17% - - MTU (millions of users) 377 33.6 2% - - - GMV per MTU
Slide 16: FY 2023 Results
FY 2023 Results Consolidated group YoY% Change 2023 2022) YoY% Change (Constant 2023 2022 Currency?) $ in millions, unless otherwise stated % of GMV Operating Metrics GMV®) 20,983 19,937 5% 7% - - On-Demand GMV) 15,592 13,930 2% 14% - - MTU (millions of users) 355 32.7 8% - - - GMV per MTU ($) 592 6
Slide 17: Segment Adjusted EBITDA to IFRS Net Loss
Q4 & FY 2023 Results Segment Adjusted EBITDA to IFRS Net Loss Q4 20239 Q4 20220 2023 2022 $ in millions, unless otherwise stated Total Segment Adjusted EBITDA®) (non-IFRS) 228 112 ™ 65 Regional Corporate Costs) (193) (223) (793) (858) Adjusted EBITDA(45) (non-IFRS) 35 (i) (22) (793) Non-cash expense
Slide 18: Net Cash Liquidity
Q4 & FY 2023 Results Net Cash Liquidity i pt 2023) 2023) $ in millions, unless otherwise stated Cash & cash equivalents 3,138 3,018 Add: Other Long-term Investments 146 B7 Add: Time deposits 1,752 2,039 Add: Cash investments 941 755 Cash Liquidity) 5,977 5,949 Less: Loans and borrowings (793) (778)
Slide 19: Q4 2023 Results: Deliveries
G4 2023 Results Deliveries Revenue Gross Merchandise Value Segment Adjusted EBITDA?) % GM 2.0% 3.6% 321 2,648 EE +20% YoY +13% YoY +21% YoY (CC®) +12% YoY (CC®) 268 2,350 96 +107% YoY 47 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Note: 1.Gross Merchandise Value is an operating metric representi
Slide 20: Q4 2023 Results: Mobility
@Q4 2023 Results Mobility Revenue Gross Merchandise Value Segment Adjusted EBITDA?) 237 1,474 +28% YoY 189 +24% vor (ees) +27% YoY (CC!)) fo) 1,149 % GMV) 13.2% 12.3% 182 +20% YoY 152 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Note: 1.Gross Merchandise Value is an operating metric representing
Slide 21: Q4 2023 Results: Financial Services
G4 2023 Results Financial Services Total Payments Volume Revenue (Pre-Interco)™ Segment Adjusted EBITDA?) 3,957 %TPVO (2.5)% (2.0)% 56 HO%YOY ttn nnn nnn nnn crass scr esse cssceccee +102% YoY 3,744 +5% YoY (CC!) +100% YoY (CC!3)) (81) +$12M S (93) 042022 04.2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 mOff
Slide 22: Q4 2023 Results: Enterprise and New Initiatives
Q4 2023 Results Enterprise and New Initiatives Revenue Gross Merchandise Value Segment Adjusted EBITDA?) 39 64 % GM 14.4% 49.1% OT A) +124% YoY 9 “a3% voy (cc) 46 +40% YoY (CC!) 31 +378% YOY 17 6 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Value isan operating metric representi EBITDA isa non-IF
Slide 23: Q4 2023 Results: Incentives
G4 2023 Results Incentives $ In millions Base Excess Consumer Total Base Excess Consumer Total Incentives” —_Incentives”)_Incentives® Incentives Incentives Incentives?) _Incentives®) Incentives Deliveries 315 80.6 151.5 263.6 18.2 1015 725 292.2 Mobility 50.5 9.6 487 108.8 49.4 44 26.2 79.9 Financia
Slide 24: FY 2023 Results: Incentives
FY 2023 Results Incentives $ In millions Base Excess Consumer Total Base Excess Consumer Total Incentives” —_Incentives”)_Incentives® Incentives Incentives Incentives?) _Incentives®) Incentives Deliveries 82.8 364.6 630.7 1,078.1 64.5 533.6 840.5 1,438.7 Mobility 207.4 26.4 176.2 410.0 153.8 48.4 4.
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Slide 26: Outlook for 2024
Outlook Outlook for 2024 $2.70B - $2.75B 2024 Revenue 14% - 17% YoY
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Slide 28: Adjusted EBITDA to IFRS Profit/Loss for the Period Reconciliation
Adjusted EBITDA to IFRS Profit/ Loss for the Period Reconciliation Three months ended Twelve months ended Net interest (income)/expenses (35) 5 (98) 57 Net other income (25) (6) (8) (”) Income tax (credit)/expenses (4) * 19 6 Depreciation and amortization 7 40 145 150 Share-based compensation expens
Slide 29: Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation
Adjusted Free Cash Flow to Net Cash from / used in Operating Activities Reconciliation Three months ended Twelve months ended December 31, December 31, Less: Capital expenditure (38) (47) (140) (134) Free Cash Flow (64) (70) (54) (932) Changes in: - Loan receivables in the financial services segment