Grab Holdings Limited · NASDAQ:GRAB
Grab — Q1 2024 Earnings Presentation
32 slides from Grab's earnings presentation, May 15, 2024
Slide 1: Q1 2024 Earnings Call
Q1 2024 Earnings Call May 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: Non-IFRS Financial Measures
Disclaimer 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.
Slide 4: Disclaimer
Disclaimer 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. Segment Adjusted EBITDA margin is a non-IFRS financial measure, calculated as Segment Adjusted EBITDA divided
Slide 5: Disclaimer: Industry and Market Data
Disclaimer 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 beli
Slide 6: Segment Reporting Changes
Segment Reporting Changes Beginning with the first quarter 2024 earnings release, Grab reports its segment results as Deliveries, Mobility, Financial Services, and Others: • Deliveries primarily includes on-demand and scheduled delivery of daily necessities including ready-to-eat meals and groceries
Slide 7: Agenda
1 Business Update 2 Financial Results 3 Segment Reporting Changes 4 Outlook 5 Non-IFRS Reconciliation 7
Slide 8: Business Update
Business Update 5
Slide 9: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights On-Demand Revenue Group Adjusted EBITDA(2) Gross Merchandise Value(1) +24% YoY +18% YoY $62M +29% YoY Constant Currency(3) +21% YoY Constant Currency(3) Improved by +$129M YoY Note: 1. Gross Merchandise Value is an operating metric representing the sum of the total dolla
Slide 10: Mobility MTUs grew over 10 consecutive quarters
Business Update Mobility MTUs grew over 10 consecutive quarters Mobility MTUs +3% QoQ (Quarterly, in millions) (Q1 2024 vs Q4 2023) Mobility MTUs grew sequentially for 10 consecutive quarters Ample headroom to grow with Mobility MTUs at 92% of pre-COVID levels and penetration at 3% of total Southeas
Slide 11: Creating value for users and driver-partners
Business Update Creating value for users and driver-partners Improving affordability for our users… … while enhancing driver efficiencies 25% Reduction in average Delivery fee(1) (Q1 2024, YoY %) 61% Reduction in Driver Wait time at Merchants(2) (Q1 2024, YoY %) 622 Bps reduction in % of Mobility su
Slide 12: Realizing platform synergies across verticals
Business Update Realizing platform synergies across verticals 79% 93% of driver-partners(1) completed of deposit customers in GXBank both Mobility and Deliveries jobs Malaysia are customers of Grab(2) Note: 1. Two-wheel driver-partners who completed a GrabFood transaction in Indonesia, Thailand and
Slide 13: Robust growth in our lending business
Business Update Robust growth in our lending business +64% YoY Total Loans Disbursed (Q1 2024 vs Q1 2023) (Quarterly, in US$ millions) 483 442 Loan disbursals grew 64% 410 YoY and 9% QoQ, attributed 350 to ecosystem lending and 294 higher lending volumes in 255 260 237 GXS Bank 203 Non-performing lo
Slide 14: Financial Results
Financial Results =
Slide 15: Q1 2024 Results: Consolidated Group
Q1 2024 Results Consolidated Group YoY% Change Q1 2024(1) Q1 2023(1,2) YoY% Change (Constant Currency(3)) $ in millions, unless otherwise stated Operating Metrics On-Demand GMV(4,5) 4,242 3,600 18% 21% Group MTU (millions of users) 38.5 33.3 16% - On-Demand MTU (millions of users) 34.4 28.9 19% - On
Slide 16: Q1 2024 Results: Net Cash Liquidity
Q1 2024 Results Net Cash Liquidity As of Mar 31, As of Dec 31, 2024(1) 2023(1) $ in millions, unless otherwise stated Cash & cash equivalents 2,113 3,138 Add: Other Long-term Investments 145 146 Add: Time deposits 2,083 1,752 Add: Cash investments 984 941 Cash Liquidity(2) 5,325 5,977 Less: Loans an
Slide 17: Q1 2024 Results: Deliveries
Q1 2024 Results Deliveries Revenue Gross Merchandise Value(1) Segment Adjusted EBITDA(2) ($ in millions) ($ in millions) ($ in millions) 2,695 % GMV(2) (0.8)% 1.6% 350 +13% YoY +19% YoY +16% YoY (CC(3)) +24% YoY (CC(3)) 2,381 42 +$61M YoY 294 (19) Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Note
Slide 18: Q1 2024 Results: Mobility
Q1 2024 Results Mobility Revenue Gross Merchandise Value(1) Segment Adjusted EBITDA(2) ($ in millions) ($ in millions) ($ in millions) % GMV(2) 8.0% 8.9% 1,547 247 +27% YoY +27% YoY +30% YoY (CC(3)) 138 +30% YoY (CC(3)) +41% YoY 1,219 194 97 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Note: 1. G
Slide 19: Q1 2024 Results: Financial Services
Q1 2024 Results Financial Services Revenue Loan Portfolio(1) Segment Adjusted EBITDA(2) ($ in millions) ($ in millions) ($ in millions) % Revenue (119.2)% (51.2)% 363 55 +86% YoY +53% YoY +56% YoY (CC(3)) 36 196 (28) +$15M (43) Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Note: 1. Loan Portfolio
Slide 20: Q1 2024 Results: Incentives
Q1 2024 Results Incentives Q1 2024 Q1 2023 Partner Consumer Total Partner Consumer Total $ In millions Incentives(1) Incentives(2) Incentives Incentives(1) Incentives(2) Incentives Deliveries 113.8 182.8 296.5 112.6 180.3 293.0 Mobility 62.9 52.3 115.2 56.3 35.6 92.0 Financial Services 0.1 3.7 3.8 0
Slide 21: Segment Reporting Changes
segment Reporting Changes =
Slide 22: Segment Reporting Changes: Q1 2024 Results
Segment Reporting Changes Q1 2024 Results Regional Financial Deliveries Mobility Others(1) Corporate Services Costs(2) $ in millions, unless otherwise stated GMV(3), Pre-Segment Reporting Changes 2,642 1,546 n.a. n.a. n.a. Advertising GMV(4) 53 1 n.a. n.a. n.a. GMV(3), As Reported 2,695 1,547 n.a. n
Slide 23: Recast of Historical Financials
Segment Reporting Changes Recast of Historical Financials $ in Millions Fiscal Year Quarter Fiscal Year $ in millions, unless otherwise stated 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 On-Demand Gross Merchandise Value(1) Deliveries 10,007 2,381 2,619 2,656 2,709 10,365 Mobility 4,106 1,219 1,320 1,
Slide 24: Recast of Historical Financials
Segment Reporting Changes Recast of Historical Financials $ in Millions Fiscal Year Quarter Fiscal Year $ in millions, unless otherwise stated 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Segment Adjusted EBITDA(1) Deliveries (390) (19) 10 34 56 81 Mobility 297 97 114 127 128 466 Financial Services (27
Slide 25: Outlook
Outlook _
Slide 26: Outlook for 2024
Outlook Outlook for 2024 $2.70B - $2.75B 2024 Revenue 14% - 17% YoY (Unchanged) 2024 Group Adjusted EBITDA(1) $250M - $270M (Previous: $180M - $200M) Note: 1. Adjusted EBITDA is a non-IFRS financial measure calculated as profit (loss) for the period adjusted to exclude: (i) net interest income (expe
Slide 27: Long-Term Segment Guidance
Outlook Long-Term Segment Guidance Mobility Segment Adjusted EBITDA Margin(1) 9%+ Broadly in line with Q1 2024 4%+ Deliveries Segment Adjusted EBITDA Margin(1) >240bps upside from Q1 2024 Note: 1. Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of ou
Slide 28: Drivers of 2024 Group Adjusted EBITDA Revision
Outlook Drivers of 2024 Group Adjusted EBITDA Revision Strong Mobility demand bolstered Optimization of operating expenses Optimization of operating expenses by events hosted in the region within GrabFin and regional corporate costs +69% -15% -20% YoY reduction in total headcount costs in YoY increa
Slide 29: Clear pathway to grow Deliveries Long-Term profitability
Outlook Clear pathway to grow Deliveries Long-Term profitability Deliveries Segment Adjusted EBITDA Margin(1) (Illustrative, Y-axis does not start from zero) 4%+ 1.6% Q1 2024 Deliveries Improving Operating Advertising Long-term Deliveries Adjusted Adjusted EBITDA Margin Marketplace Efficiency Levera
Slide 30: Non-IFRS Reconciliation
Non-IFRS Reconciliation =
Slide 31: Adjusted EBITDA to IFRS Loss for the Period Reconciliation
Adjusted EBITDA to IFRS Loss for the Period Reconciliation Three months ended March 31, 2024(1) 2023(1) $ in millions, unless otherwise stated Loss for the period (115) (250) Income tax expense 13 11 Share of loss of equity-accounted investees (net of tax) 4 1 Net finance costs (including foreign ex
Slide 32: Adjusted Free Cash Flow to Net Cash used in Operating Activities Reconciliation
Adjusted Free Cash Flow to Net Cash used in Operating Activities Reconciliation Three months ended March 31, 2024(1) 2023(1) $ 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 recei