Grab Reports Second Quarter 2022 Results
Grab Holdings Limited (NASDAQ: GRAB) reported Q2 2022 revenue of $321 million, a 79% increase year-over-year, with GMV rising 30% to $5.1 billion. Despite a loss of $572 million, a 29% improvement year-over-year, the company is optimistic about its path to profitability, targeting earlier break-even timelines for its core food and deliveries segments. Monthly transacting users (MTUs) increased by 12% to 32.6 million, and engagement with multiple services is growing. Adjusted EBITDA margins show improvement, reflecting ongoing cost optimization efforts amid a focus on sustainable growth.
- Q2 revenue rose 79% YoY to $321 million.
- GMV increased 30% YoY to $5.1 billion.
- MTUs grew 12% YoY to 32.6 million.
- Adjusted EBITDA margins improved sequentially to negative 4.6%.
- Q2 loss of $572 million, despite a 29% improvement YoY.
- GMV growth forecast lowered to 21%-25% for FY 2022 from an earlier 30%-35%.
-
Q2 record Revenue of
, up$321 million 79% year-over-year -
Q2 GMV of
, up$5.1 billion 30% year-over-year -
Q2 Loss for the period of
, a$572 million 29% improvement year-over-year - Core food and Deliveries segment expected to break even earlier than previous guidance
“Our second quarter results showed that we can grow sustainably. We delivered strong revenue and GMV growth, while improving our unit economics and strengthening our category leadership position across key segments in the region. Our deliveries segment continued to grow, despite tougher year-on-year comparisons and as dine-out trends moderated food delivery demand. Looking ahead, we are laser focused on accelerating our path to profitability. We will get there by doubling down on product innovation that increases user engagement and reduces our cost-to-serve and focusing on growing high quality transactions on our platform,” said
“In the quarter, we took action to streamline our organizational cost structure. We optimized our fixed costs, shut unprofitable lines of business and continued to taper incentives as a percentage of GMV. As such, we are pulling forward our breakeven timelines for our core food and overall deliveries segment and narrowing our 2022 revenue guide to the upper end of our previously announced range. In the second half, we see slower GMV growth but an improvement in EBITDA compared to the first half due to our cost measures and strategies for growing sustainably,” said
Key Highlights
-
Total GMV grew
30% year-over-year (“YoY”) in the second quarter of 2022 and34% YoY on a constant currency basis1, driven by a recovery in our mobility segment and continued growth in deliveries. -
MTUs grew
12% YoY to 32.6 million, while the number of users of more than one service on our platform improved, with62% of MTUs now using 2 or more services on our platform compared to56% in 2021. -
In Mobility, GMV grew
51% YoY and revenue rose37% YoY as ride hailing demand continues to be strong. Mobility achieved segment adjusted EBITDA margin of12.1% for the second quarter, an increase of 224 basis points versus prior quarter and in line with our expected steady state margins of12% . -
Deliveries segment adjusted EBITDA margins improved quarter-on-quarter (QoQ) by 82 basis points to negative
1.4% . -
Revenue reached an all time high and grew
79% YoY to , driven by strong growth in Mobility and Deliveries revenue, including contributions by Jaya Grocer. On a constant currency basis, revenue grew$321 million 85% . -
Adjusted EBITDA margins improved sequentially by 136 basis points from negative
6.0% in the first quarter of 2022 to negative4.6% , driven by our ongoing efforts to optimize incentive spend. - We have accelerated our expected breakeven timelines for our core food deliveries and overall deliveries segment by one and two quarters, respectively, to Q1 2023 and Q2 2023.
-
For FY 2022, we are lowering our GMV estimates to
21% to25% growth YoY (25% to29% on a constant currency basis) from the previous guidance of30% to35% , while anticipating our revenue to come in between to$1.25 billion , at the higher end of our previously announced guidance range of$1.3 billion to$1.2 billion .$1.3 billion
Second Quarter Group Financial and Operational Highlights
($ in millions, unless otherwise stated) |
Q2 2022 |
Q2 2021 |
YoY %
|
YoY %
Change
|
||||||||
|
(unaudited) |
(unaudited) |
|
|
||||||||
Operating metrics: |
|
|
|
|
||||||||
GMV |
5,055 |
|
3,878 |
|
30 |
% |
34 |
% |
||||
MTUs2 (millions of users) |
32.6 |
|
29.1 |
|
12 |
% |
|
|||||
GMV per MTU ($) |
155 |
|
133 |
|
16 |
% |
20 |
% |
||||
Partner incentives |
212 |
|
172 |
|
23 |
% |
|
|||||
Consumer incentives |
311 |
|
243 |
|
28 |
% |
|
|||||
Financial measures: |
|
|
|
|
||||||||
Revenue |
321 |
|
179 |
|
79 |
% |
85 |
% |
||||
Loss for the period |
(572 |
) |
(801 |
) |
29 |
% |
|
|||||
Total Segment Adjusted EBITDA |
(19 |
) |
(14 |
) |
(43 |
)% |
|
|||||
Adjusted EBITDA |
(233 |
) |
(214 |
) |
(9 |
)% |
|
Q2 Business Review
We posted solid second quarter results, with strong topline growth and an improving adjusted EBITDA margin profile, underpinned by a rebound in our mobility segment and continued growth in deliveries. Revenue rose
Adjusted EBITDA margins as a percentage of GMV improved 90 basis points to (4.6)% compared to the same period a year ago and 136 basis points from the previous quarter, as we tapered incentive spending as a percentage of GMV. Our mobility segment adjusted EBITDA margin also recovered to
GMV grew
Engagement with our users also improved in the quarter with monthly transacting users (MTUs) up
In the quarter, we expanded a pilot subscription programme, GrabUnlimited, to more of our markets. With GrabUnlimited, users pay a flat monthly fee to enjoy subscriber benefits and deals across our various services like mobility, food and parcel deliveries. We have seen early encouraging metrics from GrabUnlimited in terms of increasing user engagement and order frequency. We believe GrabUnlimited has the potential to strengthen our superapp ecosystem by improving engagement and stickiness with users and be a key differentiator for us from monoline food delivery or mobility companies.
In the second quarter, adjusted EBITDA was negative
Loss for the quarter was
In the quarter, regional corporate costs as a percentage of GMV were
We took action in the quarter to exit some lines of businesses that do not lead to long-term and sustainable growth. We will continue to optimize our cost structure in order to quicken our path to profitability.
These actions include:
-
In mobility, we closed our GrabWheels support operations in
Singapore andMalaysia and merged our Indonesia GrabWheels operations with our car rental business inIndonesia . -
In deliveries, we made the decision to close our dark store operations in
Singapore ,Vietnam andthe Philippines and will continue to seek ways to optimize our first-party marketplace presence. By streamlining our deliveries ecosystem, we will be able to scale deliveries more sustainably through a third-party marketplace model and, inMalaysia , via Jaya Grocer. - In financial services, we are refocusing and streamlining our operations to reduce costs, grow synergies with our digibanks and put us on a more sustainable growth path.
- On our regional corporate costs, we slowed our pace of hiring, streamlined some functions and reduced other overhead expenditure.
Q3 & FY2022 Business Outlook |
||
Operating Metric / Financial Measure |
Guidance |
|
Q3 2022 GMV |
|
|
Deliveries |
|
|
Mobility |
|
|
Financial Services TPV (pre-interco) |
|
|
FY2022 |
|
|
Revenue |
|
|
Group GMV |
|
|
|
25 - |
Outlook
Looking ahead, we are focused on accelerating our path to profitability. We will focus on increasing high quality GMV transactions, optimizing our fixed cost base and reducing our incentive spend in order to drive sustainable growth, and an improved profitability profile for our segments.
The focus on increasing high quality GMV transactions will come with the trade off of slower GMV growth. Furthermore, we anticipate the continued strength of the
However, we are pulling forward our core food deliveries and our overall deliveries segment break even timelines by one quarter and two quarters, respectively, to the first quarter of 2023 and second quarter of 2023. We also expect our revenue for 2022 to come in between
Second Quarter Segment Financial and Operational Highlights | ||||||||||||
Deliveries |
||||||||||||
($ in millions, unless otherwise stated) |
Q2 2022 |
Q2 2021 |
YoY%
|
YoY%
|
||||||||
|
(unaudited) |
(unaudited) |
|
|
||||||||
Operating metrics: |
|
|
|
|
||||||||
GMV |
2,476 |
|
2,073 |
|
19 |
% |
24 |
% |
||||
Commission Rate |
20.8 |
% |
18.0 |
% |
|
|
||||||
Financial measures: |
|
|
|
|
||||||||
Revenue |
134 |
|
45 |
|
199 |
% |
211 |
% |
||||
Segment Adjusted EBITDA |
(34 |
) |
(20 |
) |
(76 |
)% |
|
In Q2, our deliveries segment registered strong revenue growth, tripling compared to the same period a year ago and up
Deliveries GMV came in below our guidance range impacted by foreign exchange currency translation and as dine-out resumption softened food delivery demand. GMV was up
In the quarter, we managed to reduce our incentive spend, accelerate our breakeven schedule while growing our category leadership position in food delivery in
We achieved this by focusing on improving our merchant selection in groceries and food deliveries and continuously innovating our deliveries platform to reduce our cost-to-serve.
For example, we ramped up initiatives to reduce driver waiting time at food merchant outlets. This led to increased productivity in terms of the number of trips they made. On the customer end, we rolled out a feature to allow users to choose specific time-windows for delivery, giving them the option to choose lower delivery fee windows. These innovations together with GrabUnlimited allow us to reduce our cost-to-serve and bring greater value to our consumers.
On Jaya Grocer, we integrated all Jaya Grocer stores onto our groceries platform as of the end of July. We will continue to embed technology solutions and experiment with online-to-offline (O2O) fresh grocery experiences to benefit Jaya Grocer and our customers.
Deliveries segment adjusted EBITDA declined
In August, we announced a regional partnership with Coca-Cola to enable deeper synergies between the company and our ecosystem across
This partnership is validation of our merchant strategy, where we offer small and big merchants opportunities for new retail and O2O experimentation while giving them visibility to our broad user base through online and offline advertising options. In the quarter, we grew the number of active merchants on our platform by
Mobility |
||||||||||||
($ in millions, unless otherwise stated) |
Q2 2022 |
Q2 2021 |
YoY %
|
YoY%
|
||||||||
|
(unaudited) |
(unaudited) |
|
|
||||||||
Operating metrics: |
|
|
|
|
||||||||
GMV |
1,035 |
|
685 |
|
51 |
% |
55 |
% |
||||
Commission Rate4 |
23.2 |
% |
23.7 |
% |
|
|
||||||
Financial measures: |
|
|
|
|
||||||||
Revenue |
161 |
|
118 |
|
37 |
% |
40 |
% |
||||
Segment Adjusted EBITDA |
125 |
|
90 |
|
40 |
% |
|
Our mobility segment saw a strong recovery in the quarter as
Segment Adjusted EBITDA margin for mobility was
GMV in the quarter rose
We continue to make progress on the driver acquisition front with mobility supply starting to stabilize in Q2. The number of active drivers on our platform during Q2 2022 was at its highest point since Q1 2020. Fulfillment rates, a measure of how we successfully match demand and supply, continued to rise in the quarter and we expect fulfillment rates to reach pre-Covid levels by early next year.
In terms of mobility supply, we see further stabilization in the second half of the year driven by higher attainable earnings5 as demand recovers. We are optimistic that our organic driver acquisition efforts coupled with the ongoing platform enhancements, such as efforts to reduce driver wait time and expand a scheduling feature for drivers, will allow us to optimize driver productivity and continue to taper driver incentives as a percentage of GMV.
Financial Services |
||||||||||||
($ in millions, unless otherwise stated) |
Q2 2022 |
Q2 2021 |
YoY %
|
YoY%
|
||||||||
|
(unaudited) |
(unaudited) |
|
|
||||||||
Operating metrics: |
|
|
|
|
||||||||
Pre-Interco Total Payment Volume (TPV) |
3,778 |
|
2,887 |
|
31 |
% |
35 |
% |
||||
Pre-Interco TPV: Off-Grab |
1,493 |
|
1,110 |
|
34 |
% |
37 |
% |
||||
GMV |
1,493 |
|
1,086 |
|
38 |
% |
40 |
% |
||||
Commission Rate |
2.7 |
% |
2.4 |
% |
|
|
||||||
Financial measures: |
|
|
|
|
||||||||
Revenue |
13 |
|
6 |
|
94 |
% |
105 |
% |
||||
Segment Adjusted EBITDA |
(115 |
) |
(85 |
) |
(37 |
)% |
|
Financial Services revenue and GMV rose in the second quarter as we increased lending offerings to our drivers and merchants and off-platform TPV growth. Revenue was up
In Q2, loan disbursements rose
Financial services segment adjusted EBITDA for Q2 2022 declined in the quarter to
We are streamlining our financial services segment to focus on platform growth to expand our ecosystem network effects and reduce our cost base; while also strengthening synergies with our upcoming digital banks. For digital payments, we plan to reduce our consumer incentive spend while reducing costs related to off-platform digital payment use. We will also focus on offering financial services, such as lending or insurance, to Grab ecosystem participants with whom we have built a deep relationship with.
Enterprise and New Initiatives | |||||||||
($ in millions, unless otherwise stated) |
Q2 2022 |
Q2 2021 |
YoY%
|
YoY%
|
|||||
|
(unaudited) |
(unaudited) |
|
|
|||||
Operating metrics: |
|
|
|
|
|||||
GMV |
52 |
34 |
51 |
% |
54 |
% |
|||
Financial measures: |
|
|
|
|
|||||
Revenue |
14 |
11 |
30 |
% |
38 |
% |
|||
Segment Adjusted EBITDA |
5 |
1 |
340 |
% |
|
In Q2, enterprise and new initiatives GMV and revenue rose
In June, we announced the launch of GrabMaps, a new enterprise service for mapping and location-based services. We developed GrabMaps as a cost-efficient solution to address the need for a more hyperlocal mapping solution. We plan to expand GrabMaps as a B2B solution, to help other organizations with their location intelligence needs.
Other Updates
In
About Grab
Grab is Southeast Asia’s leading superapp based on GMV in 2021 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor. Grab operates across the deliveries, mobility and digital financial services sectors in 480 cities in eight countries in the
Forward-Looking Statements
This document and the announced investor webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the
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 and Non-IFRS Financial Measures
Grab’s unaudited selected financial data for the three months ended
This document and the investor webcast also include references to non-IFRS financial measures, which include: Adjusted EBITDA, Total Segment Adjusted EBITDA and Segment Adjusted EBITDA. However, the presentation of these non-IFRS financial measures is not intended to 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.
Grab uses these non-IFRS financial measures 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.
There are a number of limitations related to the use of non-IFRS financial measures. In light of these limitations, we provide specific information regarding the IFRS amounts excluded from these non-IFRS financial measures and evaluate these non-IFRS financial measures together with their relevant financial measures in accordance with IFRS.
This document and the investor webcast also includes “Pre-InterCo” data that does not reflect elimination of intragroup transactions, which means such data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation. Such data differs materially from the corresponding figures post-elimination of intra-group transactions.
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
Explanation of non-IFRS financial measures:
- Adjusted EBITDA is a non-IFRS financial measure calculated as net loss adjusted to exclude: (i) interest income (expenses), (ii) other income (expenses), (iii) income tax expenses (credit), (iv) depreciation and amortization, (v) share-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) unrealized foreign exchange gain (loss), (viii) impairment losses on goodwill and non-financial assets, (ix) fair value changes on investments, (x) restructuring costs, (xi) legal, tax and regulatory settlement provisions and (xii) share listing and associated expenses.
- 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.
- Adjusted EBITDA margin is a non-IFRS financial measure calculated as Adjusted EBITDA divided by Gross Merchandise Value.
($ in millions, unless otherwise stated) |
Q2 2022
|
Q2 2021
|
1H 2022
|
1H 2021
|
||||
Loss for the period |
(572) |
(801) |
(1,007) |
(1,467) |
||||
Net interest expenses |
18 |
444 |
45 |
864 |
||||
Other income |
(1) |
(6) |
(3) |
(11) |
||||
Income tax expenses |
2 |
2 |
3 |
3 |
||||
Depreciation and amortization |
38 |
86 |
72 |
170 |
||||
Share-based compensation expenses |
111 |
106 |
231 |
140 |
||||
Unrealized foreign exchange gain |
(4) |
(4) |
(4) |
(4) |
||||
Impairment losses on goodwill and non-
|
* |
3 |
3 |
2 |
||||
Fair value change on investments |
173 |
(60) |
133 |
(47) |
||||
Restructuring costs |
1 |
* |
1 |
* |
||||
Legal, tax and regulatory settlement provisions |
1 |
16 |
6 |
25 |
||||
Adjusted EBITDA |
(233) |
(214) |
(520) |
(325) |
||||
Regional corporate costs |
214 |
200 |
426 |
346 |
||||
Total Segment Adjusted EBITDA |
(19) |
(14) |
(94) |
21 |
||||
|
|
|
|
|||||
Segment Adjusted EBITDA |
||||||||
Deliveries |
(34) |
(20) |
(90) |
(24) |
||||
Mobility |
125 |
90 |
207 |
205 |
||||
Financial services |
(115) |
(85) |
(217) |
(163) |
||||
Enterprise and new initiatives |
5 |
1 |
6 |
3 |
||||
Total Segment Adjusted EBITDA |
(19) |
(14) |
(94) |
21 |
||||
* Amount less than |
|
|
|
|
Operating Metrics
Gross Merchandise Value (GMV) is an operating metric representing the sum of the total dollar value of transactions from Grab’s services, including any applicable taxes, tips, tolls and fees, over the period of measurement. 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 a consumer’s 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 transacting users, which is an operating metric defined as the monthly number of unique users who transact via Grab’s products, where transact means to have successfully paid for any of Grab’s products. 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.
Commission Rate represents the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, as a percentage of GMV, over the period of measurement.
Partner incentives is an operating metric representing the dollar value of incentives granted to driver- and merchant-partners. The incentives granted to driver- and merchant-partners include base incentives and excess incentives, with base incentives being the amount of incentives paid to driver- and merchant-partners up to the amount of commissions and fees earned by Grab from those driver- and merchant-partners, and excess incentives being the amount of payments made to driver- and merchant-partners that exceed the amount of commissions and fees earned by Grab from those driver- and merchant-partners. Consumer incentives is an operating metric representing the dollar value of discounts and promotions offered to consumers. 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.
Industry and Market Data
This document also contains 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 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 |
||||||||||||
Q2 2022 |
Q2 2021 |
|
1H 2022 |
|
|
1H 2021 |
|
|||||
($ in millions, except for per share data) |
$ |
$ |
$ |
$ |
||||||||
Revenue |
|
321 |
|
|
179 |
|
|
549 |
|
|
396 |
|
Cost of revenue |
|
(337 |
) |
|
(266 |
) |
|
(647 |
) |
|
(507 |
) |
Other income |
|
3 |
|
|
10 |
|
|
6 |
|
|
16 |
|
Sales and marketing expenses |
|
(72 |
) |
|
(60 |
) |
|
(142 |
) |
|
(105 |
) |
General and administrative expenses |
|
(162 |
) |
|
(154 |
) |
|
(331 |
) |
|
(243 |
) |
Research and development expenses |
|
(121 |
) |
|
(91 |
) |
|
(240 |
) |
|
(167 |
) |
Net impairment losses on financial
|
|
(15 |
) |
|
(7 |
) |
|
(22 |
) |
|
(10 |
) |
Other expenses |
|
(1 |
) |
* |
|
(1 |
) |
* |
||||
Operating loss |
|
(384 |
) |
|
(389 |
) |
|
(828 |
) |
|
(620 |
) |
Finance income |
|
(16 |
) |
|
53 |
|
|
32 |
|
|
61 |
|
Finance costs |
|
(169 |
) |
|
(459 |
) |
|
(205 |
) |
|
(901 |
) |
Net finance costs |
|
(185 |
) |
|
(406 |
) |
|
(173 |
) |
|
(840 |
) |
Share of loss of equity-accounted
|
|
(1 |
) |
|
(4 |
) |
|
(3 |
) |
|
(4 |
) |
Loss before income tax |
|
(570 |
) |
|
(799 |
) |
|
(1,004 |
) |
|
(1,464 |
) |
Income tax expense |
|
(2 |
) |
|
(2 |
) |
|
(3 |
) |
|
(3 |
) |
Loss for the period |
|
(572 |
) |
|
(801 |
) |
|
(1,007 |
) |
|
(1,467 |
) |
|
|
|
|
|
||||||||
Items that will not be reclassified
|
|
|
|
|
||||||||
Defined benefit plan remeasurements |
* |
|
- |
|
* |
|
- |
|
||||
Items that are or may be reclassified
|
|
|
|
|
||||||||
Foreign currency translation differences – foreign operations |
|
(49 |
) |
|
14 |
|
|
(54 |
) |
|
(3 |
) |
Other comprehensive loss for
|
|
(49 |
) |
|
14 |
|
|
(54 |
) |
|
(3 |
) |
|
|
|
|
|
||||||||
Total comprehensive loss for
|
|
(621 |
) |
|
(787 |
) |
|
(1,061 |
) |
|
(1,470 |
) |
Loss attributable to: |
|
|
|
|
||||||||
Owners of the Company |
|
(547 |
) |
|
(768 |
) |
|
(970 |
) |
|
(1,425 |
) |
Non-controlling interests |
(25 |
) |
|
(33 |
) |
|
(37 |
) |
|
(42 |
) |
|
Loss for the period |
|
(572 |
) |
|
(801 |
) |
|
(1,007 |
) |
|
(1,467 |
) |
Total comprehensive loss
|
||||||||||||
Owners of the Company |
|
(595 |
) |
|
(772 |
) |
|
(1,024 |
) |
|
(1,426 |
) |
Non-controlling interests |
(26 |
) |
|
(15 |
) |
|
(37 |
) |
|
(44 |
) |
|
Total comprehensive loss for the period |
|
(621 |
) |
|
(787 |
) |
|
(1,061 |
) |
|
(1,470 |
) |
Loss per share: |
||||||||||||
Basic loss per share |
$ |
(0.15 |
) |
$ |
(2.89 |
) |
$ |
(0.26 |
) |
$ |
(6.03 |
) |
Diluted loss per share |
$ |
(0.15 |
) |
$ |
(2.89 |
) |
$ |
(0.26 |
) |
$ |
(6.03 |
) |
* Amount less than |
Condensed consolidated statement of financial position |
|||||||
($ in millions, unless otherwise stated) |
|
|
|||||
Non-current assets |
|
|
|||||
Property, plant, and equipment |
494 |
|
441 |
|
|||
Intangible assets and goodwill |
905 |
|
675 |
|
|||
Associates and joint venture |
45 |
|
14 |
|
|||
Deferred tax assets |
9 |
|
5 |
|
|||
Other investments |
1,327 |
|
1,241 |
|
|||
Prepayments and other assets |
124 |
|
127 |
|
|||
|
2,904 |
|
2,503 |
|
|||
Current assets |
|
|
|||||
Inventories |
47 |
|
4 |
|
|||
Trade and other receivables |
303 |
|
255 |
|
|||
Prepayments and other assets |
286 |
|
185 |
|
|||
Other investments |
4,021 |
|
3,240 |
|
|||
Cash and cash equivalents |
2,793 |
|
4,991 |
|
|||
|
7,450 |
|
8,675 |
|
|||
Total assets |
10,354 |
|
11,178 |
|
|||
Equity |
|
|
|||||
Share capital and share premium |
22,232 |
|
21,529 |
|
|||
Reserves |
452 |
|
606 |
|
|||
Accumulated losses |
(15,533 |
) |
(14,402 |
) |
|||
Equity attributable to owners of the
|
7,151 |
|
7,733 |
|
|||
Non-controlling interests |
15 |
|
286 |
|
|||
Total equity |
7,166 |
|
8,019 |
|
|||
Non-current liabilities |
|
|
|||||
Warrant liabilities |
11 |
|
54 |
|
|||
Loans and borrowings |
2,015 |
|
2,031 |
|
|||
Provisions |
17 |
|
18 |
|
|||
Other liabilities |
121 |
|
27 |
|
|||
Deferred tax liabilities |
19 |
|
3 |
|
|||
|
2,183 |
|
2,133 |
|
|||
Current liabilities |
|
|
|||||
Loans and borrowings |
153 |
|
144 |
|
|||
Provisions |
38 |
|
35 |
|
|||
Trade and other payables |
810 |
|
844 |
|
|||
Current tax liabilities |
4 |
|
3 |
|
|||
|
1,005 |
|
1,026 |
|
|||
Total liabilities |
3,188 |
|
3,159 |
|
|||
Total equity and liabilities |
10,354 |
|
11,178 |
|
Condensed consolidated statement of cash flow | ||||||||||||||||
($ in millions, unless otherwise stated) |
Q2 2022
|
Q2 2021
|
1H 2022
|
1H 2021
|
||||||||||||
Cash flows from operating activities |
||||||||||||||||
Loss before income tax |
|
(570 |
) |
|
(799 |
) |
|
(1,004 |
) |
|
(1,464 |
) |
||||
Adjustments for: |
|
|
|
|
||||||||||||
Amortization of intangible assets |
|
5 |
|
|
59 |
|
|
10 |
|
|
117 |
|
||||
Depreciation of property, plant and equipment |
|
32 |
|
|
27 |
|
|
62 |
|
|
53 |
|
||||
Impairment of property, plant and equipment |
* |
|
2 |
|
|
3 |
|
|
1 |
|
||||||
Equity-settled share-based payment |
|
111 |
|
|
106 |
|
|
231 |
|
|
140 |
|
||||
Finance costs |
|
169 |
|
|
459 |
|
|
205 |
|
|
901 |
|
||||
Net impairment loss on financial assets |
|
15 |
|
|
7 |
|
|
22 |
|
|
10 |
|
||||
Finance income |
|
16 |
|
|
(53 |
) |
|
(32 |
) |
|
(61 |
) |
||||
Loss on disposal of property, plant and equipment |
|
* |
|
(1 |
) |
* |
|
* |
||||||||
Share of loss of equity-accounted investees (net of tax) |
|
1 |
|
|
4 |
|
|
3 |
|
|
4 |
|
||||
Gain on disposal of associate |
- |
|
(2 |
) |
- |
|
(2 |
) |
||||||||
Change in provisions |
(1 |
) |
(2 |
) |
1 |
|
(3 |
) |
||||||||
Changes in: |
(222 |
) |
(193 |
) |
(499 |
) |
(304 |
) |
||||||||
- Inventories |
(1 |
) |
(2 |
) |
7 |
|
(2 |
) |
||||||||
- Deposit pledged |
8 |
|
- |
|
(11 |
) |
- |
|
||||||||
Cash and cash equivalents at end of the period | 2,628 |
3,296 |
2,628 |
3,296 |
||||||||||||
- Trade and other receivables |
(53 |
) |
(49 |
) |
(168 |
) |
(43 |
) |
||||||||
- Trade and other payables |
21 |
|
96 |
|
(36 |
) |
50 |
|
||||||||
Cash used in operations |
(247 |
) |
(148 |
) |
(707 |
) |
(299 |
) |
||||||||
Income tax paid |
(5 |
) |
|
(3 |
) |
|
(10 |
) |
|
(4 |
) |
|||||
Net cash used in operating activities |
(252 |
) |
|
(151 |
) |
|
(717 |
) |
|
(303 |
) |
|||||
Cash flows from investing activities |
|
|
|
|
||||||||||||
Acquisition of property, plant and equipment |
(10 |
) |
(15 |
) |
(20 |
) |
(20 |
) |
||||||||
Purchase of intangible assets |
(4 |
) |
4 |
|
(7 |
) |
(2 |
) |
||||||||
Proceeds from disposal of property, plant and equipment |
2 |
|
8 |
|
5 |
|
17 |
|
||||||||
Acquisition of additional interests in associate |
(35 |
) |
(9 |
) |
(35 |
) |
(9 |
) |
||||||||
Proceeds from disposal of associate |
- |
|
8 |
|
- |
|
8 |
|
||||||||
Net acquisition of other investments |
(144 |
) |
74 |
|
(1,035 |
) |
(614 |
) |
||||||||
Acquisition of subsidiaries with non-controlling
|
9 |
|
- |
|
(166 |
) |
- |
|
||||||||
Restricted cash |
- |
|
(96 |
) |
- |
|
(94 |
) |
||||||||
Interest received |
8 |
|
|
7 |
|
|
17 |
|
|
14 |
|
|||||
Net cash used in investing activities |
(174 |
) |
|
(19 |
) |
|
(1,241 |
) |
|
(700 |
) |
|||||
Cash flows from financing activities |
|
|
|
|
||||||||||||
Proceeds from exercise of share options |
* |
5 |
|
* |
44 |
|
||||||||||
Payment of share listing and associated expenses |
- |
|
- |
|
(39 |
) |
- |
|
||||||||
Proceeds from bank loans |
35 |
|
12 |
|
65 |
|
1,944 |
|
||||||||
Repayment of bank loans |
(111 |
) |
(58 |
) |
(149 |
) |
(89 |
) |
||||||||
Payment of lease liabilities |
(9 |
) |
(7 |
) |
(16 |
) |
(12 |
) |
||||||||
Proceeds from issuance of convertible redeemable
|
- |
|
200 |
|
- |
|
262 |
|
||||||||
Proceeds from subscription of shares in subsidiaries by
|
- |
|
177 |
|
- |
|
217 |
|
||||||||
Deposit pledged |
2 |
|
- |
|
7 |
|
- |
|
||||||||
Interest paid |
(34 |
) |
(37 |
) |
(71 |
) |
(40 |
) |
||||||||
Net cash (used in)/ from financing activities |
(117 |
) |
292 |
|
(203 |
) |
2,326 |
|
||||||||
|
|
|
|
|
||||||||||||
Net (decrease)/ increase in cash and cash
|
(543 |
) |
122 |
|
(2,161 |
) |
1,323 |
|
||||||||
Cash and cash equivalents at beginning of the period |
3,215 |
|
3,180 |
|
4,838 |
|
2,004 |
|
||||||||
Effect of exchange rate fluctuations on cash held |
(44 |
) |
(6 |
) |
(49 |
) |
(31 |
) |
||||||||
* Amount less than |
|
1 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
2 MTUs means monthly transacting users, which is an operating metric defined as the monthly number of unique users who transact via our products, where transact means to have successfully paid for any of our products. MTUs over a quarterly or annual period are calculated based on the average of the MTUs for each month in the relevant period. Figure is inclusive of OVO MTUs. Excluding OVO MTUs, our MTUs for Q2 2022 and Q2 2021 would be 29.5 million and 24.7 million, respectively, and GMV per MTU would be
3 According to
4Commission Rate is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, as a percentage of GMV, over the period of measurement
5 Measured by average driver-partner online hour earnings
6 Calculated as the year-on-year change in TPV (pre-interco) generated from Buy Now Pay Later.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220824005799/en/
For inquiries regarding Grab:
Media
Grab: press@grab.com
FGS Global: Grab@fgsglobal.com
Investors
Grab: investor.relations@grab.com
Source:
FAQ
What are Grab's Q2 2022 financial results?
How did Grab's GMV perform in Q2 2022?
What loss did Grab report for Q2 2022?
What is the outlook for Grab's GMV growth in FY 2022?