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- Q1 2021 Adjusted Net Sales reached an all-time high of $507 million and grew 39% year on year. Revenue presented in accordance with IFRS was $216 million, also a record for Grab<\/i><\/li>\n
- Quarterly Adjusted EBITDA improved by $233 million year on year to $111 million<\/i><\/li>\n
- Grab has filed a registration statement on Form F-4 with the U.S. Securities and Exchange Commission in connection with its proposed business combination with Altimeter Growth Corp.<\/i><\/li>\n
- Provides updates on revenue presentation contained in the Form F-4 and proxy materials as well as post-merger Board of Directors<\/i><\/li>\n<\/ul>\n
SINGAPORE & MENLO PARK, Calif.–(BUSINESS WIRE<\/a>)–
\nGrab Holdings Inc., Southeast Asia\u2019s leading superapp, today announced financial results for the quarter ended March 31, 2021. Grab and Altimeter Growth Corp. (Nasdaq: AGC) today also filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) a draft registration statement on Form F-4 (the \u201cRegistration Statement\u201d), in connection with their recently announced proposed business combination. While the registration statement has not yet become effective and the information contained therein is subject to change, it provides important information about Grab\u2019s business and operations, proposed business combination with Altimeter Growth Corp. (\u201cAGC\u201d) and the proposals to be considered by AGC\u2019s shareholders.\n<\/p>\n\n\u201cWe are pleased with our progress toward becoming a publicly-traded company, which we expect to occur in Q4 2021,\u201d said Anthony Tan, Group CEO and Co-founder of Grab.<\/b> \u201cAs we prepare to become a listed company, we\u2019re sharing our first-ever quarterly financial results and we continue to deliver strong growth, despite the ongoing impact of COVID-19. Southeast Asian consumers trust Grab to meet their everyday needs in a growing number of ways, and we are excited about the emerging growth opportunities we see in our grocery delivery and financial services offerings.\u201d\n<\/p>\n
\n\u201cWe exceeded our internal targets for Adjusted Net Sales and Adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business,\u201d said Peter Oey, Chief Financial Officer of Grab.<\/b> \u201cWe saw robust topline growth, even compared to the first quarter of 2020 that saw limited impact from COVID-19, and took strides towards profitability. In the second quarter we saw the continuing resilience and strong performance of our business, combined with disciplined operational execution. We are confident that our diversified geographical and vertical footprint puts us in a strong position to capture the massive opportunity in Southeast Asia.\u201d\n<\/p>\n
Strong First Quarter 2021 Financial Results (for the three months ended March 31, 2021)<\/b><\/p>\n
First Quarter 2021 Financial and Operational Highlights:<\/i><\/p>\n
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- \nGross Merchandise Value (GMV) grew 5% year on year to reach $3.6 billion. Deliveries GMV demonstrated strong year on year growth of 49%, offset by weakness in mobility as a result of the lockdowns and other restrictions imposed by governments on the back of the COVID-19 pandemic.\n<\/li>\n
- \nAdjusted Net Sales reached an all-time high of $507 million, up 39% year on year. Revenue achieved a record $216 million.\n<\/li>\n
- \nGrab achieved its strongest quarter for Adjusted EBITDA at $111 million, which improved by $233 million year on year.\n<\/li>\n
- \nTotal Segment Adjusted EBITDA, which excludes regional corporate costs, was $35 million, an improvement of $231 million year on year.\n<\/li>\n
- \nNet loss, which includes non-cash items related to interest accrued on Grab\u2019s convertible redeemable preference shares and depreciation, was $652 million, compared to $771 million in Q1 2020.\n<\/li>\n
- \nSpend per user, defined as GMV per Monthly Transacting Users (MTU), increased by 31% year on year, highlighting the strength of Grab\u2019s superapp synergies across its business segments.\n<\/li>\n
- \nAs of March 31, 2021, Grab had $4.9 billion of cash and cash equivalents, an increase of $1.4 billion from $3.5 billion as of December 31, 2020. This was primarily due to the closing of Grab\u2019s first senior secured term loan facility (the Term Loan B Facility) of $ 2.0 billion at the end of January 2021.\n<\/li>\n
- \nIn Q1 2021, Grab was the most downloaded app and had the highest number of average smartphone monthly active users in Southeast Asia1<\/sup> for the mobility and delivery category2<\/sup>, according to App Annie. This is across both iOS and Google Play combined. Grab\u2019s cumulative downloads from launch through Q1 2021 and average smartphone monthly active users base in Q1 2021 were also more than 2x higher than the next largest mobility and delivery app in the region.\n<\/li>\n<\/ul>\n
- Quarterly Adjusted EBITDA improved by $233 million year on year to $111 million<\/i><\/li>\n
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