- Gross Merchandise Value (“GMV”) reached a new quarterly record
of $4.0 billion, up 32% year-over-year (“YoY”) in spite of a
challenging operating environment
- Deliveries GMV grew 63% YoY; Grab expects a strong recovery in
mobility heading into Q4 2021
- Average spend per user1 on Grab’s platform grew 43% YoY to hit
a record high
- Revenue was $157 million, down 9% YoY, as a result of a decline
in mobility due to the severe lockdowns in Vietnam
Grab Holdings Inc., Southeast Asia’s leading superapp, today
announced financial results for the third quarter ended September
30, 2021.
“Despite severe lockdowns in Vietnam and heightened restrictions
across the region in the third quarter due to COVID-19, we executed
well on our superapp strategy and delivered strong growth,” said
Anthony Tan, Group CEO and co-founder of Grab. “We achieved
this even as we remained steadfast in our double bottom line
commitment, including the launch of a new partnership with
Mastercard to bring digital upskilling to millions of informal
workers and small businesses in Southeast Asia. With recovery in
sight, and the gradual reopening of economies providing tailwinds
to our business, we are doubling down on investments that will help
us capture a greater share of the opportunities in front of us and
open up new addressable markets for Grab, such as groceries.”
Peter Oey, Chief Financial Officer of Grab, commented,
“We achieved another record quarter in GMV & TPV, and saw the
average spend per user on our platform increase by 43%
year-over-year. This is testament to the resilience of the superapp
business model, even in the face of what has been the most
challenging quarter for us this year due to COVID-19. As previously
guided, mobility and food delivery services were suspended in
Vietnam for most of Q3, and six of our core countries in which we
operate experienced tighter movement controls. As we head into the
fourth quarter we are already seeing mobility demand returning
strongly in certain countries. Group Mobility GMV for the first
four weeks of the fourth quarter2 was 26% higher compared to the
first four weeks of the third quarter3. As we experience continued
growth across our businesses we will remain disciplined in our
operational execution and find ways to reduce our cost to serve,
while accelerating the expansion of our ecosystem.”
Third Quarter 2021 Financial and Operational
Highlights
- GMV grew 32% YoY to reach $4.0 billion, a new record for Grab.
Deliveries GMV grew 63% YoY to reach $2.3 billion, which offset a
30% YoY decline in mobility GMV due to lockdowns and movement
restrictions in many of our markets caused by COVID-19 and the
Delta variant.
- Gross Billings grew 41% YoY to $616 million, also a new
all-time high.
- Revenue was $157 million, down 9% YoY, as a result of the
expected decline in mobility due to the severe lockdowns in
Vietnam. Grab’s reported revenue is net of consumer, merchant and
driver-partner incentives.
- Adjusted EBITDA of $(212) million was down by $85 million YoY
and up by $2 million QoQ. Adjusted EBITDA margins at (5.3%) of GMV
remained consistent with the previous quarter at (5.5%). Adjusted
EBITDA in Q3 2021 was negatively impacted by a drop in mobility,
which has been segment Adjusted EBITDA positive since Q4 2019, as
well as an increase in regional corporate costs as Grab continues
to invest in product development and technology investments for the
future.
- Loss for the period grew by $366 million to $(988) million. The
YoY increase in losses during the third quarter was driven
primarily by non-cash expenses. Grab’s Q3 2021 loss includes $748
million in non-cash items. This primarily consists of interest
accrued on Grab’s convertible redeemable preference shares, stock
based compensation and fair value changes on investments. A
significant proportion of such non-cash expenses is expected to
cease after the business combination.
- Monthly Transacting Users (“MTUs”) declined by 8% YoY, as a
result of total lockdowns across Vietnam between July and September
2021 which saw both food delivery and ride-hailing services
suspended. Normalized for Vietnam4, Grab estimates that MTUs would
have grown to 24.8 million.
- Average spend per user, defined as GMV per MTU, increased by
43% YoY.
- As of September 30, 2021, Grab had cash liquidity of $5.2
billion, an increase of $1.5 billion from $3.7 billion as of
December 31, 2020.
($ in millions, unless otherwise
stated)
Three Months Ended
September 30,
2020-2021 % Change
2021
2020
(unaudited)
(unaudited)
Financial
Measures:
Revenue
157
172
-9%
Loss for the period
(988)
(621)
-59%
Total Segment Adjusted EBITDA
(Non-IFRS)(i)
(33)
10
NM
Adjusted EBITDA (Non-IFRS)(i)
(212)
(128)
-66%
Operating
Metrics(ii):
GMV
4,038
3,061
32%
MTUs (millions of users)
22.1
23.9
-8%
GMV per MTU ($)
183
128
43%
Gross Billings
616
436
41%
Partner Incentives5
187
132
42%
Consumer Incentives
271
132
106%
Notes:
(i) For a reconciliation to the most
directly comparable IFRS measure see the section titled "Unaudited
Financial Information and Non-IFRS Financial Measures.”
(ii) See “Operating Metrics” section
herein for an explanation of operating metrics used throughout this
release.
Deliveries
- GMV for deliveries grew 63% YoY to hit an all-time high of $2.3
billion.
- Gross Billings for deliveries grew 74% YoY to $422
million.
- Revenue for deliveries grew 58% YoY to $49 million.
- Deliveries Segment Adjusted EBITDA of $(22) million improved by
$1 million YoY. Deliveries Segment Adjusted EBITDA margin was at
(0.9)% as a percentage of deliveries GMV, an improvement compared
to (1.6)% in Q3 2020.
- GrabMart continues to show strong traction, with GMV growing
approximately 380% YoY and 78% compared to Q2 2021.
- Grab continues to expand its role as an e-commerce enabler,
particularly in deliveries. In November, Grab announced a
partnership with Lazada to enable Lazada sellers to provide
same-day delivery services for their consumers in Singapore via
GrabExpress. Grab has a similar partnership with Lazada in
Indonesia and Malaysia.
- Grab also announced in November the addition of new major
retail chains to GrabMart as it continues to scale up grocery
delivery across Southeast Asia. New partners joining GrabMart
include convenience store chain Indomaret in Indonesia; hypermarket
chain Big C in Thailand; hypermarket chain Lotus’s Malaysia
(formerly known as Tesco Malaysia); S&R supermarket in the
Philippines best known for their attractive members-only discounts;
and Mega Market in Vietnam, a leading wholesaler and distributor of
grocery products.
Mobility
- GMV for mobility declined 30% YoY to $529 million, primarily
due to increased movement restrictions across the region as a
result of COVID-19.
- Gross Billings for mobility declined 22% YoY to $126
million.
- Mobility Revenue was $88 million, down 26% YoY.
- Mobility Segment Adjusted EBITDA was $64 million, a 26%
decrease compared to Q3 2020. Segment Adjusted EBITDA margin for
mobility reached 12.0% of GMV, up from 11.4% in Q3 2020.
- With vaccination rates improving and countries shifting to a
new long-term strategy to treat COVID-19 as endemic, Grab is seeing
rapid recovery in ride-hailing demand in early Q4. Mobility GMV for
the first four weeks of the fourth quarter6, compared to the first
four weeks of the third quarter7, was 26% higher at the group
level, 109% higher in Indonesia, and 106% higher in Malaysia.
- When Vietnam started to ease restrictions, Grab was the first
platform to resume offering mobility services within government
restrictions in Ho Chi Minh City and Hanoi.
Financial Services
- Grab’s financial services segment achieved another record
quarter for Total Payments Volume (Pre-InterCo)8 of $3.1 billion, a
44% increase from Q3 2020.
- Gross Billings for financial services grew 17% YoY to $28
million.
- Financial services Revenue grew by 11% YoY to $14 million.
- Financial services Segment Adjusted EBITDA for Q3 2021 was
$(76) million, compared to $(58) million in Q3 2020. Financial
services Segment Adjusted EBITDA margin was at (2.4)% of TPV, an
improvement from (2.7)% in Q3 2020.
- Compared to the year prior, the percentage of mobility and
deliveries GMV that were transacted via Grab Financial Group
products such as GrabPay increased from 58.5% to 69.9%.
- Grab has increased its ownership stake in OVO9. OVO is a
leading digital wallet in Indonesia10 and the most used for both
online and offline payments11. It operates on an open ecosystem
platform, with a wide range of acceptance points. Grab believes
closer collaboration with OVO will create a stronger financial
services platform with an open ecosystem, allowing both companies
to expand the suite of financial services they can offer to
ecosystem partners as well as increase speed to market.
Enterprise and New Initiatives
- GMV for enterprise and new initiatives grew 351% YoY to $41
million.
- Gross Billings for enterprise and new initiatives grew 414% YoY
to $39 million.
- Revenue for the segment declined by 37% YoY to $7 million.
- Enterprise and new initiatives Segment Adjusted EBITDA was $1
million, down $4 million year on year due to continued
reinvestments into growing the merchant base.
- Segment Adjusted EBITDA margin for enterprise and new
initiatives was 2.1% of GMV, down from 60.3% in Q3 2020.
As of September 30, 2021, Grab had cash liquidity (including
time deposits, marketable securities and restricted cash) of $5.2
billion, an increase of $1.5 billion from $3.7 billion as of
December 31, 2020. Total outstanding debt as of September 30, 2021
was $2.2 billion, a $2.0 billion increase from $212 million as of
December 31, 2020, primarily due to the closing of the $2.0 billion
Term Loan B Facility in January 2021.
Public listing process update
Grab’s planned business combination with Altimeter Growth Corp.
(Nasdaq: AGC), a special purpose acquisition company, continues to
progress and is expected to close in the fourth quarter of
2021.
Grab filed an initial registration statement on Form F-4 with
the U.S. SEC on 2nd August, and amended registration statements on
13th September and 18th October. Grab remains in active
communication with the SEC and expects to file another amended F-4
in the near future. A further update will be provided to the market
when the Form F-4 is declared effective.
Investor Webcast
Grab’s senior management team including Anthony Tan, Group CEO
and co-founder, Ming Maa, President, and Peter Oey, CFO, will host
an investor webcast via Zoom to present its third quarter 2021
financial results and business updates.
Call Details:
Date & Time (Singapore): 8:00 p.m., Thursday, November 11,
2021 Date & Time (U.S. Eastern): 7:00 a.m., Thursday, November
11, 2021
Please register at the link below and webcast details will be
provided to the email address provided.
Registration Link:
https://grab.zoom.us/webinar/register/WN_rWdNY51_SVqqGbAw35x-vg
A replay of the webcast will be available at the Company’s
investor relations website (www.grab.com/investors)
About Grab
Grab is Southeast Asia’s leading superapp based on GMV in 2020
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
over 400 cities in eight countries in the Southeast Asia region -
Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore,
Thailand and Vietnam. Grab enables millions of people each day to
access its driver- and merchant-partners to order food or
groceries, send packages, hail a ride or taxi, pay for online
purchases or access services such as lending, insurance, wealth
management and telemedicine, all through a single “everyday
everything” app. Grab was founded in 2012 with the mission to drive
Southeast Asia forward by creating economic empowerment for
everyone, and since then, the Grab app has been downloaded onto
millions of mobile devices. Grab strives to serve a double bottom
line: to simultaneously deliver financial performance for its
shareholders and a positive social impact in Southeast Asia.
About Altimeter
Altimeter Capital Management, LP is a leading technology-focused
investment firm built by founders for founders with over $15
billion in assets under management. Altimeter’s mission is to help
visionary entrepreneurs build iconic companies, disrupt markets and
improve lives through all stages of growth. Altimeter manages a
variety of venture and public funds and serves as an expert
long-term partner to companies as they enter the public
markets.
Forward-Looking Statements
This document and the announced investor webcast may include
“forward-looking statements” within the meaning of the federal
securities laws with respect to the proposed transaction between
Grab Holdings Inc. (“Grab”), Grab Holdings Limited (“GHL”) and AGC
and regarding Grab’s future business expectations which involve
risks and uncertainties. All statements other than statements of
historical fact contained in this document and the investor
webcast, including, but not limited to, statements as to future
results of operations and financial position, planned products and
services, business strategy and plans, objectives of management for
future operations of Grab, market size and growth opportunities,
competitive position, technological and market trends and the
potential benefits and expectations related to the terms and timing
of the proposed transactions, are forward-looking statements. Some
of these forward-looking statements can be identified by the use of
forward-looking words, including “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “will,” “forecast”
or other similar expressions. All forward-looking statements are
based upon estimates and forecasts and reflect the views,
assumptions, expectations, and opinions of AGC and Grab, which are
all subject to change due to various factors including, without
limitation, changes in general economic conditions as a result of
COVID-19. Any such estimates, assumptions, expectations, forecasts,
views or opinions, whether or not identified in this document,
should be regarded as indicative, preliminary and for illustrative
purposes only and should not be relied upon as being necessarily
indicative of future results. The forward-looking statements
contained in this document and the investor webcast are subject to
a number of factors, risks and uncertainties, some of which are not
currently known to Grab or AGC. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of GHL’s registration statement on
Form F-4, the proxy statement/ prospectus therein, AGC’s Quarterly
Report on Form 10-Q and other documents filed by GHL or AGC from
time to time with the U.S. Securities and Exchange Commission (the
“SEC”).
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
In addition, there may be additional risks that neither AGC nor
Grab presently know, or that AGC or Grab currently believe are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. Forward-looking
statements reflect AGC’s and Grab’s expectations, plans,
projections or forecasts of future events and views. If any of the
risks materialize or AGC’s or Grab’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements.
Forward-looking statements speak only as of the date they are
made. AGC and Grab anticipate that subsequent events and
developments may cause their assessments to change. However, while
GHL, AGC and Grab may elect to update these forward-looking
statements at some point in the future, GHL, AGC and Grab
specifically disclaim any obligation to do so, except as required
by law. The inclusion of any statement in this document or the
investor webcast does not constitute an admission by Grab nor AGC
or any other person that the events or circumstances described in
such statement are material. These forward-looking statements
should not be relied upon as representing AGC’s or Grab’s
assessments as of any date subsequent to the date of this document.
Accordingly, undue reliance should not be placed upon the
forward-looking statements.
Unaudited Financial Information and Non-IFRS Financial
Measures
Grab’s unaudited selected financial data for the three months
ended September 30, 2021 and 2020 included in this document and the
investor webcast is based on financial data derived from the Grab’s
management accounts that have not been reviewed or audited.
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.
Explanation of non-IFRS financial measures:
- 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 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, (iv)
depreciation and amortization, (v) stock-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 and (xi) legal, tax and
regulatory settlement provisions.
Reconciliation of non-IFRS financial measures:
The following table presents reconciliations of Adjusted EBITDA
to the most directly comparable IFRS financial measure for each of
the periods indicated.
Q3
21
Q3
20
$B
Loss for the period
(1.0)
(0.6)
Reconciling items:
Interest expense from CRPS
0.4
0.4
Depreciation and amortization expense
0.1
0.1
Others
0.3
0.0
Adjusted EBITDA
(0.2)
(0.1)
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 (MTU) 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. MTU 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.
Gross Billings 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, over the
period of measurement. Gross Billings is a metric by which Grab
evaluates and manages its business, and Grab’s management believes
is necessary for investors to understand and evaluate its business.
This metric enables Grab and investors to understand, evaluate and
compare the total dollar value of commissions and fees charged by
Grab over a period of time. Grab presents Gross Billings as a
metric to understand and compare, and to enable investors to
understand and compare, its aggregate operating results, which
captures significant trends in its business over time.
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 and AGC have not
independently verified such third-party information, and make no
representation as to the accuracy of such third-party
information.
Important Information About the Proposed Transactions and
Where to Find It
This document and the investor webcast refer to a proposed
transaction between Grab and AGC. Nothing in this document or the
investor webcast will constitute an offer to sell or exchange, or
the solicitation of an offer to sell, subscribe for, buy or
exchange any securities or solicitation of any vote in any
jurisdiction pursuant to the proposed transactions or otherwise,
nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation, sale or exchange would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction. The proposed transactions will be submitted
to shareholders of AGC for their consideration.
In connection with the business combination, GHL has filed a
registration statement on Form F-4 (the “Registration Statement”)
with the SEC that includes a preliminary proxy statement of AGC to
be distributed to AGC’s shareholders in connection with AGC’s
solicitation for proxies for the vote by AGC’s shareholders in
connection with the proposed transactions and other matters as
described in the Registration Statement, as well as the preliminary
prospectus of GHL relating to the offer of the securities to be
issued in connection with the completion of the proposed business
combination. AGC and GHL also will file other documents regarding
the proposed transaction with the SEC.
After the Registration Statement is declared effective, AGC will
mail a definitive proxy statement and other relevant documents to
its shareholders as of the record date established for voting on
the proposed transactions. This document or the investor webcast is
not a substitute for the Registration Statement, the definitive
proxy statement/prospectus or any other document that AGC will send
to its shareholders in connection with the business combination.
AGC’s shareholders and other interested persons are advised to read
the preliminary proxy statement/prospectus and any amendments
thereto and, once available, the definitive proxy
statement/prospectus, in connection with AGC’s solicitation of
proxies for its extraordinary general meeting of shareholders to be
held to approve, among other things, the proposed transactions,
because these documents will contain important information about
AGC, GHL, Grab and the proposed transactions. Shareholders and
investors may also obtain a copy of the preliminary or definitive
proxy statement, once available, as well as other documents filed
with the SEC regarding the proposed transactions and other
documents filed with the SEC by AGC, without charge, at the SEC's
website located at www.sec.gov or by directing a written request to
AGC’s proxy solicitor, Okapi Partners LLC, by emailing
info@okapipartners.com or mailing Okapi Partners LLC, 1212 Avenue
of the Americas, 24th Floor, New York, NY 10036. The information
contained on, or that may be accessed through, the websites
referenced in this document and during the investor webcast is not
incorporated by reference into, and is not a part of, this
document.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation
AGC, GHL and Grab and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from AGC’s shareholders in connection with
the proposed transactions. Information regarding the persons who
may, under SEC rules, be deemed participants in the solicitation of
AGC’s shareholders in connection with the proposed transactions and
a description of their direct and indirect interests in such
transactions is set forth in the proxy statement/prospectus
contained in the Registration Statement. You can find more
information about AGC’s directors and executive officers in AGC’s
final prospectus filed with the SEC on September 30, 2020.
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests is included in the proxy statement/prospectus contained
in the Registration Statement. Shareholders, potential investors
and other interested persons should read the proxy
statement/prospectus contained in the Registration Statement
carefully before making any voting or investment decisions. You may
obtain free copies of these documents from the sources indicated
above.
No Offer or Solicitation
This document is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to
sell, subscribe for or buy any securities or solicitation of any
vote in any jurisdiction pursuant to the proposed transactions or
otherwise, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
_______________________ 1Defined as GMV per Monthly Transacting
Users (MTU) 24 Weeks beginning 4 October 2021. 34 Weeks beginning 5
July 2021. Approximately when Vietnam went into full lockdown.
4Monthly transacting users (MTUs) over a quarterly or annual period
are calculated based on the average of the MTUs for each month in
the relevant period. Normalized MTUs are based on Group MTUs and on
the assumption that Vietnam MTUs remained constant since Q3 2020.
5Partner incentives comprise $37 million in base partner incentives
and $151 million in excess partner incentives in the third quarter
of 2021 in comparison with $36 million in base partner incentives
and $96 million in excess partner incentives in the third quarter
of 2020. 6Four weeks beginning 4 October 2021. 7Four weeks
beginning 5 July 2021. Approximately when Vietnam went into full
lockdowns. 8Total Payments Volume (TPV) is defined as the value of
payments, net of payment reversals, successfully completed through
the Grab platform for the financial services segment. Pre-InterCo
means this segment data includes earnings and other amounts from
transactions between entities within the Grab group that are
eliminated upon consolidation. 9OVO is a non-wholly owned Grab
subsidiary in Indonesia and is part of Grab’s financial services
segment. 10Souce: Euromonitor. Based on share of TPV in 2020 for
digital wallet payments in Indonesia 11Souce: Kadence
International. Based on a user survey conducted in July 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211111005589/en/
For inquiries regarding Grab, please contact:
Media Grab: press@grab.com Sard Verbinnen & Co:
Grab-SVC@sardverb.com
Investors Grab: investor.relations@grab.com Blueshirt Group:
GrabIR@blueshirtgroup.com
For inquiries regarding Altimeter, please contact:
press@altimeter.com ir@altimeter.com
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