Grab’s 3QFY2021 net loss includes US$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," the company states.
Grab, which is poised to complete a SPAC merger with Altimeter Growth Corp by end of the year, expects a significant proportion of such non-cash expenses is expected to cease after the business combination.
Grab had reported a net loss of US$815 million in the previous quarter, 2QFY2021.
Total revenue for 3QFY2021 came in at US$157 million, falling 9% y-o-y, “as a result of the expected decline in mobility due to the severe lockdowns in Vietnam”, says the company.
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Grab’s reported revenue is net of consumer, merchant and driver-partner incentives.
Meanwhile, gross merchandise value (GMV) reached a new quarterly record of US$4.0 billion, up 32% y-o-y.
Adjusted EBITDA for the quarter was a loss of US$212 million, down US$85 million y-o-y and up by US$2 million q-o-q.
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Monthly Transacting Users (MTUs) declined by 8% y-o-y as a result of total lockdowns across Vietnam between July and September, which saw both food delivery and ride-hailing services suspended. Average spend per user, defined as GMV per MTU, increased by 43% y-o-y.
As of Sept 30, Grab had cash liquidity of US$5.2 billion, an increase of US$1.5 billion from US$3.7 billion as of Dec 31, 2020.
