Good day, everyone. Welcome to Grab's first quarter 2021 financial result webcast. My name is Ken Lek, Head of Asia Investor Relations at Grab. On the call today we have Anthony Tan, Chief Executive Officer, Ming Maa, President, and Peter Oey, Chief Financial Officer. During this call, we will discuss our business updates, which will include key highlights contained in our Form F-4 registration statement that we have filed with the U.S. SEC at about 6:30 A.M. Eastern time today in connection with our proposed business combination with Altimeter Growth Corp, as well as an update on Grab's proposed board of directors upon the consummation of the transaction. We will also share detailed insights with you on our 2021 Q1 results, provide an update on our public listing process, and finally, commentary on the COVID situation in Southeast Asia, alongside measures we are taking as a company to alleviate the pandemic. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These comments are based on our predictions and expectations as of today. Actual events and results could differ materially due to a number of risks and uncertainties, including those mentioned in our Form F-4 registration statement and other filings that we have filed with the SEC. The discussion today also contains non-IFRS financial measures. The comparable IFRS financial measures are included in this quarter's earning materials. Please refer to our earnings release presentation after this call, available on our IR website for more information. Should you have any questions, please reach out to investor.relations@grab.com. Without further ado, I'd like to hand the call over to Anthony Tan, who will open with his opening remarks. Good day, everyone. Thanks so much for joining us today at our inaugural first quarter 2021 earnings call. Before I begin, I'd like to take a moment to talk about COVID. This pandemic has been a really trying time for everyone. Our thoughts and prayers are with all who've lost loved ones through the pandemic. Since the pandemic hit our region in Southeast Asia, we've leaned in even more into our mission to create economic empowerment for everyone. You may ask how. We've partnered extensively with governments across the region to ensure critical, essential services continue to run safely for the public. We've accelerated vaccination efforts, we've helped affected businesses go online, and we've even grown a gig economy that provides a soft landing for those whose livelihoods have been impacted. As the war against COVID rages on, we're committed. We're committed to continuing these efforts in support of everyone in the Grab ecosystem so that collectively we can emerge from this pandemic stronger together. Now diving into our key business highlights. As you'll see in our F-4, based on an independent analysis conducted by Euromonitor, we were the category leader in Southeast Asia in 2020 by GMV in each of our segments last year with 50% category share in online food delivery, 72% share in ride hailing, and 23% share in the e-wallet market. As compared to our next closest competitor across our relevant markets, we were also 2.5x larger in the online food Deliveries segment, 4.8x larger in the ride hailing segment, and 1.6x larger in the e-wallet segment. This year, the Q1 results are clear. It solidifies our super app strategy as a winning one. According to App Annie, Grab continues to be the most downloaded app with the highest average number of smartphone monthly active users among Mobility and Deliveries apps in Southeast Asia across both iOS and Google Play combined. Both our cumulative downloads from launch and average smartphone monthly active users base in Q1 2021 are also more than 2x larger than the second-largest Mobility and Deliveries app in the region. We've also delivered a strong set of financial results in Q1, which reaffirms our conviction of our super app strategy and market-leading position across our key verticals. We achieved steady top-line growth despite COVID's impact on our business. We achieved this by focusing on how we out-serve our drivers, merchant partners, and consumers in these trying times. A key highlight in the quarter was the outperformance of our Deliveries business, which grew 96% year-on-year in Segment Adjusted Net Sales, ANS, as a result of an increase in both the number of transactions and order values. Not only did our food delivery and logistic offerings grow strongly, but also our grocery deliveries. Grocery deliveries is a fast-growing offering that we are very excited about. Let's talk about the numbers. Our Adjusted Net Sales reached an all-time high of $507 million and grew by 39% year-on-year, which demonstrates the resilience of our business amidst a major pandemic. Our GMV per monthly transacting user increased by 31% year-on-year as we continue to deepen engagement with consumers across our super app ecosystem. In the second quarter of the year, we've witnessed continued resilience and performance of our super app platform. We remain laser-focused on building a long-term sustainable business. We will continue to drive Southeast Asia forward by creating economic empowerment for everyone. To do that, we will double down to invest into building and scaling marketplaces that creates economic empowerment for everyone. Lastly, I'm also very excited to present our new Board of Directors who will assume their roles upon the completion of our business combination with AGC. We will have six directors on the Board, including myself. Independent directors will comprise a majority of our board, with four out of six directors being independent directors. Dara, Shin, and Oliver will continue serving in their roles, and I'm very grateful to have their continued guidance and support. We welcome to the board 2 new additions, my co-founder, Ling, and Rich Barton. Rich is one of the most established entrepreneurs in the world, founding businesses like Expedia, Glassdoor, and Zillow, where he now serves as the CEO and director. He also serves on the Boards of Netflix, Qurate Retail, and AGC. Ling, my co-founder, is also COO at Grab and serves on the Boards of Singapore government's EDB, or Economic Development Board, and a fintech company, Wise. We are so blessed and honored to have this group of directors guide us forward in our next phase of growth. That's it from me. Over to you, Peter. Thanks, Anthony. I'll be taking you through our first quarter 2021 results in detail. Despite a slow COVID-19 recovery across Southeast Asia in the first quarter, we are pleased to report a strong set of results, which reaffirms our super app strategy. We continue to demonstrate resilience and a recorded top line year-on-year growth across our consolidated business, especially when you take into consideration that this was compared against the first quarter of 2020, which was largely a pre-COVID environment. Our GMV grew by 5% on a year-on-year basis to reach $3.6 billion. Our Adjusted Net Sales reached an all-time high of $507 million and grew by 39% year-on-year, supported by a meaningful increase in our Deliveries business, offsetting weakness in Mobility from the tightening of lockdown measures. GMV per monthly transacting user increased by 31% year -on -year as users transacted more on the platform, highlighting the strength of Grab's super app synergies across our business segments. Our total Segment Adjusted EBITDA of $35 million saw a marked improvement by $231 million. We achieved our strongest quarter for Group Adjusted EBITDA of - $111 million. This was an improvement of $233 million year on year. The strong Q1 results exceeded internal targets, and we have confidence in our business as we go into Q2 with Deliveries performing strongly. Our overall performance should remain strong in spite of the volatility caused by renewed lockdowns and restrictions due to COVID, with the mix of our Deliveries and Mobility segment varying depending on the state of the reopening of economies in Southeast Asia. For our IFRS financials, our revenues reached a record $216 million in the quarter, and our net losses also narrowed to $652 million. As of the end of March 2021, we had $4.9 billion of cash and cash equivalents, an increase of $1.4 billion from $3.5 billion as of the end of last year. This was primarily due to the closing of our first Term Loan B facility of $2 billion at the end of January 2021. Do note that the cash and cash equivalents have not taken into consideration the consummation of our proposed business combination with Altimeter Growth Corporation. Upon the completion of our business combination, we expect to receive an additional $4.4 billion in net cash proceeds. I'll now dive deeper into each segment. Let's start with Deliveries. We continue to see strong growth in Deliveries, generating GMV of $1.7 billion in the first quarter. This represents a strong 49% year-on-year improvement from a GMV of $1.1 billion in the first quarter of 2020, supported by an increase in both the number of transactions and order values as we saw a strong upsurge in new monthly transacting users coming onto the Deliveries segment over the past year. Adjusted Net Sales for the Deliveries segment was $293 million, a 96% year-on-year increase, with take rates improving due to the ongoing shift towards deliveries and the attractiveness of our platform to our merchant partners, as well as the introduction of platform fees that we are reinvesting to make our platform safer and secure for our consumers and driver -partners. Revenue was $53 million, a $152 million increase year-on-year. Segment Adjusted EBITDA for Deliveries was close to break -even at - $4 million. The year-on-year improvement can be attributed to the continuing improved unit economics of our food delivery business, primarily driven by better optimization of consumer promotions. We're continuing to scale GrabMart significantly and have seen an increasing take-up trend by our consumers. GrabMart's GMV increased by 21% over Q4 2020, and more than 36x compared to Q1 2020. While it is still early days for GrabMart, we have also seen strong adoption from our merchant partners and recently announced regional partnerships with Watsons, an international health and beauty retailer, as well as Don Don Donki, a popular specialty retail mart for affordable Japanese food and products. In May 2021, we also launched GrabSupermarket in Singapore as part of our strategic expansion of GrabMart, following the initial launch of GrabSupermarket in Malaysia in December 2020. We've partnered with HAO, a local supermarket chain in Singapore, and through this new service, we're able to deliver a comprehensive supermarket selection of over 10,000 products with next-day delivery by our very own driver partners to consumers in Singapore. Onto our Mobility segment. Due to the ongoing impact from the COVID-19 pandemic and renewed lockdowns and restrictions, Mobility's Q1 2021 GMV declined by 36% year-on-year to $808 million. Adjusted Net Sales was $167 million, a 14% year-on-year decline, with the decline mitigated by the introduction of platform fees as we continue to invest in ensuring safety and quality of service for our driver partners and consumers. Revenue increased by $22 million- $145 million. Segment Adjusted EBITDA for Mobility improved to $115 million, driven by better optimization of passenger incentives. We continue to be Segment Adjusted EBITDA in Mobility positive in all of our core markets. We anticipate that the demand for Mobility services in Southeast Asia will continue to experience volatility as the reemergence of new COVID-19 cases has impacted our markets, leading to reimposed restrictions. In February this year, we launched a vaccination program focused on increasing vaccine access and education for our driver-partners and the passengers. We plan to subsidize COVID-19 vaccinations for our active driver-partners who are not covered by national vaccination schemes. We will continue to partner with governments to raise public health awareness and vaccine distribution. For our Financial Services segment, the segment achieved its highest quarterly TPV so far in the first quarter of 2021, demonstrating year-on-year growth of 18% on a pre-interco basis. This was supported by the strength in payments TPV from both on-Grab and off-Grab use cases. Financial services saw Adjusted Net Sales increase by 31% year-on-year to $23 million, while revenue increased by $29 million year-on-year to $8 million. Segment Adjusted EBITDA improved by $39 million year-on-year to - $78 million. Loans disbursal by the on-Grab platform increased by over 45% year-on-year as we continue to improve credit scoring models and launch newer lending products in the first quarter of 2021. Insurance offerings demonstrated strong growth and gross written premiums more than tripled year-on-year as mobility-related insurance product sales increased. One major highlight for our Financial Services segment is our partnerships with Stripe and Adyen. Through the collaboration, Grab is able to onboard more merchant partners and provide our consumers with additional acceptance points where GrabPay is accepted, including more e-commerce and online shopping options. In addition, Grab is able to integrate its Buy Now, Pay Later service with Adyen merchants, allowing Grab's consumers to access Adyen's entire existing merchant base in Singapore and Malaysia. These collaborations clearly create a win-win situation for both Grab and our partners. For instance, Zalora, the Southeast Asian online fashion and lifestyle destination company, reported a 20% increase in new shoppers and a 15% increase in users using GrabPay to complete a purchase after they were introduced this deferred payment method by Adyen. The online retailer has also seen an increase in sales as shoppers who use GrabPay Later had larger basket sizes, more than 30% larger in some countries, compared to those who use Grab wallets. Another example is Carousell, one of the region's largest and fastest-growing classified marketplace platforms. They saw an increase in online transaction of nearly 20% after making GrabPay available as a payment method via Stripe in Malaysia. In particular, Carousell has seen a significant growth in sales from younger demographics via GrabPay through items such as apparel, as well as lifestyle technology products. Lastly, for our Enterprise Services segment, GMV in Q1 2021 more than tripled to reach $26 million. Leveraging on the strength of our Deliveries business and Enterprise Services experienced a strong acceleration in GMV growth. Adjusted Net Sales improved to $25 million, while revenue grew to $10 million. Segment Adjusted EBITDA also turned positive at $2 million due to scale efficiencies. I will now provide an update on our public listing process, as well as providing additional clarity on our fiscal year 2019 and 2020 audited financials. We're pleased to announce that we have filed a registration statement on Form F-4 with the U.S. Securities and Exchange Commission in connection with Grab's proposed business combination with Altimeter Growth Corp. We have also renamed Adjusted Net Revenue to Adjusted Net Sales. There is no material change to the definition or numbers, apart from adjusting the metric to take into consideration the revised accounting treatment for OVO rewards revenue that we had previously shared in our SEC filing on June 9th, 2021. Third, as you may recall from our PIPE investor presentation, our revenue under IFRS accounting was net of excess driver and merchant incentives. This is because we run the business by viewing our driver and merchant partners as our customers, deriving almost all of our revenues from them. Following our consultation with the SEC, an alternate judgment has been made that our consumers should also be considered as our customers. What this means is that our consumer incentives are being moved from being a sales and marketing cost item to a contra -revenue item. A few things I want to highlight here. First, GMV has not changed from what we presented during the PIPE investor presentation process. Adjusted Net Sales, which is gross billing, less driver and merchant-based incentives, also has not changed materially with the exception of the OVO adjustments that I referred to earlier. Second, with the change of how consumer incentives is now presented as a contra -revenue item, IFRS revenues have gone down proportionate to consumer incentives, with a concurrent offset in cost from our sales and marketing expense line. Third, in our PIPE investor presentation, we reported IFRS revenues of $1.2 billion for 2020. After shifting consumer incentives as a contra revenue item, 2020 IFRS revenues is now $469 million. Fourth, there is no change to adjusted EBITDA, balance sheet, or cash flow, since this is purely a change in presentation and the economics of our business have not changed. I do want to reiterate that Adjusted Net Sales remains a key metric that we use to measure top-line growth of our business. It is how we manage our business. We see excess merchant driver incentives as discretionary in nature based on Grab's strategic choices and consumer incentives as a marketing tool that Grab can use strategically to stimulate demand. To wrap up my section, we're pleased to report a strong set of the first quarter results, which reaffirms our super app strategy. The strong quarter one results exceeded internal targets. In the second quarter, we saw the continuing resilience and strong performance of our business, combined with disciplined operational execution. With that, I would like to pass on the time to Ming. Thanks, Peter. Over the past few months, we have unfortunately witnessed a reemergence of COVID cases across our entire region. Most governments have locked down the large major cities and imposed tighter movement restrictions and social distancing measures as cases continue to climb. Indonesia has now overtaken India as the new epicenter in Asia. Vaccination rates have been relatively slow, with most countries outside of Singapore recording vaccination rates well below 50% as of July. To serve our communities and our partners who have been affected, we've had the honor to collaborate on different initiatives with government agencies across the entire region. We'll talk a lot more about this. Broadly speaking, our efforts have centered around, one, facilitating vaccination efforts, two, supporting local healthcare, and three, helping businesses go online. In spite of the reemergence, our business remains resilient, and our GMV and Adjusted Net Sales continue to grow. If we look back to the second half of 2020, our GMV and revenues have recovered from the lows that we saw back in April 2020. Our fourth quarter generally tends to be our seasonally strongest quarter because of festivals and other school holidays. In Q1 2021, in spite of reemergence in various countries at different times, the diversification of our platform from both a geographic and a segment perspective resulted in fairly stable GMV performance over the quarter. We did witness weaker Mobility volumes in Q1, but this was offset by a strong uptick in Deliveries, with GrabMart proving to be one of the bright spots within the Deliveries segment. Broadly speaking, the lockdown measures remain largely in place even to this day. Similar to the second half of 2020, we do expect Mobility revenues to recover when these lockdown measures ease and when vaccination rates improve. This is something that we're closely monitoring leading into the second half of the year. We wanted to dive deeper into our ESG efforts because this is so core to our mission to drive Southeast Asia forward by creating economic empowerment. We believe that the health of our business is inextricably linked to the welfare of our communities, and we remain absolutely committed to our double bottom line, which means delivering both financial performance and building thriving communities where our partners have sustainable income opportunities while protecting our environment. In late June, we announced our first ESG report, which highlights some of the initiatives that we're taking and also covers key material topics in accordance with Global Reporting Initiative Standards. Key highlights here include data on our social economic impact, including the $7.1 billion earned by our driver and merchant partners in 2020, as well as our initiatives to protect the environment through the $200 million or more that we've invested in electric and hybrid vehicles since 2016. While we are pleased to report the progress that we've made in 2020, we're also very mindful that there is still so much more to be done here. The lockdowns have put our driver and merchant partners into very difficult situations to say the least, and this has really challenged us to expand our offerings and innovate on our business model. In 2020, we expanded our Deliveries and Mobility business to give our partners broader opportunities to earn incomes. In fact, we created income opportunities for over 370,000 drivers who signed up with us last year. If we think about what does this mean going forward, we believe this will only reinforce and improve the service quality of our platform for merchants and consumers. We've also launched initiatives to bring small businesses online, increased engagement with social sellers, and worked with governments to digitize traditional industries, including wet markets and small food stores. As a result, approximately 600,000 small businesses joined our GrabFood and GrabMart platforms last year. In fact, when we did a survey in March, we discovered that one in three of our GrabFood merchant partners went online for the first time through Grab. Since the start of the pandemic, we've also committed over $40 million to partner relief efforts and have launched a variety of initiatives with governments to support our communities. It's not just us. Last year, consumers purchased over 470,000 meals for our driver partners and our employees donated over $300,000 worth of allowances. A deep thank you to everyone who contributed. We were just absolutely touched, and it really is these daily acts of kindness that inspire us at Grab. We're also very grateful for the opportunity to collaborate with various government agencies, and we believe our government relationships are stronger than ever. In Indonesia, we've set up drive-thru vaccination centers with Good Doctor and have facilitated the vaccinations of over 140,000 driver partners and members of the public. In Malaysia, we partner with the Ministry of Finance and state governments to distribute financial aid to our driver and delivery partners. In Thailand, we partner with public hospitals and the Red Cross to transport food and medicine. With new COVID-19 cases still rising, we'll continue to partner closely with governments to solve real problems in the fight against the virus. We'll conclude today's webcast by highlighting three key call-outs. First, we remain as committed as ever to supporting our communities through this difficult period and to achieving our double bottom line, which means delivering both financial performance and making a positive social impact. Second, we've delivered a strong set of results in the first quarter, which reinforces our conviction in our super app strategy. Third, we remain on track to close our proposed business combination with Altimeter Growth Corp by the end of this year. Thank you very much for your time today and for dialing into our earnings presentation. This concludes our Q1 2021 earnings webcast. Thank you.
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