Good day, everyone, and welcome to Grab's second quarter 2021 financial results 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 the call, Anthony and Ming will discuss our business updates and highlights of our Superapp strategy from the quarter. Peter will share detailed insights with you on our 2Q results, our 2021 financial year outlook, and updates on our public listing process. 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 operating metrics and non-IFRS financial measures. The comparable IFRS financial measures are included in this quarter's earnings materials. Please refer to our earnings release presentation available on our investor relations website for more information. Should you have any questions after this presentation, please reach out to investor.relations@grab.com. Now, I would like to turn the call over to Anthony to deliver the opening remarks. Thanks, Ken. Good day, everyone. Thank you for joining us today at our second quarter 2021 earnings call. In the second quarter, we executed strongly in spite of the challenging COVID environment in Southeast Asia. First, we delivered a strong set of results in our second quarter, boosted by the strength in our deliveries business. This is a clear reaffirmation of our Superapp strategy, and Ming will touch on this more later during his section. Second, we've proven ourselves to be resilient, especially during these tough COVID times. Lockdowns may have impacted our mobility and fintech business near-term, but we pivoted quickly and doubled down on out-serving our communities through the delivery segment. Now, we are even more confident in the fundamentals of our business longer term, particularly as we begin to emerge out of COVID and start to see green shoots emerge. Third, we continue to invest into our future success. In the quarter, we doubled down on investments into our deliveries and financial service businesses. GrabMart saw strong 40% QoQ growth and also grew more than 5 x year-on-year. PayLater, a business that we are really excited about, was launched at full scale in Singapore and Malaysia, resulting in our lending business growing more than 4 x year-on-year. Peter will talk more about this in his section. Now let's dive into our Q2 results. I'm pleased to announce that we've delivered a record set of operating results in the second quarter, as demonstrated by these two metrics. First, despite the ongoing impact of COVID on the region, our GMV grew strongly by 62% year-over-year to reach $3.9 billion, a new record for Grab. Second, our adjusted net sales reached an all-time high of $550 million. It grew by 92% year-over-year. These results demonstrate that our business remains resilient and continues to grow strongly in spite of an extremely challenging operating environment due to COVID. To give you more context on the COVID situation here in Southeast Asia, the Delta variant has unfortunately hit the region hard. Southeast Asia now has the world's highest monthly mortality rate per capita. Lockdown measures are still in place across major cities in the region. Vietnam, in particular, has implemented stricter lockdown measures than most of our other markets with the government restricting movement even for food delivery operations, which frankly has largely been seen as an essential service in our other key markets. This has obviously impacted our Vietnam business. In Ho Chi Minh City, for example, our GMV across both deliveries and mobility declined substantially in the third quarter. While there's no certainty over when the Vietnam government will ease the lockdowns, our team continues to actively engage with all our stakeholders to ensure we are well-positioned for strong business recovery when it does happen. Fortunately, overall vaccination rates have been rapidly increasing across the region. As you can see on this slide, vaccination rates have picked up to double-digit levels across all our major markets. While overall vaccination rates in Southeast Asia are still lower than other more developed regions in the world, it is important to note that as recently as May this year, most of Southeast Asia had vaccination rates in the low single digits. With higher vaccination rates expected across most countries in Southeast Asia by year-end, countries like Malaysia and Singapore are cautiously reopening. We expect the other countries to follow suit as they make steady progress with vaccinations, which really bodes well for the recovery for our mobility and offline payments offerings. Meanwhile, we continue to do our part in partnering with local governments to drive up vaccination rates of our drivers and communities. This chart illustrates how the vaccination rates of our driver-partner communities compare to that of the overall population in our 6 key markets. As you can see from the dark green bar, the overall vaccination rate of our driver community is significantly higher than that of the overall population, thanks to our driver vaccination efforts. For example, in Indonesia, we partnered with Good Doctor to set up drive-through vaccination centers that have facilitated the vaccinations of over 140,000 driver-partners and members of the public. In the Philippines, we've partnered the Makati city government in setting up a vaccination center to inoculate up to 7,000 economic frontliners. As a result of us driving vaccination rates aggressively, we have the most resilient driving network in Southeast Asia. This ensures the safety and well-being of everyone in our ecosystem, while also increasing the resilience of our supply network. Now, beyond our vaccination efforts, we believe our business resilience has been underpinned by our geographic and segment diversification, as well as our Superapp strategy. As you can see from this chart, which shows our weekly GMV index to pre-COVID levels, our group overall GMV has surpassed and remained above pre-COVID levels this year, in spite of COVID resurgences in our various markets. The growth in cities like Kuala Lumpur and Singapore have more than offset the slower recovery in cities like Jakarta, where lockdowns continue to impact our recovery trend. Grab has continued to maintain a firm hold over our category leadership position regionally, while continuing to grow our deliveries business. While mobility volumes may have remained weak going into Q3 with lockdown measures in place, this has been more than offset by the sustained momentum in our deliveries business. As we continue to invest into our deliveries business, our Superapp strategy enables these investments to also contribute to sustaining our competitive advantages in mobility, positioning us very well to capture the recovery in mobility demand once lockdowns ease. You might ask, how would this work? Allow me to explain with this slide that illustrates the flywheel effects underpinning our Superapp strategy. Each of our businesses helps the others scale. First, new services can be quickly launched by leveraging collective assets. Our pervasive mobility user base enabled us to rapidly achieve category leadership in deliveries, and every transaction on our platform is an opportunity to offer customized financial product, whether it be payments, lending, or insurance. Consumer spending grows in tandem with more services, thereby creating more income opportunities for our merchant and driver partners who remain loyal to the platform. This creates wider selection, faster delivery times, and improved consumer experience. Even amidst the pandemic, consumer demand for deliveries has helped to cushion the impact of softer mobility demand on driver-partner earnings. This, in turn, has helped us sustain the supply network of our business in a truly cost-effective way. A core component of our success is our ability to tie all this together into an integrated Superapp that seamlessly connects each of our stakeholders. Our Superapp flywheel allows us to grow the ecosystem in a vastly accelerated manner versus other single-vertical players. This is our secret sauce. Our Group President, Ming, will talk about how we out-serve each of our stakeholders with our Superapp. Over to you, Ming. Thanks, Anthony. Over the next few slides, I'll help to translate the secret sauce that Anthony spoke of into the specific operating metrics that we monitor as we manage our business. We always start first with our consumers and the key metrics behind how we progressively cross-sell additional services to our users over time. Since December 2018, we've seen the percentage of our monthly transacting users using 2 or more services grow by 60%, from 33% of our total MTU base to well over the majority of our total MTUs as of June 2021. The key to driving this cross-sell is by offering more daily services that are specifically relevant to our users' everyday lives. So from the time our consumers wake up and order breakfast on Grab, commute to and from the workplace, all the way to the evening as our consumers pay their bills or shop online, Grab is here to help our users transact everyday services like transportation, eating, shopping, and digital payments. It's the tight integration of our services that Anthony spoke of that creates the consistently high-quality experience that's led to our category leadership across the region. Now, the more services that our users transact on Grab, the more loyal they become as measured by the retention rates of our MTUs. Here, we show how retention rates can grow from 34% to 85% as consumers adopt more services from Grab over time. This is a key cornerstone of our Superapp strategy, the ability to drive engagement among our users, which drives loyalty, retention rates, and ultimately customer lifetime values. Not only does this strategy drive customer lifetime values, over the next few slides, we'll highlight how our strategy also drives the best income opportunities for our merchant and driver partners. This is the key to becoming the platform of choice for our everyday entrepreneurs. Our Superapp strategy is what drives the overall productivity of our driver partners. On the left-hand side, what is absolutely unique to the Grab platform is that two-thirds of our two-wheeled drivers operate in a shared fleet that performs both food delivery and mobility jobs. As a result, we've been able to improve the utilization rate of our drivers by over 58% year-over-year. All of this means that our Superapp strategy directly translates into more attractive unit economics than our peers. Now, turning to our merchant partners, more and more merchants are choosing Grab as their platform of choice. Over the past year, the number of transacting merchants grew by 2X as our merchant partners increasingly chose Grab as the best platform to help maximize their earnings. In 2020 alone, we helped 600,000 small businesses in the region transition online and access a new sales channel to reach their customers. Across all of our countries, we've seen earnings per merchant grow in a very healthy manner year-over-year. It's this earnings power, along with our large base of users and category leadership, that has allowed us to rapidly scale our merchant base, create loyalty, and grow productivity, all the while minimizing our need to spend on incentives and subsidies. Our Superapp flywheel has been key to driving growth in our financial services segment. Transacting users grew by 48% year-on-year in second quarter 2021, while the number of transactions grew by 92% year-on-year. All of this growth reflects the benefits of our Superapp flywheel, the high-frequency nature of our business, and the adoption of our financial services products across both on-platform and off-platform. These strong operating results reinforce our confidence in our financial services segment. This is a key driver in our consumer and partner retention strategies, and we'll continue to focus and double down on products like our buy now, pay later service for the rest of the year. We've been very pleased with how our operating metrics have evolved this quarter. Peter will share more on our second quarter 2021 results and provide an update on our public listing process. Over to you, Peter. Thanks, Ming. Despite the ongoing impact of COVID on the region, I'm pleased to report a strong set of second quarter results. As Anthony mentioned earlier, we achieved a record quarter in terms of GMV and adjusted net sales. Our GMV experienced a strong growth of 62% year-on-year to reach $3.9 billion, a new record for Grab. This was driven by strong year-over-year performance across our segments. Adjusted net sales reached a new all-time high of $550 million and grew by 92% year-on-year. Our GMV per monthly transacting user increased by 27% year-on-year as we continue to deepen engagement with users across our Superapp ecosystem. Overall, we delivered strong top-line growth despite the challenging COVID situation in Southeast Asia. This demonstrates the continued resilience of our business amidst lockdowns and reaffirms our Superapp strategy. From a bottom-line perspective, we continue to demonstrate strong trends in our path to profitability. Our total segment adjusted EBITDA of $14 million loss saw a marked improvement by $75 million, underpinned by the strong top-line growth and improving margins across our business segments. Group adjusted EBITDA was $214 million loss for the quarter. This was a decline of $8 million year-on-year as we invest further in product development. We saw our adjusted EBITDA margins as a percentage of GMV improve for the quarter to - 5.5% as compared to a - 9% in the same period last year. We will continue to execute sustainable and improving margins despite challenges in the operating environment. Our IFRS financials continue to demonstrate strong trends also. Our revenues reached $180 million in the quarter, and our net losses was $815 million. As of the end of June 2021, we had $5.3 billion of cash liquidity, an increase of $1.6 billion from $3.7 billion as of the end of last year. This includes Term Loan B facility of $2 billion. We expect to further strengthen our cash liquidity and balance sheet upon the completion of our business combination with Altimeter Growth Corp, where we expect to receive an additional $4.5 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 our deliveries business. We generated GMV of $2.1 billion in the second quarter. This represents a strong 58% year-on-year improvement, 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 delivery segment over the past year. Our adjusted net sales for the delivery segment reached $345 million, a 68% year-on-year increase. Take rates for deliveries continues to improve and was 17% for the quarter compared to 16% same time last year. Revenue for deliveries was $45 million, representing a 92% increase year-on-year. Segment-adjusted EBITDA for deliveries was near breakeven, a $20 million loss for the quarter. Overall, we are continuing to observe very strong trends in our deliveries business. A key highlight for my deliveries business is the sustained momentum in GrabMart. I touched on this at the last quarterly earnings call and want to provide an update. On this chart, you can see that GrabMart's GMV for the second quarter of 2021 increased by five times compared to the prior year period. We also launched GrabSupermarket in the Philippines in September, offering users next-day delivery of a wide array of high-quality, affordably priced fresh produce sourced directly from farmers and suppliers located across the community. This is Grab's third online supermarket in the region, and we plan to launch GrabSupermarket in one more country in the near term. We will continue to invest in our Mart business as we see strong users adoptions and frequency. There are also strong benefits of the Superapp flywheel between our GrabFood and our GrabMart business. Our food delivery business is in fact a significant contributor to the growing adoption and transaction in our Mart business, as can be seen on this slide. On the left-hand side, we saw that 85% of GrabMart users are also GrabFood users in the second quarter of 2021. This implies that Mart users are originating from our GrabFood business, thus enabling us to expand our Mart business without needing to significantly increase customer acquisition costs. Secondly, on the right, we note that our GrabMart MTUs is only 5% of our GrabFood MTUs. This implies that there is tremendous headroom for us to grow our GrabMart business, and that's exactly what we plan on doing as we scale GrabMart significantly. Onto our mobility segment. As you can see on the three charts on this page, we have been able to report strong growth across our key metrics. We generated GMV of $685 million, which is an improvement of 93% compared to the second quarter of 2020, despite a spike in Delta variant cases and subsequent lockdown measures across the region. Achieving this wasn't easy. It's a true testament to our ability to execute well in a very challenging environment. Adjusted net sales grew 122% year-on-year to $146 million. Revenue increased 129% year-on-year to $118 million. Mobility adjusted EBITDA remains positive at $90 million and increased by 233% year-on-year compared to the second quarter of 2020. Our adjusted EBITDA margins as a percentage of GMV also improved considerably to 13% for the quarter, compared to 7.5% for the same time last year. What we have also seen from countries coming out of lockdown is that ride hailing bounces back faster. You can see on this chart in Singapore, we have seen usage rates for ride hailing consistently higher and bouncing back faster than other modes of transportation, such as private cars and public taxis. In fact, when lockdowns were lifted during the second half of 2020, even with work-from-home arrangements still in place for some organizations, we did witness a sharp and rapid bounce back in our Mobilities business. As vaccination rates continue to improve in the region, we remain optimistic about the recovery of our Mobilities business. We are also seeing growing strength in our Financial Services business. Let me share with you three important metrics. First, the segment achieved its highest quarterly TPV so far in Q2 2021, demonstrating year-on-year growth of 66% on a pre-Interco basis. This was supported by the strength in payments TPV from both on Grab and off Grab use cases. Second, adjusted net sales increased by 140% year-on-year to $26 million, while revenue increased by 156% year-on-year to $6 million. Third, adjusted EBITDA for the second quarter of 2021 was $85 million loss, compared to $74 million loss in the second quarter of 2020. A key highlight from the quarter is our lending business, which has been tracking well over the past five quarters. Loan disbursements achieve an all-time high, increasing 4.1 times year-on-year as compared to the first quarter of 2021, supported by improved credit policy and credit scoring. PayLater by Grab is now fully launched in Singapore and Malaysia and continues to gain strong traction with e-commerce merchants. We're really excited with the progress of PayLater by Grab as we roll this out in other countries over the coming months. Finally, looking at the enterprise and new initiatives segment. GMV grew by more than six times year-on-year to reach $34 million. Off the back of strong growth in deliveries, Grab continues to focus on providing merchants with affordable self-serve advertising solutions through the GrabMerchant superapp, empowering them to reach more users and drive more sales. Adjusted net sales for the segment grew more than six times year-on-year to $33 million, while revenue was $11 million in the second quarter of 2021. We also made great progress and achieved segment-adjusted EBITDA positive for the quarter. Finally, turning to the full year 2021 outlook and a brief update to our public listing process. As you heard from Anthony earlier, no doubt the operating environment in Southeast Asia is extremely dynamic as a result of the pandemic. Our delivery segment continues to outperform, offsetting the weaknesses we are seeing in the mobility segment due to the ongoing movement restrictions. We expect financial services and enterprises segment to continue to grow. We'll continue to manage our corporate overheads. However, there is still a reasonable amount of uncertainty in this region, and we are closely monitoring the pace of vaccination rates. As a result, we will provide a range for our full year 2021 outlook. With that context, we expect that our GMV range for 2021 is $15 billion-$15.5 billion, representing a year-on-year growth range of approximately 20%-24%. We expect adjusted net sales in the range of $2.1 billion-$2.2 billion, representing a year-on-year growth range of approximately 37%-44%. We expect adjusted EBITDA to be in the range of $700 million loss to $900 million loss. I also want to provide a brief update on our public listing process. Earlier today, we filed an amended registration statement on Form F-4 with the U.S. SEC in connection with Grab's proposed business combination with Altimeter Growth Corp. This document is an amendment to our Draft F-4 Registration Statement that we filed a month ago on August the 2nd. We remain on track to become a publicly listed company and to complete our business merger with Altimeter Growth Corp by the fourth quarter of this year. To sum up, a strong second quarter results and our public listing process is going to plan. With that, I will pass the time to Anthony to wrap up our session. Over to you, Anthony. Thank you, Peter. We'll conclude today's webcast by highlighting three key call-outs. First, we've delivered a strong set of Q2 results, underscoring the strength and resilience of our business and Superapp strategy. Second, we continue to invest into growing our deliveries and financial services businesses by expanding on the early successes we've had with GrabMart and PayLater. Third, while we may experience some volatility due to COVID in the near term, we remain optimistic about the recovery of our mobility business and confident in our overall longer-term trajectory. Thank you so much for your time today, and special thanks goes to our consumers, partners, and Grabbers, without which none of what we shared today would have been possible. To find out more about Grab, please visit our investor relations website or feel free to reach out to our team for a chat. We welcome you to join us in driving Southeast Asia forward. Thank you very much.
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