Grab SPAC Presentation Deck
Reconciliation from Net Revenue¹ to Adjusted Net Revenue
($M)
Gross Billing
Drivers and Merchants Base Incentives
Adjusted Net Revenue
Drivers and Merchants Excess Incentives
Net Revenue¹
2018
966
(550)
416
(371)
46
Note: Our 2018, 2019 and 2020 historical financial data are subject to an ongoing PCAOB audit
1. Net revenue is calculated for each country by cities on a monthly basis and then aggregated
2019
1,667
(633)
1,034
(579)
455
2020
1,816
(223)
1,593
(396)
1,197
Comment
■ Gross Billing is a measure by which the Company
evaluates and manages its business. The Company
defines Gross Billing as the total sum attributable to the
Company from each transaction, without any
adjustments for incentives paid to its customers
■Base Incentives refer to the amount of incentives to
driver and merchant partners up to the amount of
commissions earned by Grab from those drivers and
merchants
■ Gross Billing less base incentives
■ Excess Incentives occur when payments made to
driver/merchant partners exceed Grab's revenue
received from such driver/merchant partners (excess
incentives are calculated on a monthly basis for each
country and not on a driver-by-driver basis)
■ Adjusted Net Revenue less excess incentives
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