Apr 24, 2023
Quater Report 2023 April
Revenue grew 310% YoY to $502 million in the fourth quarter of 2022, or 346% on a constant currency basis2, attributable to growth in our Mobility and Deliveries segments, a reduction in incentives and a change in business model for certain delivery offerings in one of our markets3. Excluding the impact of the business model change, revenue growth would have been 255% YoY and 14% quarter-over-quarter (“QoQ”).
Total GMV grew 11% YoY, or 20% YoY on a constant currency basis, primarily due to the continued recovery in Mobility and growth in Financial Services.
Foreign exchange currency fluctuations impacted our results during the quarter. QoQ revenue grew 31% and GMV declined 2%, respectively, while on a constant currency basis, they grew by 36% and 2%, respectively.
During the quarter, total incentives were further reduced to 8.2% of GMV, compared to 13.0% for the same period in 2021 and 9.4% for the previous quarter, demonstrating our continued focus on sustainable growth.
Loss for the quarter was $391 million, a 64% improvement YoY, primarily due to the improvement in Group Adjusted EBITDA, with Total Segment Adjusted EBITDA turning profitable, and the elimination of the non-cash interest expense of Grab’s convertible redeemable preference shares that converted to ordinary shares in December 2021. Our loss for the quarter included a $119 million non-cash expense from fair value changes on investments, and $90 million in non-cash stock-based compensation expense.
Group Adjusted EBITDA was negative $111 million for the quarter, an improvement of 63% compared to negative $305 million for the same period in 2021 as we continued to grow GMV while improving profitability on a Segment Adjusted EBITDA basis from lowered incentive spend.
Group Adjusted EBITDA margin was (2.2)% for the quarter, an improvement from (6.8)% in the fourth quarter of 2021 and from (3.2)% in the third quarter of 2022.
Regional corporate costs4 for the quarter were $223 million, as compared to $192 million in the same period a year ago and $208 million in the prior quarter. On a YoY basis, regional corporate costs were relatively flat after excluding a non-recurring benefit recorded in the fourth quarter of 2021.
The QoQ increase in regional corporate costs was predominantly driven by an increase in direct marketing costs due to seasonally higher spend in the fourth quarter amidst the festive p