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Grab Holdings Inc (NASDAQ:GRAB) reported a fourth-quarter FY21 revenue decline of 44% year-on-year to $122 million.

Revenue for Deliveries declined 98% Y/Y to $1 million as Grab invested in incentives. Mobility revenue was $105 million, down 27% Y/Y as Grab invested in driver incentives.

Financial Services revenue was $(1) million, a $3 million improvement Y/Y. Revenue for Enterprise and new initiatives declined by 39% Y/Y to $16 million.

GMV grew 26% Y/Y to reach $4.5 billion, marking four straight record quarters for Grab. Deliveries and financial services posted GMV growth of 52% Y/Y and TPV (Pre-interco) growth of 29% Y/Y. Mobility GMV declined 11% Y/Y but continued to recover with 45% Q/Q growth.

MTUs grew by 3% Y/Y and 18% Q/Q to 26.0 million as lockdowns continued to ease. The average spend per user increased by 23% Y/Y to $173.

Adjusted EBITDA loss margin stood at (6.8)% of GMV compared to (2.8)% in Q4 2020. Adjusted EBITDA was $(305) million.

Outlook: Grab sees Q1 FY22 Deliveries GMV of $2.4 billion - $2.5 billion, Mobility GMV of $0.75 billion - $0.80 billion, Financial Services Pre-InterCo TPV of $3.1 billion - $3.2 billion.

Grab sees GMV growth for each quarter from Q2 to Q4 2022 to accelerate to 30 - 35% Y/Y.

Looking beyond 2022, Grab sees core food delivery Segment Adjusted EBITDA breakeven by the first half of 2023 and deliveries Segment Adjusted EBITDA breakeven by the end of 2023. Grab targets steady-state Adjusted EBITDA to GMV margins of 12% in mobility and 3% in deliveries in the long term.

Price Action: GRAB shares traded lower by 10.7% at $4.67 in the premarket on the last check Thursday.