$Grab(GRAB.US)Grab had an exceptional Q3. - $1.12B of revenue, the first billion dollar quarter- 57M monthly users, fast…

$Grab(GRAB.US)

Grab had an exceptional Q3.

- $1.12B of revenue, the first billion dollar quarter

- 57M monthly users, fastest QoQ growth since 2022

- EBITDA margins now highest in history of the company at 21%, up 565 basis points YoY

- Raised EBITDA guide from 45% growth to 60% growth YoY

- Total quarterly active advertisers on self-serve platform grew 39% YoY, and average spend of these advertisers grew 13% YoY

- Adjusted FCF now $533M, doubling YoY

- Financial services is now profitable

- Bought back $400M of stock, CEO bought $30M himself.

11B marketcap, 5B in cash, doing $4.2B of revenue and growing the bottom line 60%.

Listening to the call, looks like Meta chose Grab to be one of the first partners to integrate with Muse in Singapore. It is not easy for a company to do $1B in revenue every 90 days and it is also not easy to have 7% of the entire SEA population using your products, while growing that number 20% YoY. Network effects compounding with operating leverage is the simple thesis, unfortunately oil has been the headwind but this was an outstanding quarter for the company.

Source: amit