Revenues of S$37 Million and Adjusted EBITDA of
S$5 Million
- Total revenues grew 12% to S$37 million in the second quarter
of 2023, as total revenues ex-Vietnam grew 22%
- Active cost management drove 113% of incremental year over year
revenue into Adjusted EBITDA1
- Adjusted EBITDA grew to S$5 million in the second quarter 2023,
up from S$0.3 million in the second quarter of 2022
PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the
“Company”), Southeast Asia’s leading2, property technology
(“PropTech”) company, today announced financial results for the
quarter ended June 30, 2023. Revenue of S$37 million in the second
quarter of 2023 increased 12% year over year. Net loss was S$6
million in the second quarter and Adjusted EBITDA3 was positive S$5
million. This compares to net income of S$4 million and Adjusted
EBITDA4 of positive S$0.3 million in the second quarter of
2022.
Management Commentary
Hari V. Krishnan, Chief Executive Officer and Managing
Director, said “PropertyGuru delivered a good quarter of
double-digit revenue growth and a double-digit Adjusted EBITDA
margin, standing firm in a Southeast Asian economy wrestling with
inflation and rising interest rates. This was the result of focused
investments and execution despite ongoing macro challenges in
Vietnam, where last year’s government interventions in the property
market continue to impact consumer sentiment and transaction
volumes.
Our focus on leveraging generative AI has bolstered our
market-leading products while driving improvements in code quality
and engineering productivity. In June, we launched GuruPicks, an
automated and personalised feed of property listings based on
machine learning algorithms, and upgraded our AI image moderation
engine to continue to enhance listing quality.
Earlier this week, we made strategic decisions to phase out our
Indonesia marketplace business, Rumah.com, and sunset one of our
SaaS products, FastKey. We regularly review our progress as a
business and take necessary steps to optimize our resources. These
actions align with our time-tested approach to focus our
investments on businesses with strong unit economics that have
shown the potential to achieve scalable growth. We acknowledge the
impact of these decisions on our valued teams. I would like to
extend my heartfelt gratitude to the impacted Gurus for their
contributions to the Group and wish them the very best in their
future endeavors.”
Joe Dische, Chief Financial Officer, added “In the second
quarter, our overall business performed well even as we managed
through a slower than expected recovery in Vietnam. Excluding
Vietnam, revenues grew a solid 22%. Adjusted EBITDA of S$5 million
this quarter meaningfully increased from the second quarter of
2022, as we benefited from both good operating leverage and cost
management. This resulted in both revenues and Adjusted EBITDA
increasing by S$4 million when compared to the second quarter of
2022. I would also note that we have seen some recent positives
signs from Vietnam, as the government has begun lowering interest
rates and is working to improve the accessibility of credit for
both consumers and developers.
Despite the current macro-economic conditions in Southeast Asia,
we remain focused on delivering sustained, profitable growth as we
leverage our market leading solutions. We will prudently manage
discretionary spending and target value-additive investment
opportunities. In this regard, our recent actions related to the
Indonesia marketplace and FastKey will help us better prioritize
our resources and investments and are not expected to have a
material impact on our 2023 outlook. Of note, we have taken S$8
million in one-time impairment and restructuring costs this quarter
related to these actions.”
Financial Highlights – Second Quarter 2023
- Total revenue increased 12% year over year to S$37 million in
the second quarter.
- Marketplaces revenues increased 11% year over year to S$35
million in the second quarter as continued strength in Singapore
and improved yield in Malaysia helped counterbalance temporary
challenges in the Vietnam market.
- Revenue by segment:
- Singapore Marketplaces revenue increased 25% year over year to
S$22 million, as the number of overall agents and the Average
Revenue Per Agent (“ARPA”) grew in the quarter. Quarterly ARPA was
up 25% in the second quarter to S$1,256 as compared to the prior
year quarter and the number of overall agents in Singapore was up
over 300 to 16,095 from the first quarter of 2023. The renewal rate
was 82% in the quarter.
- Malaysia Marketplaces revenue increased 12% year over year to
S$7 million, as the Company continues to benefit from iProperty and
PropertyGuru Malaysia’s combined market strength.
- Vietnam Marketplaces revenue decreased 27% year over year to
S$5 million, as a reduction in the number of listings was partially
offset by an increase in average revenue per listing (“ARPL”).
Previous efforts to restrict the availability of real
estate-related credit continue to temporarily impact property
transaction activity in Vietnam. The number of listings was down
46% to 1.29 million in the second quarter compared to the prior
year quarter. ARPL was S$3.86, up 36% from the second quarter of
2022.
- Fintech & Data services revenue increased 47% to S$1.5
million.
- At quarter-end, cash and cash equivalents were S$302
million.
Information regarding our operating segments is presented below.
It is noted that in 2023 the Company is no longer removing the
ongoing cost of being a listed entity when calculating Adjusted
EBITDA. As such the 2022 comparatives have been restated.
For the Three Months Ended
June 30
2023
2022
YoY Growth
(S$ in thousands except
percentages)
Revenue
36,880
33,031
11.7
%
Marketplaces
35,368
32,001
10.5
%
Singapore
21,534
17,293
24.5
%
Vietnam
5,074
6,943
-26.9
%
Malaysia
6,602
5,899
11.9
%
Other Asia
2,158
1,866
15.6
%
Fintech and data services
1,512
1,030
46.8
%
Adjusted EBITDA
4,611
256
Marketplaces
20,775
12,964
Singapore
16,560
11,233
Vietnam
848
1,669
Malaysia
3,966
1,241
Other Asia
(599
)
(1,179
)
Fintech and data services
(2,657
)
(1,885
)
Corporate*
(13,507
)
(10,823
)
Adjusted EBITDA Margin (%)
12.5
%
0.8
%
Marketplaces
58.7
%
40.5
%
Singapore
76.9
%
65.0
%
Vietnam
16.7
%
24.0
%
Malaysia
60.1
%
21.0
%
Other Asia
-27.8
%
-63.2
%
Fintech and data services
-175.7
%
-183.0
%
For the Six Months Ended June
30
2023
2022
YoY Growth
(S$ in thousands except
percentages)
Revenue
69,508
61,263
13.5
%
Marketplaces
66,568
59,214
12.4
%
Singapore
40,381
32,297
25.0
%
Vietnam
8,402
11,999
-30.0
%
Malaysia
13,420
11,333
18.4
%
Other Asia
4,365
3,585
21.8
%
Fintech and data services
2,940
2,049
43.5
%
Adjusted EBITDA
4,831
810
Marketplaces
37,070
26,616
Singapore
30,567
22,631
Vietnam
(73
)
2,806
Malaysia
7,468
3,610
Other Asia
(892
)
(2,431
)
Fintech and data services
(4,862
)
(3,531
)
Corporate*
(27,377
)
(22,275
)
Adjusted EBITDA Margin (%)
7.0
%
1.3
%
Marketplaces
55.7
%
44.9
%
Singapore
75.7
%
70.1
%
Vietnam
-0.9
%
23.4
%
Malaysia
55.6
%
31.9
%
Other Asia
-20.4
%
-67.8
%
Fintech and data services
-165.4
%
-172.3
%
*Corporate consists of headquarters costs, which are not
allocated to the segments. Headquarters costs are costs of
PropertyGuru’s personnel that are based predominantly in its
Singapore headquarters and certain key personnel in Malaysia and
Thailand, and that service PropertyGuru’s group as a whole,
consisting of its executive officers and its group marketing,
technology, product, human resources, finance and operations teams,
as well as platform IT costs (hosting, licensing, domain fees),
workplace facilities costs, corporate public relations retainer
costs and professional fees such as audit, legal and consultant
fees. A portion of the cost of being a listed entity is also
included.
Strong Category Leadership Drives Long-Term Growth
Opportunities
As of June 30, 2023, PropertyGuru continued its Engagement
Market Share5 leadership in Singapore, Vietnam, Malaysia, and
Thailand.
Singapore: 82% – 5.9x the closest
peer
Malaysia: 93% – 13.6x the closest
peer
Vietnam: 82% – 4.5x the closest
peer
Thailand: 54% – 2.3x the closest
peer
Full Year 2023 Outlook
The Company continues to project that full year 2023 revenues
will be between S$160 million and S$170 million and Adjusted EBITDA
will be between S$11 million and S$15 million, although due to the
ongoing situation in Vietnam we now believe revenues will be at the
bottom end of the range. We still anticipate that conditions in
Vietnam will begin to improve in the latter stages of the year.
As noted last quarter, intervention by the government of Vietnam
in the property market, residual political uncertainty in Malaysia,
tightened residential policies in Singapore, a lack of clarity in
global fiscal policy stemming from rising interest rates, greater
inflationary pressures, and global supply chain issues are all
short-term factors that may continue to impact the Company’s
operations and warrant a conservative outlook in 2023. Longer-term,
the Company remains bullish on its growth trajectory, prospects for
improving profitability, and the fundamental opportunity that
exists in our core markets.
Conference Call and Webcast Details
The Company will host a conference call and webcast on Thursday,
August 24, 2023, at 8:00 a.m. Eastern Standard Time / 8:00 p.m.
Singapore Standard Time to discuss the Company's financial results
and outlook. The PropertyGuru (NYSE: PGRU) Q2 2023 Earnings call
can be accessed by registering at:
https://propertyguru.zoom.us/webinar/register/WN_QaSHLCFgTKeDX8kfjAd6SA
An archived version will be available on the Company’s Investor
Relations website after the call at
https://investors.propertygurugroup.com/news-and-events/events-and-presentations/default.aspx
About PropertyGuru Group
PropertyGuru is Southeast Asia’s leading2 PropTech company, and
the preferred destination for over 37 million property seekers6 to
connect with almost 57,000 agents7 monthly to find their dream
home. PropertyGuru empowers property seekers with more than 2.8
million real estate listings8, in-depth insights, and solutions
that enable them to make confident property decisions across
Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
PropertyGuru.com.sg was launched in Singapore in 2007 and since
then, PropertyGuru Group has made the property journey a
transparent one for property seekers in Southeast Asia. In the last
15 years, PropertyGuru has grown into a high-growth PropTech
company with a robust portfolio including leading property
marketplaces and award-winning mobile apps across its core markets;
mortgage marketplace, PropertyGuru Finance; home services platform,
Sendhelper; a host of proprietary enterprise solutions under
PropertyGuru For Business including DataSense, ValueNet, Awards,
events and publications across Asia.
For more information, please visit: PropertyGuruGroup.com;
PropertyGuru Group on LinkedIn.
Key Performance Metrics and Non-IFRS Financial
Measures
Our priority markets comprise Singapore, Vietnam, Malaysia and
Thailand. Our core markets comprise Singapore, Vietnam, Malaysia,
Thailand and Indonesia.
Engagement Market Share is the average monthly engagement for
websites owned by PropertyGuru as compared to average monthly
engagement for a basket of peers calculated over the relevant
period. Engagement is calculated as the number of visits to a
website during a period multiplied by the total amount of time
spent on that website for the same period, in each case based on
data from SimilarWeb. Engagement Market Share is based on the
prevailing SimilarWeb algorithm on the date the Company first filed
or furnished such information to the U.S. Securities and Exchange
Commission (“SEC”).
Number of agents in all core markets except Vietnam is
calculated for a period as the sum of the number of agents with a
valid 12-month subscription package at the end of each month in a
period divided by the number of months in such period. In Vietnam,
number of agents is calculated as the average monthly number of
agents who credit money into their account within the relevant
period. When counting in aggregate across the PropertyGuru group,
in markets where PropertyGuru operates more than one property
portal, an agent with subscriptions to more than one portal is only
counted once.
Number of real estate listings is calculated as the average
number of listings created monthly during the period for Vietnam
and the average number of monthly listings available in the period
for other markets.
Average revenue per agent (“ARPA”) is calculated as agent
revenue for a period divided by the average number of agents in
that period, which is calculated as the sum of the number of total
agents at the end of each month in a period divided by the number
of months in such period.
Number of listings in Vietnam is calculated as the sum of all
listings created in each month over the relevant period (other than
listings from promotional accounts). Number of listings is used to
calculate average revenue per listing, which is described
below.
Average revenue per listing ("ARPL”) is calculated as revenue
for a period divided by the number of listings in such period.
Renewal rate is calculated as the number of agents that
successfully renew their annual package during a period divided by
the number of agents whose packages are up for renewal (at the end
of their twelve-month subscription) during that period.
This press release also includes references to non-IFRS
financial measures, namely Adjusted EBITDA, Adjusted EBITDA Margin
and incremental Adjusted EBITDA over incremental revenue.
PropertyGuru uses these measures, collectively, to evaluate ongoing
operations and for internal planning and forecasting purposes.
PropertyGuru believes that non-IFRS information, when taken
collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance and
may assist in comparisons with other companies to the extent that
such other companies use similar non-IFRS measures to supplement
their IFRS or GAAP results. These non-IFRS measures are presented
for supplemental informational purposes only and should not be
considered a substitute for financial information presented in
accordance with IFRS, and may be different from similarly titled
non-IFRS measures used by other companies. Accordingly, non-IFRS
measures have limitations as analytical tools, and should not be
considered in isolation or as substitutes for analysis of other
IFRS financial measures, such as net loss and loss before income
tax.
Adjusted EBITDA is a non-IFRS financial measure defined as net
profit/loss for year/period adjusted for changes in fair value of
preferred shares, warrant liability and embedded derivatives,
finance costs, depreciation and amortization, tax expenses or
credits, impairments when the impairment is the result of an
isolated, non-recurring event, share grant and option expenses,
loss on disposal of plant and equipment and intangible assets,
currency translation profit or loss, fair value profit or loss on
lease modifications and contingent consideration, business
acquisition transaction and integration cost (including contingent
consideration), the cost of listing or IPO activities.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a
percentage of revenue.
Incremental Adjusted EBITDA over incremental revenue is
calculated as the increase in Adjusted EBITDA over the period
divided by the increase in revenue over the same period.
A reconciliation of net (loss)/income to Adjusted EBITDA is
provided as follows. It is noted that in 2023 the Company is no
longer removing the ongoing cost of being a listed entity when
calculating Adjusted EBITDA. As such, the 2022 comparative has been
restated.
For the Three Months Ended
June 30,
2023
2022
(S$ in thousands)
Net (loss)/income
(6,460
)
3,821
Adjustments:
Changes in fair value of preferred shares,
warrant liability and embedded derivatives
(2,246
)
(11,944
)
Finance (income)/costs - net
(1,897
)
1,192
Depreciation and amortization expense
5,782
5,920
Impairment
5,719
-
Share grant and option expenses
802
1,507
Other (gains)/losses - net
(18
)
62
Business acquisition transaction and
integration cost*
597
1,603
Legal and professional fees incurred for
IPO
-
(1,874
)
Restructuring cost**
2,066
-
Tax expense/(credit)
266
(31
)
Adjusted EBITDA
4,611
256
For the Six Months Ended June
30,
2023
2022
(S$ in thousands)
Net loss
(16,681
)
(116,527
)
Adjustments:
Changes in fair value of preferred shares,
warrant liability and embedded derivatives
(110
)
(23,016
)
Finance (income)/costs - net
(3,317
)
1,818
Depreciation and amortization expense
11,644
10,834
Impairment
5,719
-
Share grant and option expenses
3,060
3,035
Other losses - net
54
263
Business acquisition transaction and
integration cost*
2,040
2,836
Legal and professional fees incurred for
IPO
-
16,570
Share listing expense
-
104,950
Restructuring cost**
2,066
-
Tax expense
356
47
Adjusted EBITDA
4,831
810
* Certain amounts in the prior year have
been adjusted to conform to the current year presentation. **The
restructuring cost is in regard to the phase out of Indonesia
marketplace.
Forward-Looking Statements
Forward-looking statements in this press release, which are not
historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1955. These
statements include statements regarding our future results of
operations and financial position, planned products and services,
business strategy and plans, objectives of management for future
operations of PropertyGuru, market size and growth opportunities,
competitive position and technological and market trends and
involve known and unknown risks that are difficult to predict. As a
result, our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,”
“shall,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “target,” “projects,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,”
or “continue” or the negative of these words or other similar terms
or expressions that concern our expectations, strategy, plans, or
intentions. Such forward-looking statements are necessarily based
upon estimates and assumptions that, while considered reasonable by
us and our management, are inherently uncertain. Factors that may
cause actual results to differ materially from current expectations
include, but are not limited to: changes in domestic and foreign
business, market, financial, political and legal conditions;
competitive pressures in and any disruption to the industry in
which PropertyGuru and its subsidiaries (the “Group”) operates; the
Group’s ability to achieve profitability despite a history of
losses; the Group’s ability to implement its growth strategies and
manage its growth; customers of the Group continuing to make
valuable contributions to its platform; the Group’s ability to meet
consumer expectations; the success of the Group’s new product or
service offerings; the Group’s ability to produce accurate
forecasts of its operating and financial results; the Group’s
ability to attract traffic to its websites; the Group’s ability to
assess property values accurately; the Group’s internal controls;
the impact of rising inflation and interest rates on the Group’s
business, real estate markets and the economy in general; the
impact of government and regulatory policies on real estate or
credit markets in the countries in which the Group operates;
fluctuations in foreign currency exchange rates; the Group’s
ability to raise capital; media coverage of the Group; the Group’s
ability to obtain insurance coverage; changes in the regulatory
environments (such as anti-trust laws, foreign ownership
restrictions and tax regimes) of the countries in which the Group
operates; general economic conditions in the countries in which the
Group operates; political instability in the jurisdictions in which
the Group operates; political unrest, terrorist activities and
other geopolitical risks, including the ongoing military action
between Russia and Ukraine; the Group’s ability to attract and
retain management and skilled employees; the impact of the COVID-19
pandemic on the business of the Group; the Group’s ability to
integrate newly acquired businesses or companies and the success of
the Group’s strategic investments and acquisitions; changes in the
Group’s relationship with its current customers, suppliers and
service providers; disruptions to information technology systems
and networks; the Group’s ability to grow and protect its brand and
the Group’s reputation; the Group’s ability to protect its
intellectual property; changes in regulation and other
contingencies; the Group’s ability to achieve tax efficiencies of
its corporate structure and intercompany arrangements; potential
and future litigation that the Group may be involved in;
unanticipated losses, write-downs or write-offs; restructuring and
impairment or other charges, taxes or other liabilities that may be
incurred or required subsequent to, or in connection with, the
consummation of the Group’s completed business combination;
technological advancements in the Group’s industry; and other risks
discussed in our filings with the SEC.
All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the cautionary statements set forth above. We caution you not to
place undue reliance on any forward-looking statements, which are
made only as of the date of this press release. We do not undertake
or assume any obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable law. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements. The inclusion of any statement in this
press release does not constitute an admission by PropertyGuru or
any other person that the events or circumstances described in such
statement are material. Undue reliance should not be placed upon
the forward-looking statements.
Industry and Market Data
This press release contains information, estimates and other
statistical data derived from third party sources and/or industry
or general publications, including estimated insights from
SimilarWeb and Google Analytics. Such information involves a number
of assumptions and limitations, and you are cautioned not to place
undue weight on such estimates. PropertyGuru has not independently
verified such third-party information, and makes no representation
as to the accuracy of such third-party information.
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022**
2023
2022**
(S$ in thousands, except share
and per share data)
Revenue
36,880
33,031
69,508
61,263
Other income
2,034
292
3,700
769
Other gains - net
2,264
11,882
56
22,753
Expenses
Sales commission
(2,061
)
(3,135
)
(4,302
)
(6,186
)
Referral fees
(678
)
(547
)
(1,150
)
(971
)
Merchant fees
(840
)
(704
)
(1,499
)
(1,159
)
Awards and events costs
(378
)
(347
)
(968
)
(651
)
Advertising and platform fees
(416
)
(620
)
(948
)
(1,241
)
Salary and staff costs
(20,377
)
(18,092
)
(40,121
)
(36,126
)
Marketing expenses
(2,968
)
(4,575
)
(6,218
)
(7,790
)
Technology expenses
(3,083
)
(2,877
)
(6,349
)
(5,301
)
Legal and professional
(2,060
)
(2,313
)
(3,138
)
(3,168
)
Share grant and option expenses
(802
)
(1,507
)
(3,060
)
(3,035
)
Depreciation and amortization
(5,782
)
(5,920
)
(11,644
)
(10,834
)
(Impairment)/Reversal of impairment loss
on financial assets
(716
)
(438
)
(677
)
166
Impairment of intangible assets
(5,469
)
-
(5,469
)
-
Impairment of plant, equipment and
right-of-use assets
(250
)
-
(250
)
-
Finance cost
(116
)
(1,284
)
(248
)
(2,011
)
Legal and professional fees incurred for
IPO
-
1,875
-
(16,570
)
Share listing expense
-
-
-
(104,950
)
Other expenses
(1,376
)
(931
)
(3,548
)
(1,438
)
Total expenses
(47,372
)
(41,415
)
(89,589
)
(201,265
)
(Loss)/Profit before income tax
(6,194
)
3,790
(16,325
)
(116,480
)
Tax (expense)/credit
(266
)
31
(356
)
(47
)
Net (loss)/income for the period
(6,460
)
3,821
(16,681
)
(116,527
)
Other comprehensive (loss)/income:
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences arising
from consolidation
(3,425
)
3,108
(9,068
)
2,445
Items that will not be reclassified
subsequently to profit or loss:
Actuarial (loss)/gain from post-employment
benefits obligation
(4
)
8
(8
)
(1
)
Other comprehensive (loss)/income for the
period, net of tax
(3,429
)
3,116
(9,076
)
2,444
Total comprehensive (loss)/income for the
period
(9,889
)
6,937
(25,757
)
(114,083
)
(Loss)/Earnings per share for
(loss)/income attributable to equity holders of the Group
Basic and diluted (loss)/earnings per
share for the period
(0.04
)
0.02
(0.10
)
(0.79
)
**Details of the reclassifications are included in the notes of
the condensed financial statements.
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE
SHEETS
As of June 30, 2023
As of December 31,
2022
(S$ in thousands)
ASSETS
Current assets
Cash and cash equivalents
301,796
309,233
Trade and other receivables
17,357
18,145
319,153
327,378
Non-current assets
Trade and other receivables
4,100
4,559
Intangible assets
381,373
393,450
Plant and equipment
1,984
2,535
Right-of-use assets
8,978
11,475
396,435
412,019
Total assets
715,588
739,397
LIABILITIES
Current liabilities
Trade and other payables
27,039
29,737
Lease liabilities
3,780
4,104
Deferred revenue
54,255
50,753
Provisions
282
280
Current income tax liabilities
4,303
4,302
89,659
89,176
Non-current liabilities
Trade and other payables
439
296
Lease liabilities
6,508
8,339
Deferred income tax liabilities
1,758
1,879
Provisions
664
672
Warrant liabilities
4,721
4,775
14,090
15,961
Total liabilities
103,749
105,137
Net assets
611,839
634,260
SHAREHOLDERS' EQUITY
Capital and reserves attributable to
equity holders of the Group
Share capital
1,087,743
1,081,320
Share reserve
14,605
17,692
Capital reserve
785
785
Translation reserve
(26,029)
(16,961)
Accumulated losses
(465,265)
(448,576)
Total Shareholders' Equity
611,839
634,260
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the Six Months Ended June
30
2023
2022
(S$ in thousands)
Cash flows from operating
activities
Loss for the period
(16,681
)
(116,527
)
Adjustments for:
- Tax expense
356
47
- Employee share grant and option
expense
2,716
1,804
- Non-executive director share grant and
option expense
428
1,320
- Depreciation and amortization
11,644
10,834
- (Gain)/Loss on disposal of plant and
equipment and intangible assets
(2
)
104
- Impairment/(Reversal of impairment) loss
on financial assets
677
(166
)
- Gain on lease modification
-
(188
)
- Impairment of intangible assets
5,469
-
- Impairment of plant, equipment and
right-of-use assets
250
-
- Interest income
(3,565
)
(193
)
- Finance costs
248
2,011
- Unrealised currency translation
(gain)/loss*
(183
)
3,763
- Fair value gain on warrant
liabilities
(110
)
(23,016
)
- Share listing expense
-
104,950
1,247
(15,257
)
Change in working capital, net of effects
from acquisition
and disposal of subsidiaries:
- Trade and other receivables
915
(1,807
)
- Trade and other payables*
(2,577
)
7,299
- Deferred revenue
3,502
2,547
Cash provided by/(used in) operations*
3,087
(7,218
)
Interest received
3,221
186
Income tax paid
(290
)
(582
)
Net cash provided by/(used in)
operating activities*
6,018
(7,614
)
Cash flows from investing
activities
Additions to plant and equipment
(298
)
(438
)
Additions of intangible assets
(13,143
)
(9,581
)
Proceeds from disposal of plant and
equipment
2
27
Net cash used in investing
activities
(13,439
)
(9,992
)
Cash flows from financing
activities
Interest paid
(228
)
(536
)
Principal payment of lease liabilities
(2,241
)
(2,206
)
Proceeds from Reorganisation
-
142,145
Proceeds from the shares issued to PIPE
investors
-
178,653
Transaction cost in relation to issuance
of PIPE shares
-
(7,664
)
Proceeds from issuance of ordinary
shares
192
728
Net cash (used in)/provided by
financing activities
(2,277
)
311,120
Net (decrease)/increase in cash and
cash equivalents
(9,698
)
293,514
Cash and cash equivalents
Beginning of the six months ended 30
June
309,233
70,236
Effects of currency translation on cash
and cash equivalents*
2,261
5,012
End of the six months ended 30 June
301,796
368,762
* Details of the revisions that have been made to the following
figures are included in the notes of the condensed financial
statements.
1 Calculated as the increase in Adjusted EBITDA in the second
quarter 2023 year over year divided by the increase in revenue over
the same period.
2 Based on SimilarWeb data between January 2023 and June
2023.
3 Included in the S$11 million of adjustments between net loss
and Adjusted EBITDA in the second quarter of 2023 was a S$6 million
depreciation and amortization expense and a S$6 million impairment
expense.
4 Included in the S$4 million of adjustments between net income
and Adjusted EBITDA in the second quarter of 2022 were a S$6
million depreciation and amortization expense and S$12 million in
positive changes in the fair value of securities.
5 Based on SimilarWeb data between January 2023 and June
2023.
6 Based on Google Analytics data between January 2023 and June
2023.
7 Based on data between April 2023 and June 2023.
8 Based on data between January 2023 and June 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230824360002/en/
Media PropertyGuru
Group Sheena Chopra +65 9247 5651
sheena@propertyguru.com.sg
Investor PropertyGuru
Group Nat Otis +1 860 906 7860 natotis@propertyguru.com
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