PropertyGuru Reports Second Quarter 2023 Results
- Total revenues grew 12% YoY
- Adjusted EBITDA increased significantly
- None.
Revenues of
-
Total revenues grew
12% toS in the second quarter of 2023, as total revenues ex-$37 million Vietnam grew22% -
Active cost management drove
113% of incremental year over year revenue into Adjusted EBITDA1 -
Adjusted EBITDA grew to
S in the second quarter 2023, up from$5 million S in the second quarter of 2022$0.3 million
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
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
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
Despite the current macro-economic conditions in
Financial Highlights – Second Quarter 2023
-
Total revenue increased
12% year over year toS in the second quarter.$37 million -
Marketplaces revenues increased
11% year over year toS in the second quarter as continued strength in$35 million Singapore and improved yield inMalaysia helped counterbalance temporary challenges in theVietnam market. -
Revenue by segment:
-
Singapore Marketplaces revenue increased
25% year over year toS , as the number of overall agents and the Average Revenue Per Agent (“ARPA”) grew in the quarter. Quarterly ARPA was up$22 million 25% in the second quarter toS as compared to the prior year quarter and the number of overall agents in$1,256 Singapore was up over 300 to 16,095 from the first quarter of 2023. The renewal rate was82% in the quarter. -
Malaysia Marketplaces revenue increased
12% year over year toS , as the Company continues to benefit from iProperty and PropertyGuru Malaysia’s combined market strength.$7 million -
Vietnam Marketplaces revenue decreased
27% year over year toS , 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$5 million Vietnam . The number of listings was down46% to 1.29 million in the second quarter compared to the prior year quarter. ARPL wasS , up$3.86 36% from the second quarter of 2022. -
Fintech & Data services revenue increased
47% toS .$1.5 million
-
Singapore Marketplaces revenue increased
-
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 |
% |
|||
|
21,534 |
|
17,293 |
|
24.5 |
% |
|||
|
5,074 |
|
6,943 |
|
-26.9 |
% |
|||
|
6,602 |
|
5,899 |
|
11.9 |
% |
|||
Other |
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 |
|
|
||||
|
16,560 |
|
11,233 |
|
|
||||
|
848 |
|
1,669 |
|
|
||||
|
3,966 |
|
1,241 |
|
|
||||
Other |
(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 |
% |
|
||||
|
76.9 |
% |
65.0 |
% |
|
||||
|
16.7 |
% |
24.0 |
% |
|
||||
|
60.1 |
% |
21.0 |
% |
|
||||
Other |
-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 |
% |
|||
|
40,381 |
|
32,297 |
|
25.0 |
% |
|||
|
8,402 |
|
11,999 |
|
-30.0 |
% |
|||
|
13,420 |
|
11,333 |
|
18.4 |
% |
|||
Other |
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 |
|
|
||||
|
30,567 |
|
22,631 |
|
|
||||
|
(73 |
) |
2,806 |
|
|
||||
|
7,468 |
|
3,610 |
|
|
||||
Other |
(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 |
% |
|
||||
|
75.7 |
% |
70.1 |
% |
|
||||
|
-0.9 |
% |
23.4 |
% |
|
||||
|
55.6 |
% |
31.9 |
% |
|
||||
Other |
-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
Strong Category Leadership Drives Long-Term Growth Opportunities
As of June 30, 2023, PropertyGuru continued its Engagement Market Share5 leadership in
|
|
|
|
|
|
|
|
Full Year 2023 Outlook
The Company continues to project that full year 2023 revenues will be between
As noted last quarter, intervention by the government of
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
PropertyGuru.com.sg was launched in
For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn.
Key Performance Metrics and Non-IFRS Financial Measures
Our priority markets comprise
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
Number of agents in all core markets except
Number of real estate listings is calculated as the average number of listings created monthly during the period for
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
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
|
(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
|
(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.
|
|
|||||
|
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
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
|
For the Six Months Ended
|
|||||||||
|
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
|
(716 |
) |
|
(438 |
) |
|
(677 |
) |
|
166 |
|
Impairment of intangible assets |
(5,469 |
) |
|
- |
|
|
(5,469 |
) |
|
- |
|
Impairment of plant, equipment and right-of-use
|
(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
|
|
|
|
|
|
|
|
||||
Currency translation differences arising from
|
(3,425 |
) |
|
3,108 |
|
|
(9,068 |
) |
|
2,445 |
|
Items that will not be reclassified subsequently to
|
|
|
|
|
|
|
|
||||
Actuarial (loss)/gain from post-employment
|
(4 |
) |
|
8 |
|
|
(8 |
) |
|
(1 |
) |
Other comprehensive (loss)/income for the
|
(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
|
|
|
|
|
|
|
|
||||
Basic and diluted (loss)/earnings per share for
|
(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,
|
|
|
(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
4 Included in the
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
Source: PropertyGuru Group Limited