Revenue of S$41 Million and Adjusted EBITDA of
S$7 Million
- Total revenue grew 10% to S$41 million in the second quarter of
2024, with growth from Vietnam as market conditions continue to
improve
- Adjusted EBITDA grew to S$7 million in the second quarter of
2024, up 48% from S$5 million in the second quarter of 2023
- Adjusted EBITDA margin of 17% in the second quarter of 2024, up
from 13% in the second quarter of 2023
PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the
“Company”), Southeast Asia’s leading1, property technology
(“PropTech”) company, today announced financial results for the
quarter ended June 30, 2024. Revenue of S$41 million in the second
quarter of 2024 increased 10% year over year. Net loss was S$16
million in the second quarter and Adjusted EBITDA2 was positive S$7
million. This compares to net loss of S$6 million and Adjusted
EBITDA2 of positive S$5 million in the second quarter of 2023.
Financial Highlights – Second Quarter 2024
- Total revenue increased 10% year over year to S$41 million in
the second quarter.
- Marketplaces revenues increased 11% year over year to S$39
million in the second quarter driven by improving conditions in
Malaysia and Vietnam combined with ongoing strength in
Singapore.
- Revenue by segment:
- Singapore Marketplaces revenue increased 16% year over year to
S$25 million, as the number of agents and the Average Revenue Per
Agent (“ARPA”) grew in the quarter. Quarterly ARPA was up 17% in
the second quarter to S$1,464 as compared to the prior year quarter
and the number of agents in Singapore was up almost 500 to 16,577
from the second quarter of 2023. The renewal rate was 81% in the
second quarter of 2024.
- 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 increased 4% year over year to S$5
million, as an increase in the number of listings was partially
offset by a decrease in average revenue per listing (“ARPL”). The
number of listings was up 17% to 1.5 million in the second quarter
compared to the prior year quarter. ARPL was S$3.46, down 10% from
the second quarter of 2023.
- Fintech & Data services revenue increased 3% year over year
to S$1.6 million.
- At quarter-end, cash and cash equivalents were S$309
million.
Information regarding our operating segments is presented
below.
For the Three Months Ended
June 30,
2024
2023
YoY Growth
(S$ in thousands except
percentages)
Revenue
40,678
36,880
10.3
%
Marketplaces
39,125
35,368
10.6
%
Singapore
24,970
21,534
16.0
%
Vietnam
5,257
5,074
3.6
%
Malaysia
7,421
6,602
12.4
%
Other Asia
1,477
2,158
-31.6
%
Fintech and data services
1,553
1,512
2.7
%
Adjusted EBITDA
6,817
4,611
Marketplaces
25,335
20,775
Singapore
19,801
16,560
Vietnam
756
848
Malaysia
5,062
3,966
Other Asia
(284
)
(599
)
Fintech and data services
(2,881
)
(2,657
)
Corporate*
(15,637
)
(13,507
)
Adjusted EBITDA Margin (%)
16.8
%
12.5
%
Marketplaces
64.8
%
58.7
%
Singapore
79.3
%
76.9
%
Vietnam
14.4
%
16.7
%
Malaysia
68.2
%
60.1
%
Other Asia
-19.2
%
-27.8
%
Fintech and data services
-185.5
%
-175.7
%
For the Six Months Ended June
30,
2024
2023
YoY Growth
(S$ in thousands except
percentages)
Revenue
77,193
69,508
11.1
%
Marketplaces
74,252
66,568
11.5
%
Singapore
48,470
40,381
20.0
%
Vietnam
8,580
8,402
2.1
%
Malaysia
14,142
13,420
5.4
%
Other Asia
3,060
4,365
(29.9
)%
Fintech and data services
2,941
2,940
0.0
%
Adjusted EBITDA
11,277
4,831
Marketplaces
47,329
37,070
Singapore
38,469
30,567
Vietnam
639
(73
)
Malaysia
8,582
7,468
Other Asia
(361
)
(892
)
Fintech and data services
(5,640
)
(4,862
)
Corporate*
(30,412
)
(27,377
)
Adjusted EBITDA Margin (%)
14.6
%
7.0
%
Marketplaces
63.7
%
55.7
%
Singapore
79.4
%
75.7
%
Vietnam
7.4
%
-0.9
%
Malaysia
60.7
%
55.6
%
Other Asia
-11.8
%
-20.4
%
Fintech and data services
-191.8
%
-165.4
%
*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.
About PropertyGuru Group
PropertyGuru is Southeast Asia’s leading1 PropTech company, and
the preferred destination for over 31 million property seekers3 to
connect with over 50,000 agents4 monthly to find their dream home.
PropertyGuru empowers property seekers with more than 2.1 million
real estate listings5, in-depth insights, and solutions that enable
them to make confident property decisions across Singapore,
Malaysia, Thailand 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
17 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.
______________________________
1 Based on SimilarWeb data
between January 2024 and June 2024.
2 Please refer to non-IFRS
reconciliation of net income/(loss) to Adjusted EBITDA section for
more details.
3 Based on Google Analytics data
between January 2024 and June 2024.
4 Based on data between April
2024 and June 2024.
5 Based on data between January
2024 and June 2024.
Key Performance Metrics and Non-IFRS Financial
Measures
Our core markets comprise Singapore, Vietnam, Malaysia and
Thailand.
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), and 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 to Adjusted EBITDA is provided as
follows.
For the Three Months Ended
June 30,
2024
2023*
(S$ in thousands)
Net loss
(16,125
)
(6,476
)
Adjustments:
Changes in fair value of preferred shares,
warrant liability and embedded derivatives
10,287
(2,246
)
Finance income - net
(2,356
)
(1,897
)
Depreciation and amortization expense
6,898
5,800
Impairment
—
5,719
Share grant and option expenses
1,555
802
Other losses/(gains) - net
338
(18
)
Business acquisition transaction and
integration cost
213
597
Strategic review cost
4,997
—
Restructuring cost**
62
2,066
Tax expense
948
264
Adjusted EBITDA
6,817
4,611
For the Six Months Ended June
30,
2024
2023*
(S$ in thousands)
Net loss
(22,417
)
(16,710
)
Adjustments:
Changes in fair value of preferred shares,
warrant liability and embedded derivatives
10,593
(110
)
Finance income - net
(4,333
)
(3,317
)
Depreciation and amortization expense
13,354
11,680
Impairment
—
5,719
Share grant and option expenses
2,576
3,060
Other losses - net
307
54
Business acquisition transaction and
integration cost
239
2,040
Strategic review cost
5,468
—
Restructuring cost**
4,233
2,066
Tax expense
1,257
349
Adjusted EBITDA
11,277
4,831
* Certain amounts in the prior
period have been re-presented to reflect the remeasurement period
adjustments, as required by IFRS 3, in respect of updates to the
accounting for the acquisition of Sendtech in October 2022.
** The restructuring cost relates
to the strategic re-organisation of the Group.
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 sustain 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 Vietnam and other countries in which the Group
operates; fluctuations in foreign currency exchange rates,
particularly in Malaysia; 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 actions between Russia and
Ukraine and between Israel and Hamas; 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
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2024
2023*
2024
2023*
(S$ in thousands, except share
and per share data)
Revenue
40,678
36,880
77,193
69,508
Other income
2,531
2,034
4,926
3,700
Other (losses) / gains - net
(10,625
)
2,264
(10,916
)
56
Expenses
Sales commission
(2,194
)
(2,061
)
(4,745
)
(4,302
)
Referral fees
(511
)
(678
)
(927
)
(1,150
)
Merchant fees
(1,047
)
(840
)
(1,842
)
(1,499
)
Awards and events costs
(383
)
(378
)
(764
)
(968
)
Advertising and platform fees
(396
)
(416
)
(847
)
(948
)
Salary and staff costs
(20,332
)
(20,377
)
(43,417
)
(40,121
)
Marketing expenses
(3,750
)
(2,968
)
(6,166
)
(6,218
)
Technology expenses
(3,658
)
(3,083
)
(6,906
)
(6,349
)
Legal and professional
(5,717
)
(2,060
)
(7,858
)
(3,138
)
Share grant and option expenses
(1,555
)
(802
)
(2,576
)
(3,060
)
Depreciation and amortization
(6,898
)
(5,800
)
(13,354
)
(11,680
)
Reversal of impairment /(Impairment) loss
on financial assets
306
(716
)
178
(677
)
Impairment of intangible assets**
—
(5,469
)
—
(5,469
)
Impairment of plant, equipment and
right-of-use assets
—
(250
)
—
(250
)
Finance cost
(116
)
(116
)
(238
)
(248
)
Other expenses
(1,510
)
(1,376
)
(2,901
)
(3,548
)
Total expenses
(47,761
)
(47,390
)
(92,363
)
(89,625
)
Loss before income tax
(15,177
)
(6,212
)
(21,160
)
(16,361
)
Tax expense
(948
)
(264
)
(1,257
)
(349
)
Net loss for the period
(16,125
)
(6,476
)
(22,417
)
(16,710
)
Other comprehensive loss:
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences arising
from consolidation
1,200
(3,425
)
4,037
(9,068
)
Items that will not be reclassified
subsequently to profit or loss:
Actuarial loss from post-employment
benefits obligation
—
(4
)
—
(8
)
Other comprehensive income/(loss) for the
period, net of tax
1,200
(3,429
)
4,037
(9,076
)
Total comprehensive loss for the
period
(14,925
)
(9,905
)
(18,380
)
(25,786
)
Loss per share for loss attributable to
equity holders of the Group
Basic loss per share for the period
(0.10
)
(0.04
)
(0.14
)
(0.10
)
Diluted loss per share for the period
(0.10
)
(0.04
)
(0.14
)
(0.10
)
* Certain amounts in the prior
period have been re-presented to reflect the remeasurement period
adjustments, as required by IFRS 3, in respect of updates to the
accounting for the acquisition of Sendtech in October 2022.
** The impairment of intangible
assets as at 30 June 2023 consists of impairment in goodwill of
S$4,185,000, and impairment in other intangible assets of
S$1,284,000.
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE
SHEETS
As of June 30,
2024
As of December 31,
2023
(S$ in thousands)
ASSETS
Current assets
Cash and cash equivalents
309,370
306,398
Trade and other receivables
16,431
15,810
325,801
322,208
Non-current assets
Trade and other receivables
2,397
2,677
Intangible assets
378,718
378,178
Plant and equipment
1,467
1,691
Right-of-use assets
6,814
8,414
389,396
390,960
Total assets
715,197
713,168
LIABILITIES
Current liabilities
Trade and other payables
30,793
26,637
Lease liabilities
3,819
4,222
Deferred revenue
64,313
61,066
Provisions
147
148
Current income tax liabilities
4,097
4,019
103,169
96,092
Non-current liabilities
Trade and other payables
597
518
Lease liabilities
3,972
5,352
Deferred income tax liabilities
5,588
4,981
Provisions
770
764
Warrant liabilities
11,306
649
22,233
12,264
Total liabilities
125,402
108,356
Net assets
589,795
604,812
SHAREHOLDERS' EQUITY
Capital and reserves attributable to
equity holders of the Group
Share capital
1,095,823
1,094,543
Share reserve
13,298
11,215
Capital reserve
785
785
Translation reserve
(33,876
)
(37,913
)
Accumulated losses
(486,235
)
(463,818
)
Total Shareholders' Equity
589,795
604,812
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the Six Months Ended June
30,
2024
2023
(S$ in thousands)
Cash flows from operating
activities
Loss for the period*
(22,417
)
(16,710
)
Adjustments for:
- Tax expense*
1,257
349
- Employee share grant and option
expense
2,278
2,716
- Non-executive director share grant and
option expense
298
428
- Depreciation and amortization*
13,354
11,680
- Impairment of intangible assets
—
5,469
- Impairment of plant, equipment and
right-of-use assets
—
250
- Loss/(gain) on disposal of plant and
equipment and intangible assets
8
(2
)
- Gain on lease modification
(1
)
—
- (Reversal of impairment)/Impairment loss
on financial assets
(178
)
677
- Interest income
(4,571
)
(3,565
)
- Finance cost
238
248
- Unrealised currency translation
loss/(gain)
329
(183
)
- Fair value loss/(gain) on warrant
liabilities
10,593
(110
)
1,188
1,247
Change in working capital, net of effects
from acquisition
and disposal of subsidiaries:
- Trade and other receivables
(11
)
915
- Trade and other payables
4,233
(2,577
)
- Deferred revenue
3,248
3,502
Cash provided by operations
8,658
3,087
Interest received
4,419
3,221
Income tax paid
(483
)
(290
)
Net cash provided by operating
activities
12,594
6,018
Cash flows from investing
activities
Additions to plant and equipment
(423
)
(298
)
Additions of intangible assets
(13,219
)
(13,143
)
Proceeds from disposal of plant and
equipment
19
2
Net cash used in investing
activities
(13,623
)
(13,439
)
Cash flows from financing
activities
Interest paid
(223
)
(228
)
Principal payment of lease liabilities
(2,320
)
(2,241
)
Proceeds from issuance of ordinary
shares
372
192
Net cash used in financing
activities
(2,171
)
(2,277
)
Net decrease in cash and cash
equivalents
(3,200
)
(9,698
)
Cash and cash equivalents
Beginning of the six months ended 30
June
306,398
309,233
Effects of currency translation on cash
and cash equivalents
6,172
2,261
End of the six months ended 30 June
309,370
301,796
* Certain amounts in the prior
period have been re-presented to reflect the remeasurement period
adjustments, as required by IFRS 3, in respect of updates to the
accounting for the acquisition of Sendtech in October 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240903929336/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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