Revenues Grow 47% Year Over Year in the Third
Quarter and 44% in First Nine Months
- Total revenue of S$34.6 million in the third quarter 2022 and
S$95.8 million in the first nine months of 2022
- Adjusted EBITDA was S$5.7 million in the third quarter 2022 and
S$9.6 million in the first nine months of 2022
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 September 30, 20222. Revenue of S$34.6 million in the
third quarter 2022 increased 47% year over year. Net loss was S$7.4
million in the quarter and Adjusted EBITDA3 was a positive S$5.7
million. This compares to a net loss of S$9.6 million4 and Adjusted
EBITDA loss of S$1.5 million4 in the prior year period.
Management Commentary
Hari V. Krishnan, Chief Executive Officer and Managing
Director, said, “Our third quarter results illustrate that
PropertyGuru has been able to produce strong business performance
even as some of our core markets have begun to face headwinds from
the challenging economic conditions being experienced around the
globe.”
“In the third quarter, we deployed more products into our core
markets. Importantly, in October we welcomed our first post-listing
acquisition, Singapore-based home services technology company
Sendhelper, into the PropertyGuru family,” Mr. Krishnan continued.
“This continued commitment to our mission and expansion of our
value proposition will allow us to create even more value for our
customers as they adapt to the changing environment. We recognize
that our ongoing investment in innovation will help our customers
successfully navigate the near-term uncertainty, knowing that good
companies and good products show their true value when times are
challenging.”
Joe Dische, Chief Financial Officer, added, “In the third
quarter, PropertyGuru delivered another strong quarter of results,
with revenues continuing their growth trajectory, up 47%
year-over-year, while expense-related diligence helped deliver
improved Adjusted EBITDA. We remain encouraged by our market
penetration as we enter the final quarter of 2022, although we
understand that near-term market headwinds resulting from global
inflationary pressures and subsequent governmental counteractions
will need to be closely monitored. While we are confident in the
long-term fundamentals of our business and the growth potential
that it offers, we understand that the current environment requires
us to be especially diligent in the way we currently operate our
business on a day-to-day basis.”
Financial Highlights – Third Quarter 2022
- Total revenue of S$34.6 million increased 47% year over year,
with consistent growth in all markets and segments.
- Marketplaces revenues increased by 48% year over year to S$33.3
million, as prior year investments continue to deliver value in the
face of rising macro headwinds.
- Singapore Marketplaces revenue increased 28% to S$18.1 million.
Quarterly Average Revenue Per Agent (“ARPA”) of S$1,042 rose 24%
year over year through greater yield and continued product
penetration. We had a total of 15,351 agents with a renewal rate of
87% in the quarter, reflecting a strong local property market.
- Malaysia Marketplaces revenue increased 49% to S$6.5 million
from S$4.4 million in the prior year period, benefiting from the
mid-quarter acquisition of the iProperty business in August
2021.
- Vietnam Marketplaces revenue increased by 161% to S$6.2 million
from S$2.4 million in the prior year period, as the local economy
expanded following COVID-related lockdowns. The number of listings
was 2.04 million in the quarter, up 165% from the prior year
quarter, and the average revenue per listing (“ARPL”) was S$2.91,
up 2.5% from the prior year quarter.
- In October 2022, the Company acquired Sendhelper, a Singapore
home services technology company. The transaction not only
represents PropertyGuru’s entry into the home services industry,
but also another step in becoming the single source of property and
financial information for Southeast Asian property seekers,
sellers, owners, developers, and agents.
- At quarter-end, cash and cash equivalents was S$339.6
million.
Information regarding our operating segments is presented
below.
For the Three Months Ended
September 30
2022
2021
YoY Growth
(S$ in thousands except
percentages)
Revenue
34,565
23,492
47.1
%
Marketplaces
33,297
22,498
48.0
%
Singapore
18,139
14,150
28.2
%
Vietnam
6,171
2,365
160.9
%
Malaysia
6,524
4,381
48.9
%
Other Asia
2,463
1,602
53.7
%
Fintech and data services
1,268
994
27.6
%
Adjusted EBITDA
5,742
(1,451
)
Marketplaces
18,189
6,541
Singapore
13,554
9,714
Vietnam
1,942
(1,370
)
Malaysia
3,169
(1,483
)
Other Asia
(476
)
(320
)
Fintech and data services
(1,873
)
(995
)
Corporate*
(10,574
)
(6,997
)
Adjusted EBITDA Margin (%)
16.6
%
-6.2
%
Marketplaces
54.6
%
29.1
%
Singapore
74.7
%
68.7
%
Vietnam
31.5
%
-57.9
%
Malaysia
48.6
%
-33.9
%
Other Asia
-19.3
%
-20.0
%
Fintech and data services
-147.7
%
-100.1
%
For the Nine Months Ended
September 30
2022
2021
YoY Growth
(S$ in thousands except
percentages)
Revenue
95,828
66,382
44.4
%
Marketplaces
92,511
64,035
44.5
%
Singapore
50,436
39,509
27.7
%
Vietnam
18,170
12,463
45.8
%
Malaysia
17,857
8,427
111.9
%
Other Asia
6,048
3,636
66.3
%
Fintech and data services
3,317
2,347
41.3
%
Adjusted EBITDA
9,637
(6,223
)
Marketplaces
44,805
17,425
Singapore
36,185
26,646
Vietnam
4,748
1,408
Malaysia
6,779
(8,414
)
Other Asia
(2,907
)
(2,215
)
Fintech and data services
(5,404
)
(3,088
)
Corporate*
(29,764
)
(20,560
)
Adjusted EBITDA Margin (%)
10.1
%
-9.4
%
Marketplaces
48.4
%
27.2
%
Singapore
71.7
%
67.4
%
Vietnam
26.1
%
11.3
%
Malaysia
38.0
%
-99.8
%
Other Asia
-48.1
%
-60.9
%
Fintech and data services
-162.9
%
-131.6
%
*
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. Certain elements of marketing expenses previously allocated
to Corporate in the first quarter 2022 have since been moved to
business segments in line with changes to internal reporting
lines.
Strong Category Leadership Drives Long-Term Growth
Opportunities
As of September 30, 2022, PropertyGuru continued its Engagement
Market Share5 leadership in Singapore, Vietnam, Malaysia, and
Thailand.
- Singapore: 81 % – 5.1x the closest peer
- Vietnam: 77% – 3.5x the closest peer
- Malaysia: 94% – 17.4x the closest peer
- Thailand: 60% – 2.7x the closest peer
- Indonesia: 21% – 0.3x the closest peer
Full Year 2022 Outlook
The Company anticipates full year 2022 revenues of between
S$134.0 million6 and S$138.0 million6 as a result of greater fiscal
policy uncertainty stemming from rising global inflationary
pressures, near-term actions by the Vietnamese government to limit
access to credit, and the recent Malaysian election. The Singapore
property market remains strong. The Company also expects Adjusted
EBITDA to be between S$8.0 million6 and S$12.0 million6, as
management operates to balance the current environment with
longer-term business model goals.
Conference Call and Webcast Details
The Company will host a conference call and webcast on Monday,
November 21, 2022, at 8:00 a.m. Eastern Standard Time / 9:00 p.m.
Singapore Standard Time to discuss the Company's financial results
and outlook. The PropertyGuru (NYSE: PGRU) Q3 2022 Earnings call
can be accessed by registering at:
https://propertyguru.zoom.us/webinar/register/WN_YHYlWc01RhCNFL-6OshIBg
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 leading1 PropTech company, and
the preferred destination for over 44 million property seekers7 to
find their dream home, every month. PropertyGuru empowers property
seekers with more than 3.5 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 of leading property marketplaces across its core
markets; award-winning mobile apps; mortgage marketplace,
PropertyGuru Finance; and a host of enterprise solutions now under
PropertyGuru For Business, including a high-quality developer sales
enablement platform, FastKey, 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 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 number of
listings created during the month 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.
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 and Adjusted EBITDA
Margin. 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
loss for year/period adjusted for changes in fair value of
preferred shares, warrant liability and embedded derivatives,
finance costs, depreciation and amortization, expense, tax expenses
or credits, impairments when the impairment is the result of an
isolated, non-recurring events, share grant and option expenses,
loss on disposal of plant and equipment and intangible assets,
currency translation loss, business acquisition transaction and
integration costs, legal and professional expenses incurred for
IPO, share listing expenses and on-going costs of a listed entity.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a
percentage of revenue.
A reconciliation of loss to Adjusted EBITDA is provided as
follows:
For the Three Months Ended
September 30,
2022
2021
(S$ in thousands)
Net loss
(7,442
)
(9,620
)
Adjustments:
Changes in fair value of preferred shares,
warrant liability and embedded derivatives
325
-
Finance costs - net
(48
)
3,006
Depreciation and amortisation expense
4,913
3,851
Share grant and option expenses
1,398
1,243
Other gains - net
1,203
296
Business acquisition transaction and
integration cost
1,033
95
On-going cost of a listed entity
3,824
-
Tax expense/(credit)
536
(322
)
Adjusted EBITDA
5,742
(1,451
)
For the Nine Months Ended
September 30,
2022
2021
(S$ in thousands)
Net loss
(123,969
)
(160,188
)
Adjustments:
Changes in fair value of preferred shares,
warrant liability and embedded derivatives
(22,691
)
124,146
Finance costs - net
1,770
12,957
Depreciation and amortisation expense
15,747
8,863
Impairment
-
8
Share grant and option expenses
4,433
3,711
Other gains - net
1,466
662
Business acquisition transaction and
integration cost
3,631
1,349
Legal and professional fees incurred for
IPO
16,570
2,252
Share listing expense
104,950
-
On-going cost of a listed entity
7,147
-
Tax expense
583
17
Adjusted EBITDA
9,637
(6,223
)
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; the
war in Ukraine and escalating geopolitical tensions as a result of
Russia's invasion of Ukraine; 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; 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 INCOME/(LOSS)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2022
2021
2022
2021
(S$ in thousands, except share
and per share data)
Revenue
34,565
23,492
95,828
66,382
Other income
684
359
1,453
1,438
Other (losses)/gains - net
(1,527
)
(296
)
21,226
(124,808
)
Expenses
Venue costs
(1,535
)
(1,109
)
(3,482
)
(2,536
)
Sales and marketing cost
(5,436
)
(4,610
)
(15,374
)
(18,311
)
Sales commission
(2,283
)
(1,322
)
(8,469
)
(5,018
)
(Impairment)/reversal of impairment loss
on financial assets
(83
)
339
83
48
Depreciation and amortisation
(4,913
)
(3,851
)
(15,747
)
(8,863
)
Impairment of intangible assets
-
-
-
(8
)
IT and Internet expenses
(2,839
)
(2,188
)
(8,122
)
(5,636
)
Legal and professional
(1,425
)
(405
)
(4,593
)
(1,997
)
Employee compensation
(17,850
)
(16,418
)
(53,419
)
(42,534
)
Non-executive directors' remuneration
(496
)
(147
)
(2,053
)
(436
)
Staff cost
(686
)
(274
)
(1,421
)
(642
)
Office rental
28
(28
)
(52
)
(57
)
Finance cost
(240
)
(3,118
)
(2,251
)
(13,306
)
Legal and professional fees incurred for
IPO
-
-
(16,570
)
(2,252
)
Share listing expense
-
-
(104,950
)
-
Other expenses
(2,870
)
(366
)
(5,473
)
(1,635
)
Total expenses
(40,628
)
(33,497
)
(241,893
)
(103,183
)
Loss before income tax
(6,906
)
(9,942
)
(123,386
)
(160,171
)
Tax (expenses)/credit
(536
)
322
(583
)
(17
)
Net loss for the period
(7,442
)
(9,620
)
(123,969
)
(160,188
)
Other comprehensive income/(loss):
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences arising
from consolidation
7,467
2,854
9,912
5,130
Actuarial (loss)/gain from post-employment
benefits obligation
(1
)
-
(2
)
-
Other comprehensive income for the period,
net of tax
7,466
2,854
9,910
5,130
Total comprehensive income/(loss) for the
period
24
(6,766
)
(114,059
)
(155,058
)
Loss per share for loss attributable to
equity holders of the Company
Basic and diluted loss per share for the
period
(0.05
)
(0.08
)
(0.81
)
(2.00
)
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONDSOLIDATED
BALANCE SHEETS
As of September 30,
2022
As of December 31,
2021
(S$ in thousands)
ASSETS
Current assets
Cash and cash equivalents
339,629
70,236
Trade and other receivables
16,797
17,655
356,426
87,891
Non-current assets
Trade and other receivables
3,343
1,564
Intangible assets
398,830
401,157
Plant and equipment
2,839
3,329
Right-of-use assets
12,033
15,419
417,045
421,469
Total assets
773,471
509,360
LIABILITIES
Current liabilities
Trade and other payables
25,118
32,921
Lease liabilities
4,205
4,439
Borrowings
-
170
Deferred revenue
54,001
47,318
Warrants liability
5,808
-
Provision for reinstatement cost
42
36
Current income tax liabilities
4,693
4,554
93,867
89,438
Non-current liabilities
Trade and other payables
295
603
Lease liabilities
9,298
12,452
Borrowings
-
16,732
Deferred income tax liabilities
2,001
2,375
Provision for reinstatement cost
472
569
12,066
32,731
Total liabilities
105,933
122,169
Net assets
667,538
387,191
SHAREHOLDERS' EQUITY
Capital and reserves attributable to
equity holders of the Group
Share capital
1,079,544
684,347
Share reserve
17,867
18,658
Capital reserve
785
785
Warrants
-
5,742
Translation reserve
12,654
2,742
Accumulated losses
(443,312
)
(325,083
)
Total Shareholders' Equity
667,538
387,191
PROPERTYGURU GROUP LIMITED AND
ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 30
2022
2021
(S$ in thousands)
Cash flows from operating
activities
Loss for the period
(123,969
)
(160,188
)
Adjustments for:
- Tax expense
583
17
- Employee share grant and option
expense
2,866
3,682
- Non-executive director share grant and
option expense
1,701
163
- Depreciation and amortisation
15,747
8,871
- Loss on disposal of plant and equipment
and intangible assets
100
-*
- Reversal of impairment loss on financial
assets
(83
)
(48
)
- Gain on lease modification
(194
)
-
- Interest income
(481
)
(349
)
- Finance costs
2,251
13,306
- Unrealised currency translation
losses
17,701
430
- Fair value loss of Series B, D1, E and F
conversion options
-
124,146
- Fair value (gain) on warrant
liability
(22,691
)
-
- Share listing expense
104,950
-
(1,519
)
(9,970
)
Change in working capital, net of effects
from acquisition and disposal of subsidiaries:
- Trade and other receivables
716
991
- Trade and other payables
(11,322
)
4,311
- Deferred revenue
6,683
5,429
Cash provided by operations
(5,442
)
761
Interest received
276
339
Income tax paid
(848
)
(1,916
)
Net cash provided/(used in) by
operating activities
(6,014
)
(816
)
Cash flows from investing
activities
Additions to plant and equipment
(1,224
)
(680
)
Additions of intangible assets
(15,490
)
(8,684
)
Acquisition of subsidiaries, net of cash
acquired
-
3,722
Proceeds from disposal of plant and
equipment
31
1
Net cash used in investing
activities
(16,683
)
(5,641
)
Cash flows from financing
activities
Interest paid
(750
)
(1,002
)
Proceeds from borrowings
-
10,551
Repayment of borrowings
(18,389
)
-
Principal payment of lease liabilities
(3,174
)
(2,947
)
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
1,269
80
Repayment of convertible notes
-
(11,261
)
Net cash provided/(used in) by
financing activities
292,090
(4,579
)
Net increase/(decrease) in cash and
cash equivalents
269,393
(11,036
)
Cash and cash equivalents
Beginning of the nine months ended 30
September
70,236
93,359
End of the nine months ended 30
September
339,629
82,323
*Less than 1,000
1
Based on SimilarWeb data between April
2022 and September 2022.
2
The third quarter and nine months ended
September 30, 2022 includes results of the iProperty Malaysia and
thinkofliving businesses which were acquired on August 3, 2021.
3
Included in the S$13.2 million of
adjustments between net loss and Adjusted EBITDA in the third
quarter of 2022 was a S$4.9 million depreciation and amortization
expense.
4
Included in the S$8.2 million of
adjustments between net loss and Adjusted EBITDA in the third
quarter of 2021 were a S$3.9 million depreciation and amortization
expense and a S$3.0 million net finance expense.
5
Based on SimilarWeb data between April
2022 and September 2022.
6
Does not include impact of Sendhelper
acquisition in October 2022.
7
Based on Google Analytics data between
April 2022 and September 2022.
8
Based on data between April 2022 and
September 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221120005063/en/
Media PropertyGuru
Group Sheena Chopra +65 9247 5651
sheena@propertyguru.com.sg
Investor PropertyGuru
Group Nat Otis (860) 906-7860 natotis@propertyguru.com
The Blueshirt Group Gary Dvorchak
pgru@blueshirtgroup.com
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