PropertyGuru Reports Third Quarter 2022 Results

• 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 leading[1], property technology ("PropTech") company, today announced financial results for the quarter ended September 30, 2022[2]. 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 EBITDA[3] was a positive S$5.7 million. This compares to a net loss of S$9.6 million[4] 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 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.

Strong Category Leadership Drives Long-Term Growth Opportunities

As of September 30, 2022, PropertyGuru continued its Engagement Market Share[5] leadership in Singapore, Vietnam, Malaysia, and Thailand.

Singapore: 81 % - 5.1x the closest peer                Thailand: 60% - 2.7x the closest peer

Vietnam: 77% - 3.5x the closest peer                    Indonesia: 21% - 0.3x the closest peer

Malaysia: 94% - 17.4x the closest peer

Full Year 2022 Outlook

The Company anticipates full year 2022 revenues of between S$134.0 million[6]  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 seekers[7] to find their dream home, every month. PropertyGuru empowers property seekers with more than 3.5 million real estate listings[8], 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.

[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.

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