PropertyGuru (PGRU) - 2024 Q2 - Quarterly Report

Revenue Performance - Revenue for the three months ended June 30, 2024, was S$40,678,000, representing a 4.3% increase from S$36,880,000 in the same period of 2023[26]. - Revenue for the six months ended June 30, 2024, reached S$77,193,000, up 11.1% from S$69,508,000 in the prior year[26]. - Revenue from external customers for the six months ended June 30, 2024, was S$77,193,000, an increase of 11.5% from S$69,508,000 in the same period of 2023[60]. - Revenue from external customers for the three months ended June 30, 2024, was S$40,678,000, compared to S$36,880,000 in the same period of 2023, marking an increase of 10.0%[60]. EBITDA and Losses - Adjusted EBITDA for the three months ended June 30, 2024, was S$22,454,000, a 24.5% increase compared to S$18,118,000 in 2023[20]. - Adjusted EBITDA for the six months ended June 30, 2024, was S$41,689,000, up from S$32,208,000 in the prior year, reflecting a growth of 29.5%[60]. - The net loss for the six months ended June 30, 2024, was S$22,417,000, compared to a net loss of S$16,710,000 in the same period of 2023[47]. - The company reported a loss for the period of S$22,417,000 for the six months ended June 30, 2024, compared to a loss of S$16,710,000 for the same period in 2023, representing a 34% increase in losses[53]. - For the six months ended June 30, 2024, the basic and diluted loss per share was S$0.14, compared to S$0.10 for the same period in 2023, indicating a 40% increase in loss per share[6]. - The loss attributable to shareholders for the three months ended June 30, 2024, was S$16,125,000, compared to a loss of S$6,476,000 for the same period in 2023[64]. Assets and Liabilities - Total assets as of June 30, 2024, were S$715,197,000, slightly up from S$713,168,000 as of December 31, 2023[31]. - Total liabilities increased to S$125,402,000 as of June 30, 2024, from S$108,356,000 at the end of 2023[31]. - As of June 30, 2024, total current assets amounted to S$325,801,000, a slight increase from S$322,208,000 as of December 31, 2023[49]. - The total shareholders' equity decreased to S$589,795,000 as of June 30, 2024, down from S$604,812,000 at the end of December 2023, reflecting a decline of approximately 2.4%[50]. - As of June 30, 2024, the Group's total net liabilities amounted to approximately S$9,685,000, an increase from S$9,000,000 as of December 31, 2023[86]. Cash Flow and Operations - Cash provided by operations for the six months ended June 30, 2024, was S$8,658,000, significantly higher than S$3,087,000 for the same period in 2023, marking an increase of 180%[53]. - The cash and cash equivalents at the end of June 30, 2024, were S$309,370,000, slightly up from S$306,398,000 at the beginning of the period[53]. Impairments and Restructuring - The Group recognized impairment of intangible assets amounting to S$4,185,000 for the six months ended June 30, 2023[11]. - The restructuring costs recognized for the six-month period ended June 30, 2024, were part of a strategic re-organization undertaken in February 2024[39]. - The company incurred restructuring costs of S$3,516,000 related to salary and staff costs, primarily for severance and long service compensation[57]. - The Group incurred restructuring costs of S$4,177,000 for the six months ended June 30, 2024, primarily related to salary and staff costs[75]. Strategic Initiatives - The company plans to cease operations in the Indonesia marketplace as part of its strategic initiatives[59]. - The merger agreement with EQT Private Capital Asia for US$1.1 billion was signed on August 16, 2024, with completion expected in Q4 2024 to Q1 2025[75]. Fair Value and Other Comprehensive Income - The company reported a fair value loss on warrant liabilities of S$10,593,000 for the six months ended June 30, 2024, compared to a gain of S$110,000 for the same period in 2023[53]. - The total comprehensive loss for the period was S$18,380,000, which includes other comprehensive income of S$4,037,000[51]. Intangible Assets - The Group's intangible assets decreased from S$347,144,000 at the beginning of the financial period to S$323,074,000 as of June 30, 2024[67].