PropertyGuru Group (PGRU) Q4 2023 earnings summary

Executive summary

• FY2023 revenue rose 11% to S$150.1 million; Adjusted EBITDA reached S$18.9 million, with a 12.6% margin versus 2.4% in 2022.

• Q4 revenue grew 4% YoY to S$41.5 million; net income was S$1.1 million versus a S$5.2 million loss in Q4 2022, marking a second consecutive quarter of positive net income.

• Cost control, automation and productivity initiatives supported profitability despite difficult conditions in Vietnam and Malaysia.

Financial highlights

• FY2023 net loss was S$15.3 million, compared with a S$129.2 million loss in 2022; basic and diluted loss per share improved to S$0.09 from S$0.84.

• Q4 Adjusted EBITDA was S$8.9 million versus S$0.5 million in Q4 2022; quarterly margin increased to 21.5% from 1.3%.

• Operating cash flow was S$32.3 million in 2023, versus S$22.6 million used in 2022; year-end cash and cash equivalents were S$306.4 million.

Outlook and guidance

• FY2024 revenue guidance is S$165 million to S$180 million; Adjusted EBITDA guidance is S$22 million to S$26 million.

• Priorities include strengthening operating leverage and profitability through focused investment, cost discipline, technology and automation.