# EDGAR Filing Document

**Accession Number:** 0001873331
**File Stem:** 0000950170-23-005351
**Filing Date:** 2023-3
**Character Count:** 24647
**Document Hash:** c439a114ec8654655410b4958e359fe5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-005351.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0000950170-23-005351

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROPERTYGURU GROUP LTD
- **CENTRAL INDEX KEY:** 0001873331
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264294
- **FILM NUMBER:** 23689978

**BUSINESS ADDRESS:**
- **STREET 1:** WALKERS CORPORATE LIMITED
- **STREET 2:** 190 ELGIN AVENUE, GEORGE TOWN
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9008
- **BUSINESS PHONE:** 13459498066

**MAIL ADDRESS:**
- **STREET 1:** WALKERS CORPORATE LIMITED
- **STREET 2:** 190 ELGIN AVENUE, GEORGE TOWN
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PropertyGuru Group Ltd
- **DATE OF NAME CHANGE:** 20210721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** B2 PubCo Ltd
- **DATE OF NAME CHANGE:** 20210719

**Filed Pursuant to Rule 424(b)(3)<br>Registration No. 333-264294** 

**Prospectus Supplement No. 2**

**(To Prospectus dated October 7, 2022)** 

**PropertyGuru Group Limited**

<br> **Primary Offering Of**

**15,795,035 ORDINARY SHARES** 

**Secondary Offering Of**

**149,193,490 ORDINARY SHARES** 

**12,960,000 WARRANTS TO PURCHASE ORDINARY SHARES, AND**

**12,960,000 ORDINARY SHARES UNDERLYING WARRANTS**

This prospectus supplement updates and amends certain information contained in the prospectus dated October 7, 2022, or the "Prospectus", which forms a part of the registrant's Registration Statement on Form F-1 (Registration No. 333-264294). This prospectus supplement is being filed to update and supplement the information included or incorporated by reference in the Prospectus with our unaudited financial information as of December 31, 2022 and for the quarter and year then ended as well as certain other information.

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be utilized except in connection with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

Our ordinary shares are listed on the New York Stock Exchange ("NYSE") under the symbol "PGRU." On February 28, 2023, the last reported sale price of our ordinary shares as reported on NYSE was $4.83 per share.

**Investing in our securities involves a high degree of risk. See "Risk Factors" beginning on page 7 of the Prospectus and other risk factors contained in the documents incorporated by reference therein for a discussion of information that should be considered in connection with an investment in our securities.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.** 

The date of this prospectus supplement is March 1, 2023.

------

**PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** | **For the Twelve Months Ended<br>December 31,** | **For the Twelve Months Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(S$ in thousands, except share and per share data)** | **(S$ in thousands, except share and per share data)** | **(S$ in thousands, except share and per share data)** | **(S$ in thousands, except share and per share data)** |
| Revenue | 40097 | 34329 | 135925 | 100711 |
| Other income | 1334 | 285 | 2787 | 1723 |
| Other gains/(losses) - net | 644 | (153) | 21870 | (124961) |
| <u>Expenses</u> |  |  |  |  |
| Venue costs | (3382) | (3323) | (6864) | (5859) |
| Sales and marketing cost | (5581) | (7986) | (20955) | (26297) |
| Sales commission | (2694) | (2862) | (11163) | (7880) |
| Impairment loss on financial assets | (1263) | (2186) | (1180) | (2138) |
| Depreciation and amortisation | (5425) | (5169) | (21172) | (14032) |
| Impairment of intangible assets |  |  |  | (8) |
| IT and Internet expenses | (3191) | (2246) | (11313) | (7882) |
| Legal and professional | (3003) | (7810) | (7596) | (9807) |
| Employee compensation | (16558) | (22650) | (69977) | (65184) |
| Non-executive directors' remuneration | (303) | (2067) | (2356) | (2503) |
| Staff cost | (745) | (648) | (2166) | (1290) |
| Office rental | (19) | (34) | (71) | (91) |
| Finance cost | (145) | (603) | (2396) | (13909) |
| Legal and professional fees incurred for IPO |  | (3818) | (16570) | (6070) |
| Share listing expense |  |  | (104950) |  |
| Other expenses | (4500) | (634) | (9973) | (2269) |
| Total expenses | (46809) | (62036) | (288702) | (165219) |
| Loss before income tax | (4734) | (27575) | (128120) | (187746) |
| Tax (expenses)/credit | (517) | 350 | (1100) | 333 |
| **Net loss for the period** | **(5251)** | **(27225)** | **(129220)** | **(187413)** |
| Other comprehensive (loss)/income: |  |  |  |  |
| Items that may be reclassified subsequently to profit or loss: |  |  |  |  |
| Currency translation differences arising from consolidation | (29615) | 542 | (19703) | 5672 |
| Actuarial loss from post-employment benefits obligation | (13) | (36) | (15) | (36) |
| Other comprehensive (loss)/income for the period, net of tax | (29628) | 506 | (19718) | 5636 |
| Total comprehensive loss for the period | (34879) | (26719) | (148938) | (181777) |
| **Loss per share for loss attributable to equity holders of the Company** |  |  |  |  |
| Basic and diluted loss per share for the period | (0.03) | (0.21) | (0.84) | (2.03) |

---

------

**PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED CONDSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  | **(S$ in thousands)** | **(S$ in thousands)** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | 309233 | 70236 |
| Trade and other receivables | 18145 | 17655 |
|  | 327378 | 87891 |
| **Non-current assets** |  |  |
| Trade and other receivables | 4559 | 1564 |
| Intangible assets | 393450 | 401157 |
| Plant and equipment | 2535 | 3329 |
| Right-of-use assets | 11475 | 15419 |
|  | 412019 | 421469 |
| **Total assets** | 739397 | 509360 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Trade and other payables | 29737 | 32921 |
| Lease liabilities | 4104 | 4439 |
| Borrowings |  | 170 |
| Deferred revenue | 50753 | 47318 |
| Provisions for reinstatement cost | 280 | 36 |
| Current income tax liabilities | 4302 | 4554 |
|  | 89176 | 89438 |
| **Non-current liabilities** |  |  |
| Trade and other payables | 296 | 603 |
| Lease liabilities | 8339 | 12452 |
| Borrowings |  | 16732 |
| Deferred income tax liabilities | 1879 | 2375 |
| Provisions for reinstatement cost | 672 | 569 |
| Warrant liabilities | 4775 |  |
|  | 15961 | 32731 |
| **Total liabilities** | 105137 | 122169 |
| **Net assets** | 634260 | 387191 |
| **SHAREHOLDERS' EQUITY** |  |  |
| **Capital and reserves attributable to equity holders of the Group** |  |  |
| Share capital | 1081320 | 684347 |
| Share reserve | 17692 | 18658 |
| Capital reserve | 785 | 785 |
| Warrant reserve |  | 5742 |
| Translation reserve | (16961) | 2742 |
| Accumulated losses | (448576) | (325083) |
| **Total shareholders' equity** | 634260 | 387191 |

---

------

**PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Twelve Months Ended December 31** | **For the Twelve Months Ended December 31** |
|  | **2022** | **2021** |
|  | **(S$ in thousands)** | **(S$ in thousands)** |
| **Cash flows from operating activities** |  |  |
| Loss for the period | (129220) | (187413) |
| Adjustments for: |  |  |
| - Tax expense/(credit) | 1100 | (333) |
| - Employee share grant and option expense | 3856 | 8542 |
| - Non-executive director share grant and option expense | 1848 | 2108 |
| - Depreciation and amortisation | 21172 | 14032 |
| - Impairment of intangible assets |  | 8 |
| - Loss on disposal of plant and equipment and intangible assets | 101 | 3 |
| - Impairment loss on financial assets | 1180 | 2138 |
| - Gain on lease modification | (194) |  |
| - Interest income | (1716) | (456) |
| - Finance costs | 2396 | 13909 |
| - Unrealised currency translation losses | 2384 | 245 |
| - Fair value loss of Series B, D1, E and F conversion options |  | 124146 |
| - Fair value gain on warrant liabilities | (23341) |  |
| - Share listing expense | 104950 |  |
|  | (15484) | (23071) |
| Change in working capital, net of effects from acquisition |  |  |
| and disposal of subsidiaries: |  |  |
| - Trade and other receivables | (3239) | (1676) |
| - Trade and other payables | (7415) | 14891 |
| - Deferred revenue | 3371 | 9070 |
| Cash provided by operations | (22767) | (786) |
| Interest received | 1704 | 440 |
| Income tax paid | (1586) | (2104) |
| **Net cash used in operating activities** | (22649) | (2450) |
| **Cash flows from investing activities** |  |  |
| Additions to plant and equipment | (1431) | (1673) |
| Additions of intangible assets | (22179) | (12816) |
| Acquisition of subsidiaries, net of cash acquired | (2234) | 3722 |
| Proceeds from disposal of plant and equipment | 31 | 13 |
| **Net cash used in investing activities** | (25813) | (10754) |
| **Cash flows from financing activities** |  |  |
| Interest paid | (2214) | (1207) |
| (Repayment of)/Proceeds from borrowings | (17057) | 11000 |
| Borrowings transaction cost |  | (449) |
| Principal payment of lease liabilities | (4324) | (4062) |
| Proceeds from reorganisation | 142145 |  |
| Proceeds from the shares issued to PIPE investors | 178653 |  |
| Transaction cost in relation to issuance of PIPE shares | (7664) |  |
| Proceeds from issuance of ordinary shares | 1733 | 80 |
| Repayment of convertible notes |  | (11261) |
| Payment for legal and professional fees incurred for IPO |  | (4020) |
| **Net cash provided by/(used in) financing activities** | 291272 | (9919) |
| **Net increase/(decrease) in cash and cash equivalents** | 242810 | (23123) |
| **Cash and cash equivalents** |  |  |
| Beginning of the twelve months ended 31 December | 70236 | 93359 |
| Effect of currency translation on cash and cash equivalents | (3813) |  |
| End of the twelve months ended 31 December | 309233 | 70236 |

---

------

**Financial Highlights – Fourth Quarter and Full Year 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue increased 17% to S$40 million in the fourth quarter as compared to the previous year and increased 35% to S$136 million year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Marketplaces revenues increased 15% to S$38 million in the fourth quarter as compared to the previous year and increased 34% to S$131 million year over year, as continued strength in Singapore and Malaysia offset challenges in the Vietnam market due to credit restrictions in the latter part of the year.

oSingapore Marketplaces revenue increased 15% to S$19 million in the fourth quarter as compared to the previous year and increased 24% to $69 million year over year as a result of both increased Average Revenue Per Agent ("ARPA") and an increase in overall agents. Quarterly ARPA was up 20% in the fourth quarter to S$1,076 as compared to the previous year and up 24% year over year to S$4,078 in 2022. In the fourth quarter, there were 15,529 agents with a renewal rate of 79% in the quarter.

oMalaysia Marketplaces revenue increased 28% to S$8 million in the fourth quarter as compared to the previous year and increased 77% to $25 million year over year, as the Company continues to leverage our two market leading brands and benefit from the acquisition of the iProperty business in August 2021.

oVietnam Marketplaces revenue decreased 7% to S$6 million in the fourth quarter as compared to the previous year and increased 28% to S$24 million year over year, as governmental actions to tighten credit impacted the overall number of listings in the market. The number of listings was down 22% to 1.6 million in the fourth quarter as compared to the prior year quarter. The average revenue per listing ("ARPL") was up 22% to S$3.25 in the fourth quarter as compared to the prior year quarter and up 8% to S$2.97 year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At year-end, cash and cash equivalents was S$309 million.

Information regarding our operating segments is presented below.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended December 31** | **For the Three Months Ended December 31** | **For the Three Months Ended December 31** |
|  | **2022** | **2021** | **YoY Growth** |
|  | **(S$ in thousands except percentages)** | **(S$ in thousands except percentages)** | **(S$ in thousands except percentages)** |
| **Revenue** | **40097** | **34329** | **16.8%** |
| Marketplaces | 38350 | 33299 | 15.2% |
| &nbsp;&nbsp;&nbsp;Singapore | 18805 | 16382 | 14.8% |
| &nbsp;&nbsp;&nbsp;Vietnam | 5870 | 6304 | -6.9% |
| &nbsp;&nbsp;&nbsp;Malaysia | 7531 | 5888 | 27.9% |
| &nbsp;&nbsp;&nbsp;Other Asia | 6144 | 4725 | 30.0% |
| Fintech and data services | 1747 | 1030 | 69.6% |
| **Adjusted EBITDA** | **4829** | **(4149)** |  |
| Marketplaces | 18240 | 6321 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 11441 | 6709 |  |
| &nbsp;&nbsp;&nbsp;Vietnam | 722 | 655 |  |
| &nbsp;&nbsp;&nbsp;Malaysia | 3429 | (2026) |  |
| &nbsp;&nbsp;&nbsp;Other Asia | 2648 | 983 |  |
| Fintech and data services | (1981) | (1546) |  |
| Corporate\* | (11430) | (8924) |  |
| **Adjusted EBITDA Margin (%)** | **12.0%** | **-12.1%** |  |
| Marketplaces | 47.6% | 19.0% |  |
| &nbsp;&nbsp;&nbsp;Singapore | 60.8% | 41.0% |  |
| &nbsp;&nbsp;&nbsp;Vietnam | 12.3% | 10.4% |  |
| &nbsp;&nbsp;&nbsp;Malaysia | 45.5% | -34.4% |  |
| &nbsp;&nbsp;&nbsp;Other Asia | 43.1% | 20.8% |  |
| Fintech and data services | -113.4% | -150.1% |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Twelve Months Ended December 31** | **For the Twelve Months Ended December 31** | **For the Twelve Months Ended December 31** |
|  | **2022** | **2021** | **YoY Growth** |
|  | **(S$ in thousands except percentages)** | **(S$ in thousands except percentages)** | **(S$ in thousands except percentages)** |
| **Revenue** | **135925** | **100711** | **35.0%** |
| Marketplaces | 130861 | 97334 | 34.4% |
| &nbsp;&nbsp;&nbsp;Singapore | 69241 | 55891 | 23.9% |
| &nbsp;&nbsp;&nbsp;Vietnam | 24040 | 18767 | 28.1% |
| &nbsp;&nbsp;&nbsp;Malaysia | 25388 | 14315 | 77.4% |
| &nbsp;&nbsp;&nbsp;Other Asia | 12192 | 8361 | 45.8% |
| Fintech and data services | 5064 | 3377 | 50.0% |
| **Adjusted EBITDA** | **14466** | **(10372)** |  |
| Marketplaces | 63045 | 23746 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 47626 | 33355 |  |
| &nbsp;&nbsp;&nbsp;Vietnam | 5470 | 2063 |  |
| &nbsp;&nbsp;&nbsp;Malaysia | 10208 | (10440) |  |
| &nbsp;&nbsp;&nbsp;Other Asia | (259) | (1232) |  |
| Fintech and data services | (7385) | (4634) |  |
| Corporate\* | (41194) | (29484) |  |
| **Adjusted EBITDA Margin (%)** | **10.6%** | **-10.3%** |  |
| Marketplaces | 48.2% | 24.4% |  |
| &nbsp;&nbsp;&nbsp;Singapore | 68.8% | 59.7% |  |
| &nbsp;&nbsp;&nbsp;Vietnam | 22.8% | 11.0% |  |
| &nbsp;&nbsp;&nbsp;Malaysia | 40.2% | -72.9% |  |
| &nbsp;&nbsp;&nbsp;Other Asia | -2.1% | -14.7% |  |
| Fintech and data services | -145.8% | -137.2% |  |

---

**\***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.

As of December 31, 2022, PropertyGuru continued its Engagement Market Share<sup>1</sup>leadership in Singapore, Vietnam, Malaysia, and Thailand.

---

| | |
|:---|:---|
| **Singapore**: 81 % – 5.2x the closest peer | **Thailand**: 58% – 2.5x the closest peer |
| **Vietnam**: 75% – 3.1x the closest peer | **Indonesia**: 22% – 0.3x the closest peer |
| **Malaysia**: 93% – 15.2x the closest peer |  |

---

------

<sup>1</sup> Based on SimilarWeb data between July 2022 and December 2022.

------

**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 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 report 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 net loss to Adjusted EBITDA is provided as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** |
|  | **2022** | **2021** |
|  | **(S$ in thousands)** | **(S$ in thousands)** |
| **Net loss** | **(5251)** | **(27225)** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of preferred shares, warrant liability and embedded derivatives | (650) |  |
| &nbsp;&nbsp;&nbsp;Finance (income)/costs - net | (1090) | 496 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation expense | 5425 | 5169 |
| &nbsp;&nbsp;&nbsp;Share grant and option expenses | 1091 | 6759 |
| &nbsp;&nbsp;&nbsp;Other losses - net | 5 | 153 |
| &nbsp;&nbsp;&nbsp;Business acquisition transaction and integration cost | 747 | 7031 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees incurred for IPO |  | 3818 |
| &nbsp;&nbsp;&nbsp;On-going cost of a listed entity | 4035 |  |
| &nbsp;&nbsp;&nbsp;Tax expense/(credit) | 517 | (350) |
| **Adjusted EBITDA** | **4829** | **(4149)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Twelve Months Ended<br>December 31,** | **For the Twelve Months Ended<br>December 31,** |
|  | **2022** | **2021** |
|  | **(S$ in thousands)** | **(S$ in thousands)** |
| **Net loss** | **(129220)** | **(187413)** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of preferred shares, warrant liability and embedded derivatives | (23341) | 124146 |
| &nbsp;&nbsp;&nbsp;Finance costs - net | 680 | 13453 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation expense | 21172 | 14032 |
| &nbsp;&nbsp;&nbsp;Impairment |  | 8 |
| &nbsp;&nbsp;&nbsp;Share grant and option expenses | 5524 | 10470 |
| &nbsp;&nbsp;&nbsp;Other losses - net | 1471 | 815 |
| &nbsp;&nbsp;&nbsp;Business acquisition transaction and integration cost | 4378 | 8380 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees incurred for IPO | 16570 | 6070 |
| &nbsp;&nbsp;&nbsp;Share listing expense | 104950 |  |
| &nbsp;&nbsp;&nbsp;On-going cost of a listed entity | 11182 |  |
| &nbsp;&nbsp;&nbsp;Tax expense/(credit) | 1100 | (333) |
| **Adjusted EBITDA** | **14466** | **(10372)** |

---

**Industry and Market Data**

This report 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.

------