PropertyGuru Group Limited

Looks like we have most of the attendees on, so we'll get started. So thank you, everyone, for standing by, and welcome to Property Guru Group fourth quarter 2022 earnings conference call. Currently, all participants are in a listen-only mode. As a reminder, today's program will be recorded. If anyone objects, please disconnect now. Now let me introduce Mr. Nat Otis, VP of Investor Relations. Mr. Otis, please go ahead.

Good evening. Welcome to Property Guru Group's fourth quarter 2022 earnings conference call. On the call today are Hari Krishnan, CEO and Managing Director, and Joe Dish, CFO. Before we get started, a few reminders. Firstly, all results are available in earnings release that can be found in the investor section of our website. Secondly, today's webcast is being recorded. Replay along with the transcript will also be available in the investor section of our website. Thirdly, we'll be making forward-looking statements, including, but not limited to, statements regarding our future results and expectations for the business. These results are neither promises nor guarantees and involve risk and uncertainties that may cause actual results to vary materially. Please refer to our earnings release and SEC filings for more information regarding risk factors. Forward-looking statements are based on current expectations and the company is not obliged to update them, except as required by law. Fourthly, this call will also contain non-IFRS financial measures. For a reconciliation of non-IFRS financial measures to the most directly comparable IFRS metric, please see our earnings press release. Lastly, all dollar references are in Singapore dollars unless otherwise stated. With that, let me turn the call over to Harith.

Thank you, everyone, for joining us today for our fourth quarter 2022 earnings conference call. 2022 was an exciting and historic year for Property Guru, as we listed on the New York Stock Exchange in March, grew revenues by a robust 35% for the full year, and were adjusted EBITDA positive. Hard work by all of our gurus, as well as an increased product adoption, improved pricing, and the continued integration of the iProperty acquisition all helped to offset challenging market conditions. That said, macro and fiscal policy uncertainty continues to test our customers. Given this reality, PropertyGuru will be there to help them navigate the current market as well as set them up to take advantage when landscapes shift and pent-up demand begins to float. We believe that the headwinds our core markets now face are largely temporary and the longer-term runway and underlying prospects for economic outperformance in Southeast Asia have not changed. In the International Monetary Fund's January 2023 World Economic Outlook, Southeast Asian markets are anticipated to grow at 4.3% in 2023, even as global growth is projected to decelerate to 2.9%. For Vietnam, the IMF has an even healthier outlook, with 6.2% growth projected in 2023. While property market activity was uneven in the fourth quarter, PropertyGuru still delivered strong results across its marketplaces segment. Led by Singapore's outperformance, where increased adoption of premium products and market pricing strength more than offset higher borrowing costs for property seekers and government implemented cooling measures. In Malaysia, while higher borrowing costs and uncertainty around the national elections in November impacted sales activity, just like in Singapore, property pricing remained resilient. In addition, PropertyGuru experienced strong operating leverage from the iProperty integration. In Vietnam, Q4 saw the continued theme of government tightening credit to manage debt levels and the resulting drop in property listings. Overall, the fourth quarter is a busy one for us as we continue to roll out solutions that make it easier for our customers to help people search, find, buy, and rent properties. In December, we launched Property Guru for Business, giving our enterprise customers a single trusted source for accessing the critical data and tools needed to maximize the significant opportunities presented by the Southeast Asian property markets. Property Guru for Business' unified offering gives customers our data sense, value net, fast key, and marketing as a service offerings, allowing for a more cohesive customer experience. Our market intelligence platform, DataSense, is now available in all of our markets. Previously, it had only been available in Malaysia. We had many exciting products that launched on our marketplaces, which solved both for paying customers and to drive greater transparency and trust in our high demand but low trust markets. Let me start by talking about Turbo, one of our hot new discretionary ad products. Turbo allows agents to differentiate themselves and increase the exposure of their listings on top of their basic subscription. It launched a year ago in late 2021 in Singapore and early 2022 in Malaysia. And we are pleased with agent adoption rates so far, with half of all active agents in Singapore and a third of all active agents in Malaysia having used it. Thanks to Turbo and other new discretionary products like Boost and Featured Agent, Property Guru's average revenue per agent continues to grow. In the fourth quarter, we launched Promoted Listings in Singapore, with releases in more markets expected in early 2023. Promoted Listings is a new performance-based dynamic ad product that helps agents find property seekers who are looking for similar but not exactly matching properties. A win-win technology that helps both the agent and the consumer. In Malaysia, we reached a milestone in our integration of iProperty and Property Guru Malaysia. Agents are now able to cross-post their listings on either platform using one software interface. So an agent who subscribes to both platforms can now post a listing on one or both platforms seamlessly. In Vietnam and Thailand, we launched two new premium products, verified listings and verified agents. Verified listings help give customers greater confidence in the market and combat the general challenge of fake listings. Verified agents is the start of us trying to help professionalize the agent market in Thailand and to help property seekers find agent partners they can trust. In Q4, we also inaugurated our first office space in India. India is our technology center of excellence that supports our product technology capabilities group-wide. Lastly, as we discussed on our prior earnings call, we are excited about our October acquisition of Sendhelper and its ability to connect homeowners and tenants with verified home services providers, bringing added value to the current Property Guru customer base. We see this acquisition as consistent with our new vision statement, which is to help our communities to live, work, and thrive in tomorrow's cities. To wrap things up, Singapore continues to be a strong performer, and in our other markets, we resiliently operated through temporary macro headwinds to deliver growth while exercising prudent expense management. In short, we are pleased with this quarter's result and with 2022 overall. we are well positioned to continue to be the go-to technology provider for Southeast Asian agents, developers, and property seekers in 2023 and beyond. Let me now turn the call over to Joe to review our financial performance.