Okay. I think most of the attendees have connected, so we'll get started. Good morning and good evening, everyone. Welcome to PropertyGuru Group Limited's first quarter 2022 results conference call. We will refer to the company as PropertyGuru during the call. I am Gary Dvorchak, managing director of the Blueshirt Group, PropertyGuru's investor relations firm. Joining us on the call today are Hari V. Krishnan, our Chief Executive Officer and Managing Director, and Joe Dische, our Chief Financial Officer. First, Hari and Joe will discuss the highlights of the quarter, then we'll take your questions. Before we start, a few reminders. Firstly, our results and additional management commentary are available in the earnings release that can be found on the investor section of our website at investors.propertygurugroup.com. Secondly, today's webcast is being recorded. A replay of today's conference call, along with the transcript, will be available later in the investor section of our website. Thirdly, we'll be making forward-looking statements within the meaning of the U.S. securities laws, including but not limited to statements regarding our future financial results and management's expectations and plans for the business. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statements. Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and PropertyGuru is not obliged to update or revise them, whether because of new developments or otherwise, except as required by law. Fourthly, this call will also contain non-IFRS financial measures. For a reconciliation of each of these non-IFRS financial measures to the most directly comparable IFRS metric, please see our earnings press release, which is available on the investor section. Fifthly, all dollar references are to Singapore dollars unless we state otherwise. Finally, as a reminder, because PropertyGuru is a foreign private issuer, it is not required to file a 10-Q. However, we intend to report quarterly, which reflects our commitment to full and effective disclosure to our shareholders. With that, let me turn the call over to our CEO, Hari Krishnan. Hari. Thank you, Gary, and thank you all for joining us today for our first earnings conference call as a public company. We enjoyed meeting so many of you throughout the listing process and appreciate your support in our journey to becoming a public company. We look forward to strengthening those relationships and making new ones among the analyst and buy-side community. We also want to recognize our employees, we call them gurus, and our agent and developer partner community. We have achieved a tremendous amount of shared success together, yet the best is still to come. The listing was a lengthy yet rewarding experience for our entire team. Despite challenging headwinds in the tech sector and volatile market conditions, we began trading on March the 18th and raised $254 million of gross proceeds. This provides us with ample capital to fund our growth plans, including M&A. We are privileged to have blue chip long-term investors and are thrilled to have reached this milestone with a strong balance sheet that will enable us to capitalize on the opportunities ahead. Listing on the New York Stock Exchange provides us with many strategic benefits. With a liquid stock, we can better act on strategic M&A-driven growth opportunities. We can also attract and retain the world-class talent we need for our next stage of growth. On today's call, I plan to focus on three main topics. Firstly, the current market environment. Secondly, an operational update on our business segments. Lastly, a recap of our growth strategy to drive our business towards realizing our ambitious vision. Southeast Asia is opening again after nearly two years of COVID pandemic. Movement restrictions have been eased in all our markets. Lockdowns are ended. Borders are open. Vaccination rates are up. Life is returning to normal. As a result, the regional economy is on a rebound. Drilling down on the property market specifically, I want to share highlights from our proprietary property market reports, which we publish quarterly. In Singapore, the property market has seen strong price growth in the last 12 months. With the introduction of property cooling measures in December 2021, sales demand has moderated, which encourages competition among property agents. In the rental market, both price and demand are buoyant. Some of this growth is driven by under-supply of new construction real estate caused by the pandemic-driven slowdown in the construction sector. We do anticipate that with construction picking up, supply will improve, and there will be continued need to match this supply with the significant demand. In Malaysia, the property market is showing some positive signs of recovery. Both sales and rental markets have seen improvement in price in Q1 2022 over Q4 2021. In addition, rental markets have been in demand. In Vietnam too, the property market is showing some positive signs of recovery. Property demand in Q1 2022 for both buying and renting was 2% higher than the pre-COVID period of Q1 2019. Next, I'd like to share our business highlights. We are happy to report a robust Q1 2022. We delivered SGD 28.2 million in revenue, growing 42% over the same period last year. This performance demonstrates that our investments in talent and technology over the last two years are delivering positive results. In the last two years, we hired strong talent across the business, invested in our technology infrastructure, expanded into fintech with the launch of our Mortgage Marketplace in Singapore, and made three acquisitions. First, in November 2020, we bought MyProperty Data, Malaysia's largest online property data company. In August 2021, we purchased iProperty in Malaysia and ThinkofLiving in Thailand from the REA Group. These investments delivered growth in Q1 and position us well for the future. I'm also happy to share that our model of two brands, one team in Malaysia is proving successful and the back office integration is progressing well. Our marketplaces business segment had robust growth in Q1 as revenue increased 41.7% year-over-year. This growth was generated through improved yield, higher utilization of our premium products, and the inclusion of iProperty Malaysia and ThinkofLiving Thailand in 2022. Marketplaces growth was complemented by strength in our nascent fintech and data services business segments. In fintech, we are on a journey to make home financing fully digital in order to make the process seamless for the home buyer and create additional income avenues for our agent partners. In Q1, we launched the digital document collection tool, enabling users to provide all required loan application documents by uploading them online. Recently, the total value of loans processed by us crossed the SGD 2 billion mark. In our data services business segment, we continue to leverage our proprietary property market data and our data science and technology capabilities to provide market insights and intelligence for agents, developers, property seekers, and banks. Singapore and Malaysia are key markets for us for this business. We are looking at opportunities to expand these services across the region. In Q1, we hired our managing director for this business, and she brings good experience building software solutions for enterprise players in a dynamic technology-enabled sector. This experience will be a critical asset as we build out our software products and expand our data solutions. Looking ahead, we reaffirm the 2022 full year forecast provided during the listing process. We are confident that the strength of our organization, combined with the recovering economic conditions in our core markets, will drive growth. We are transforming the business of real estate in Southeast Asia, enabling agent customers, sellers, and landlords to find each other by injecting transparency into our markets. Our marketplaces and growing ancillary services are reducing the friction in buying, selling, and renting property, creating value for all market participants. We believe our value creation journey has just begun, and we will create trust within the property ecosystem in Southeast Asia over time. This, in turn, should allow us to capture value for years to come. Now, I will turn the call over to Joe Dische to cover our financial results. Joe? Thanks, Hari, and hello, everyone. The main topics I'll discuss today are, firstly, an overview of our first quarter financial performance. Secondly, an update on our capital structure and financial position post-merger, and largely, our outlook for the balance of 2022. As details are available in our release, I won't refer to every number. We will just focus on the primary drivers of performance. All the figures I refer to will be for the first quarter of 2022, unless I note otherwise. The highlight of Q1 was a 42% year-on-year increase in revenue. Revenue growth was strong across all our business segments. Note that Q1 is seasonally weaker revenue due to the Lunar New Year holidays. Importantly, these results demonstrate the effectiveness of our investments in technology and product innovation over the last two years, which is enabling us to capitalize as the markets recover from COVID-19. Our marketplaces segment revenue increased by 41.7% year-over-year. Let's break down the results and talk to each of our largest markets. In Singapore, revenue increased 23.8% to SGD 15 million. We are monetizing agents more effectively with average revenue per agent increasing 25% versus the prior year. This was driven by increased premium product adoption and the flow-through effects of a subscription price increase in Q4 2021. We maintained our subscription renewal rates at the high level of 79%. We saw an increase in agent partners to 14,719, which is above our projections. This was due to the strong property market in 2021, attracting new agents and retaining existing agents. Developer revenue was negatively impacted as operating conditions were more challenging due to delays in new project launches and COVID-induced labor and raw material shortages. Vietnam performed well in the quarter with $5.1 million in revenue, up 18.6% from a year ago. We are attracting more new listings to our platform and improving yield per listing too. Our property listings in Q1 expanded by over 14% to 1.65 million, and the average revenue per listing grew by 2.4% versus last year as we increased the penetration of premium products. Malaysia Marketplace's revenue increased significantly to SGD 5.4 million from SGD 1.9 million a year ago, largely due to the successful integration of iProperty, which the company acquired in August 2021. In Malaysia, we continue to focus on the integration of our businesses, including sales teams and back office operations, and we have recently consolidated into one office. Finally, in the revenue line, data services and fintech combined revenue reached SGD 1.02 million. These business segments are at their nascent stage but show great promise. We are excited about our achievements so far and our growth plans. Moving on to margins. Net loss for the quarter was $120.3 million, primarily due to accounting adjustments for the business combination with Bridgetown 2. We are pleased to deliver positive group adjusted EBITDA of SGD 0.9 million, which is SGD 3.7 million better than our last year as revenues rose and costs were well managed. Please note the profitability per quarter will be uneven during the year as quarterly revenues and costs vary by period. Segment margins in Singapore, Vietnam and Malaysia marketplaces show positive trends year-on-year. Malaysia had the largest increase year-on-year improvement due to the cost benefits of the integration with iProperty. Looking at the balance sheet, we ended the quarter with $369.5 million in cash, up from $17.2 million at the end of December 2021, reflecting the proceeds of the listing. We are pleased to confirm the 2022 projections that we provided during the listing process. We expect revenue growth of approximately 44% and positive adjusted EBITDA for the full year of 2022. While the pandemic in Southeast Asia is easing, we will continue to carefully monitor the macro backdrop and evolving market dynamics. We are confident in our leadership across our priority markets and the attractive value propositions we offer to all our customers. We expect to reap the benefits from our investments and execute our organic growth plan across marketplaces and fintech and data services. With our strong balance sheet and listed equity, we're in a solid position to pursue M&A opportunities across the $8.1 billion TAM in our region. We will look to acquire and grow businesses that complement our existing fintech and data services businesses. We also plan to investigate the developer operating systems as developers look to digitize their operations and gain efficiencies and execution capability. Finally, we plan to explore opportunities in home services around digitizing the selection and operation of contractor and moving services. Now we'll turn the call over for questions. Gary, we're ready for the first question. Excuse me. Okay. Let me give some instructions first for the Q&A session. To facilitate taking the questions, we need to have everyone that wants to ask a question have your full name written in the Zoom so that we're able to call on you. Otherwise, we would not be able to call on you. Use the raise hand function. Click on the raise hand if you wanna ask a question, and then we'll go through and give as many people as possible a chance to ask a question. When we call on you, we'll unmute your microphone. You won't be visible with video, but we'll unmute the microphone and you'll be able to speak and ask questions of the team. As an alternative, you can also type questions into the Q&A box. What we'll do is, after we've gone through all the live questions, if we still have some time, we'll go through some of the typed in questions, and we'll pose those to the management team. At this point, anyone that has a question, please use the raise hand function, and then we will start. We're gonna start with Nick Jones of JMP. Let me allow you to talk. Nick, go ahead. Great. Thanks for taking the questions. I guess a couple. First, can you talk about what you're seeing in the region, kinda from a macroeconomic perspective? Is kind of the recessionary fears in some countries trickling into those, or are those proving to be somewhat resilient? Then, kind of a financial question for Joe after. Thanks. Yeah. Thank you for your question, Nick. I think as you might imagine, the recovery from COVID has been uneven across the region, and then the economic headwinds that are affecting the globe, supply chain disruptions, et cetera, do impact our region. Having said that, you know, Singapore continues to grow well. The other markets rather in our region are also gradually opening up and delivering good results, I would say. Specifically to our business though, if you look at the macro tailwinds that we talked about in the listing process, the urbanization, the digitization, the growth of GDP per capita, those continue. There's still a big focus on construction of residential housing. That remains a big focus for all governments in our region. I do believe there will be some macro headwinds. This region is gonna have the same challenges as other parts of the world. I think some of the stuff that we've talked about specifically to do with the housing continue to be tailwinds to our business. Got it. Joe, could you maybe talk a little bit about how we should think about the seasonality? I know in the press release you talked about 1Q being a little softer, and that's typical. How should we think about the seasonality for the rest of the year as we think about modeling out the 2022 guidance quarterly? Sure. Yeah, there's a couple of factors at play here. I mean, more broadly, we're influenced a lot by the festivals that happen in our markets, which do have an impact on the amount of property-related transactions that occur, and also therefore the amount we spend on our site. We actually have many of those particular Lunar New Year holidays, Chinese New Year, and Tết located in that first quarter. For that reason, seasonally, things are a little slower. Also there are elements of our business such as awards and events which do tend to gather momentum later in the year. Also many of our markets, we have traditional buying seasons, particularly around sort of Q2 and into Q3 as well. Those are the major factors that certainly affect seasonality. Got it. Can you speak to, you know, the broader, you know, multiples in the broader market have compressed pretty quickly. Does this create maybe an opportunity to get more aggressive in M&A from here? How do you feel about the pipeline and the multiples you're seeing for some of the targets now? Maybe I'll take that one up. When it comes to our M&A, you know, we've had a pretty good pipeline in the areas that Joe talked about, fintech, data services, home services, et cetera. That pipeline, you know, we continue to evaluate opportunities on their merit, on individual opportunities that exist out there. Clearly, you know, market conditions do impact all the businesses in the region. Our balance sheet being stronger and our business performance being more robust obviously puts us on the front foot in some of these conversations. In the end, we're looking for good entrepreneurs who are solving meaningful problems in the housing ecosystem in our part of the world. We believe we have a few that we've identified, but at this point, we're not at liberty to disclose how many and which specific ones. Our teams are assessing potential opportunities for M&A. Great. If I could squeeze one more kind of housekeeping item on the renewal rate in Singapore seemed to dip down a little bit in 1Q versus what we saw in 2021. Is that due to the seasonality or is there something else that, you know, you'd like to flag there? Thanks. I think I might take a stab at it and Joe can elaborate as well. I think you know the seasonality the renewal rate for the agent subscriptions in Singapore tends to be within a certain band. I wouldn't look too much into you know movements within that. I think as we mentioned in the listing process many of the things in 2021 and 2020 were a flight to quality. We saw more and more both on the supply and demand side we saw all-time highs of participation from agents as well as property seekers as people moved more of their traffic more of their activity onto our platform versus any other platform. I think those high water marks, if you like, are not preconditions to building our business or the underlying revenue or growth of the business itself. I think there's nothing I wouldn't read too much into slight movements on the renewal rate itself. Joe, anything else you'd like to elaborate on that? No, I think that's right, Hari. I mean, we have slightly more agents actually in our Singapore marketplace than we projected, so we're up about 14,719 as opposed to 14,000. You know, that's really reflective of the relatively sort of strong market that we're seeing in Singapore. We always get a number of agents who cease being agents to do other things, and that can be exacerbated by market conditions. But we've definitely seen agents staying in the market 'cause it's been quite strong. New agents, some of whom physically couldn't pass exams, which is what you have to do in Singapore to become an agent, going through those and joining the platform. You know, obviously they're all gravitating to our site as we obviously offer the largest volume of leads in market. Great. Thanks for taking the questions. Thanks, Nick. Thanks, Nick. Okay, the next question will come from Long Lin at Benchmark. Let's Hi. Can you hear me? We can. Yeah. Thank you for taking my questions. I have a question about the integration of Malaysia acquisition. Do we see additional cost saving from that that we could achieve? Also, can management provide margin expansion outlook for the full year to 2022 and beyond? That's my first question. Thank you. Thanks for your question. Joe, maybe you wanna take a stab at that one? Yeah. Certainly, I'm not sure I fully picked up the last comment, but just to talk about the management cost savings. You know, we surprise ourselves when we do M&A on having good integration logic for those, and none more so than iProperty and PropertyGuru in Malaysia. You know, these two sites, we were spending an awful lot of money on marketing, directly competing with each other, mostly Google and Facebook. Those are the first two things we've been able to switch off or certainly turn down. Therefore, we're making good marketing savings in that space, and that's going very much to plan. On the other side, there are sort of people expenses as well. There was a lot of duplicative services and things we were doing. We've now moved to one sales team selling two brands. There's definitely efficiencies there. Also in the back office as well, we've been able to absorb sort of function centrally across finance, HR, and technology. Other savings such as, you know, bringing people together in sort of one office location, et cetera. It's making really good logic. You know, I think more broadly with that integration, we're spending less time sort of competing with each other and more time really servicing our customers and our clients and offering them a better service. Noting we have both brands out in market, giving, you know, fantastic consumer choice. Thank you. My second question is about what's the company's target for fintech business this year and maybe next year as well? Any immediate plans on, like, marketing expansion, like from Singapore to new countries? Yeah, thank you for that question. I'll take the second part of that question. I think for us right now, our initial market focus is very much on Singapore. We are assessing our other core markets to look for opportunities, but currently PropertyGuru Finance and the mortgage brokerage business, the smart mortgage brokerage that we have, and its innovation is very much focused on the Singapore market. We think the potential is quite larger. Although, you know, the total volume of loans that we've brokered has crossed SGD 2 billion, we believe that's just the start. We've been in the country only about two years. Both years have been heavily impacted obviously by COVID. As the supply comes online, as new construction, as new projects launch, obviously the demand for property financing in Singapore is gonna increase, and our focus is gonna be here. Beyond that, you know, we will assess other opportunities. Then obviously, there could be an opportunity to address some of those solutions in other markets via M&A. Again, we don't have anything to announce today, but that is another opportunity for us to assess other markets. I joked, I think the first part was around Fintech targets for the year, I guess. Yeah. Look, I think, obviously in the F-4 we put some projections there for fintech, certainly for the 2022 year. I think it's the 2022 forecast is about SGD 8 million across fintech and data services. You know, this is really just the start for us. The core business areas there really is Singapore on the fintech side with our brokerage business there. We're obviously considering other opportunities in other markets. And on data, you know, we purchased MyProperty Data in Malaysia, which is going very well, and we're taking a lot of the ideas and functionality there and pushing those across other markets, so particularly in Singapore at the moment. Those are the major drivers of our revenues. You know, we're very excited for the future, and it's also a focus, as Hari and I've mentioned in terms of M&A as well. Plenty of opportunities, potentially adding the market there. Got it. Thank you. I also have a follow-up. I'm not sure if I got it from the first question. Basically, for the margins, do you expect to see some kind of margin expansion in the full year? In the full year, you know, we're sticking to our forecasts, you know, $145.1 million of revenue and $11.4 million positive adjusted EBITDA. We're definitely seeing. Obviously we're moving from negative adjusted EBITDA last year, so we're seeing margin improvement there, profitability. This is despite the fact that we're investing quite heavily in data and fintech as well. That's really exciting. We're seeing some really strong margins in businesses such as Singapore and in Malaysia and Vietnam. In the future, you know, we'll see those margins improving and also fintech and data and others becoming profitable. I think in the forecast period we had about a 33% adjusted EBITDA margin, which is what we're, you know, still striving for. Got it. Thank you. I have another follow-up on the outlook for the second quarter. I think we talked about the macro concerns. Do you see actually any potential impact from the inflation that, you know, may kind of overall impact those top line rather than bottom line for the second quarter? I think, you know, specifically to inflation, you know, when you look at, I sort of mentioned it, you know, property prices actually in all our three core markets in Singapore, Malaysia and Vietnam have been recovering. Particularly in Singapore, they've been increased significantly and largely driven by supply constraints. The supply of inventory has been well short of the demand that's there. As I may have mentioned, there is a lot more supply coming through. Actually, just earlier this week, the Singapore government announced they're gonna be another 4,500 Build-To-Order units in the public housing space that'll be available in May. We're gonna see this easing of this undersupply situation begin to happen this year as the construction sector definitely heats up. The labor shortages that exist in the construction sector have been addressed specifically by the Singapore government recently, and you're seeing that come through. When it comes to the inflation, inflationary elements of other aspects, you haven't seen major corrections on things like interest rates and such, but you have to keep in mind interest rates have been at record lows anyway. I think what is significant in our markets, which is perhaps different from other developed markets rather, is the fact that, you know, the urbanization is happening in the space. You have 50 million people moving to cities and towns in this decade. They're gonna need homes. I think these are sort of macro conditions that the governments are dealing with, and so they're gonna have to balance that out with while sort of guarding against inflationary issues. Yeah, absolutely, when you look at consumer goods, et cetera, you know, supply chains globally have been impacted, so there is an inflationary impact that's happening here. Specific to our industry, we do believe there's an element of some underlying tailwinds that's gonna compensate for it for now. Got it. Thank you very much. That's all my questions. Thank you. Okay. Anyone else has a question, please use the raise hand function. We'll wait a second to see if we have any others. Also, if anyone wants to type in a question in the Q&A box, you can do that. We have a follow-up from Nick Jones. Let me. Nick, I think you're live. Go ahead. I'm live? Okay, great. Thanks for letting me sort of follow up in here. Just maybe taking a step back, as we try to think about kinda the dynamic in the markets and the countries you're in, and maybe how it differs from how the U.S. works. I mean, how regulated is real estate there, and how does PropertyGuru kinda help maybe you know aggregate this kind of demand and simplify the process? You know, is there any color you can give on how many kind of unregistered agents kind of facilitate transactions? And are those types of things being cracked down on in some of these regions? Any kind of broader color on that dynamic in the markets you're in would be really helpful. Thanks. Thank you for that question, Nick. No, absolutely. I think your question was spot on, right? The nature of the regulation is very much around the professionalization of the property space, trying to make sure that on the agents' side or the developers' side, there's a certain quality bar that's maintained. Now in Singapore, let me start, and Joe mentioned it is heavily regulated. Anyone who wants to be an agent actually has to pass an exam regularly, annually, is certified. They carry a license number, et cetera. Malaysia has something similar, though enforcement is not quite as strict. That is something the Malaysian government has been and the real estate sector in general has been looking at. You're seeing increasingly in markets like Thailand, that is happening as well. The reality is in markets like Vietnam, there are a number of people who self-declare themselves as agents. It is unregulated. You know, it is a market with, you know, 95 million people. It is a very large country. You know, there is a big need for a lot of people to sort of intermediate and help out in the real estate sector. I think there's an element of not trying to throttle that growth. You're not seeing as much happen there. You do see a little bit as well in terms of making sure that people don't borrow beyond their means. I think a lot of the cooling measures that Joe and I may mention today but also on subsequent calls are often to do with governments in our markets trying to make sure that people are aware of their household indebtedness and tracking that. I think financial literacy is a journey that the region in general is on. You know, we definitely play an active role in that in helping people understand their creditworthiness in markets like Malaysia. We've been doing that for the last two or three years, in particular. A number of products there are to help people just understand their creditworthiness, what is their affordability. You know, things which perhaps are table stakes in developed markets are opportunities for us. The final part I'd say is if compared to a market like the U.S. where you have, you know, listings completely standardized on MLSs, multiple listing services. You have a single source of truth when it comes to data. You know, platforms such as CoreLogic are able to standardize. Those are greenfield opportunities for us in our markets. There's no equivalent. In many markets, we become effectively the de facto MLS, if you like, but we have not tried to occupy that space with our marketplaces. With our data services businesses, there's absolutely an intent to become that single source of truth when it comes to property data. You know what that looks like. Does it look identical to what's available in North America or Western Europe? I think we're definitely gonna take inspiration from some of those elements, but some of the needs here and some of the opportunities that exist here are unique to our market. I think we'll back our technology capabilities to try and address those problems. Great. Thanks for the question. Thanks, man. Okay, any other questions, please press the Raise Hand function or type in the Q&A box. We'll wait a second to see if we have any others. Okay. All right. We've got Simon Wong. Simon, go ahead. Hi. Thanks for taking the call. This is Simon from Tech in Asia. I just have a quick question on your engagement, market share. I noticed that I think, you know, it's either been sort of increasing or fairly stable, for the time periods that you guys have provided from 2019, but there's been, sort of a decline in Indonesia. I'm wondering, you know, whether you have any comment on that. Is that something you're concerned about? If so, what's your strategy going forward, there? Thank you. Thanks for the question, Simon. No, absolutely. I think one of the strengths as a company has been focus. I think over the last 15 years, what we've tried to do is focus on specific markets or specific opportunities, and try and make sure we address them in a systematic fashion. As I'm sure you might know, several years ago, we were the market leaders in Indonesia. Our assessment of the marketplace business model was it had certain challenges. We decided to actually divert our focus in many ways to markets like Vietnam and Malaysia, and pursue a journey that would ensure market leadership there and earn a strong monetization model. We've been successful in doing so. Obviously in our core market, you know, frankly, you know, we've been able to you can see with EBITDA margins, we're able to sustain a pretty strong position with a very low dependency. Most of our traffic is organic. I think the strength of our model is, you know, the two-sided marketplace has very strong network effects once you get things working well. Your monetization capabilities increase in markets where there is the ability to monetize in this case, agents, with the marketplace business model. We remain very bullish on Indonesia, but not necessarily with the marketplace model itself alone. We do sell FastKey. We do a number of events over there. We have an awards business, which is the largest one in Indonesia. I think we are looking at monetizing the real estate sector and addressing problems, more importantly, in Indonesia, using other business models. I think what I would encourage you and folks to think about us is, while we did start off as a classified site in Singapore, and at the core, our marketplace business. We run nine marketplaces across five markets. The reality of the fact is we do have our data services and fintech businesses, which increasingly will not be reflected in this market share number, but will be addressing problems for real estate developers, banks, valuers across these markets. I think for us, our core markets are Singapore, Vietnam, Malaysia, and now increasingly Thailand. We do operate in Indonesia, and we do believe in it, but I think we're still experimenting when it comes to product market fit over there. As I'm sure you're aware as well, there are a number of other startups who have tried and you know that market is still evolving when it comes to its offline to online migration when it comes to real estate itself. Great. Thank you. Thank you for that. Thanks, Simon. Okay. Any other questions, press to raise hand. Or use the Q&A box. Okay, we don't have any other questions, so I'm gonna turn the call back to Hari, and he'll make his closing remarks. Thank you, Gary. In closing, I wanna thank you all, and we would like to thank you all for your interest in PropertyGuru Group. Our vision is to be the trusted advisor for every person seeking property in Southeast Asia. While our marketplaces match property seekers with property for sale or rent, as I just mentioned, our fintech solutions focus on easing access to property financing, thus driving growth in the sector. With data services, our data-driven insights and workflow automation software will greatly increase efficiency in the sector. As we execute our growth strategy and create value for our stakeholders, we will progress towards achieving our vision. We look forward to sharing our progress with you. Thank you all for attending. We will now end the meeting rather. Thank you. Bye-bye.