Thank you for standing by, and welcome to the PropertyGuru Group Second Quarter 2022 Earnings Call. Currently, all participants are in listen-only mode. As a reminder, today's program will be recorded. If anyone objects to this, please disconnect now. Now, let me introduce Nat Otis, VP, Investor Relations. Mr. Otis, please go ahead. Good morning and good evening. Welcome to PropertyGuru Group Limited second quarter 2022 results conference call. My name is Nat Otis. I recently joined PropertyGuru as its VP of Investor Relations and look forward to speaking with everyone in the very near future. On the call today are Hari V. Krishnan, CEO and Managing Director and Joe Dische, CFO. Before we get started, 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. Secondly, today's webcast is being recorded. A replay of today's conference call, along with a transcript, will also be available later in the investor section of our website. Thirdly, we will be making forward-looking statements within the meaning of U.S. securities laws, including but not limited to, statements regarding our future financial results and management's expectations and plans for the business. Statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. Please refer to our earnings release and SEC filings for more information regarding the risks and factors that may affect our results. Any forward-looking statements made in this conference call are based on current expectations, and PropertyGuru is not obliged to update or revise them 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 release, earnings press release. Lastly, all dollar references are to Singapore dollars unless otherwise stated. With that, let me turn the call over to Hari. Thank you everyone for joining us today for our second quarter 2022 earnings conference call. Last quarter was our inaugural earnings call as a publicly traded company following our listing on the New York Stock Exchange, an event we have been working towards for several years and something we as a company are very proud of. Now that we are fully past the listing process, my focus on this and future calls will be to update everyone on the steps we are taking to execute on PropertyGuru's long-term strategic vision, as well as providing color on product development and deployment, property market dynamics, and growing customer acceptance. This quarter, we were busy adding high quality talent as we move to expand our customer-centric products in our core markets, while also looking to enhance innovation in areas like fintech and data. For all those new Gurus, welcome. We are very excited for you to join us. We have much to accomplish together. We have entered the year with strong employee engagement, and adding new capabilities to the team is only going to further improve our ability to serve our customers. We pride ourselves on being purpose led, and our Gurus are very focused on working consistently with a set of principles we call our vision to values. This is the bedrock on which the business has been able to uniquely be successful in the region. We are keenly aware that every day our job is to reaffirm to our customers the value we bring to them, whether through our current offerings or the promise of future product rollouts. When times are good, most companies add value to enhance the customer experience. The great companies separate themselves from the pack through innovation and greater customer penetration during uncertain times. That is exactly what we are currently doing. As our customers manage rising inflation and possible fiscal intervention, we are providing them with the partnership and solutions they need to succeed. In the second quarter, we launched several new product initiatives. In Singapore, Malaysia, Thailand and Indonesia, we revamped our content management system, giving us a greater ability to tailor relevant content for individual property seekers with enhanced information security. In Singapore, we launched a feature that facilitates the delivery of better quality leads for agents. In Vietnam, we launched a consumer experience score to better understand if we were effectively serving customer needs in that dynamic market. Finally, we launched renewal self-service for our agent partners in Singapore as a way to help drive a better customer experience and improve our sales team efficiency. Our innovation is not just on the customer facing side. We are constantly looking at ways to better monetize our differentiated products. For instance, in Malaysia, we launched premium services for both PropertyGuru and iProperty, providing enhanced financial benefits that we hope will be the foundations for growth and profitability going forward. Late in the quarter, in Vietnam, we launched a new pricing engine that will facilitate a variable pricing structure, helping us move to a more dynamic pricing process going forward. As would be expected, our product launches lay the groundwork for future growth, just like our investments over the last two years provided the foundation for the results we are discussing today. Joe will go through the financial details in a minute, but I wanted to take a little time and say how pleased I am with everything we accomplished in the second quarter. Group revenue was up 44% versus last year, but more importantly, we grew in every market in which we operate. At a time when many global real estate markets are facing extremely challenging times, such as the U.S., where rising interest rates and decreased affordability is weighing on demand. Our core markets have been able to sustain their relative momentum to date. In the Singapore market, real estate prices remain strong in both the sale and rental markets, assisted by inflows of new workers and continued demand from younger people looking for housing. In addition, there are signs that supply issues resulting from construction delays may also be improving. As our results show, in Singapore, we continue to benefit from greater customer penetration of our products and any headwind created from the government's increased stamp duties and tightened loan limits late last year appear to have only temporarily impacted the first quarter. In Vietnam, we are seeing improving property trends as prices rise across all segments and consumer interest returns to pre-COVID levels. Markets are reopening as supply chains are moving, again helping to revitalize the economy and strengthen GDP. Population urbanization continues to be a very important demographic trend in Vietnam and one we hope to capitalize on. Of note, given rising global inflationary concerns, the Vietnamese government continues to closely monitor real estate activity to try and proactively ensure longer term sustainability. In Malaysia, the overall market remains strong as pricing and supply continue to grow. Encouragingly, demand increased this quarter for the first time since the end of 2020. We are pleased with the results from our acquisition of iProperty last year as we believe it to be a complementary brand to PropertyGuru, while also allowing us to leverage back office functions and a consolidated sales team. In fintech, we continue to see opportunity in leveraging our core market expertise to not only improve the financing process for home buyers, but also add value for our agent customer base. In data services, our proprietary market data, combined with market intelligence as a driver for value-added software solutions, is a natural next step in an industry where technology is expected to transform the future real estate transaction process. While our businesses performed well this quarter and we remain positive on our longer term outlook, I wanted to point out that I'm also excited with the opportunities we are seeing to acquire additional assets that could further strengthen and differentiate the PropertyGuru value proposition. Clearly, we will always be diligent in the assessment of value, but I'm encouraged with the variety and merit of many of these prospects. With all of the positives we saw in the quarter, we are affirming our full year 2022 outlook of approximately 44% revenue growth and a return to + Adjusted EBITDA. That said, it is important that we remain vigilant in monitoring individual market conditions as consumers manage through the impact of inflation, rising interest rates, and fiscal intervention on housing affordability. Let me now turn the call over to Joe to review our financial performance. Thanks Hari before I move to the specific financials in the quarter, I'd like to take a moment to briefly reflect on where we are in our journey and what lies ahead of us. I'm proud of the way that the company has been executing. Our strong focus on serving our customers and our innovation has enabled us to drive revenue growth across our markets. This makes it possible for us to maximize the value we can generate from the strong tailwinds we have in our markets. Urbanization, middle class expansion, and digitalization. At the same time, we also focus on profitability through automation and efficiencies to increase our operating leverage. For example, at the front end, we enable our customers to self-serve our products, and in the back end, we invest in our internal systems to drive both productivity and accuracy. We've also invested in our M&A and integration capabilities. We have demonstrated an ability to effectively integrate acquisitions and deliver on synergies, which will be valuable as we execute further M&A. These improvements in operating leverage are evidenced through our improvements in Adjusted EBITDA year-on-year. We are also focused on our governance and compliance in the listed environment as we strive for best practice. These are exciting times for PropertyGuru with more to come. Now turning to the financials. Just a note, where I quote percentages, these are all versus the same period in the prior year. On the top line, Q2 2022 was another solid quarter for PropertyGuru, with revenues up 44% to $33 million. Breaking that down, our marketplaces segment grew 43% year-on-year. To look by country, in Singapore, our largest market, we grew the number of agents to 15,023, which is a little over 1,000 above our forecast. In a buoyant market of late, we've effectively demonstrated the value we bring and attracted new agents to our brand while retaining our existing customers, as shown by a high 82% renewal rate. Despite the agent volume increasing, we've also managed to grow yield and increased our average revenue per agent or ARPA by 29% throughout increased activity on our platform. At the bottom line, Singapore Adjusted EBITDA was $11 million in the quarter, representing a 65% margin. Moving north to Vietnam, revenues increased 19%. As the market continues to recover from the COVID period and we executed our growth plans, the number of listings grew 17% to almost 2.4 million. Meanwhile, the average revenue per listing grew 7% with growing adoption of premium services. The appetite for property as an asset class continues to grow, and we are excited by the opportunities that exist in this market. Vietnam Adjusted EBITDA of $1.7 million in the quarter represented a 24% margin. In Malaysia, revenues were $6 million as we consolidated our two-brand strategy after the acquisition of iProperty last year. Our Adjusted EBITDA turned positive in the quarter at over SGD 1 million for a margin of 21%. This validates the progress we have made in the integration of iProperty and the strong commercial rationale for the transaction. Finally, Fintech and Data Services combined revenue increased 53% to $1 million. While this segment is still in its early stages of development, we have seen encouraging results and immense growth potential. Going forward, we will continue to invest in this segment, which we believe will become integral parts of our business expansion in the future. Overall, we reported a net income of almost $4 million in the quarter, which included a positive change in the fair value of preferred shares, warrant liability, and embedded derivatives of $12 million. Our Adjusted EBITDA was just over $3 million this quarter. This is the second quarter in a row of + Adjusted EBITDA as our operating leverage continues to grow. Moving to our balance sheet, we ended the quarter with $369 million in cash, up from $70 million at the end of December 2021, primarily reflecting the proceeds of the listing. As Hari mentioned, we are reiterating our full year 2022 outlook for approximately 44% revenue growth and a + Adjusted EBITDA. I would like to finish by thanking our customers for their support and the growing ranks of our staff, our gurus, for their commitment in achieving these solid financial results. Now, I'll turn the call over for questions. Operator, we're ready for our first question. Thank you, Joe. Now we'll take your questions. Please use the Raise Hand function if you want to ask a question. To facilitate the Q&A session, I will invite you to ask the question and unmute you. Please state your name and firm before asking. Our first question will come from Nick Jones. Nick you're now open to speak. Great thank you i t's Nick Jones from JMP Securities. Could you maybe touch on what kind of, you know, economic challenges you're seeing in your markets? It sounds like demand is remaining relatively resilient, but there's, you know, this. I think there's kind of for investors, there's this overhang of just broader kind of global macro conditions impacting, particularly the housing market. Could you speak to that and what you're seeing in the markets? Sure Nick thanks for your question. Obviously, this varies by market as we've mentioned it on previous calls. You know, I'll start. I'll sort of go market by market. When you start in Singapore, I think fundamentally demand, as I mentioned in my opening remarks, remains very strong. We saw, if you recall, over the last couple of years, the construction sector largely being shut, and as a result, demand far outstripping supply. That does continue to be the case. You know, post-COVID, you've seen more influx of new foreign workers moving in. You've seen young Singaporeans looking to rent more. You're seeing both price demands, both rental as well as sale continue to increase. As a result of which, you have seen prices continue to increase by some amount. There is obviously this aspect of rising interest rates, but I think when you step out of Singapore, you start looking at Malaysia and Vietnam, the situations vary between those markets. I think in Malaysia, we've had a supply overhang historically. The government has been working through that situation over the last several years. We're seeing demand, as I mentioned, for the first time pick up since the end of 2020. We saw that in Q2. I think, you know, some of the macro tailwinds that Joe touched on, urbanization, emerging middle class, you are definitely seeing these sort of long-term macro tailwinds running up against the headwinds you mentioned, interest rate rises, and then also, you know, fiscal intervention, potentially. You know, some of these markets, they wanna make sure that citizens don't overextend themselves, don't get too indebted, et cetera. We're watching those keenly, but in Q2, you know, we continue to see you know, healthy market conditions. Great. You know, you mentioned on the call, you know, potential additional acquisitions in the future. I guess, one, how do you think about the pipeline in front of you? How should we think about what kind of acquisitions you'd be looking for? Is it really kind of to go more broad and just acquire more agents and users? Is it more technological, to kind of fill some tech debt, a little bit of both? How should we think about the kind of acquisitions you're looking to accomplish? Yeah, no, thanks for that question. Yeah, as you might recall, but just for the broader audience, we are organized by three different business units. We focus on marketplaces which serve customers, consumers, property seekers and agents broadly. We also have Data and Software Solutions that essentially serve the B2B players in the real estate sector. We have Fintech, which is for right now only available in Singapore. When we talk about M&A, we do have a healthy pipeline, as I mentioned. We are very much focused on staying in the five markets in which we operate for now. Geographic expansion is not our immediate focus. We are looking at those adjacencies, so primarily looking at things such as home services, fintech, Data and Software Solutions. We're looking in those areas to expand into spaces. There's some very dynamic companies out there which are innovating, and we feel with our support and you know we could sort of double boost some of the performance of some of these products. I think we're very much looking there rather than acquiring audience and looking at the consumer products. That's not our immediate attention. Great. One more if I can, and this one's maybe for you, Joe. As we think about the back half of the year, how should we think about kind of the seasonality in 3Q, 4Q? You know, you reaffirmed kind of top line growth numbers and then a return to profitability. How does that compare to the numbers kind of we saw on the profit line, in the you know earlier presentation earlier in the year of around $11 million of EBITDA? Is that still intact or it's kind of just profitability there and does that mean maybe costs are gonna be a little elevated more than we expected? Thanks. Yeah thanks Nick in terms of our outlook, you know, we're still lined up with the numbers that were in our Form F-4 forecast. The revenue numbers on the top line, $145.1 million, and the Adjusted EBITDA number that you referred to. We're still very much in line with that. In terms of seasonality, you know, there's similarities to other markets in the Western world, and there's differences. You know, traditionally this start of the year is relatively quiet as we discussed in our Q1 results, just in terms of a lot of the festivals and holidays that happen. Things do sort of pick up into Q2, and then Q3 and Q4 are generally pretty strong. In many markets we do see a slight sort of tail off in our agent business towards the back end of the year, towards I guess the sort of holidays et cetera at the end. We also have our awards business, which really picks up in the second half, which then sort of fills in revenue there. You know, we're looking forward to a pretty strong back half of the year. In terms of profitability, from where we are now, we're pretty much lined up with our full year numbers that we just talked about. Great thanks Hari. Thanks Joe. Thanks, Nick. Thank you very much for that, Nick. We'll now move to our next attendee who's gonna ask a question, is Fawne Jiang. I'll allow you to talk. Fawne, you can now talk. Yep. Hey Hari. Hey Joe. Hey. Thanks for taking my questions. First of all, congrats on a very strong quarter. I think my first question is, it seems like different markets may going through different dynamics and partially, you know, from the global, I think inflation perspective, partially also as Hari mentioned earlier, there's a long tail macro tailwind. Based on my observation, it seems like Singapore market, in particular was actually has been very strong. On the other side, Vietnam seemed to be somewhat a slower start of the year. I don't know whether that's a fair assumption. In particular Vietnam market, do you see substantial pickup, in the second half? Any drivers, you know, for accelerated growth ahead? Any color will be helpful. Yeah, no, thank you for that. As I mentioned, you know, the macro tailwinds in Vietnam, particularly urbanization and emergence of middle class, that demand for real estate remains strong. Having said that, you know, you're seeing the. You know, Vietnam's been a huge beneficiary of, you know, supply chain movements out of other markets. And, you know, commensurate to that, you're seeing, you know, job creation and, as a result of it, housing and real estate actually take off in a big way. Obviously the government in Vietnam pays, you know, very close attention to that. And, you know, they have been looking very carefully to assess whether their policies and, you know, fiscal, any fiscal intervention is necessary. As of Q2, you know, the market continues to, you know, trend really well. I think, as we look into the second half of the year, we are sort of cautiously watching what the government does in terms of, policy changes or fiscal intervention. Understood. Thanks so much. Second question regarding your, I think the bottom line. Again, very impressive, I think, improvement on the EBITDA. Just wonder whether you see any cost pressure as a result of inflationary, I think environment. I also notice your employee compensation actually has come down in the quarter. Just wonder, you know, what's the driver behind it? Yeah. I think in terms of the cost pressures that we face similar to many companies, you know, inflation is certainly an impact. We do feel that in terms of labor market. Most of these factors are all built into our forecasts and plans for the year. We certainly mitigate around them. Obviously Singapore particularly has a talent shortage. You know, the very talented people that we're hiring into our business can certainly, you know, sort of command good salaries. Yeah, those kind of pressures and the war for talent is definitely a challenge for us. Look, we mitigate within our cost base. We also do things like we have outsourcing in India in order to sort of manage our costs and into other markets as well. We're not fully reliant on the labor market here. Overall, you know, we're managing within the envelope we have. We feel pretty confident in achieving those EBITDA targets for the full year. Understood. Thanks Joe. My last question actually regarding your FinTech and Data business. Just wonder, you know, can you remind us of your target, whether strategic or on the financial side for the full year? You know, where you are in terms of, you know, against your target, full year target. Any potential strategic move in this area, that'll be helpful. Thank you. Yeah. Just talk to, you know, I think, you know, your question was around DSS and our strategy there and whether there are acquisition targets? Is that right? Actually a question regarding the progress of your fintech business and data. At beginning of year, understand, you know, company has a strategic target as well financial target. Just wonder, you know, where you are, you know, against this target and also any potential, you know, moves for the second half, probably more on the strategic side. Yeah. You know, maybe a product upgrade. Sure. Thanks for the question. You know, from a fintech side, you know, where we operate a broking business in Singapore, you know, that business has been growing very well. In terms of the back half, we continue to leverage new technology solutions that we're bringing in in order to make the customer journey better. We've also been fostering a lot of partnerships as well with agents and other channels in order to drive sort of further leads. Another big sort of win for us really has been productivity. We've seen really strong improvements in efficiency and productivity from our loan advisors. We're really sort of delivering sort of industry-leading levels of conversion and therefore revenue. I think those are some of the highlights on the fintech side. On the longer term, you know, we always look for opportunities in other markets. We operate in a very exciting space, and certainly I think Malaysia and also Vietnam are two focus areas we're always looking at for potential acquisitions or other activity in that space. In terms of data, as Hari's mentioned, we've got quite a strong sort of product delivery schedule in the back end of the year, particularly in Malaysia. That's certainly gonna sort of drive strong revenues in the back half as we bring on new customers for our products. In the longer term, you know, as we've always said that we would roll out those data services across the region. You know, we already do that in Singapore to a certain extent, and we're always looking to do that. Where necessary, if there's any acquisitions or acqui-hires, we'll definitely be considering those, along the way. All in, you know, this is a very exciting space for us, a very dynamic area. As we said before, will increase in the years to come to form a large part of our revenues. Understood. Thanks Joe. I'll go back to the queue. Thank you. Okay. Thank you Fawne. That was our final question. This concludes our question and answer session. I would like to turn the conference back over to Hari Krishnan for closing remark. Thank you all for joining, today. We look forward to speaking to all of you again next quarter.