KE Holdings (BEKE) Q1 2022 Results - Earnings Call Transcript

For the period ending March 31, 2022

May 31, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc.'s First Quarter 2022 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded.

I will now turn the call over to your host, Mr. Matthew Zhao, IR Director of the company. Please go ahead, Matthew.

Matthew Zhao

Thank you, operator. Good evening, and good morning, everyone. Welcome to KE Holdings, Inc. or Beike's First Quarter 2022 Earnings Conference Call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website, investors.ke.com.

For today's call, we have Mr. Stanley Peng, our Chairman and Chief Executive Officer; and Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategy and business developments and Mr. Xu will provide additional details on our financial results.

Before we continue, I refer you to our safe harbor statement in our earnings press release which apply to this call as we will make forward-looking statements. Please also note that Beike's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to our press release, which contains a reconciliation of all these non-GAAP measures to comparable GAAP measures. Lastly, unless otherwise stated, all figures mentioned during this conference call are in renminbi.

With that, I will now turn the call over to our Chair CEO, Mr. Stanley Peng. Please go ahead, Stanley.

Stanley Peng

Thank you, Matthew. Hello, everyone. Thank you for joining Beike's first quarter 2022 earnings conference call.

Looking back on the first quarter, we were confronted with tremendous challenges, mostly arising from short-term uncertainties. But these uncertainties have not shaken our belief in the slightest. We are now more convinced than ever of the positive long-term market outlook, the prospect of achieving our goal and the path to get there. We believe, taking care of customers and helping service providers take care of customers is at the center of everything we do. We are resolved to choose the difficult yet right path when facing multiple options.

The market volatilities have made our beliefs more real, more certain, have inspired us to reflect on ourselves and more importantly, given us the tenacity to thrive during the cold winter. Meanwhile, we must stay optimistic. In the long term, our target addressable market in existing and new home sales will continue to grow steadily, and the broader living sector will usher in greater opportunities. Swimming upstream, only the brave will succeed.