PropertyGuru Group Limited (NYSE:PGRU) Q1 2023 Earnings Conference Call May 24, 2023 8:00 AM ET

Company Participants

Nat Otis - Vice President, Investor Relations

Hari Krishnan - Chief Executive Officer and Managing Director

Joe Dische - Chief Financial Officer

Conference Call Participants

Nicholas Jones - JMP

Nelson Cheung - Citigroup

Fawne Jiang - Benchmark

Operator

Thank you for standing by, and welcome to the PropertyGuru Group First Quarter 2023 earnings conference. 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 Nat Otis, VP of Investor Relations. Mr. Otis, please go ahead.

Nat Otis

Good morning and good evening. Welcome to PropertyGuru Group's first quarter 2023 earnings conference call. On the call today are Hari Krishnan, CEO and Managing Director; and Joe Dische, 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. A replay along with a transcript will also be available in the investor section of our website. Thirdly, we will 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 risks 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 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 Hari.

Hari Krishnan

Thank you for joining us today for our first quarter 2023 earnings conference call. We are pleased to share that PropertyGuru has started the year off on a strong note by delivering overall revenue growth of 16% and positive adjusted EBITDA, both of which are in line with our internal expectations even with challenging conditions in Vietnam. As a result, we are maintaining the full year 2023 revenue and adjusted EBITDA outlook that we introduced last quarter.

Our success can be directly attributed to our dedicated team of gurus as we expand our product portfolio, witness growing acceptance of our existing offerings and enhanced operational efficiency. Despite the cautious approach of some Southeast Asian policy makers towards current market conditions, we remain confident in the underlying strength of our offerings and the opportunities in the Southeast Asian property markets.