OMH

Hi, good evening everyone and good morning for our investors dialing in from the U.S. welcome to Ohmyhome Q3 2024 growth updates. Before we start, we would like to quickly go through the important notice and disclaimers. This presentation contains forward-looking statements that reflect our current expectations and view of future events, all of which are subject to risks and uncertainties. If used, the words believe, may, will, estimate, continue, anticipate, intent, expectations and similar expressions are intended to identify forward-looking statements. Forward-looking statements give our current expectations or forecast of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions or a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statements can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but not limited to, assumptions about future financial and operating results, including revenue, income, expenditure, cash balances and other financial items. Our ability to execute our growth strategies, including our ability to meet our goals, current and future economic political conditions, our capital requirements and our ability to raise additional capital which we may require. Our ability to attract customers and further enhance our brand recognition, our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business trends and competition in the brokerage and related industry and other assumptions described in this presentation underlying or relating to any forward-looking statements. We describe certain material risks, uncertainties and assumptions that could affect our business, including our financial conditions, results of operations, Baltimore [ph] Filings we base our forward-looking statements on our management belief and assumptions based on our information available to our management at the time the statements are made. We caution you the actual outcome and results made and are likely to differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date on which statements are made or to reflect the occurrence of unanticipated events. You should read our public filings and the documents that we refer to in this presentation with understanding that our future results may be materially different from what we expect.

Hi everyone. Good day to you. I'm Rhonda Wong, CEO and co-founder of Ohmyhome. Thank you very much for joining us today. We founded Ohmyhome in 2016 and that's Race Wong and myself in the image. We're sisters. Born in Malaysia, raised in Singapore. We started Ohmyhome with a background in property transactions and also trading. And we realized that there is a huge market gap where a lot of people who are selling and buying infrequently do not quite have the right knowledge or information when it comes to real estate transactions. And we're very much relying on real estate agents to provide information. So we have since become Singapore's largest integrated property transactions and services platform. Many people call us the One-stop Shop which means that aside from buying, selling and renting with Ohmyhome, you can also secure mortgage, legal services as well as renovation and property management. Our vision is to be the most trusted and comprehensive property solution for everyone. And by everyone we mean people including those who can't afford services or agencies as well as the rest of the market from investors to your daily folks buying and selling for the first time. In order to achieve scalability and to be able to serve more consumers across the world we then use technology to bring speed, ease and reliability to property related services. So we're very happy to share and present our results today and today's presentation will be led by our Director of Finance, Leo [ph] Li.

All right, thank you Rhonda. So first off, just a quick overview of our latest cap table. So our ticker symbol is OMH traded under the NASDAQ Exchange. Our IPO was last year March 21 and our current share outstanding is at 23 million shares as of the latest of yesterday. Now share price as of yesterday was $0.44 USD and our last 90 days average trading volume is 135,000 shares per day. Analyst ratings by Maxim and Zacks are sitting at $1.5 and $3 respectively. On 6 September 2024, the founders, which are namely Race and Rhonda Wong, have actually exchanged half of their monthly salaries from January to August 2024 into ordinary shares and those shares were issued on October 4, 2024. And so this green section here that you see are the additional shares that are being acquired by the two founders. This has shown that the founders believe in the business and is committing -- basically it's committing, committed to the business and willing to come in more later on. Later, we will share the reason why and primarily is because of the growth of the business that we are seeing. So we are a property one stop shop and this diagram encapsulates all the businesses that we do, so our customers can come in from every part of their lifecycle with [Indiscernible]. So let's say if your if your property potential buyer or a seller usually will start with the research section where you will look at free blogs valuation of the homes and look for guides and some of those who may be thinking about doing it by themselves with the time and energy to do so, they will do so via our DIY platform with verified listings by homeowners. The majority of our customers actually prefer to have an agent to help them transact their property and all of our agents are in house and then they are also top 1% in Singapore in terms of number of transactions across the entire Singapore. We usually charge around 1% of the property's value as a commission revenue for our brokerage business. To support our brokerage business and also to help our customers close faster, we also work with all the banks to provide mortgage to all of our customers and also work with a panel of trusted law firms to provide legal conveyancing services where we acquire advertisement revenues from them. And during the process, ofcourse in Singapore it is very common for homeowners who just purchased their home to look for renovation. We are also the main contractor in renovation business that has the in-house interior designers as well as project managers to help design and build their dream homes for our clients. So for this segment we typically service high end condominium homeowners, land homeowners as well as office renovation projects. Lastly we have the third business units which is also prominent business units is the property management business where we are the managing agents for multiple condominium projects that basically we help them manage all of the common areas and allow them to allow the residents to book all of the facilities such as tennis court, such as sauna room etcetera and we collect property management revenue from them. A quick recap of our first half of 2023 [ph] results in case some of the investors here missed it. So in the first half we have seen a stellar growth of 106% in terms of revenue. So our revenue grew from SGD2.17 million to SGD4.47 million. Our gross profit has almost doubled and this is mainly due to a margin improvement across all of our businesses. So our brokerage has increased its gross margin from 46% to 49%. Our renovation business has also increased its margin from 23% to 28%. Our property management business has also increased their gross margin from 31% to 33%. We are still incurring a loss, although the loss is narrowing because we are continually investing in the technology, the loss has been narrowing. So we have seen a net decrease of 220,000 compared to the same period last year. OpEx remained high in the short term mainly due to a recent acquisition of the property management business and we still need some time to optimize the cost that involved. There's also an increase in amortization expenses of 440,000 in the first half of 2024 versus only 180,000 as compared to the same period last year. So the operating expenses expected to reduce significantly from the third quarter onwards, mainly due to a series of cost optimization plans that we have initiated in the second quarter of 2024. So we expect this number to narrow significantly going forward. In terms of balance sheet wise, we have also seen increased improvement in the balance sheet count. So we have seen an increase in assets, decrease in liability, which lead to a net increase in equity. Cash and cash equivalent, we have also rebounded to a healthy number of SGD2.4 million and this is mainly due to a placement that we have done in the first quarter of the year to execute our strategy for further growth and breakeven. So now come to the important part. We would like to summarize our presentation to three main key points. One is that we are a high growth prop tech company. Secondly is that we are a business model that is highly profitable at scale and certainly currently we are trading at a low valuation multiple as compared to what's happening in the industry. So with regards to the first point which is high growth top tech, I'll go into the detailed numbers here. So for the third quarter of 2024, what we are seeing is that for the first nine months of 2024, what we are seeing is $212 million in terms of the gross transaction value of the homes that we have brokered. And this number has a 51% increase as compared to last year. We have also seen a significant increase in the renovation contract that signed for the first nine months of 2024. So the contract we have signed so far is SGD2.43 million. And this is essentially close to 300% of what we see in the same period last year. And in terms of the units under management by property management business, we have seen a significant growth compared to the 6,700 units that we managed at the end of the year. Now this number has increased to 9,283 and this represents a 30% year-on-year increase. In terms of total property transaction GDP we are looking at SGD334 million which is similar to last year, but out of that 63% has gone through our agent as compared to only 42% compared to the same period last year. So lastly of course profitability and maintaining cash balance is always a focus for us. So as of the September 30, 2024 our cash balance sits at 22.1 million and this actually increased from the last reported figure which is 1.8 million in June. For brokerage services we have seen a steady increase. So this graph, the orange bar represents the number of transactions that we have done by our agent team and the blue line represents the gross transaction value in USD millions. As you can see, both have seen a healthy increase over time and for the first nine months of 2024 what we are seeing is 51% increase in the total GTV. And in terms of the number of transactions we have seen a 32% increase for the first nine months of 2024. We have also seen an increase in gross margins. This is primarily due to improved brand awareness that we have in the market and also primarily contributed to the HomerAI launch that we have done in the second half of 2023. So to recap for HomerAI, this is actually a one of a kind homeowner focused platform that streamlines the home selling process. So this is available on both application and mobile so you can simply just search HomerAI and this is available currently only for our customers in Singapore. So what you do is that you actually will be able to see accurate valuation of a home that is live, that's updated by what's happening in the market and also supported by tons of guides data about recent transactions and also our service is always just one click away for you to engage us. So this allow us to build a sales pipeline for mid-to-high intent sellers and provide us with first access to customers upon their intent to sell. And because of the higher customer lifetime value that we have versus via a single customer acquisition, this allow us for a core focus of user acquisition strategy going forward. So in terms of the growth of the product on its own, what we are seeing is in the third quarter of 2024 we are seeing close to 10,000 homes connected. These are homeowners with their registered address, with their registered phone number that we know exactly who they are and know how to contact them. And by studying their behavior on the platform and how they use our data we are able to know when to target them, when we to target them exactly. So as you can see, this number has increased steadily. And for the GTV that's transacted via homeowner users, this number has also increased steady over the years. So this total homes transact -- I'm sorry total homes connected right now it's around 33,000 with over $20 billion of gross merchandise value of the homes connected that's waiting to be transacted. So the transaction that's contributed by HomerAI users now grew from 0% in the start when we first develop it to close to 20% of the total brokerage that we have done. We have also been developing new features and products that allow our users to do more. So one of which is that HomerAI user now are able to post their listings directly on the app if they have the intention to do it themselves. And they are able to know the latest valuation, upload their homes and then we are even able to pre-draft some of the messages for them via AI and also lastly able to help them fill in the critical information. So it's just one click away. So why people love us there are multiple reasons and most importantly is that we are the future of property transactions. So because of the technology that we have that we show you just now does a HomerAI and one of which is another one that we have shared in previous presentation which is the MATCH technology that actively matches the buyers and sellers. We are able to transact 65% of our deals in seven days on average. And 73% of our properties are sold above market average prices. And most importantly is that the experience that we give to clients basically help us get the 4.9 star, our 5 star rating across all of the platforms that you can see out there including Google and Facebook. These are generating reviews by our customers having used our services and were impressed by our services. Compared to some of the well-known names out there in the market as the traditional brokerage or the TEB out there. So compared to we are much more efficient with the use of technology. So each one of our agents are able to transact 60, 70 deals a year. So average number last year for us was 63 deals per agent per year. And comparing to all the big names out there, Propnex Era, Orange Tea and Hudson Asia, which they do have a large army of agents. But in terms of how many deals each agent do on average their number hovers around three to four to five which is typical number that an agent does in the market when they're operating as a freelance model. And for us, because we operate a very close knit and also supported by technology, we are able to close a lot more. Each one of our agents are able to close three, five deals or even more a month. So what they do in a year usually is what we do in the year in a month. Even comparing to some of the well-known names in the U.S. this same matrix we also come significantly higher. So REFN [ph] is the only close comparable that we see with some of the leading names out there including Compass and EXP, who are also hovering around five to seven deals a year. So the next section coming to renovation. Our renovation is operating under the name DreamR. We offer premium renovation services as the main contractor to help customers realize the dream home. So customers usually follow four simple steps to actualize the dream home. So one is that they can book a consultation with us to share with the vision. And of course in the process we translate their vision into ideas, into cohesive designs. We also have in house team of project managers. Unlike many companies out there who operates on a freelance model whereby one person acting both as sales as an ID as well as the project manager, that model usually leads to a lot of cost overruns or a lot of inexperience causing issues with design. But for us, we are a team of professionals that specialize in the field. That's why we're able to manage each and every project so well. So we have a specialized team of project managers to ensure the timeliness of delivery and the accuracy of what we are building for the customer. And lastly, we have a dedicated team to watch over every detail. So you will be handed a beautiful home on time. And we are particularly proud that we have been on time for the past two years due to our strict control on design, quality, cost and timeline. So for renovation sector, specifically in terms of numbers, in the third quarter of 2003 we have signed close to USD1.5 million worth of contract compared to the same period of last year, we have seen 400% growth. For the first nine months combined together, compared to the same period last year, the number the growth is 286%. So this is mainly due to a focus on higher value customers and also improved fuel flow for the high end residential and commercial projects that we are ticketing. We have also built interesting tools and features for our customers to pre generate their ideas and basically help them with mood boarding before they come for consultation. So one of which example is this, that this is the original photo that's on our listing. We are able to use AI to regenerate in the style that we want in HD. So as you can see on the left side, this is what the homeowner takes and this is what's generated as one of the styles. So on all of our listing page right now, you can actually click on this icon and try it out for yourself. And this is actually a feature for free for everyone to use. This is a tool that it's available for everyone to use and try it out. So this is an example of this listing has been sold. The listings tend to stay [ph] very short live on our shelf because we sell them by fast. So this is one listing, as you can see, you can select in multiple styles and you can see it beautifully designed in different styles. So all of these are done by AI and then you can reimagine your home in the way you want it. So to the next segment which is Ohmyhome Property Management, this is a segment that is also actively growing. It is a tech enabled property management company in Singapore with a recurring revenue stream from facility management businesses, which means that they manage the security, the cleaning, the repairs of all of the common facilities, the facade, as well as doing the counting as well as bylaw enforcements for the MCSTs which are the equivalent of homeowners associations in Singapore, but they are for condominium projects. They are high rise and high density projects in Singapore. So currently they're managing over 30 plus condominiums projects and this amounts to more than 9,000 units that are under their management. So this is an impressive growth just within three years of inception. And what it means to the bigger part of the business is that they provide valuables. Sorry, let me just go back and reshare the screen. Okay, there you go. Now it's full screen easier for everyone to see. What it means to us is that it actually provides a higher end of customer base for us to target and market to, which provides us with two to four times of what we had in the past in terms of brokerage revenue per sales transaction. In terms of renovation revenue is also two times higher compared to what we had before. And this is a huge customer base for us to nurture and for us to provide our service to. They are also a mobile based property management service which with 100% privilege workflow, all of the task management, the back end, contractor management, documentation all happen at the backend. What's happening in the front end for all the home users is that they are able to book all kinds of facilities, they are able to submit all the forms, make payments for various service requests, all of it on the phone. So this allow them to look at our advertisements and look at engage all of these services on a day to day basis and allow us more transport conversion. They are also a company with smart integration capability. They have integrated multiple IoT solutions including visitor management systems and license plate recognition systems and this also because of the introduction of technology. They are also allowing their customers, which are the MCSTs, the homeowner associations, to reduce costs and improve the stock price staff productivity on site. So in terms of numbers, the units under management is an indirect indicator of their revenue growth because usually each and every single unit that we manage represents a monthly recurring fee that we are able to collect from individual users. So as you can see over the past few years they have been growing steadily from around 3,000 in 2021 to right now the latest number is hovering over 9,000. This represents a 34% increase compared to the last reported figure in December 2023 which is 6,700 units. This provide us with additional recurring revenue and customer base for our brokerage and renovation services. Around 1.5 thousand units were newly added in October and will contribute to revenue growth in Q4 2024. So these are some of the projects that we have recently been appointed in third quarter in the third quarter. This is Affinity at Serangoon which is a huge project that's sitting in the heartland of Singapore. We also have Parc Mondrian, Stirling, Watten Residences and LIIV Residences. As we grow further we will start to acquire more and more all of these condominium projects and as a matter of fact we start to encounter many partners and many customers who happen to be residing in our condominium in the condominiums that we manage as well. So as we grow this will provide additional recurring revenue and customer base for our businesses. Our three key drivers for our short to midterm growth are firstly to aggressively grow our top funnel to aggressively grow our top funnels by increasing our condo acquisition and unit under management of our property management business and secondly increasing B2B partnerships to grow new funnels for customer acquisition. Secondly we have all of our tools including HomerAI as well as match to be able to nurture our clients 24/7. So answering questions promptly with our increasing headcount and lastly and also engaging customers from earlier stages of life cycle so we are able to convert them to become outgrained customers. And lastly, we are also in we are also working to increase the conversion and market share in the condo market by better nurturing via AI to result in higher conversions for our customers and also to increase our market share in the condo market this also means that our revenue that come from the market will be two to four times of what we have in the past when we were focusing on the HDB market. So the second point of our, of our three key highlights for our investment is that our business is actually highly profitable at scale and this is actually 13 times of customer lifetime value. So allow me to explain further what I mean by that. So compared to traditional brokerages or a lot of tech enabled brokerages out there, we are very different fundamentally in terms of our business model. So most of the agencies out there, here in Singapore, in Southeast Asia, what we do is that when one commission comes in, let's say it's $10,000 worth of commission, typically what happens is that 90% to even 95% of commission will be paid to agents because each and agent are essentially freelancers and they manage their own expenses and the customer engagement. Whereas for us, because we are a team serving customer, we are able to retain much higher in terms of gross profit that we have. So our gross margin usually hovers around 50% and then the 50% that we pay out are usually inclusive of all of our agent’s salary, our co-block agent’s commissions or our incentives as well as property listing expenses. So this is a significant improvement as compared to the typical model where we our gross profit margin is five times of what a typical transaction has. And then in order to achieve 10 million in brokerage gross profit, usually for these kind of cases they will require 10,000 deals, but for us we only require 2,000 deals. So we are able to achieve profitability with much lower amount, much lower number of deals. And then for the traditional model, usually it's hard to get into, it's hard to reach further down the funnel to be able to engage customers for other services because usually it conflicts with agent site interests. But for us, because we work as a single team and we also actually provide services to the customers directly, we are able to earn typically 40,000 worth of gross profit coming from renovation deals. So our renovation deals hovers around 2,000 to 200,000 to sometimes even as high as a million dollar contract. And in terms of the revenue that's coming from property management business, it's usually at $400 per year per unit. So adding all of this together in terms of gross profit, we are seeing around close to $13,000 in gross profit for one single customer that's coming to us as compared to only 1,000 gross profits profit for one customer that's been transacted by the traditional model. So throughout this whole cycle one customer is worth 13 times more compared to traditional brokerage model. And that's why we have a very highly profitable business when we are reaching age scale. And lastly, we also trade currently trading at a relatively low valuation multiple and what we are trading at currently is at a revenue multiple of 1.3 times. So what happened recently in the industry is very interesting. Property Guru, which is another listed company as well coming from Singapore and then they were recently acquired by EQT which is a private equity fund with a valuation of $USD1.1 million. So this is actually close to 9 times of their 2024 projected revenue. So this multiple is actually significant higher than what we are trading at. But partly could be due to the fact that due to the fact that we don't have a lot of people know us yet. So as we market ourselves more and more to more investors, hopefully this will be spread out to more investors out there to know that we currently have a low valuation multiple compared to what's happening in the market. So these are three key highlights I would like to just reiterate once again. One is that we are high growth top tech company. Secondly, we have a very high, highly profitable business model at scale. And lastly we are currently undervalued as compared to what we are seeing in the industry. So in terms of our long-term growth strategy, our core focus is still on increasing market share in the existing market and expand our geographies. Secondly is to acquire and partner with companies whose offering accelerate our growth and lastly increase our service offerings so we can become a property super. Our company is also managed with a very experienced board and management team. So Rhonda and Race Wong are our CEO and CEO respectively. Sitting on our Board of Independent directors we have our chairman who is a Mr. David Loh who is also the Chairman of Centurion Corporation which is a well known student condominium developer and manager for student accommodations around the world. And it's also a listed company in Singapore. And he's also a director at Grab Holding, another well-known tech company in Singapore. And then we have Mr. Lee Wei Loon who is our Audit Chair who was the -- who is the CEO of Watchbox Asia which is a luxury market watch marketplace. And he's also the former director of Investment Banking division at Morgan Stanley Asia. We have Mr. Lim Khoon who is the Chairman of Nominating Committee who is a partner at Eldan Law. And lastly we have Galven Tan. He is our Chair of Compensation Committee, CEO of Knight Frank Singapore another well known property management company in Singapore and he was also the former Deputy Managing Director at Savills. So now we have come to the end of our presentation. And now we would like to open the floor for any questions that you may have.

[Operator Instructions]

Hi Alan. So together with us we have one of our analysts on the call, Mr. Allen Klee from Maxim.

Hi, can you hear me?

Yes.

Yes, yes, we can hear.

Oh, hello. A couple things stood out. One, I heard you say that you increased your cash levels. How? I was curious how you were able to do that.

Well, as we have mentioned in the presentation earlier that we are very focused on of course, our operating efficiency. So what happened is essentially we, we have closed a lot more deals and we also have closed a lot more renovation contracts that allow us to build our cash flow in the short period of time. And also our losses has been reduced significantly due to some of the, due to some of the initiatives that were taken in the second half of the year.

So that...

Sorry, Ellen.

Yes, no, go ahead.

I also saw Derek asking some elaboration on the cost of generation. So this is not rocket science, essentially is that we have looked at all of our internal headcount, we have looked at all of the resources and spending that we have. We have optimized them to make sure that every single dollars and cents are being optimized and achieved the ROI that we want them to achieve. And we have directed some of the resources into marketing so that we are focusing on generating revenue and growth as well. So this is the results of both an increase in sales and revenue that we've seen in the third quarter as well as a reduction in the cost that we have been spending.

So our acquisition into property management has assisted us as well. So with the thousands of units under management, we're able to better offer our services without engaging into every single customer acquisition cost. For each of these conversions, we have also increased our partnerships. So we've partnered with various partners, even from SMB coffee shops to different finance insurance partners. And this has helped us increase our lead generation as well. So in the past, before all of these activities, as you can imagine, all of our acquisition would have to be done by a lot of paid marketing. So as a company running into our eighth year right now, we're definitely looking into how we can generate more activities to increase our organic reach into customer acquisition. So we are currently the highest rated brokerage prop tech company in the entire country or even in the region that we're in, in Southeast Asia. We have over 8,000 five star reviews. So one of the slides that we had with all the top brokerages in where we are in Singapore, you'll find that if you search their reviews, it would not be comparable to Ohmyhome. And the reason is exactly why we started Ohmyhome because actually in the industry there are a lot of complaints about agents, dishonesty, opaque information, costly services, so we created Ohmyhome to hopefully, be able to better serve our customers. And thus far we have done that to a large degree where we need to keep growing is ensuring that our good services, where we're able to sell faster than almost any other company in the market, we're able to transact faster, we're able to achieve higher prices. We have achieved this item in terms of KPIs, but what we haven't achieved is that we have not reached out in terms of our marketing, our branding to the rest of the market. As you can imagine, if you are selling a home and that Ohmyhome can sell it faster and at a higher price for you, it's quite a no brainer to engage us. If you're renovating your home and you know that we can be on time, we're cost competitive or designs are excellent, again, it's a no brainer to engage us. So definitely our goal as we continue to cost optimize is also to expand our reach more organically so that we don't have to keep increasing our marketing costs linearly. And with that reach we would like to be able to keep reporting to stronger numbers and be profitable.

We have another question. Sorry Allen…

I was just wondering if you could give us some commentary on the Singapore housing market overall and the economy.

The Singapore housing market is generally very vibrant and the reason it is so is because there has been a lot of government regulations, pricing control, tax control to ensure that the market doesn't get overheated. So what happens? Like how can it be vibrant when it's controlled to not be overheated? So what happens here is that over the last 10 years the government is trying their best to make sure that Singapore doesn't become like a speculative property market. So over the last 10 years what has happened is that most real estate owners in Singapore are very cash rich and that means that in the event of higher interest rates, in the event of a not so good economic situation, there is no need for anyone to both sell their homes or sell at a huge discount. So most of the time, because of the taxation here, property owners today who have owned multiple properties tend not to dispose of their properties. They would dispose of other assets because it cost them more in future if they wanted to acquire the property. Again because of the way tax works in Singapore. So that's one part. The other part in terms of the market is that overall when the interest rate marks and the interest rates are high across the world, generally Singapore interest rates are quite low. So when it was high we were high for us is about 3% to 4% and then low for us is about 1% to 2%. So we're seeing interest rates coming down. So we're seeing more activities as well. Overall in the market in terms of the Singapore transactions dynamics, where it comes to our business, we're not quite concerned if the market goes up or down as long as there's transactions. So in Singapore, there's about 40,000 sales transactions a year. You can estimate another 100,000 of rental transactions. Now this number obviously compared to if you were in the States or some of our listeners are from India, it's a very, very small number. But the beauty of Singapore is that it's one of the most expensive real estate cities in the entire world. So every transaction actually is worth a lot to us. So a government property would cost about 350,000 USD a week. So 80% of Singaporeans live in there. And then the private properties would easily cost you anywhere between USD1 million to USD5 million per property. And we're talking about multifamily homes that are quite small. About 2,000 square footage would be considered as quite a comfortable size home. So that's the property scene in Singapore. And what we're seeing is that with the interest rates coming down, we're definitely expecting more activity. But either way, the transaction volume has still been quite healthy over the last few years that we've been around. In fact, we started at the worst time of the market in 2016. So this was off the back of the first government, huge taxation on property purchases. But we wanted to start then because we felt that if any help was needed in the market that would have been the best time. So that was why from the time we launched Ohmyhome, within four months we became the number one prop type player in the market. So we're still working hard and looking to continually spread our brand, our efficiency, our services in terms of the one stop shop and be able to gain more customers across the region. Derek was asking if the higher agency TV is on lower transactions, is it due to more condo transactions. Definitely. So with the acquisition of the property management army we're definitely seeing more condo transactions, more condo customers with us. That is on the part of the acquisition. But separately, on the marketing front, we are also actively increasing our deal value per transaction. So that's why you heard Mr. Leo Li previously sharing about how our renovation deals are getting larger because we're dealing with higher net worth, higher value renovation deals. So these days we tend not to, we tend to only work on deals, renovation deals that are above U.S. dollars, $200,000 per contract. We find that we do very well in that category and upwards. So that's what we've been busy with. So when we are growing the department, even I myself, with my co-founder Race, we're very hands on in terms of understanding the market, the materials, the customers that come through because we're very determined to grow dreamer [ph] into a much larger and famous renovation firm.

All right, Allen, do you have any further questions or comments?

I think you mentioned this, but if you could highlight kind of how the combination of using the property management business and your AI tool have been able to grow business and where you think you are on that in terms of like the opportunity of continuing to do that. Thank you.

Thank you, Allen. And it's a good question on top of Derek question about HomerAI. The beauty about HomerAI is not just because it's trendy in the AI world. I was just in LA and Vegas two weeks ago and we were actually in conversations with some of the prop tech names that you saw on the slides. We're actually pretty good friends so we're always exchanging ideas. And the beauty is that the AI that we have already implemented in Singapore in Ohmyhome, it's actually not seen and not available in the state. So, since the time we listed, I know a lot of questions that came in before was about how are we expanding into the States as well. It's always definitely a work in progress because it's a much larger market for us to apply a good technology. So HomerAI, the beauty about that is that of course in the construction and the building of HomerAI, it cost us a lot. So why does a company that runs such high gross margin businesses across all streams continue to run losses in the past eight years? The reason is very much because the building of this technology is very expensive. When we build this technology, whether it's for 100 users or a million users, it costs pretty much the same except for server costs. But the building of it in terms of the tech development cost is pretty much the same for us. The beauty of Ohmyhome and the HomerAI technology is that we have. It's ready. So right now we have this amount of users that's currently using our platform. 10,000, 20,000, 30,000. But whether it's 10, 30,000 users or a million users, the platform actually becomes more and more alive the more users we have. And what it does for our margins in the future expansion is that the conversions become more affordable. Why? Because these are people who are not looking to sell their home today. But they're on our platform, they're getting nurtured, they get information on their property, they get information on their valuation, articles on what they should be doing about their property, what's the best time to sell? How's the interest rates going? Do you want a better mortgage package? So all of these extremely useful tools are constantly available to them. And in the event someday that they're looking to sell, they have all the recent transaction prices, the current market asking prices, and we would like that in this conversion journey, they will then choose Ohmyhome as the company to sell, buy or rent for them. So what we have seen in the past eight months or so of running home very aggressively this year is that it has helped us with our conversions. But is it making our conversions a lot cheaper? I wouldn't dare go as far to say that, yes, it's so much cheaper now because the number of users, we're still growing, so we need to continue to grow our users such that you will see the results as a company will see the results in the future. So in an idealistic role, if we can get, for example, the entire Singapore homeowners on Homer, then obviously at the time that they want to sell or renovate, we are constantly in their lives without them having to pick up the phone to call their agent or their friend or someone who's more knowledgeable than them. So that's what we've been working on this whole time. We are actually solving our solutions stemming from problems that frustrate us ourselves. So you can imagine, as we run a team of agents over the last eight years, and before Ohmyhome, I was also working with agents. Some of the frustrations we have is that good agents are rare and few. There are good agents, but they are not the majority. So what happens with that is that not if they are good agents. What we define as good agents is they are prompt, they're good at closing, they love their customers, their customers love them, they're honest, they're actually good at their job. But after all, they're humans too, so they can't be replying to messages all day. And they may not always be accurate. So where AI comes in is that anytime you're looking for the answer. So, for example, if you ask an agent of yours, a broker of yours, wherever you may be, their question of what's my recent transactions? The answer will be like, hey, it's hovering about this price. And let me check, let me get back to you. But on HomerAI or any of our Ohmyhome tools, you'll find that when you ask this question, you immediately get a list of the answers. And these are accurate answers. So that's the beauty of AI which is that we want to answer accurately. We want to answer round the clock. Well, so then what happens to our agents and brokers, right? What happens to them is that they then spend all of their time more committed and more dedicated to sales closing. That means the part of the journey that a consumer just prefers to have a human involvement. And of course, where we're heading towards is that this human involvement, it's not as necessary as before. So have we required a human agent involvement in the past? 100% of the journey. Today at Ohmyhome, you probably only require an agent 30% of the time in your entire 100% of journey. So assuming from the time you think about selling to the time you complete your sale is 100% time today, you probably need to see our agent 30% of the time or less. So that's where we're heading with our technology, where you need them less, but you actually have more accurate information, better services. So we're very determined to continue building this. And again, the solution stand from the frustrations and the problems in the market. So we're still very passionate about our business and we want to grow this. We want to expand this beyond our shores of Singapore Island. So that's what we're working on every day. It's a very, very fun job for us. I know sometimes, as if -- if some of you are investors, it might be quite disappointing, right? Looking at the company you invest in, not doing so well in the stock price front. While we may not be able to actively do much about that, I see a question about how do we attract new investors? Apparently, we haven't done that very well. But what you can be very assured of is that we're 100% committed in winning this game, and we're 100% committed in having more customers, if not all customers be with Ohmyhome at some stage of their journey.

Right, thank you Rhonda. But to add on to part of the question, to add on to your answer. Right, so one of the questions that I think Allen was asking was regarding how these two products have been integrated with each other. So this is on the right side is actually a screen of the application of simple app, which is the condominium app that's being used by the over 9,000 units under management. So on this app, as you can see, you can book various activities, look at announcements, requests for services and then at the bottom right corner you can see HomerAI. This is where you can click in and start registering your home. And here is a hook that we can hook the homeowners to let them have a price discovery process for their home. So a lot of times actually most people may not think actively about their home or thinking about selling the home because they do not know what's the latest price of their home. And after the price discovery process and this is actually an important hope for them to get connected to HomerAI. And that's how we convert users from this platform to our platform. And as a matter of fact we also getting these two platform to be more and more integrated. So in the future it could potentially be so highly integrated that you can just connect one app to another with ease. Right. So to answer I think Linda's [ph] question as well with regards to what we're doing to attract new investors to increase press release in the U.S. yes, we will very much like to resonate what Rhonda mentioned, but the core focus of us is still on the business itself and focusing on executing our strategy. As some of the investors here may know that actually going for conferences and all of that, it's relatively costly process for us. Unlike companies in the U.S. whereby you can just, fly and drive around the U.S. before us flying over their accommodations and everything that could power price and causing quite strain for us. We would rather focus on investing that on growing the business which will return long-term value for all of our shareholders here instead of having to rely on rely on external funding to help us continue fund the business. So this is a very important focus for us. But that means that we still will be increasing our exposure. So while the press release regarding this webinar has already been out. So do stay in touch and then follow all of the socials at the bottom of the press release to follow our latest updates. So from time to time we also provide updates on our business via our LinkedIn profile via our Twitter via our Facebook as well Instagram so do follow them and see what's happening with us and then what we are doing sometimes we do have some exciting things that we are going to uncover in Singapore as well so do stay in touch and do follow us on all of our socials to find out. All right, I think that our time is running short and we need to conclude the session. Thank you Rhonda and thank you everyone for attending. Thank you Allen for your questions.

Thank you everyone and do check out our latest videos that was done for the United States. We toured some properties in LA and we're just released those videos, so do follow us for all of the different updates that we have done at Ohmyhome. It's been exciting. We've been quite happy with our work here, so we hope to see you again at our next update.

Right thank you everyone. So for any questions or any further information feel free to visit our website at www.ohmyhome.com and our Investor Relations website, ir.ohmyhome.com. And if there is any questions, feel free to email [email protected]. Thank you. And have a great day.

Good morning, good afternoon and good evening for investors coming across the globe. Let us have around 30 more seconds for the rest of the participant to dial in. After which we'll start the presentation proper. Thank you, everyone for joining this call. All right. Thank you, everyone for joining to this call. So this is Ohmyhome Limited’s Financial Year 2023 Results as well as Financial Year 2004 Outlook. Our stock ticker symbol is OMH and we are listed on NASDAQ. Together with me, we have Rhonda Wong, who is the CEO, and I myself, am Leo [ph] the Head of Investor Relations of Ohmyhome. Before we start, we have some important notices and disclaimer, which will be presented in the next slides. So in this presentation, there are forward-looking statements that reflect our current expectations and views of future events, part of which are subject to risks and uncertainties. If used the words believe, may, will, estimates, continue, anticipate, intend, expect and similar expressions are intended to identify forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements or should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions are brought in a variety of other risks and uncertainties, including some that are known and some that are not. So no forward-looking statements can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussing the forward-looking statements include but not limited to assumptions about our future financial and operational results, including revenue, income, expenditure, cash balances, and other financial items. Our ability to execute our growth strategies, including our ability to meet our goals, current and future economic and political conditions, our capital requirements and our ability to raise any additional financing, which we may require our ability to attract customers and further enhance our brand recognition, our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business, trend and competition in the brokerage and related industry and other assumptions described in this presentation underlying or relating to any forward-looking statements. We describe certain material risk, uncertainties and assumptions that could affect our business, including our financial condition, the results of operations in the prospectus. We base our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time of the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. You should we -- also be noted that our auditors have not completed our audit -- and of our financial statements for the financial year of 2023. We do not expect material changes to such financial statements and as a result, we'd like to update you as to our results. However, it should be noted that there is no guarantee that our audited financial results of 2023 will not materially differ from those being discussed here in and as a result should not be relied upon until final audit has been completed and our 20-F has been filed with the US Security and Exchange Commission. Inside this presentation, there are also non-US GAAP financial measures, which include adjusted EBITDA, adjusted EBITDA margin. Ohmyhome uses these non-US GAAP financial measures for financial and operational decision making and as a means to evaluate period to period comparison. And Ohmyhome’s management believe that these non-US GAAP financial measures provide meaningful supplemental information regarding performance by excluding certain items that may not indicate -- may not be indicative of his recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial measures. And as such the presentation of these non-US GAAP financial measures should not be considered in isolation from or as an alternative to financial measures determined in accordance with US GAAP reported on Form 20-F. In addition, these non-US GAAP financial measures may differ from non-US GAAP financial measures with comparable names used by other companies. Reconciliation of these non-US GAAP financial measures are to the most directly comparable US GAAP financial measures can be found in the accompanying annex this presentation. So, now I'll pass my time to our CEO, Rhonda Wong.

Thank you very much. Ladies and gentlemen, good morning. I appreciate your presence today as we navigate the projections and Ohmyhome Limited Annual Report of 2023. Now looking back about eight years ago in 2016, my sister Race Wong and myself, when we founded the company, it was really on the back of the fact that the real estate property industry is broken. There are many dishonest agents in the market. There are -- there is opaque information and often times savvy investors are the ones who have accurate information. There are unscrupulous methods in which agents would and brokers would place their incentives above customers’ best interest and on the back of all of that we started a company known as Ohmyhome. We had a vision to be the most trusted and comprehensive property solution for everyone. And we wanted to technology to bring speed, ease and reliability to property related services. Before we started, Ohmyhome, Race and myself, we actually ran an investor -- investment portfolio management company in real estate. And we realized through those times in those years of managing that company, we transacted and traded properties across seven countries. And we realized that even though real estate transactions may differ country to country in terms of rules and regulations, the problems were pretty much the same. Opacity, dishonesty and so forth, has always been the same. And this is why today, when we launch Ohmyhome, we wanted to make sure that the same level of quality services can be extended to the mass market. Now 2023 was undoubtedly a very challenging year for the real estate brokerage scene, especially where we are here in Singapore, and I wanted to address the elephant in the room, which is the end result of our 2023. Our results for 2023 weren't as robust as we had hoped for. Our total operating revenues in Singapore dollars stands at 5 million, US$ $3.79 million, our gross profit S$1.7 million, US$1.3 million, and our net loss SGD5.5 million, US$4.1 million, loss per share S$0.26, US$0.20, our adjusted EBITA negative S$4 million, negative US$3 million. The Singapore property market experienced a notable decline, which reflected the broader challenges that all of us in our industry faced. In fact the government introduced some taxes, which they do from time-to-time to ensure that they can call the market for a while to basically pause selling our properties. So that was one of the rules -- some of the rules that we experienced in the year 2023. But what I can assure you is that this setback was not in vain. These challenges have made a very solid groundwork for a remarkable turnaround in 2024. I'd like to show you some highlights that we have in the in the year of 2023. In our second half of 2023, we clocked in 2.2 million revenue, which is definitely a grow from the first half where the government cooling measures started. We had additional growth and margins from the property management business that we acquired in October, 2023. This is a tech enabled property management company that manages thousands of units of condominiums across Singapore. Our revenue and first half of 2024 is expected to grow post acquisition and surpass previous two years based on significant increase in sales pipeline and the deployment of HomerAI. It will be my pleasure to elaborate more about that in our later slides. Now our projections indicate a substantial triple digit growth in revenue and we are committed to leveraging our strengths, seizing opportunities and overcoming obstacles to ensure this forecast becomes a reality. Now we listed in March 21, 2023 approximately a year ago at an IPO price of $4. At that time, we had to invest much of our IPO proceeds, as well as most of our proceeds in the past into the building of technology. The shares outstanding is 22.79 million shares, our last closing price is at $0.77 as of April 17 yesterday, and you can tell with our last 90 days trading price of $0.71 to $6 that we're trading pretty much at our lowest -- on the range of our lowest trading prices. Our analysts rating $3 by Maxim Group, $3.70 by Zacks SCR. Shareholding structure has had a shift ever since those who have doubt in the last time. The founders are holding 36.9% which is Race Wong and myself, insiders 7.8%, public shareholders 55.2%. Now for those of you who are joining us for the very first time, I'm very happy to be able to share with you about Ohmyhome, what we do as a company and how we're so excited and optimistic about our future into becoming a super app as a property one-stop shop. Now Ohmyhome is all about data, we are all about property technology and we're all about transactions. So you can think of yourself as a seller, buyer, tenant or someone looking to do interior renovations for your home. You can start with research on our platform, we have blogs, we have evaluation guides and really amazing tools that customers can use free of charge. And then when you decide to sell your home for example, you can choose to do it yourself or you can choose to engage our agents where you will pay Ohmyhome between 1% to 3% in commission revenue. This revenue takes up a very good portion of our total revenue at about 56%. Thereafter you have mortgage and legal, we provide both of this, we work with banks, we work with law firms to ensure that when a transaction is done, it can be done seamlessly. Now we then also started a renovation subsidiary within Ohmyhome. The reason is because as customers had a very wonderful journey transacting their properties with us, they then had another hiccup in our property industry which is the renovation sector, where there is also very similar issues with transparency, reliability and so forth. So renovation, what we do for you as a customer is that we will go through the entire designing process, project management until completion and handover of the project of your home back to you. So the revenue that comes through our company is the entire contract value. Lastly, we acquired a property management company last year in October where there is recurring income for the company month on month as we manage the entire condominium block similar to a multifamily in the States. So this is us as a one-stop property company and sometimes I often do get the question of how are you a tech company? So before I launch all into the kind of technology that we build at our company, I want to first showcase the results to you so you understand that there is no way that Ohmyhome can have these results without our amazing technology. Now first and foremost, seven days is what it takes for 65% of our deals to be closed on average. Seven days. In Singapore, it's generally over 100 days. So we are extremely fast, we are extremely efficient. And I want to share with you the technology that helps us get to this would be the technology known as MATCH. Now secondly, we don't just sell fast, we're also able to sell over 73% of our property above market average prices. So you heard me right, we don't just sell your property fast, we also sell them generally above market average prices because market average prices are set by most of the traditional freelance brokers in the market. Ohmyhome is not a traditional freelance brokerage model, we are a highly fast-moving technology propelled company. Lastly, with all of these results it is no wonder that Ohmyhome is rated 4.9 stars. We are the highest rated property services company in Singapore with over 8,000 genuine five-star reviews. Now, if you look at these three statistics, you must be wondering if you could also enjoy this. Because wherever you may be, I know my audience today are from America, India, Singapore, and around Southeast Asia. You must be wondering if you think about your own brokers, your own agent, they generally are not able to perform at this results that Ohmyhome can. And this is why we are very firm believer that Ohmyhome is the future of property transactions. And we definitely look forward to scaling across the world to be able to serve more of our audiences. While all of this thus far has been shared by myself, I would like you to have a listen to one of our customer testimonial video. In this video, she expressed, she expresses and explained her transaction experience with Ohmyhome and how a property that she has not been able to sell for three years was then transacted by Ohmyhome across our entire one-stop ecosystem. So please have a listen. [Video Presentation] So there you go. That is just one transactions. We have done over 15,500 transactions since inception $3 billion in gross transaction value and our agent efficiency is more than 13 times of the industry average. We have over 750,000 downloads globally since inception, and more importantly, over 200,000 monthly active users. This active users contribute to how we are able to sell in seven days, because we're able to aggregate all of them and be able to match them. Now, when you see all of the statistics and some of the times, people ask me, why is your stock not doing well? Well, the thing is, I hope today with our sharing you'll be able to understand the comparison between us and traditional brokerages were nothing like a traditional brokerage. Now, on this chart, I'm showing you the efficiency of Ohmyhome agent, as compared to Singapore's top four agencies by number of agents. So you can see Ohmyhome transaction volume per agent across the years have always been extremely strong. These are the top four agencies in Singapore. And you can see no matter what year you're looking at, no matter which agency they are all operating much normal number. This is not a bad number. This is a very normal number, where each agent is transacting about 4.5 deals per year. This is a common number that we see across the world, including in the United States. At Ohmyhome, we don't operate normal. We operate super. Now, if we compare with property technology company in the United States that you might be familiar with Compass, eXp, Real Brokerage, Redfin, you'll see that Ethan, the most efficient company, we are still over two times more efficient than them in terms of number of transactions per agent. Now, how are we able to sell so fast in seven days? MATCH is the one that is the technology within our company that I will give the credit to. So MATCH is completely built in house and what MATCH does is we aggregate high quality data of potential buyers and we match them against the listings that come through our doors. So, we aggregate all of his buyers that you saw, the 200,000 monthly active ones, and then we qualify them into a buyer pool random to match algorithm and here's what happens, when someone wants to sell their property with just an address. We're able to go into this pool, match with qualified buyers. Generally, we're able to get multiple offers, even on the very first viewing. And then we get the property sold. We collect all of this other data, whether it's the balance of the offers that didn't get the property, the viewers who came, but didn't make an offer. We collect all of this information and we continue to match them more accurately every single time. This AI technology is extremely powerful, because we continuously serve our customers better, faster and more accurately. Now, if we want to compare our agents on the revenue comparison, you'll see this is Singapore dollars. So you'll see that how we calculated this was by dividing the sales revenue of each company by the number of agents. You'll see that Ohmyhome agents brings in more than four times more revenue per agent per year as compared to the largest agencies. Not only are we able to bring in more revenue in terms of sales, I like to share also a little bit more details about our unit economics and why Ohmyhome's business model is actually highly profitable at scale. So let's take this illustration for example. Say the property that we sell brings in a commission value of $10,000. We are now comparing what happens to this $10,000 under a traditional brokerage, a tech enabled brokerage and then what happens on the Ohmyhome in a typical traditional brokerage around 90% of this $10,000 is paid to the agents, the company retains 10% which is $1,000. Now, Ohmyhome, we pay out about 50% not just to our agents, but to generally anything that's involved in the sale, which is our cost of goods sold, salaries, incentives, property listing, expenses, advertising. We keep $5000 which is 5x of any traditional businesses. The number of customers that you need to achieve $10 million in brokerage gross profit in a traditional brokerage, you'll need 10,000 of these customers. We only need 2,000 of these customers. Now, in terms of additional revenue streams, generally traditional brokerage they don't have much. However, at Ohmyhome, not only are we able to sell the property for our clients, we are able to buy their next home for them. We're also able to help them renovate their homes, which is generally quite a high ticket item with 20% margins. We potentially are also able to property management fees from this customers if they are managed by our property management division. So, when you add up all of this potential income that we can derive from one single customer, we're looking at about $13,400 per customer, which is 13 times of what a traditional brokerage does. So, I'm very pleased to share with you that currently in 2024, we are tracking our quarter one 2024 budget. We are projecting to 3x our full year revenue year-on-year for the full year of 2024. We are also projecting to adjusted EBITDA breakeven in quarter four 2024. Now, I'm going to now share with you -- everyone likes to achieve breakeven especially for tech startups like ours. But how exactly are we going to achieve that? We have three key drivers. The first of all is aggressive top funnel growth. We're going to increase our condo acquisitions and units under management of Ohmyhome Property Management. What is the difference? Why are we talking about condo units? In Singapore there are HDB units, which are government housing, which is 80% of most Singaporeans are staying in government housing. This is an area that Ohmyhome is very strong in terms of transacting. And then there's also about 300,000 to 400,000 units of condo, which are private properties like multifamily housing, which are worth about anywhere between 5 to 10 times more than a HDB. So, in terms of the transaction revenue, the potential renovation revenue is worth a lot more to us, but the cost of acquisition traditionally will be very expensive as well. So, we're going to share with you how we have acquired this condo customer database immediately via our acquisition last year. We will also increase our top funnel growth by increase in B2B partnerships to grow new funnels of customer acquisition. Allow me to take you through our acquisition of a property management company in October last year, which we have rebranded into Ohmyhome Property Management, a tech-enabled property management company in Singapore. There are a few amazing things about Ohmyhome Property Management. First and foremost, it is a recurring revenue stream. Once you sign a contract to manage a condo, you will be paid month-after-month on a recurring maintenance and management fee. Now, second, it provides us with a direct condo user base. Currently, it provides us with over 6,700 units on the management, which has been growing at 58% CAGR in the three years of inception -- since inception. The revenue per sales transaction that we will get to do if we convert any of the 6,700 users is worth two to four times of revenue -- brokerage revenue than what we previously did in the last seven years. The revenue from the renovation contract is also two times higher. This company, Ohmyhome Property Management is also a mobile-based property management services. I’m very proud to share it’s 100% paperless, which is extremely effective, sustainable in terms of and for being environmentally friendly, but more importantly extremely, extremely efficient. So fast forward, since our acquisition, we actually have been very successful in winning new projects. There's also a lot of smart integration capabilities in IoT solutions. Again, we are one of the first in the country. Traditional property management services have been always very backward and paper base. There's also manpower cost savings, because we use less security guards, cleaners and managing officers. Now the second part is from AI nurturing. Today we’re able to serve customers 24/7. Now when you listen to Jasmine in the testimonial -- Customer Testimonial video just now, you heard things about like, oh, I got a call. I got an update from the agent. Today a lot of our updates that you hear Jasmine talking about, it's not even done by a human. It's done by our AI. It’s done by our chatbots. But customers they don't tell the difference because of the natural language that we're processing and that we're able to turn out to our customers anytime around the clock. This allows us to engage more customers earlier in the stages of their lifecycle. Lastly, we're increasing conversion and market share in the condo market, better nurturing results and higher conversions of customers, and this allows us to increase our market share in a condo market that allows us to derive higher revenue per deal transacted. I'm going to now show you how all of this works in our technology. Here you have the app in terms of capturing customers within the condos, they can book facilities, they can book their tennis courts, they can book any services they want paid and maintenance bills and so forth. All of this information is captured and all of our customers today, whether they are from our condo management, they're from our intercom, they're from our website, now gets to chat with Homer GPT 24/7 across the clock and they get answers accurate, fast, prompt. This is better than any human agent. And lastly, conversions. Anytime a customer feels like exploring, selling, buying renovation, they get to check their property valuation. They get to click and talk to us if they're looking to sell how much can I get, they can calculate and all of this is done on the platform. They can book an agent. There is zero human intervention in this entire process and the customer gets their answers faster than ever before. So this is something we have launched. This is something that we are constantly evolving and building on top of, and also something that we're very, very excited on, because it can continuously allow us to increase customer lifetime value. So you saw in the earlier slide that we have set that we have been -- we are able to achieve potentially up to 13x of a customer lifetime value. Where all of this value? It is actually scattered across this one-stop shop from agent services to mortgage, to ads revenue from our law firms, to renovation spending and to property management. Now this is our near-term growth strategies and we're working extremely hard and on pace to getting to our breakeven. So this is something important to ,us because of course, we want to be highly profitable, we want to be breakeven, we want to be cash flow positive, and you can be rest assured that my team and myself are working relentlessly every single day to achieve that. Our vision, our ambition is huge. We still have a lot of work to do. So we really thank you and appreciate your patience and interest in Ohmyhome. For the longer-term for Ohmyhome, we will continue working towards increasing our market share in existing markets, expanding our geographies, our technology is extremely scalable, we want to acquire companies whose offerings will accelerate our growth, and we also want to increase our service offerings and becoming a property super app. Since the first day of us, I'm starting Ohmyhome, our goal has always to become the most comprehensive and trusted service, property services platform for everyone. We don't want a community where only some people have information. We don't want a community where only some people can have access to good services. Now, bearing in mind, the product we're dealing with here is property. Sometimes properties, actually most of the time properties are the highest asset value for any family. So we want to make sure that we build strong foundations with excellent service and technology backbone and we will continue going towards greater heights. In 2016, we started Ohmyhome. We wanted to prove the concept, we started fundraising as a tech startup, and once we realized that customers loved us in fact by 2017, we became Singapore's number one DIY platform. We started winning awards as a startup, as a proptech startup, and we started data, we started being able to start our own tech team in-house. You can imagine in early years we couldn't afford to do much in-house. With the tech team, with the data team, we started collecting data perfecting our operations and services, which is why you see all of these efficiencies. Now because the data have been collected from early days, this technology of Ohmyhome is not something easily replicated by a newcomer tomorrow. Data of customers, their spending, their loans, their mortgages and all of that, it has to be tracked over time. And in 2021, we were able to have a much more robust tech development team. So we invested heavily into building all of this technology that you see today. MATCH, we have Digital LP, we have HomerAI, we have e-valuation reports. And today, you have chats that are prompt and round the clock. So we built all of this infrastructure. And then last year, we went for our IPO listing. It was a big day for us on the NASDAQ. Race and I, we were as a company, the first female founded company to be listed as a proptech company in the states. America hosts a very dear place in my heart, because I went to school in Michigan, and then I -- my first job in Chicago, I was as a trader, so those of you here who are traders, please know that it's something I love so much as my first job out of school. So I worked in Chicago, and then visited New York from time-to-time, so being able to go back there last year and traveling back to do road shows and to do presentations to investors was an extremely beautiful thing and exciting thing for us. So from here on, we're extremely clear in terms of our near term and longer term goals, which is to increase our market share, acquire companies increasing service offerings with our end goal on still steadfastly remaining the same to be the leading one stop property platform. I'd like to also bring some -- introduce our very experienced board and management team. I'm very, very honored and pleased to be able to work with my sister Race Wong. We've been working together for many years now. So eight years in Ohmyhome and a few years before then in our investor portfolio management company. Both of us are migrants from Malaysia, and we grew up moving homes over 20 times. So you can imagine our passion for real estate and in solving this problem in the market actually runs deep in our blood. We are also grateful towards our Chairman, Mr. David Loh. He is extremely savvy in the real estate market. He is the Chairman of Centurion Corporation. He is also the Director -- Board of Director of Grab Holdings Limited, also listed on NASDAQ as GRAB. Lee Wei Loon, he is the -- our Independent Director, Chair of Audit Committee. He's the CEO of Watchbox Asia, which is currently a unicorn previously from Morgan Stanley Asia. Lim Khoon. He is our Chair of Nomination Committee, partner of Eldan Law. So he's law -- of lawyer himself based in Singapore. And lastly we have Galven Tan. He is our Chair of Compensation Committee, CEO of Knight Frank Singapore and previously from Savills. So our Board of Directors are extremely knowledgeable in the real estate market and have been extremely helpful in terms of providing us guidance and strategies. Now I've come to the end of my presentation. Happy to take your questions and happy to run through any additional slides that you would like us to take you through. Thank you very much.

Thank you, Rhonda for the presentation. So right now we are going to the Q&A session. So first we need – we do have a analyst Allen, who is coming Maxim Group that will be like to ask a few questions. For the rest of the participants, please leave your questions in the Q&A section. You can simply just click on Q&A and then type it there. And we will answer that shortly. So Allen, ready when you are, we will allow you to talk now.

Thank you. Can you hear me?

Yes, we can hear you.

Okay, great. Congratulations. This was a very excellent presentation and your outlook is significantly stronger than what I was projecting. So congratulations on your execution. But maybe to start off with you know your projection to triple revenues in 2024. Could you give us a little color on of your three major segments how you feel the degree of where that's going to be coming from relatively? Thank you.

All right. Thank you, Alan for your question. Rhonda, if you are okay, I will just take this question onwards. So right now, first of all, currently, our revenue is mainly consisting of brokerage and renovation and then our property management is actually a new segment that's just joined the business. Right? So right now, property brokerage is consisting of around 53% of our total revenue, whereas the renovation constitutes around 27% and the property management has due to rest. So we only acquired a company for less than three months. Sorry, it -- we acquired a company on October, so the results that were reflected in 2003 was only less than three months of the results. So, on an annual basis, they are actually doing quite well and then they are actively growing. And as we shared earlier, so in 2023 -- in 2024, we are actually seeing a recovery of the market in terms of the brokerage business -- brokerage industry here. And on top of that, because the fact that we have invested and launch Homer AI as well as a few other technology products. This has actually helped us expand our top funnel significantly compared to last year. So, what -- and on top of that, of course, what we're seeing is that because we are starting to realize the synergies that we will see from the acquisition, meaning we are tapping into the condominium market which have two to four times of revenue per transaction compared to HDB market, which we were previously in. And secondly, we're also tapping on in -- tapping on to their customers to get more renovation business as well. So, on all these three together, so what we are seeing is likely a -- so what we'll be seeing is that all three segments will be growing significantly, especially for brokerage as well as renovation because of the synergies that we foresee and we are starting to realize.

Thank you. For the property management business and getting the synergies, how -- could you talk a little about your strategy of getting condominium owners to upsell to either when they're transacting or renovations how you -- I know recently -- in the last two years or so, I bought a condo in the states and when I go to my mailbox every week, there's like different people trying to get me to buy and sell, so how do you distinguish yourself to win that business? Thank you.

So, for this part, I'll take us back to this slide so that you can see if you are currently a resident living in the condominium project, you will be using this app every day because you need to book your tennis courts, your barbecue pits, you need to pay your maintenance bills. If you have a complaint, if you lose -- if you lost your cat, if you want to sell a table, you use this app. So, this is their day-to-day app. And on that app, Ohmyhome is right here on the main screen that's selling all of our different services. So, it is extremely tech-based. We don't actually need a human person to you know go down to talk to the residents every day to encourage them to use the platform. They are already using the platform and if we from time-to-time say Chinese New Year in January, we will go down and we will host an event just to say hi to the residents. You know if they have questions about the app, we'll share with them. To a quick answer to the question of how the condominium residents interact with Ohmyhome, it's already purely on the app that they are already using. So, today as we see synergies just take leads coming through. The leads are coming through all of this clicks over here that you see. So, we get renovation businesses, we get clients looking to sell, clients looking to rent another unit. So, this is how scalable the technology is. So, as we acquire more condominium units and they come in hundreds and thousands for each condominium development, we are able to onboard them automatically on our platform immediately.

Thank you. You've spoken about how you use technology to try to increase the top of the funnel to increase potential customers. Can you also talk about some partnerships that you've signed that could also help in expanding transactions and geographies?

For sure. I mean, Leo chime in if you can remember some of our partners. I know thus far we have partnered up with e-grocery [ph]. We have partnered up with insurance companies, paint companies. So there's a lot of eco-friendly paint these days. So one of the paint companies we're working with basically has purifying mechanisms when you use their paint in your home. So we are a company for good as well. So we like to promote products that are good for others, but also good for our bottom line. So we have community engagements. We have done a lot of different collaborations across partnerships, even with influencers, to help promote our company as one, as Ohmyhome. We have also promoted our products such as Homer AI. We have also promoted our products purely, for example, just a valuation tool. So in Singapore, the number one news channel is Channel News Asia. So Channel News Asia would frequently invite our company to talk about leadership, to talk about how we grow startups, to talk about the future of business efficiency, tech innovations. So these are the different ways that we keep promoting our company to our community, to the residents. So generally, in Singapore, if you do ask people if they've heard of Ohmyhome, the answer would most likely be yes.

Thank you. My last question is, as you triple your revenue, and most of it is you have the tech infrastructure set up, can you give us some color or comment on the ability to leverage that as it drops to the bottom line?

Sorry, I didn't catch the first part of the question.

Just your ability to, as you grow revenue to improve -- to shift to profitability, that your costs potentially don't grow as fast as revenues.

Oh, for sure, Allen. So costs don't grow as fast as revenue in our future. The reason is because you have to invest a lot of -- our past investments have to go a lot into the technology team. They don't turn into revenue immediately. In fact, they almost never do turn into revenue immediately. So all of these investments over the last seven years is the results that you see today, where if we build a valuation tool, for example, whether one person uses it or 1,000 people uses it, it actually has already cost us the same amount of dollars to build it. So today with Homer AI, for the first person to engage with Homer, to use Homer, until today where we have the 10,000 person using Homer, the product cost has already been done. So the leading up cost in the future would be further innovations and enhancement. But you shouldn't expect that to cost as much as the initial build-up of the entire technology. So today, what we're looking at as we work towards break-even is definitely to keep our cost structure, maintain it, lower it and then to expand our top line. Our gross margins across our products and revenue streams are quite strong. Generally, we are looking at about 20% to 50%. So we're not too concerned about the gross profit or the product's business model. We're more concerned about making sure that we can scale up, reach more customers. And then naturally, this is actually a very profitable business model.

Thank you. Congratulations again.

Thank you Allen for joining us.

Thank you, Allen. So now I’ll move on to the rest of the questions that's on the list. So we have a few questions, one is coming from Amit [ph]. Would you share Insider holding updates? So regarding this, so while we do have updates on our current Insiders, so for Insiders, all of their filings will be done via 13G filings by themselves respectively, usually every three months or so. So with that you will be able to access it on various public platforms, at the same time every time we do presentation, we will actually update the slides that talked about our current shareholding structure. So I'll be sure to follow-up on any future presentations as well. Okay. So for the next questions coming from Tyrese [ph], is there a way for investors to help build the company and get paid for it? Rhonda, would you like to take this question?

We love to hear from you. Let us know how you can help us build our company. We welcome that, but we're also as we just mentioned, we're keeping our cost structure low. So getting paid for it will be a separate discussion. But please get in touch with us. We have our IR page. We have LinkedIn. We have Twitter. Please get in touch with us. Bill [ph], if it's okay, can you share our IR page link with everyone on the chat?

Sure. I will.

So, thank you very much for your interest. For Jeremy [ph], are there any future plans for another securities offering in 2024? There are no plans for now, right?

No, currently we do not have plans to have another security offerings.

Yeah, our full time goal is really just to do more business, make more money, breakeven. And, Robert [ph], thank you very much for your kind comments. I understand your question is that a lot of companies in tech, they kind of -- tech costs can become a sinkhole, because we keep building more and more, does Board have tech expertise. So we learn from a tech startup himself. Well, he is the one with tech expertise and business running in terms of a startup experience, the rest of the Board are very experienced in terms of running profitable companies. So that is actually the skillset that is extremely important for us to be cautious, as you mentioned not to keep spending on technology. Unfortunately in the past or fortunately, we had to do so because otherwise we won't be able to achieve the seven days efficiency. We won't be able to achieve the 13x efficiency for our agents. We also won't be able to sell 73% of our properties at higher than market average prices. As a tech startup, as a tech firm, as a property tech company that's leading in our market, we do need to avoid being traditional brokerage. And it's not that we don't think traditional brokerage has no strengths, it's more that it is very difficult to scale if we require human intervention off our every step of the way. So I think one thing we can assure you that we're on the same page in the sense that we're not looking to continuously invest into technology for the sake of it. We only invest into technology because we put customers first in terms of their experience when it comes to property transactions. But customers in property transactions, they do not need the latest final trending thing. So, we don't need to be Instagram or Tiktok, for example. We just need to make sure that when it comes to transaction, what we have is the best solution for them. Today, what we have is the best solution in our market and we will continue to maintain that -- we will continue to maintain on being their highest rated favorite company in property transaction in our market. And we will continue to get more people to get to know us so that we can expand our market share. So that is definitely our key focus for now and for the year. In the next few weeks, we will actually be sharing with you a business update that we'll be very happy to do. As a CEO of the company, I always love to obviously, be able to bring you better news. And we want you to know that we're grateful for you as our shareholders because of your belief in our company. This keeps us going. This gives us momentum and encouragement to keep growing our company. So thank you very much all for joining us today.

Nice. Thank you, Rhonda. We have some other questions. One question is regarding whether we have any short-term acquisition plan? So to answer this question, currently, we are focused on achieving to get breakeven towards the end of the year. We are also achieving on aggressive growth of the company. However, we do not exclude the possibility that if there is really a good synergistic acquisition that may come onto the table we will consider it seriously and then we will explore whether there's any internal or external funding that may be required, that will really depend on the size as well as the nature of the potential acquisition. And separately, we also have another question that asked. When do we estimate the company will be profitable? And how much debt do we have? So, as we explained in the previous slides, we will expecting to achieve adjusted EBITDA breakeven in Q4. And with regards to how much debt do we have? Currently, -- allow me to just share quick slide. So currently, for our balance sheet we have an asset of USD 7.9 million and then our total liability sits at around USD 4.8 million.

All right. I think that's the end of all the questions that we have. Again, thank you everyone for your well wishes. And again, we would like to let everyone know one note that there will be a Q1 business update to be announced soon. So please stay tuned and follow our various social media including our Instagram, our Facebook, watch our YouTube as well as go on to twitter.com [ph] to follow our Twitter too. For more information, you can visit our company website www.ohmyhome.com and our Investor Relations website, ir.ohmyhome.com. And our email for Investor Relations is [email protected]. All right. Thank you everyone and that will be the end of our presentation. After this we will upload a recording of this session as far as the presentation material on our website. You may be able to download and refer to it later. Thank you everyone. And have a great day.

Thank you