Ohmyhome (US:OMH)2024-04-18 14:51Financial Data and Key Metrics Changes - In 2023, the total operating revenues were S$5 million (US$3.79 million), with a gross profit of S$1.7 million (US$1.3 million) and a net loss of S$5.5 million (US$4.1 million), resulting in a loss per share of S$0.26 (US$0.20) [7] - Adjusted EBITDA for 2023 was negative S$4 million (negative US$3 million) [7] - The company expects substantial triple-digit revenue growth in 2024 [9][36] Business Line Data and Key Metrics Changes - The brokerage business constituted around 53% of total revenue, renovation accounted for approximately 27%, and property management was a new segment contributing the rest [85] - The property management segment is expected to grow significantly due to synergies with the brokerage and renovation businesses [86] Market Data and Key Metrics Changes - The Singapore property market faced notable declines in 2023, influenced by government cooling measures [26] - The company has acquired a property management company, which provides a direct user base of over 6,700 units, growing at a 58% CAGR since inception [39] Company Strategy and Development Direction - The company aims to become a comprehensive property services platform, leveraging technology to enhance efficiency and customer experience [24][76] - Future strategies include increasing market share in existing markets, expanding geographically, and enhancing service offerings to become a property super app [76][79] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2023 but emphasized that these setbacks laid the groundwork for a turnaround in 2024 [8] - The company is committed to achieving adjusted EBITDA breakeven by Q4 2024 [36][120] Other Important Information - The company has a shareholding structure where founders hold 36.9%, insiders 7.8%, and public shareholders 55.2% [10] - The last closing price of the stock was US$0.77, significantly lower than the IPO price of US$4 [28] Q&A Session Summary Question: Could you provide insights on the revenue growth from your three major segments? - Management indicated that all three segments (brokerage, renovation, and property management) are expected to grow significantly, particularly brokerage and renovation due to synergies [85][86] Question: How does the company plan to engage condominium owners for upselling? - The company utilizes a tech-based approach, with residents interacting through an app for various services, minimizing the need for human intervention [104] Question: What is the company's strategy for partnerships to increase customer acquisition? - Management highlighted collaborations with influencers and media to promote the company and its products, including Homer AI [90][107] Question: How does the company plan to achieve profitability as revenue grows? - Management assured that costs will not grow as fast as revenue due to prior investments in technology, leading to strong gross margins [110][111] Question: Are there any plans for another securities offering in 2024? - Currently, there are no plans for another securities offering [115]