MoneyHero Ltd (MNY) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Money Hero's fourth Quarter and Full year 2024 earnings conference call.

女士們，先生們，感謝你們的支持，歡迎參加 Money Hero 2024 年第四季和全年收益電話會議。

(Operator instruction).

（操作員指令）。

I would like now to turn the conference over to Miner Pan, Head of Corporate Development. Please go ahead.

現在我想將會議交給企業發展部主管 Miner Pan。請繼續。

Thank you, Michelle. Hello, everyone. Good morning and good evening and welcome to Money Hero Quarter 4 and Full year 2024 earnings conference call. Joining me on the call today are Rohith Murthy, CEO, and Danny Leung, CFO.

謝謝你，米歇爾。大家好。早上好，晚上好，歡迎參加 Money Hero 第 4 季和 2024 年全年財報電話會議。今天與我一起參加電話會議的還有執行長 Rohith Murthy 和財務長 Danny Leung。

Our earnings release was issued earlier today and is now available on our IR website as well as (inaudible) news and [wire] services. Before we begin, I would like to remind you that today's call will include forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Please refer to the safe harbor statement in our earnings press release, which applies to this call. In addition, please know that today's discussion will include both IFRS and non IFRS financial measures.

我們的收益報告已於今天早些時候發布，現在可以在我們的 IR 網站以及（聽不清楚）新聞和[通訊]服務上查閱。在我們開始之前，我想提醒您，今天的電話會議將包括根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。請參閱我們收益新聞稿中適用於本次電話會議的安全港聲明。此外，請注意，今天的討論將包括國際財務報告準則和非國際財務報告準則的財務指標。

For comparison purpose only, for reconciliation of this non IFRS measures to the most seriously comparable IFRS measures, please refer to our earnings release and SEC filings. All monetary references will be in United States dollars unless adverse date.

僅出於比較目的，為了將此非國際財務報告準則衡量指標與最嚴格可比較的國際財務報告準則衡量指標進行調節，請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件。除非另有說明，所有貨幣均以美元計算。

Lastly, a webcast replay of this conference call will be available on our IR website. I will now turn the call over to Rohith, CEO of Money Hero Group. Please go ahead.

最後，本次電話會議的網路直播重播將在我們的 IR 網站上提供。現在我將電話轉給 Money Hero Group 執行長 Rohith。請繼續。

Thank you, Miner. Hello, everyone, and thank you for joining us today to discuss Money Hero Group's 4th Quarter and full year 2024 financial results.

謝謝你，礦工。大家好，感謝您今天加入我們討論 Money Hero Group 2024 年第四季和全年財務業績。

We closed out the year with a robust quarter of financial and operational results reflecting the clear progress we have made on our path to profitability. As we continue to focus on diversifying our revenue makes towards high margin products. Lowering operating expenses and improving operational efficiency.

我們以強勁的財務和營運業績結束了這一財年，這反映了我們在獲利道路上取得的明顯進展。隨著我們繼續致力於實現收入多元化，我們將轉向高利潤產品。降低營運費用並提高營運效率。

Adjusted EBIDA loss during the quarter improved substantially to $2.9 million. Our best quarterly performance since going public. Underscoring our improving trajectory throughout the year from losses of $6.4 million in Q1, $9.3 million in Q2, and $5 million in Q3.

本季調整後的 EBIDA 虧損大幅改善至 290 萬美元。這是我們上市以來最好的季度業績。突顯了我們全年的改善軌跡，第一季虧損 640 萬美元，第二季虧損 930 萬美元，第三季虧損 500 萬美元。

At the same time, our gross margin expanded by 25% points year over year, while net loss narrowed sharply to $18.8 million from $94.3 million during the same period last year.

同時，我們的毛利率年增了25個百分點，而淨虧損則從去年同期的9,430萬美元大幅收窄至1,880萬美元。

Registered members reached 7.5 million, up 42% year on year, reflecting strong user engagement. While approved applications grew 21% year over year to 767,000. Underscoring increasing user trust and robust demand across our platform. With such solid results heading into 2025.

註冊會員達 750 萬，年增 42%，反映出強大的用戶參與度。而核准的申請數量較去年同期增加21%，達到767,000份。強調我們平台日益增長的用戶信任和強勁的需求。邁入 2025 年，我們將取得如此堅實的成果。

We are confident in our ability to regain top line growth momentum and have set a target of achieving $100 million in revenue in 2025. And generating a positive adjusted EBITDA in the second half of the year.

我們有信心重新獲得營收成長勢頭，並設定了 2025 年實現 1 億美元營收的目標。並在下半年產生正的調整後EBITDA。

Now these results directly reflect the impact and discipline execution our efficiency strategy is having since we rolled it out in mid 2024. Our objective is clear to transform Money Hero into a leaner, more focused, resilient and sustainable, profitable business.

這些結果直接反映了我們自 2024 年中期推出效率策略以來所產生的影響和紀律執行。我們的目標很明確，就是將 Money Hero 轉變為更精簡、更專注、更具彈性、更永續、更獲利的企業。

We've made meaningful progress across the five strategic pillars we outlined then consumer pool, conversion expertise, operating leverage, strong provider partnerships, and insurance brokerage. We remain the largest credit card digital acquisition partner for the majority of the brands across our geographies and are leveraging the strong market position to strategically pivot towards higher margin verticals.

我們在五大策略支柱方面取得了有意義的進展，即消費者群體、轉換專業知識、營運槓桿、強大的供應商合作夥伴關係和保險經紀。我們仍然是我們所在地區大多數品牌最大的信用卡數位收購合作夥伴，並正在利用強大的市場地位策略性地轉向利潤率更高的垂直領域。

While revenue during the quarter fell as a result of the strategic pivot and the high base set during the same period last year, it's substantially improved in quality and is fueling our transformation.

雖然由於策略調整和去年同期基數較高，本季營收有所下降，但品質已大幅提高，並正在推動我們的轉型。

We launched seamless end to end purchasing journeys in travel and car insurance and developed targeted strategic collaborations resulting in insurance revenue growing an impressive 40% to $8.2 million in 2024, now accounting for a double-digit share of total revenue.

我們在旅遊和汽車保險領域推出了無縫的端到端購買流程，並製定了有針對性的策略合作，使保險收入在 2024 年實現了驚人的 40% 增長，達到 820 萬美元，目前佔總收入的兩位數份額。

Wealth revenues surged by 138% to $8.5 million in 2024, driven by our deepening banking relationships and robust demand for investment products, stock, and banking accounts.

受我們與銀行關係的深化以及對投資產品、股票和銀行帳戶的強勁需求的推動，2024 年財富收入飆升 138%，達到 850 萬美元。

These verticals strengthen our margin profile while generating consistent and recurring revenue streams, both of which are key pillars of long-term sustainability. We also laid the foundation for scalable growth by materially lowering operating expenses and improving unit economics with an optimized cost structure across all markets, streamlined operations, and reduced paid marketing and reward spend.

這些垂直產業增強了我們的利潤率，同時產生了穩定且經常性的收入流，這兩者都是長期可持續發展的關鍵支柱。我們也透過大幅降低營運費用、優化所有市場的成本結構、精簡營運、減少付費行銷和獎勵支出來提高單位經濟效益，為可擴展成長奠定了基礎。

Now looking ahead to 2025, we will maintain our focus on scaling higher margin verticals, particularly insurance, while continuing to tighten cost controls and simplifying workflows.

展望 2025 年，我們將繼續專注於擴大利潤率更高的垂直行業，尤其是保險，同時繼續加強成本控制並簡化工作流程。

Our product and tech strategy continues to follow a buy over build philosophy, enabling faster innovation through strategic partnerships, including new initiatives in AI and automation that are already underway. Our commitment to becoming an AI first organization is already translating into several impactful initiatives across the business. We're actively working on deploying AI powered customer service tools designed to significantly reduce inquiry volumes and achieve higher first contact resolution rates.

我們的產品和技術策略繼續遵循購買而非建構的理念，透過策略合作夥伴關係實現更快的創新，包括已經在進行的人工智慧和自動化領域的新舉措。我們致力於成為人工智慧優先的組織，這項承諾已轉化為整個業務範圍內的多項有影響力的舉措。我們正在積極部署人工智慧客戶服務工具，旨在大幅減少諮詢量並實現更高的首次聯繫解決率。

Additionally, we're piloting generative AI solutions to accelerate and scale content production efficiently. Throughout the organization, we are exploring opportunities to automate workflows using advanced AI tools and agentic AI to boost productivity, reduce operational overhead, and enable our teams to focus more strategically.

此外，我們正在試行生成式人工智慧解決方案，以有效地加速和擴大內容生產。在整個組織中，我們正在探索使用先進的人工智慧工具和代理人工智慧來實現工作流程自動化的機會，以提高生產力、降低營運開銷並使我們的團隊能夠更具策略性地集中精力。

We operate in a rapidly growing billion-dollar addressable market across banking and insurance where we've only begun tapping into our full potential. With a debt-free balance sheet, $42.5 million in cash, and a more efficient, profitable, and scalable business model, we have considered considerable runway ahead and are ideally positioned to capture a greater share of this large and growing addressable market and deliver sustainable longer-term value to shareholders. With that I will now turn the call over to Danny Leung, our CFO.

我們在一個快速成長的數十億美元銀行和保險目標市場中運營，我們才剛開始充分發揮我們的潛力。憑藉無債務的資產負債表、4,250 萬美元的現金以及更有效率、更有利可圖且可擴展的業務模式，我們已考慮了相當長的未來發展空間，並處於理想位置，可以在這個龐大且不斷增長的潛在市場中佔據更大的份額，並為股東提供可持續的長期價值。現在我將電話轉給我們的財務長 Danny Leung。

Thank you, Rohith. Good day everyone.

謝謝你，羅希斯。大家好。

A strong result in the 4th quarter demonstrates the effectiveness of our strategy as we continue to make significant strides in the diversification of our revenue mix. Expand partnerships with our key providers and broaden our product offerings.

第四季的強勁業績證明了我們策略的有效性，我們在收入結構多樣化方面繼續取得重大進展。擴大與我們主要供應商的合作夥伴關係並拓寬我們的產品供應。

We believe these adjustments position ourselves for sustained growth and as providers scale operations in different regions. We see opportunities to further strengthen our revenue mix and deepen our market presence with them. This quarter, we remain focused on executing our growth strategy and continue our comprehensive reorganization and restructuring exercise to streamline operations and reduce costs.

我們相信，這些調整將使我們實現持續成長，供應商能夠在不同地區擴大營運規模。我們看到了進一步加強收入組合和深化市場份額的機會。本季度，我們繼續專注於執行成長策略，並繼續進行全面重組和重構工作，以精簡營運並降低成本。

Total revenue during the quarter fell by 40% year over year to 15.7 million. Driven mainly by a shift in focus on diversifying revenue mix for high margin products, such as insurance and wealth products and the high base back during the same period last year with increased investment in marketing and customer acquisition to expand market share.

本季總營收年減40%至1570萬美元。主要原因是公司將重點轉向多元化高利潤產品的收入組合，例如保險和財富產品，以及去年同期的高基數，增加了對行銷和客戶獲取的投資以擴大市場份額。

Revenue from insurance products increased by 10% year over year to 2.1 million during the quarter. Accounting for 14% of total revenue, comparing to 7% during the same period last year. Revenue from wealth products increased by 195% year over year to 2.4 million, accounting for 15% of total revenue compared to 3% during the same period last year on a full year basis. The impact of our strategic pivot is equally pronounced.

本季保險產品營收年增10%至210萬美元。佔總收入的14%，而去年同期為7%。理財產品收入年增195%至240萬，佔全年總收入的15%，去年同期為3%。我們的策略重心轉變的影響同樣顯著。

With revenue remaining essentially flat, while revenue from insurance and wealth products surged 40% and 138% respectively from last year. We will continue to explore new opportunities to offer more new high margin products, lines to fill top line growth, and further narrow our bottom line.

收入基本上持平，而保險和財富產品的收入分別比去年增長了40％和138％。我們將繼續探索新的機會，提供更多新的高利潤產品和產品線，以填補營收成長，並進一步縮小我們的利潤範圍。

Cost of revenue decreased by 62% year over year to 6.6 million during the quarter. With advertising and marketing expenses decreasing by 23% year over year. As we focus on scaling high margining protocols and optimize reward costs associated with the credit card protocol and paid marketing spend across all markets.

本季營收成本年減 62% 至 660 萬美元。廣告和行銷費用較去年同期下降23%。我們專注於擴展高利潤協議並優化與信用卡協議和所有市場付費行銷支出相關的獎勵成本。

Total operating costs and expenses, excluding net foreign exchange differences, decreases it to 25.2 million during the quarter from 45.6 million during the same period last year.

不包括淨外匯差異在內的總營運成本和費用從去年同期的 4,560 萬美元下降至本季的 2,520 萬美元。

This translated into adjusted EBITA, improving substantially to a loss of 2.9 million from 4.6 million during the same period last year. This was mainly driven by increased investments in customer acquisition. Technology reperforming and data infrastructure.

這轉化為調整後的 EBITA，從去年同期的 460 萬大幅改善至 290 萬。這主要是由於客戶獲取方面的投資增加所致。技術重塑和數據基礎設施。

To build a solid foundation for our future growth and profitability. These strategic investments were balanced by initiatives to streamline other aspects of our operations, decided to enhance efficiency and drive returns. Looking ahead, we expect adjusted EBITDA to consistently improve.

為我們未來的成長和獲利奠定堅實的基礎。這些策略投資與簡化我們營運其他方面的措施相平衡，決定提高效率並提高回報。展望未來，我們預計調整後的 EBITDA 將持續改善。

Building on the significant progress we made during the 4th quarter. With margins steadily improving, we are well positioned to drive growth momentum heading into 2025. Strengthening our confidence to generate positive adjusted EBITDA on a quarterly basis in the second half of 2025.

在第四季度取得重大進展的基礎上。隨著利潤率穩定提高，我們已做好準備，在 2025 年推動成長動能。增強我們的信心，在 2025 年下半年按季度實現正調整後 EBITDA。

Our comprehensive review of our organizational structure, completed alongside successful reorganization this year has strengthened our operational foundation and set the stage for continued sustainable growth.

我們對組織結構進行了全面審查，並在今年成功完成了重組，這加強了我們的營運基礎，並為持續的可持續成長奠定了基礎。

That concludes our prepared remarks for today. I'll now turn the call over to the operator to begin the Q&A section. Operator, please go ahead.

我們今天的準備演講到此結束。我現在將電話轉給接線生，開始問答環節。接線員，請繼續。

Thank you.

謝謝。

(Operator instruction).

（操作員指令）。

First question. [Chen Yun], New Street Research.

第一個問題。 [陳雲]，新街研究。

Thanks, management for taking the questions.

感謝管理層回答這些問題。

So, a couple of questions from my end is that first, what's the company's strategy to lower your acquisition costs and how do you plan to leverage the growing registered membership base?

所以，我有幾個問題：首先，公司降低收購成本的策略是什麼？您計劃如何利用不斷增長的註冊會員基礎？

Second question is related to insurance. Just want to understand what, how much is the insurance revenue expected to contribute for FY 2025 and what will be the key drivers behind that.

第二個問題與保險有關。只是想了解一下，預計保險收入對 2025 財年的貢獻是多少，以及背後的主要驅動因素是什麼。

And third question if I may, is that given the current cash position that you have, what's your capital allocation strategy?

如果可以的話，第三個問題是，鑑於您目前的現金狀況，您的資本配置策略是什麼？

Thank you.

謝謝。

Thank you for those questions. I'll take the first two questions and then I'll pass it to Danny for the last one. So, your first question on our strategy to lower our customer acquisition cost. Now lowering our customer acquisition cost is, central to the efficiency strategy and it actually directly aligns really well with all our strategic pillars.

感謝您提出這些問題。我將回答前兩個問題，然後將最後一個問題交給丹尼。那麼，您的第一個問題是關於我們的降低客戶獲取成本的策略。現在，降低客戶獲取成本是效率策略的核心，它實際上與我們所有的策略支柱完全一致。

But the one thing I want to point out is that cap optimization for us is not a one size fits all approach. So, what do I mean by that is we are willing to strategically invest at various cash levels based on the potential lifetime value and also the renewal revenue stream from different customer segments.

但我想指出的一點是，對我們來說，上限優化並不是一種一刀切的方法。所以，我的意思是，我們願意根據潛在的終身價值以及來自不同客戶群的續約收入流，在不同的現金水平上進行策略性投資。

Now a few things to note about this is we have our centralized data platform now fully operational and what this does is it gives us now the capability to accurately segment our customers so we can run more personalized marketing campaigns, and this really significantly boosts our marketing efficiency.

現在需要注意的幾點是，我們的集中式資料平台現已全面投入運營，它使我們能夠準確地細分客戶，以便我們開展更個人化的行銷活動，這確實顯著提高了我們的行銷效率。

This will enable us to direct our resources towards higher value, higher intent customer segments, and this should help us lowering our overall cap.

這將使我們能夠將資源導向更高價值、意圖更高的客戶群體，這將有助於我們降低整體上限。

The other key aspect is our growing registered member base now over 5 million. It's a powerful asset for us and we are now actively investing in loyalty-based strategies because this will drive deeper customer engagement, but also effective monetization.

另一個關鍵方面是我們的註冊會員數量不斷增長，現已超過 500 萬。這對我們來說是一筆強大的資產，我們現在正在積極投資基於忠誠度的策略，因為這將推動更深入的客戶參與，同時也能實現有效的貨幣化。

A key initiative which we recently announced is we're launching the credit club in Hong Kong in partnership with TransUnion. Credit will allow us to build a valuable member base with enriched credit profiles. And this also enables us to run very highly personalized targeted recommendations. That match more precisely to our users' eligibility and credit needs. And and this is not just enhancing the customer experience but we end up improving our conversion rates that will also again significantly reduce our marginal cap.

我們最近宣布的一項重要舉措是與 TransUnion 合作在香港推出信用俱樂部。信用將使我們能夠建立具有豐富信用狀況的寶貴會員基礎。這也使我們能夠提供高度個人化的針對性推薦。這更符合我們用戶的資格和信用需求。這不僅提升了客戶體驗，而且最終還提高了我們的轉換率，這也將再次顯著降低我們的邊際上限。

Also, by the, by leveraging these personalized recommendations and enhancing our eligibility and having these insights, we can also drive more targeted cross sale and up sale. We spoke about how we are really focused on higher margin and recurring revenue verticals such as insurance and wealth. This will again boost the customer lifetime value.

此外，透過利用這些個人化推薦並提高我們的資格並獲得這些見解，我們還可以推動更有針對性的交叉銷售和追加銷售。我們談到了我們如何真正專注於保險和財富等利潤率更高、經常性收入更高的垂直領域。這將再次提升客戶終身價值。

Now, taking the segmented approach. We selectively accept higher for specific segments where we see there's a clear opportunity for us to generate recurring revenue streams, car insurance being one of them. This sort of long term renewal economics will justify initial cap investments we would make for these segments.

現在，採取分段法。對於特定領域，我們選擇性地接受更高的價格，因為我們認為這些領域明顯有機會創造經常性收入流，而汽車保險就是其中之一。這種長期的更新經濟學將證明我們在這些領域所做的初始資本投資是合理的。

And the renew renewal revenue streams will carry minimal incremental acquisition cost and finally we're really intensifying our focus on SEO driven high quality organic traffic.

而續訂收入流將帶來最小的增量收購成本，最終我們真正加強了對 SEO 驅動的高品質有機流量的關注。

What this means is it substantially reduces our reliance on paid channels. And this sort of sustainable organic growth strategy will also continually decrease our cash, and it allows us to reinvest those savings in growth and innovation.

這意味著它大大減少了我們對付費管道的依賴。這種可持續的有機成長策略也將持續減少我們的現金，並使我們能夠將這些儲蓄重新投資於成長和創新。

Your second question was on the insurance, revenue and how much we expected to sort of contribute now we don't provide specific product level revenue guidance, but let me speak about insurance, given it's already grown into a double-digit contributor now to a revenue in 2024. And we really expect insurance to become an even more meaningful driver in 2025.

您的第二個問題是關於保險、收入以及我們預計現在貢獻多少，我們沒有提供具體的產品級收入指導，但讓我談談保險，因為它現在已經成長為 2024 年收入的兩位數貢獻者。我們真誠地希望保險能在 2025 年成為更具意義的驅動力。

And here is the sort of drivers that will fuel this growth. One, it's a real-time car insurance platform.

以下是推動這一成長的驅動因素。一是實時車險平台。

We recently announced the launch of our car insurance marketplace in Hong Kong. In partnership with Boltech, we've introduced real-time pricing capabilities and a seamless end to end purchasing journey, and this is a really unique and differentiated offering that boosts customer convenience, engagement, and ultimately our conversion rates.

我們最近宣佈在香港推出汽車保險市場。透過與 Boltech 合作，我們推出了即時定價功能和無縫的端到端購買流程，這是一項真正獨特且差異化的產品，可提高客戶的便利性、參與度，並最終提高我們的轉換率。

Second, fast and friction-free travel insurance. We are continuously enhancing our travel insurance offering with simplified and now a 3-click purchasing journey. This again significantly removes the friction from the whole buying experience.

第二，快速無摩擦的旅遊保險。我們不斷增強我們的旅遊保險服務，簡化購買流程，現在只需 3 次點擊。這再次顯著消除了整個購買體驗中的摩擦。

All of these things will boost conversion rate. It really encourages repeat purchasing behavior, creating that strong revenue, recurring revenue potential.

所有這些都會提高轉換率。它確實鼓勵重複購買行為，創造強勁的收入和經常性收入潛力。

The other few opportunities with insurance which are really interesting for us is embedded insurance opportunities. Again, leveraging our partnership ecosystem, particularly with Voltech, where we're looking at embedding high demand insurance products such as device protection plans directly into the consumer purchasing journey.

對於我們來說真正有趣的其他幾個保險機會是嵌入式保險機會。再次，利用我們的合作夥伴生態系統，特別是與 Voltech 的合作，我們正在考慮將設備保護計劃等高需求保險產品直接嵌入到消費者的購買過程中。

And as I mentioned, we have, over 7.5 million registered members and growing rich customer insights now we get from our data platform. So we're also looking at executing cross sell and upsell strategies and with the credit club initiative, we're confident we can match insurance offerings to also these highly targeted customer segments.

正如我所提到的，我們擁有超過 750 萬名註冊會員，並且我們現在可以從數據平台獲得越來越豐富的客戶洞察。因此，我們也在考慮執行交叉銷售和追加銷售策略，透過信用俱樂部計劃，我們有信心將保險產品與這些高度針對性的客戶群體相匹配。

And finally, well some of these segments we will be, as I mentioned looking at initial upfront customer acquisition costs. What they offer will be a predictable and a substantial recurring revenue stream. And car insurance is going to be one of those high value segments that we want to strategically invest in acquiring these new customers.

最後，正如我所提到的，我們將關注其中一些細分市場，看看最初的前期客戶獲取成本。他們提供的將是可預測的、可觀的經常性收入來源。汽車保險將成為我們想要策略性投資以獲得新客戶的高價值領域之一。

Daniel, I pass over to you the 3rd question.

丹尼爾，我把第三個問題交給你。

Okay. So, the third question that we have is the capital allocation strategy of our current cash position. Okay. Given that we have a debt-free band sheet and cash position of approximately 42 million, we're taking a discipline, prudent, yet proactive approach to capital allocation.

好的。因此，我們的第三個問題是我們目前現金狀況的資本配置策略。好的。鑑於我們擁有無債務的資產負債表和約 4,200 萬美元的現金狀況，我們對資本配置採取了嚴謹、審慎而積極主動的方式。

Firstly, we ensure robust liquidity to fund our cooperation, such includes maintaining sufficient reserves for operational expenses such as payroll, strategic reward programs, professional services, and general corporate purposes.

首先，我們確保充足的流動性來資助我們的合作，包括維持足夠的儲備金用於營運費用，如薪資、策略獎勵計劃、專業服務和一般公司用途。

Secondly, with available as access cash, we are placing funds into conservative interest-bearing instruments to yield, capital preservation. This aligns with our commitment to responsible stewardship of capital and prudent risk management in the current macro environment.

其次，利用可用的現金，我們將資金投入保守的計息工具，以獲得收益並保全資本。這與我們在當前宏觀環境下負責任地管理資本和審慎管理風險管理的承諾一致。

And also at the same time, we actively access growth opportunities that can deliver clear strategic value to our business. This might include considering target investments such as hold on acquisition, strategic talent additions. Innovative technology partnerships or growth initiatives with high return potential. Especially those aligned with our high margining protocols. Technology platforms and AI for strategic direction.

同時，我們也積極尋找能為我們的業務帶來明確策略價值的成長機會。這可能包括考慮目標投資，例如暫停收購、策略性人才補充。具有高回報潛力的創新技術合作夥伴關係或成長計畫。特別是那些符合我們的高保證金協議的協議。技術平台和人工智慧作為策略方向。

And ultimately, our approach balances financial discipline with strategic agility. We remain well positioned to capitalize quickly on attractive opportunities while staying conscious and deliberate to ensure all allocations strike meaningful long term shareholder value. Thank you.

最終，我們的方法是平衡財務紀律和策略敏捷性。我們仍處於有利地位，可以迅速利用有吸引力的機會，同時保持清醒和審慎，確保所有分配都能實現有意義的長期股東價值。謝謝。

If you, if I may have a follow up with that, just wondering what markets do you expect to drive that growth in 2025 and if you can provide any outlook, from that one, that would be great. Again, thanks for taking the question and appreciate the color.

如果您願意的話，我可以跟進一下，只是想知道您預計哪些市場將在 2025 年推動這一增長，如果您能提供任何展望，那就太好了。再次感謝您提出這個問題並欣賞您的色彩。

Sure, I mean this question I would like to sort of tie it back again to our strategic pillars, and just to recap our strategic pillars being consumer pools, conversion expertise.

當然，我的意思是，我想將這個問題與我們的策略支柱連結起來，並回顧我們的策略支柱是消費者池、轉換專業知識。

Strong, provider partnerships, operating leverage and insurance brokerage, and when we look at our sort of markets, we look at our right to win across the strategic pillars. So, I'll start first with Singapore and Hong Kong because these are mature digital first markets and they really offer a very sort of ideal environment for us for simultaneous sort of investment across all these pillars.

強大的供應商合作夥伴關係、經營槓桿和保險經紀，當我們審視我們的市場時，我們會審視我們在策略支柱中獲勝的權利。因此，我首先從新加坡和香港開始，因為它們是成熟的數位優先市場，它們確實為我們在所有這些支柱上同時進行投資提供了非常理想的環境。

Both these markets, they're sort of characterized by, firstly, financial hubs, advanced digital infrastructure, a very a strong consumer adoption of digital financial products.

這兩個市場都具有以下特點：首先，它們都是金融中心，擁有先進的數位基礎設施，消費者對數位金融產品的接受度很高。

There's also a really highly developed ecosystem of of local and international financial institutions, many of whom are now fully API integrated and that really enables us also to seamless product integration and and real-time user experiences and and purchasing journeys and finally you know when you take a look at these two markets it comes with.

這裡還有一個由本地和國際金融機構組成的高度發展的生態系統，其中許多機構現在已完全整合 API，這確實使我們能夠實現無縫的產品整合、即時的用戶體驗和購買旅程，最後，當您看看這兩個市場時，您就會知道它會帶來什麼。

The consumer sort of sophistication where we can drive a higher intent organic traffic and and also sort of a robust demand for personalized offerings. So with these dynamics we will continue to invest across our pillars whether it is enhancing our brand awareness for our leveraging our expanding membership sort of based on the consumer pool pillar.

消費者的成熟度使得我們可以帶來更高意圖的有機流量，以及對個人化產品的強勁需求。因此，憑藉這些動力，我們將繼續在各個支柱領域進行投資，無論是提高我們的品牌知名度，還是利用我們不斷擴大的會員規模，還是基於消費者池支柱。

Ongoing optimization of our UX and UI, the data platform we have for personalization.

持續優化我們的 UX 和 UI，以及我們用於個人化的資料平台。

Strong partnerships that we are leveraging on including recently with TransUnion for credit products and and our partnership with [Voltech] for innovative insurance solutions and finally as you think of insurance we really feel both these markets are primed as we expand into car insurance and other higher margin.

我們正在利用強大的合作夥伴關係，包括最近與 TransUnion 合作開發的信貸產品，以及與 [Voltech] 合作開發的創新保險解決方案，最後，當您想到保險時，我們確實認為隨著我們擴展到汽車保險和其他利潤更高的保險，這兩個市場都已做好準備。

Verticals including wealth, where we can offer a very [fictional] sort of experience. So, we feel looking at our pillars and these two markets to begin with, we can really drive profitable growth. Driven by a diversified, higher margin and reckoning revenue stream.

垂直領域包括財富，我們可以提供非常[虛構]的體驗。因此，我們認為，首先關注我們的支柱和這兩個市場，我們就能真正推動獲利成長。受多元化、更高利潤和計算收入流的推動。

Now let me talk about the other two markets we have Philippines and Taiwan. The Philippines is really emerging as a really critical sort of digital financial services market, significant growth potential for us and here you know we're especially focused on.

現在讓我談談我們的另外兩個市場菲律賓和台灣。菲律賓正在真正成為一個真正重要的數位金融服務市場，對我們來說具有巨大的成長潛力，我們對此特別關注。

The three of the pillars conversion expertise in Philippines we are investing substantially in our tele-sales capabilities where we're able to optimize our conversion from an inquiry all the way to purchase and this really enhances our unit economics and profitability.

菲律賓的三大支柱轉換專業知識，我們在電話銷售能力方面投入了大量資金，我們能夠優化從詢問到購買的轉換，這真正提高了我們的單位經濟效益和盈利能力。

Also, we're really focused on stronger provider partnerships. We recently onboarded a major local bank and this significantly sort of expands our partner network but also strengthens our ability to offer differentiated financial product in the market and you know our influencer driven platform Creatorre is is driving.

此外，我們非常注重加強供應商合作夥伴關係。我們最近與一家大型本地銀行合作，這不僅大大擴展了我們的合作夥伴網絡，還增強了我們在市場上提供差異化金融產品的能力，而且您知道我們的影響力驅動平台 Creatorre 正在推動這一發展。

Cost efficient customer acquisition in Philippines and also increasing our brand recognition in this fast growing market. And finally, Taiwan presents a really unique opportunity for us given its existing already substantial consumer pool. We have one of the highest levels of organic traffic and brand recall in Taiwan across all our markets. So here are strategic strategic focuses again on conversion expertise. So we're really investing in in our UX and UI and our user journeys.

在菲律賓以低成本高效地獲取客戶，並提高我們在這個快速成長的市場中的品牌知名度。最後，鑑於台灣現有的龐大消費群體，它為我們提供了一個真正獨特的機會。我們在台灣所有市場都擁有最高水準的自然流量和品牌回想率。因此，這裡的策略重點再次放在轉換專業知識上。所以我們確實在 UX、UI 和用戶旅程上進行了投資。

Targeting sort of friction points when users leave our platform post product selection we're exploring generative AI solutions here to improve the funnel efficiency. Again, a market where we want to deepen our ties with local financial institutions so we can come up with more product offerings and this is a market where we currently don't have an insurance brokerage license, but we're also exploring an entry strategy, leveraging also our ex sort of existing partnership with Boltech.

針對用戶在選擇產品後離開我們平台時出現的摩擦點，我們正在探索生成式人工智慧解決方案，以提高漏斗效率。再次，我們希望在這個市場中深化與當地金融機構的聯繫，以便我們能夠提供更多的產品，目前我們在這個市場中沒有保險經紀執照，但我們也在探索進入策略，利用我們與 Boltech 現有的合作關係。

So I think in summary, we really have differentiated sort of growth strategies. We look at the local market maturity and the dynamic and the strategic pillars. And we look at various ways in which we invest in these markets.

所以我認為總而言之，我們確實有差異化的成長策略。我們關注當地市場的成熟度、動態和策略支柱。我們研究了投資這些市場的各種方式。

And finally, as Danny had sort of mentioned, we've really restructured and reorganized ourselves so we're leaner and more horizontal in when it comes to our operating model and that significantly enhances our operating leverage across all these markets. So that means we can simultaneously invest across these markets but also more efficiently allocate resources as we drive growth.

最後，正如丹尼所提到的那樣，我們確實進行了重組和改組，因此我們的營運模式更加精簡和橫向化，這大大增強了我們在所有這些市場的營運槓桿。這意味著我們可以同時在這些市場進行投資，同時在推動成長的同時更有效地分配資源。

Thank you for that question.

謝謝你的提問。

Thank you, that's very clear.

謝謝，非常清楚。

And next question. William Gregozeski, Green Ridge Global.

下一個問題。威廉‧格雷戈澤斯基 (William Gregozeski)，綠嶺全球公司。

Hi, thank you. I have a couple of questions I'll ask separately. The first kind of touches on your last answer about the reorganization and allocating resources. Can you talk a little more about the impact that's had the reorganization on the cost structure and margins and what you're able to do?

你好，謝謝。我有幾個問題想分別問一下。第一種涉及到您關於重組和分配資源的最後一個回答。您能否詳細談談重組對成本結構和利潤的影響以及您能採取的措施？

Danny, you want to take that?

丹尼，你想拿走那個嗎？

Okay, so, over the last year, we implemented significant changes aimed at creating a leaner, more efficient organization and tightly aligned with our efficiency strategy.

好的，在過去的一年裡，我們實施了重大變革，旨在創造一個更精簡、更有效率的組織，並與我們的效率策略緊密結合。

This restructuring was mainly focused on optimizing our cost base and improving productivity. It positions ourselves for sustainable profitability.

此次重組主要是為了優化我們的成本基礎和提高生產力。它使我們實現了可持續盈利。

This restructuring is largely complete, and I believe the benefits are clearly reflected in our results.

此次重組已基本完成，我相信其好處已在我們的業績中明顯體現。

Specifically, our employee related expenses during the quarters decreased by approximately 45% year over year. These savings resulted from strategic headcount reductions, eliminating role duplication and restructuring teams horizontally across markets. This allows us to scale efficiently without compromising growth potential.

具體來說，我們本季的員工相關費用年減了約 45%。這些節省是透過策略性裁員、消除角色重複和跨市場橫向重組團隊實現的。這使我們能夠有效擴大規模，而不會損害成長潛力。

And by doing so, we've effectively optimized our cost structure, creating operating leverage that enables us in incremental revenue growth with minimal additional fixed cost. As a direct outcome, adjusted EBITDA improved it significantly to 2.9 million in 2024. And reflecting a 1.7 million improvement year over year.

透過這樣做，我們有效地優化了成本結構，創造了營運槓桿，使我們能夠以最小的額外固定成本實現增量收入成長。直接結果是，調整後的 EBITDA 在 2024 年大幅提升至 290 萬。與去年同期相比，成長了 170 萬。

This underscores our discipline execution in reducing operating expenses while continuing target investments in critical areas such as technology innovation, product enhancement, and customer acquisition.

這強調了我們在降低營運費用方面的紀律執行，同時繼續在技術創新、產品增強和客戶獲取等關鍵領域進行目標投資。

Looking forward, we will continue to prioritize productivity and marginal expansion. With investments in technology, particularly around AI-driven automation, workflow efficiencies, and precision target marketing. We expect ongoing productivity gains throughout 2025.

展望未來，我們將繼續優先考慮生產力和邊際擴張。透過對科技的投資，特別是在人工智慧驅動的自動化、工作流程效率和精準目標行銷方面。我們預計 2025 年全年生產力將持續提高。

The restructuring completed in 2024 provides a robust foundation. It enables us to further enhance margins and achieve greater operating leverage as we scale. So in short, the restructuring was not just a cost cutting exercise. It was a strategic realignment that has significantly improved our efficiency and positioned us for profitable and scalable long-term growth.

2024年完成的重組提供了堅實的基礎。它使我們能夠在擴大規模的同時進一步提高利潤率並獲得更大的經營槓桿。簡而言之，重組不僅僅是一項削減成本的舉措。這是一次策略調整，顯著提高了我們的效率，並使我們為實現盈利和可擴展的長期成長做好了準備。

Thank you for your question.

感謝您的提問。

Okay, great. My next question is another modeling related question. The advertising and marketing expenses were up quite a bit from last year in terms of absolute dollars and percent of revenue. Can you kind of give your thoughts on how you expect that going forward, especially with the $100 million dollar revenue target?

好的，太好了。我的下一個問題是另一個與建模相關的問題。從絕對金額和占收入的百分比來看，廣告和行銷費用比去年同期有大幅成長。您能否談談對未來的預期，尤其是實現 1 億美元的營收目標？

Yes, certainly. Yeah, you're correct. Marketing expenses increased in 2024. This was the result of a deliberate decision to capitalize on target growth opportunities in key markets. However, I want to emphasize that every dollar spent is carefully measured against the performance metrics. Since quarter of 2024, we've implement a more focused and efficient marketing strategy to ensure we are driving sustainable growth.

是的，當然。是的，你說得對。2024年行銷費用增加。這是我們深思熟慮後做出的決定，旨在利用主要市場中的目標成長機會。然而，我想強調的是，每一分錢的花費都是根據績效指標仔細衡量的。自 2024 年第一季起，我們實施了更專注、高效的行銷策略，以確保推動永續成長。

The results are already visible. For example, In Q4 of 2024, we saw a 23% reduction in marketing spends year over year, as we optimize campaigns and reward costs. And also, advertising marketing expenses in Q4 fell by 20% sequentially.

成果已經顯現。例如，在 2024 年第四季度，由於我們優化了行銷活動和獎勵成本，我們的行銷支出比去年同期減少了 23%。此外，第四季廣告行銷費用較上季下降了20%。

With also shift investment towards high margin for the calls where we see better returns. Our team has streamlined operations, improving cost structures across all markets.

我們還將投資轉向高利潤的電話業務，以獲得更好的回報。我們的團隊簡化了運營，改善了所有市場的成本結構。

That being said, marketing remains essential to our business model because we are, we operate in a competitive digital space. We must continue investing in such as for example, use acquisition to grow our platform traffic. Promotional campaigns that drive engagement.

話雖如此，行銷對我們的商業模式仍然至關重要，因為我們在競爭激烈的數位領域中運作。我們必須繼續投資，例如，透過收購來增加我們的平台流量。推動參與的促銷活動。

And partner incentives to maintain strong commercial relationships. And moving ahead, we maintain discipline spending. It will keep optimizing campaigns to to improve ROI, ensuring marketing dollars generate measurable revenue. Prioritize high margin growth.

並透過合作夥伴激勵措施來維持牢固的商業關係。展望未來，我們將維持支出紀律。它將持續優化行銷活動以提高投資報酬率，確保行銷資金產生可衡量的收入。優先考慮高利潤成長。

We are focusing on further cos where customer value justifies the acquisition cost. Also to balance short term and long term gains. Some expenses like brand building, take time to pay off, but with discipline spending, will directly align with profitable goals.

我們正關注進一步的成本，即客戶價值能夠證明收購成本的合理性。也要平衡短期和長期利益。一些費用（例如品牌建立）需要時間才能獲得回報，但如果有紀律地支出，將直接與獲利目標保持一致。

While we have reduced spending from peak levels, we won't cut marketing to the point of starving growth. Our strategy is about smarter spending and not just less spending.

雖然我們已將支出從高峰水準削減，但我們不會將行銷支出削減到阻礙成長的程度。我們的策略是更明智的支出，而不僅僅是減少支出。

The improvement in 4 proved we can scale efficiently, and we'll continue refining this approach to target a positive adjusted EA on a quarterly basis beginning in the second half of 2025.

4 的改進證明我們可以有效地擴展，並且我們將繼續改進這種方法，以從 2025 年下半年開始每季實現正調整後的 EA 為目標。

Thank you for your question.

感謝您的提問。

Okay, great, thanks for all that color. On the AI and automation, you touched on it in the prepared remarks. Can you give a little more color on what the plans are for that and the role and what kind of top and bottom-line contribution you expect to have from that?

好的，太好了，謝謝你提供的所有顏色。關於人工智慧和自動化，您在準備好的發言中提到了這一點。您能否進一步說明這方面的計劃和角色，以及您期望從中獲得什麼樣的收入和利潤貢獻？

Sure. Let me take that. So, look, I think one is we're very clear we have an AI for strategy, and we strongly believe this can enhance our operational efficiency as well as drive the efficiency strategy that you know we spoke about and what we're doing is we're really actively beginning to embed AI into our workflows and processes.

當然。讓我來接手吧。所以，我認為，首先我們非常清楚我們有一個人工智慧策略，我們堅信這可以提高我們的營運效率，並推動我們談到的效率策略，而我們正在做的是，我們真正積極地開始將人工智慧嵌入到我們的工作流程和流程中。

This will allow us to scale our business while we continue to maintain a stable headcount and an operating cost structure again drives that strategic pillar operating leverage. Now a couple of areas where we, we've already started seeing some results. One is an AI powered customer service we've introduced that, significantly now that we're reducing our customer inquiry volumes.

這將使我們能夠擴大業務規模，同時繼續保持穩定的員工人數，並且營運成本結構再次推動策略支柱的營運槓桿。現在我們已經開始在一些領域看到一些成果。一是我們推出了人工智慧客戶服務，現在我們正在大幅減少客戶諮詢量。

Much more sort of improved self service and proactive support, we're seeing also I would say improvements in first inquiry resolution rates.

自助服務和主動支援有了很大改進，我們也看到首次諮詢解決率有所提高。

So that's one such initiative already underway. The second generative AI for content creation, we are rapidly scaling our content production capabilities in markets like Singapore. More than half of our content now we're leveraging, Gen AI, and this really enables us to deliver very highly personalized and targeted content to our users.

這是一項已在進行的措施。作為用於內容創作的第二個生成式人工智慧，我們正在新加坡等市場迅速擴展我們的內容製作能力。現在，我們的一半以上的內容都在利用 Gen AI，這確實使我們能夠為用戶提供高度個人化和有針對性的內容。

At the fraction of the previous effort and cost and turnaround time, so again this is something that we're really doubling down on a couple of other areas which are really interesting for us is how do we start deploying agenttic AI tools as you'll appreciate there are a lot of also repetitive tasks and work flows we ourselves you undertake. This is a good great opportunity for us to.

只需花費之前工作量、成本和周轉時間的一小部分，因此，這又是我們真正加倍投入其他幾個領域的事情，這些領域對我們來說非常有趣，那就是我們如何開始部署代理 AI 工具，正如您所意識到的，我們自己也承擔了很多重複性的任務和工作流程。這對我們來說是一個很好的機會。

Really in a very autonomous way manage these tasks and what it essentially does is it will free up our human resources to focus on more strategic and creative activities ultimately it's all about driving the productivity and that is something that you know we're very focused with our AF for strategy and finally the data platform I spoke about, we have AI capabilities where we can look at much better segmentation, personalization. And as we grow this member base, this will be quite critical to drive the monetization of the space.

真正以非常自主的方式管理這些任務，它本質上的作用是釋放我們的人力資源，讓我們專注於更具戰略性和創造性的活動，最終這一切都是為了提高生產力，這就是我們非常關注的 AF 戰略，最後是我提到的數據平台，我們擁有人工智能功能，可以實現更好的細分和個性化。隨著我們會員基礎的擴大，這對於推動該領域的貨幣化將變得至關重要。

Now you all would have recently seen, Shopify CEO Toby Lucky, he recently sort of emphasized how AI usage has become like a baseline expectation now for every digital organization. This is equally true at Money Hero Group.

大家最近可能都看到了，Shopify 執行長 Toby Lucky 最近強調了 AI 的使用現在已成為每個數位組織的基本期望。Money Hero Group 也是如此。

And the point I want to make is AI is just not a tool for us; it's a core capability that everyone in the company is now expected to master.

我想說的是，人工智慧對我們來說不僅僅是一個工具；這是公司現在希望每個人都掌握的核心能力。

And we really feel. By using this incredible capability now at our disposal, we can scale this business more efficiently. And essentially we can turn tasks that required months and days now into hours and even minutes.

我們確實感受到了。透過利用我們現有的這種不可思議的能力，我們可以更有效地擴展業務。本質上，我們可以將原本需要數月甚至數天才能完成的任務縮短到數小時甚至數分鐘。

So we're really sort of doubling down on AI because we feel this will enhance our productivity and eventually our profitability.

因此，我們確實在加倍投入人工智慧，因為我們認為這將提高我們的生產力，並最終提高我們的獲利能力。

Great, thank you. Last question is, can you just talk about your plans to leverage the Nasdaq listing and how you plan to get the stock back up over the dollar threshold?

太好了，謝謝。最後一個問題是，您能否談談利用納斯達克上市的計劃以及如何讓股價重新突破 1 美元大關？

Yeah, sure. Just like. Just give us a couple of minutes. I think Danny you can.

是的，當然。一樣。請給我們幾分鐘。我認為丹尼你可以。

Okay, yeah, I'll take this.

好的，是的，我會接受這個。

So, the $67 million one-time share-based payment expenses incurred in 2023 related to our NASAQ listing was a significant but essential investment in our long-term growth trajectory.

因此，2023 年與我們在 NASAQ 上市相關的 6,700 萬美元一次性股份支付費用對於我們的長期成長軌跡來說是一項重大但必要的投資。

Becoming a publicly listed company has substantially enhanced our strategic position by, firstly, enhancing credibility and building trust among investors, customers and partners with the high standards of governance and operational transparency expected from a listed company. Secondly, providing flexibility for target M&A and attracting and retaining key talents by using our shares as currency to accelerate growth in high margin segments, such as insurance and wealth management.

成為上市公司大大提升了我們的策略地位，首先，透過提高信譽，建立投資者、客戶和合作夥伴之間的信任，達到了上市公司應有的高標準治理和營運透明度。其次，透過利用我們的股票作為貨幣，為目標併購提供靈活性，並吸引和留住關鍵人才，以加速保險和財富管理等高利潤領域的成長。

And also, to increase our brand recognition, exposure and reputation in international markets.

同時，提高我們的品牌在國際市場上的知名度、曝光度和聲譽。

Regarding our current share price, we believe our stock remains undervalued and does not fully reflect our efficiency strategy and the impact it is already having in improving the quality of our top line and narrowing the bottom line.

關於我們目前的股價，我們認為我們的股票仍然被低估，並沒有完全反映我們的效率策略及其在提高我們的營業收入品質和縮小利潤方面已經產生的影響。

While the market has been challenging, we remain confident that our ability to capitalize on the enormous addressable market op opportunity.

儘管市場充滿挑戰，但我們仍然相信我們有能力利用巨大的潛在市場營運機會。

And our primarily primary focus remains firmly on executing our efficiency strategy, driving revenue growth in profitable vehicles, controlling costs, having a clear path to profitability and steadily expanding market share through strategic partnerships.

我們的主要重點仍然是堅定地執行我們的效率策略，推動獲利車輛的收入成長，控製成本，明確獲利途徑，並透過策略夥伴關係穩步擴大市場份額。

Innovative product offerings and leveraging our AI first capabilities.

提供創新產品並充分利用我們的 AI 優先能力。

We firmly believe the market will recognize and reward the underlying strength of our business model and operational performance, translating into sustained long term shareholder value.

我們堅信市場將認可並獎勵我們商業模式和營運績效的潛在優勢，從而轉化為持續的長期股東價值。

Thank you.

謝謝。

Okay, great, thank you for all the answers and I appreciate the color on that.

好的，太好了，謝謝你所有的回答，我很欣賞你的見解。

Thank you for the questions.

謝謝您的提問。

I show no further questions at this time. I would now like to turn the call back over to Rohith for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給羅希特，請他做最後發言。

Well, thank you for all your questions and for your time. I just want to finally end by thanking the entire Group team for all their hard work and dedication and commitment to our consumers, to our business, to our partners. We're really very much energized, to continue this performance in 2025. And I really look forward to, sharing the results the next time we speak.

好吧，感謝您提出的所有問題以及您付出的時間。最後，我只想感謝整個集團團隊為我們的消費者、我們的業務、我們的合作夥伴所做的一切努力、奉獻和承諾。我們確實充滿活力，將在 2025 年繼續保持這樣的表現。我非常期待下次談話時分享結果。

So, thank you everyone for your time.

所以，感謝大家抽空。

This does conclude today's conference call.

今天的電話會議到此結束。

(Operator instruction).

（操作員指令）。