Fathom Holdings Inc (FTHM) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Fathom Holdings Inc fourth quarter 2023 earnings conference call.

下午好，歡迎參加 Fathom Holdings Inc 2023 年第四季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Alex Kovtun with Gateway group.

我現在想將會議交給 Gateway 小組的 Alex Kovtun。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you operator, and welcome everyone, to Fathom Holdings fourth quarter and year end 2023 conference call.

感謝營運商，並歡迎大家參加 Fathom Holdings 第四季和 2023 年底電話會議。

I'm Alex Kovtun with Gateway Group, Fathom's investor relations firm.

我是 Alex Kovtun，來自 Fathom 的投資者關係公司 Gateway Group。

Before I turn things over to this of the management team, I want to remind our listeners that this call (technical difficulty) Reform Act of 1995.

在我把事情交給管理團隊之前，我想提醒我們的聽眾，這項稱為（技術難度）的 1995 年改革法案。

Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those set forth in the Risk Factors section of the company's Form 10-K for the year ended December 31, 2023, as well as the company's subsequent Form 10-Q, the company's upcoming Form 10-K for the year ended December 31st, 2023, and other Company filings made with the SEC, copies of which are available on the SEC's website at www.sec.gov.

此類前瞻性陳述受到許多條件的影響，其中許多條件超出了公司的控制範圍，包括公司截至 2023 年 12 月 31 日的 10-K 表格的風險因素部分中列出的條件，以及公司的隨後的10-Q 表格、公司即將發布的截至2023 年12 月31 日的年度10-K 表格以及公司向SEC 提交的其他文件，這些文件的副本可在SEC 網站www.sec.gov 上取得。

As a result of these forward-looking statements, actual results could differ materially.

由於這些前瞻性陳述，實際結果可能存在重大差異。

Fathom undertakes no obligation to update any forward-looking statements after today's call, except as required by law.

除法律要求外，Fathom 不承擔在今天的電話會議後更新任何前瞻性聲明的義務。

Please also note that during this call, we will be discussing adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation.

另請注意，在本次電話會議中，我們將討論調整後的 EBITDA，這是 SEC 法規定義的非 GAAP 財務指標。

A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's press release, which is now posted on Fathom's website.

今天的新聞稿中包含了這項非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，該新聞稿現已發佈在 Fathom 網站上。

So with that, I'll turn the call over to Fathom's President and CEO, Marco Fregenal.

因此，我會將電話轉給 Fathom 的總裁兼執行長 Marco Fregenal。

Marco?

馬可？

Thank you, Alex, and good afternoon, everyone, and a well warm welcome to everyone joining us for our fourth quarter and full year 2023 Earnings Call.

謝謝 Alex，大家下午好，熱烈歡迎大家加入我們參加我們的 2023 年第四季和全年財報電話會議。

I am incredibly proud of our Fathom family, and I'm grateful for your unwavering dedication, hard work and commitment to excellence.

我為我們的 Fathom 家族感到無比自豪，我感謝你們堅定不移的奉獻精神、辛勤工作和對卓越的承諾。

Your efforts have played a pivotal role in shaping Fathom into the exceptional company it is today.

你們的努力在將 Fathom 打造成今天的卓越公司的過程中發揮了關鍵作用。

Despite the challenges faced in 2023, our team's resilience and determination have been truly remarkable.

儘管 2023 年面臨挑戰，但我們團隊的韌性和決心確實令人驚嘆。

I am deeply thankful for all of you and your significant contributions to our continued success.

我衷心感謝你們所有人以及你們為我們持續成功做出的重大貢獻。

I am proud of what Fathom has accomplished in 2023 despite the challenging conditions in the residential real estate market.

儘管住宅房地產市場情況充滿挑戰，但我對 Fathom 在 2023 年的成就感到自豪。

Our team's commitment to our growth strategy allowed us to navigate the obstacles and make significant strides to position Fathom favorably for the upcoming year.

我們團隊對成長策略的承諾使我們能夠克服障礙並取得重大進展，使 Fathom 在未來一年處於有利地位。

Fathom's total fourth quarter revenue was $74.1 million, a decrease of 11.2% from $83.4 million for the 2022 fourth quarter.

Fathom第四季總營收為7,410萬美元，較2022年第四季的8,340萬美元下降11.2%。

The [10.1%] decrease in brokerage revenue was primarily due to the decline in brokerage transactions, but it was partially offset by the [20.5%] increase in Fathom's ancilliary services, particularly in Fathom's mortgage business.

經紀收入的下降[10.1%]主要是由於經紀交易的下降，但部分被Fathom輔助服務的成長[20.5%]所抵消，特別是Fathom的抵押貸款業務。

Total revenue for 2023 was $345.2 million, a decrease of 16% from $412.9 million for 2022.

2023 年總營收為 3.452 億美元，比 2022 年的 4.129 億美元下降 16%。

Adjusted EBITDA loss in non-GAAP measure improved for a total loss of $2.9 million in the fourth quarter of 2023 compared with an adjusted EBITDA loss of approximately $5.9 million in the fourth quarter of 2022.

以非公認會計原則衡量的調整後 EBITDA 虧損有所改善，2023 年第四季的總虧損為 290 萬美元，而 2022 年第四季調整後 EBITDA 虧損約為 590 萬美元。

The improvement in adjusted EBITDA reflects our continued commitment to achieving and remaining adjusted EBITDA positive moving forward.

調整後 EBITDA 的改善反映了我們對實現並維持調整後 EBITDA 積極向前發展的持續承諾。

For the full year, adjusted EBITDA loss was $4.1 million in 2023 versus an adjusted EBITDA loss of $12.2 million for 2022.

就全年而言，2023 年調整後 EBITDA 損失為 410 萬美元，而 2022 年調整後 EBITDA 損失為 1,220 萬美元。

Our focus on market share expansion from legacy brokerage firms throughout the year remains steadfast.

我們全年對傳統經紀公司市場份額擴張的關注仍然堅定。

Notably, we experienced a substantial 13.7% growth in our agent network for the full year which stands out compared to the reported domestic agent growth for all, but one of our public peers.

值得注意的是，我們的代理商網路全年大幅成長了 13.7%，這與報告的所有國內代理商成長（除了我們的上市同行之一）相比非常突出。

Both ongoing agent referral efforts and our introduction of workovers in key regions, including Louisiana, Massachusetts, California filled this growth.

持續的代理商推薦工作以及我們在路易斯安那州、馬薩諸塞州、加利福尼亞州等關鍵地區推出的修井服務都促進了這一成長。

In the fourth quarter of 2023, we implemented various programs to enhance agent recruitment, including the reintroduction of our Producer Perks in October, a program designed to attract high-performing agents that has yielded promising early results.

2023 年第四季度，我們實施了各種計劃來加強代理商招聘，包括在 10 月份重新推出了生產者福利，該計劃旨在吸引表現出色的代理商，並已取得了可喜的早期成果。

We also observed a remarkable increase of over 200% in visitors to Fathom's career page, starting from 2,100 visitors in Q3 of 2023.

我們還觀察到 Fathom 職業頁面的訪客數量從 2023 年第三季的 2,100 名訪客開始顯著增加了 200% 以上。

So an impressive 6,600 visitors in Q4 of 2023.

2023 年第四季的訪客數量達到 6,600 人次，令人印象深刻。

Additionally, our onboarding starts continued to gain momentum in Q4 of 2023, increasing by over 7% from Q3 of 2023.

此外，我們的入職啟動數量在 2023 年第四季持續保持成長勢頭，較 2023 年第三季增加了 7% 以上。

Our agent growth in the fourth quarter further validates that we're winning through innovation and truly disruptive business model that continues to resonate among agents.

我們的代理商在第四季度的成長進一步證明，我們正在透過創新和真正顛覆性的業務模式贏得勝利，並繼續在代理商中引起共鳴。

Our new agents will value Fathom's proprietary cloud-based software intelliAgent, and they will also benefit from having additional Fathom services to offer the clients, including mortgage and insurance services as we continue to help our agents grow their businesses.

我們的新代理商將重視Fathom 專有的基於雲端的軟體intelliAgent，他們還將受益於為客戶提供的額外Fathom 服務，包括抵押貸款和保險服務，因為我們將繼續幫助我們的代理商發展他們的業務。

Our cost to acquire one agent during Q4 remain low at approximately $1,050, making our breakeven on each agent less than $1,150 will earn on their first sale.

我們在第四季度收購一名代理商的成本仍然很低，約為 1,050 美元，這使得我們在每位代理商的首次銷售中賺取的盈虧平衡點將低於 1,150 美元。

We also maintain a strong retention rate, which is exceptionally positive news given the backdrop of agents leaving the industry.

我們也保持著很高的保留率，考慮到代理商離開該行業的背景，這是一個非常積極的消息。

Fathom completed approximately 38,139 real estate transactions in 2023, a decline of approximately 14.6% compared to the previous year, despite the challenges posed by elevated interest rates, which impacted transaction volumes across the real estate market and led to the lowest level of existing home sales in almost three decades, Fathom exhibit resilience.

儘管利率上升帶來了挑戰，影響了整個房地產市場的交易量，並導致現房銷售水平降至最低水平，但 Fathom 在 2023 年完成了約 38,139 筆房地產交易，較上年下降約 14.6%近三十年來，Fathom 表現出了韌性。

We also observed year-over-year transaction growth in key markets such as Nevada, Missouri and Utah, notably accomplish and underscores our ability to seize market share from legacy brokerage firms, showcasing our adaptability in a volatile environment.

我們也觀察到內華達州、密蘇裡州和猶他州等主要市場的交易量同比增長，顯著實現並強調了我們從傳統經紀公司手中奪取市場份額的能力，展示了我們在動盪環境中的適應能力。

Looking ahead, we're very optimistic about the anticipated impact of our Producer Perks Program on Asian transactions in 2024.

展望未來，我們對生產者福利計畫對 2024 年亞洲交易的預期影響非常樂觀。

This initiative will further enhance our market position and contribute to sustained growth in the coming year.

這項舉措將進一步增強我們的市場地位，並有助於來年的持續成長。

Now let's discuss our mortgage business, while acknowledging its significant negative impact in our financial performance in 2023, our dedicated team has exerted tremendous effort to turn things around in 2024.

現在讓我們討論一下我們的抵押貸款業務，雖然我們承認它對我們 2023 年的財務業績產生了重大負面影響，但我們的專業團隊付出了巨大的努力，希望在 2024 年扭轉局面。

One notable stride is our strategic expansion of our mortgage operations in Texas by acquiring Austin based Elite Financing Group.

一項顯著的進步是我們透過收購位於奧斯汀的精英融資集團來策略性地擴張德州的抵押貸款業務。

This move fortifies our existing presence in Dallas-Fort Worth market and extends our reach into Austin, enabling us to cater to a broader clientele across Texas.

此舉鞏固了我們在達拉斯-沃斯堡市場的現有影響力，並將我們的業務範圍擴展到奧斯汀，使我們能夠滿足德克薩斯州更廣泛的客戶需求。

Recognizing the increasing demand in Latino segment, we have established a dedicated division within Encompass Lending Group to work closely with our Latino division at Fathom.

我們意識到拉丁裔市場需求不斷增長，我們在 Encompass Lending Group 內設立了一個專門部門，與 Fathom 的拉丁裔部門密切合作。

Thus far, we're encouraged by the results for the first two months of this year, which showed an impressive 89% increase in [file start] compared to the same period in 2022.

到目前為止，我們對今年前兩個月的結果感到鼓舞，與 2022 年同期相比，[文件開始] 增長了 89%，令人印象深刻。

This positive momentum fueled our optimism for our mortgage business, continued success and growth in the months ahead.

這種積極的勢頭激發了我們對抵押貸款業務的樂觀態度，並在未來幾個月繼續取得成功和成長。

While Q4 is a challenging quarter for Verus Title, we are encouraged given the 16% increase in file start for the first two months compared to last year.

雖然第四季度對 Verus Title 來說是一個充滿挑戰的季度，但鑑於前兩個月的文件啟動量與去年相比增加了 16%，我們感到鼓舞。

Moreover, we expect our recent announcement regarding the joint venture with agents in Texas to significantly improve our attachment rate and EBITDA.

此外，我們預計最近關於與德克薩斯州代理商成立合資企業的公告將顯著提高我們的依附率和 EBITDA。

During 2023, we're pleased that Fathom continue outperforming many of its peers regarding agent growth and transactions in the challenging market environment.

2023 年，我們很高興 Fathom 在充滿挑戰的市場環境中在代理商成長和交易方面繼續優於許多同業。

Although the residential real estate industry remains difficult, we believed our future remains bright and by continued to grow our agent base, we're positioning Fathom to continue success once the industry rebounds.

儘管住宅房地產行業仍然困難重重，但我們相信我們的未來仍然光明，透過不斷擴大我們的代理基礎，一旦行業反彈，我們將讓 Fathom 繼續取得成功。

We are making meaningful progress and advancing our growth strategy, expanding our agent network, optimizing our business for profitable growth and creating an industry leading commission model that continues to resonate well in the current real estate environment, and we'll continue to do so going forward.

我們正在取得有意義的進展，推進我們的成長策略，擴大我們的代理商網絡，優化我們的業務以實現盈利增長，並創建行業領先的佣金模式，在當前的房地產環境中繼續產生良好的反響，我們將繼續這樣做向前。

So let's briefly discuss our goals for 2024.

讓我們簡單討論一下 2024 年的目標。

First, we remain focused on accelerating Fathom's agent growth with the goal of returning our historical agent growth rate of 25% to 30%.

首先，我們仍然專注於加速 Fathom 的代理成長，目標是恢復 25% 至 30% 的歷史代理成長率。

Moving ahead, we'll focus more on attracting high-quality agents, teams and brokerages as our agent value proposition remains compelling in the current environment and our pipeline of opportunities remains robust.

展望未來，我們將更加重視吸引高品質的代理商、團隊和經紀公司，因為我們的代理商價值主張在當前環境下仍然引人注目，而且我們的機會管道仍然強勁。

We believe we are the most attractive home for agents in the long term as we help them ultimately earn more money with an industry leading flat fee commission split to agents.

我們相信，從長遠來看，我們是對代理商最具吸引力的家，因為我們透過業界領先的固定費用分配給代理商來幫助他們最終賺取更多的錢。

Our goal remains to be one of the top four or five brands in every market where we operate, and we continue to progress towards those targets.

我們的目標仍然是成為我們經營的每個市場的前四名或前五名品牌之一，我們將繼續朝著這些目標邁進。

We are now in 41 states and we're striving to be in all 50 states by the end of the year.

我們目前已覆蓋 41 個州，並力爭在今年年底前覆蓋所有 50 個州。

We also plan to launch various marketing programs and new technology enhancements in the coming months to provide greater value to our agents, improving productivity and ultimately make them more success.

我們還計劃在未來幾個月推出各種行銷計劃和新技術增強功能，為我們的代理商提供更大的價值，提高生產力並最終使他們取得更大的成功。

Our second goal is to achieve operating cash flow breakeven as early as the second quarter of 2024.

我們的第二個目標是最早在 2024 年第二季實現營運現金流損益平衡。

While we remain committed to returning to positive adjusted EBITDA for the full year in 2024.

我們仍致力於在 2024 年全年恢復正調整 EBITDA。

During the fourth quarter, we announced we revised an agent commission structure that we believe will add an estimated $3.1 million in EBITDA for 2024.

在第四季度，我們宣布修改了代理商佣金結構，我們相信這將在 2024 年增加 310 萬美元的 EBITDA。

We believe this slight increase in agent fees will have a minimal impact on our agents while helping Fathom achieve our objectives and provide our agents with an ever-improving agent offering.

我們相信，代理費用的小幅上漲將對我們的代理商產生最小的影響，同時幫助 Fathom 實現我們的目標，並為我們的代理商提供不斷改進的代理服務。

We also remain focused on identifying additional opportunities for operational efficiency to further reduce our expenses.

我們也持續致力於尋找提高營運效率的其他機會，以進一步減少我們的開支。

In Q4 2023, we implement cost reductions totaling approximately $1 million per quarter, which should take full effect in Q1 of 2024.

2023 年第四季度，我們每季實施總計約 100 萬美元的成本削減，預計將於 2024 年第一季全面生效。

More importantly, this cost reduction should not sacrifice our growth trajectory as we have increased the size of our recruiting team and plan to continue growing the recruiting team in 2024 to support agent growth efforts.

更重要的是，這種成本降低不應犧牲我們的成長軌跡，因為我們已經擴大了招募團隊的規模，並計劃在 2024 年繼續擴大招募團隊以支援代理商的成長工作。

Now turning our attention to ancillary businesses.

現在我們將注意力轉向輔助業務。

We recognize the potential for these businesses to significantly augment our revenue enhanced profitability per transaction over time.

我們認識到，隨著時間的推移，這些業務有可能顯著增加我們的收入，並提高每筆交易的獲利能力。

Early indicators for 2024 are promising, suggesting the initiatives implemented in Q4 are starting to yield positive results.

2024 年的早期指標充滿希望，顯示第四季度實施的措施已開始產生正面成果。

Notably, we are witnessing a substantial increase in file start for our mortgage and title businesses.

值得注意的是，我們看到抵押貸款和產權業務的文件啟動量大幅增加。

This positive trend aligns with our strategic objectives and reinforces our belief in our ancillary businesses long-term viability.

這一正面趨勢符合我們的策略目標，並增強了我們對輔助業務長期生存能力的信心。

We do expect both businesses to outpace the growth of our core brokerage business and contribute in a significant manner to our EBITDA in 2024 and beyond.

我們確實預計這兩項業務的成長速度將超過我們核心經紀業務的成長，並在 2024 年及以後為我們的 EBITDA 做出重大貢獻。

This week, we also announced a new joint venture between our title subsidiary and Fathom Realty Top Producers in Texas called Verus Title Elite to improve agent productivity and ultimately enhance profitability.

本週，我們也宣布我們的產權子公司與位於德克薩斯州的 Fathom Realty Top Producers 成立一家名為 Verus Title Elite 的新合資企業，以提高經紀人的工作效率並最終提高盈利能力。

This strategic collaboration should elevate agent productivity, enhancing profitability for all parties involved.

這種策略合作應該提高代理商的生產力，提高所有相關方的獲利能力。

Verus Elite aims to provide our agents with elevated support, creating a platform that foster success and presents lucrative opportunities for increased earnings.

Verus Elite 旨在為我們的代理商提供更高的支持，創建一個促進成功並提供增加收入的豐厚機會的平台。

By forging this joint venture we're confidence, we can further bolster attach rates going forward.

透過建立這家合資企業，我們有信心進一步提高未來的附加費率。

This will be the first of such joint ventures, and we look forward to it by creating others in the coming months.

這將是此類合資企業中的第一家，我們期待在未來幾個月內創建其他合資企業。

Finally, we continue to focus our balance sheet to navigate the current environment and position Fathom for growth opportunities in 2024.

最後，我們繼續關注資產負債表，以適應當前環境，並為 Fathom 定位 2024 年的成長機會。

We believe our current cash position and overall liquidity provides us with a runway to grow the business and execute our strategy through operating cash flow breakeven.

我們相信，我們目前的現金狀況和整體流動性為我們提供了一條發展業務的跑道，並透過營運現金流損益平衡來執行我們的策略。

In the last few quarters, we have seen an increase in the number of smaller real estate brokerages interested in merging with larger companies.

在過去的幾個季度中，我們看到有興趣與大公司合併的小型房地產經紀公司數量有所增加。

We believe that market consolidation will increase in 2024 and 2025.

我們認為 2024 年和 2025 年市場整合將會加強。

It is with that in mind that we'll continue to be opportunistic in our approach in acquiring smaller brokers.

考慮到這一點，我們將繼續以機會主義的方式收購小型經紀商。

In summary, we remain encouraged by the trends we're seeing across our business despite a more challenging quarter and year for Fathom real estate industry.

總之，儘管 Fathom 房地產行業面臨著更具挑戰性的季度和年度，但我們仍然對整個業務中看到的趨勢感到鼓舞。

Even with today's economic uncertainty and subdued real estate market conditions, we believe the Fathom has a long and positive runway ahead, and we expect to turn the corner towards profitability growth in the coming quarters, while starting to show the operating leverage in our business.

即使在當今經濟不確定性和房地產市場低迷的情況下，我們相信 Fathom 仍有一段漫長而積極的道路，我們預計將在未來幾個季度實現盈利增長，同時開始顯示我們業務的營運槓桿。

We are entering 2024 in a position of strength and optimism with the opportunities in front of us.

進入 2024 年，我們充滿力量和樂觀，機會就在我們面前。

With that, I'd like to pass the call over to Joanne Zach, our Senior Vice President of Finance, So she can discuss our financial results in more detail.

這樣，我想將電話轉接給我們的財務高級副總裁 Joanne Zach，以便她可以更詳細地討論我們的財務表現。

Thanks, Marco.

謝謝，馬可。

I'll start with a detailed review of our fourth quarter and full year 2023 results.

我將首先詳細回顧我們第四季和 2023 年全年的業績。

Fourth quarter total revenue declined 11% year-over-year to $74 million compared with $83 million for last year's fourth quarter.

第四季總營收年減 11%，至 7,400 萬美元，而去年第四季為 8,300 萬美元。

This decline was primarily due to a 13% decrease in brokerage revenues.

這一下降主要是由於經紀收入下降 13%。

That was partially offset by a 21% increase in ancillary revenues, which were primarily related to our mortgage business, which benefited from slightly declining interest rates in the later part of Q4 and from our strategic expansion of mortgage operations in Texas.

這被輔助收入增長 21% 所部分抵消，輔助收入主要與我們的抵押貸款業務有關，該業務受益於第四季度後期利率的小幅下降以及我們在德克薩斯州抵押貸款業務的戰略擴張。

For the 2023 year, total revenue decreased 16% to $345 million compared to $413 million in the prior year.

2023 年，總收入較前一年的 4.13 億美元下降 16%，至 3.45 億美元。

For the year, brokerage revenues declined by 17% and ancillary revenues declined by 11%.

全年經紀收入下降 17%，輔助收入下降 11%。

Overall revenues are lower in 2023 compared to 2022 due to lower transaction volumes attributable to rising home prices and for much of the year surging mortgage rates that made 2023 the least affordable market in decades.

與 2022 年相比，2023 年的整體收入較低，原因是房價上漲導致交易量減少，而且一年中大部分時間抵押貸款利率飆升，使 2023 年成為幾十年來最難負擔的市場。

GAAP net loss for the fourth quarter 2023 was $8.4 million or a loss of $0.50 per share compared with a loss of $9.9 million or a loss of $0.63 per share for the '22 fourth quarter.

2023 年第四季的 GAAP 淨虧損為 840 萬美元，即每股虧損 0.50 美元，而 2022 年第四季的虧損為 990 萬美元，即每股虧損 0.63 美元。

Our net loss was lower in Q4 23 due to improved margins on our broker transactions attributable to our fee increase initiated in January 2023 and to our cost savings efforts that began in '22 and carry forward in '23, partially offset by an increase in stock compensation costs and increases in interest and income tax expenses.

我們在23 年第4 季的淨虧損較低，這是由於我們的經紀商交易利潤率有所提高，這歸因於我們於2023 年1 月開始增加費用，以及我們從22 年開始並於23年結轉的成本節約工作，部分被庫存增加所抵銷補償成本以及利息和所得稅費用的增加。

GAAP net loss for the full '23 year was $24 million or a loss of $1.47 per share compared with a GAAP net loss of $27.6 million or a loss of $1.73 per share for 2022.

23 年全年 GAAP 淨虧損為 2,400 萬美元，即每股虧損 1.47 美元，而 2022 年 GAAP 淨虧損為 2,760 萬美元，即每股虧損 1.73 美元。

This reduction in net loss was attributable to our strategic cost saving efforts in all areas which included reductions in headcount, reductions and third party vendor costs and payroll reductions for the management team, partially offset by an increase in stock compensation costs and amortization of intangible assets and increases in interest and income tax expenses.

淨虧損的減少歸因於我們在所有領域的策略成本節約努力，包括減少員工人數、減少第三方供應商成本以及減少管理團隊的工資，但部分被股票補償成本和無形資產攤銷的增加所抵消利息和所得稅費用增加。

Adjusted EBITDA loss, a non-GAAP measure was $2.9 million in the 2023 fourth quarter versus adjusted EBITDA loss of $5.9 million for the fourth quarter in '22, primarily due to a $1.5 million reduction in net loss, which included an increase in non-cash stock compensation cost of $1 million and an increase in income tax expense and interest expense of $0.3 million and $0.1 million, respectively.

2023 年第四季調整後 EBITDA 虧損（非 GAAP 衡量標準）為 290 萬美元，而 2022 年第四季調整後 EBITDA 虧損為 590 萬美元，主要是由於淨虧損減少 150 萬美元，其中包括非現金股票補償成本為100 萬美元，所得稅費用和利息費用分別增加30 萬美元和10 萬美元。

For the full year '23, adjusted EBITDA loss was $4.1 million versus an adjusted EBITDA loss of $12.2 million for '22 due to a $3.6 million reduction in net loss, which included an increase in non-cash stock compensation cost of $3.9 million and an increase in non-cash depreciation and amortization of $0.6 million.

23 年全年，調整後 EBITDA 虧損為 410 萬美元，而 22 年調整後 EBITDA 虧損為 1,220 萬美元，原因是淨虧損減少 360 萬美元，其中包括非現金股票補償成本增加 390 萬美元和非現金折舊和攤銷增加60 萬美元。

G&A expense totaled $10.1 million for the 2023 fourth quarter, a decrease of 6.3% compared with $10.8 million for the fourth quarter of '22.

2023 年第四季的一般管理費用總計 1,010 萬美元，比 2020 年第四季的 1,080 萬美元下降 6.3%。

General and administrative expenses totaled $38.8 million for the full 2023 year, a decrease of 10.3% compared with $43.2 million for the fall 2022 year due to our cost cutting initiatives, partially offset by a $2.5 million increase in stock compensation costs in '23 compared to 2022.

由於我們的成本削減舉措，2023 年全年的一般和管理費用總計 3880 萬美元，與 2022 年秋季的 4320 萬美元相比下降了 10.3%，部分被 23 年股票薪酬成本增加 250 萬美元所抵消。 2022 年。

On a sequential basis, G&A increased by $300,000, primarily due to the additional G&A brought on by our mortgage operations expansion in Texas and to increase expenditures related to agent recruiting.

G&A 環比增加了 300,000 美元，主要是由於我們在德克薩斯州抵押貸款業務擴張帶來的額外 G&A 以及與代理招募相關的支出增加。

Expenses related to marketing activities with $0.9 million for the fourth quarter of '23 compared to $1.3 million in the fourth quarter of '22.

23 年第四季與行銷活動相關的費用為 90 萬美元，而 22 年第四季為 130 萬美元。

For the full year 2023, marketing expenses decreased by $1.9 million to $3.3 million in 2023 compared to $5.2 million for the full year 2022.

2023 年全年行銷費用減少 190 萬美元，至 2023 年 330 萬美元，而 2022 年全年行銷費用為 520 萬美元。

The 28.5% and 35.8% reduction in marketing expenses in Q4 and for the full year, respectively, reflect the benefits of our expense reductions implemented in late '22 and early 2023.

第四季和全年行銷費用分別減少了 28.5% 和 35.8%，反映了我們在 2022 年末和 2023 年初實施的費用削減帶來的好處。

Now I'll spend some time reviewing our business segment results in more detail.

現在我將花一些時間更詳細地回顧我們的業務部門表現。

As with all real estate companies, Q4 was a difficult quarter for our real estate division.

與所有房地產公司一樣，第四季對我們的房地產部門來說是一個艱難的季度。

We closed approximately 8,290 real estate transactions in the quarter, an 11% decrease from last year's fourth quarter.

本季我們完成了約 8,290 筆房地產交易，比去年第四季減少了 11%。

For the full year, we closed approximately 38,140 real estate transactions, a 14.7% decrease relative to the prior year.

全年，我們完成了約 38,140 筆房地產交易，較上年下降 14.7%。

We ended the fourth quarter with 11,795 agents, which represented a 13.7% growth rate over the fourth quarter of '22.

截至第四季末，我們擁有 11,795 名代理商，比 2020 年第四季成長 13.7%。

While the National Association of Realtors saw membership declines of approximately 1.6%.

而全國房地產經紀人協會的會員人數則下降了約 1.6%。

We have seen an increase of 26% in onboarding of starts in year to date over Q4, which should result in an increase in the number of agents joining Fathom going forward.

與第四季相比，今年迄今的新入職人數增加了 26%，這應該會導致未來加入 Fathom 的代理商數量增加。

Revenue for the real state division was approximately $69.4 million in the fourth quarter compared to $79.5 million for the same period last year, which represents a 12.8% decrease attributable to a decrease in transactions and the price of homes.

第四季房地產部門的收入約為 6,940 萬美元，而去年同期為 7,950 萬美元，由於交易和房屋價格下降，收入下降了 12.8%。

Adjusted EBITDA income in the real estate division was approximately $0.2 million in Q4 '23, an increase of $1.5 million compared to adjusted EBITDA loss of $1.3 million in Q4 of 2022.

2023 年第四季度，房地產部門調整後 EBITDA 營收約為 20 萬美元，與 2022 年第四季調整後 EBITDA 虧損 130 萬美元相比，增加了 150 萬美元。

For the full year, adjusted EBITDA income was $5.7 million in 2023 compared to $2 million for the full year of 2022.

2023 年全年調整後 EBITDA 營收為 570 萬美元，而 2022 年全年為 200 萬美元。

These improvements were achieved despite the decrease in transactions for Q4 '23 and for the 2023 year and reflects our increase in fees implemented in January 2023 and the favorable impact of our continued cost-cutting measures.

儘管 23 年第 4 季和 2023 年的交易量有所減少，但仍實現了這些改進，這反映了我們在 2023 年 1 月實施的費用增加以及我們持續削減成本措施的有利影響。

Our mortgage business generated revenues of $1.8 million in Q4 2023 compared to $1.3 million in the prior year period.

我們的抵押貸款業務在 2023 年第四季創造了 180 萬美元的收入，而去年同期為 130 萬美元。

Mortgage adjusted EBITDA for Q4 2023 was a loss of $0.8 million compared to an adjusted loss of $1.1 million for the same period last year.

2023 年第四季的抵押貸款調整後 EBITDA 虧損 80 萬美元，而去年同期調整後虧損為 110 萬美元。

For the 2023 year, although our mortgage business revenues declined by $1.1 million to $7.3 million compared to $8.3 million in the prior year, adjusted EBITDA loss for 2023 improved to $1.9 million compared to a $2.9 million adjusted EBITDA loss in 2022.

2023 年，儘管我們的抵押貸款業務收入從上一年的830 萬美元下降了110 萬美元，降至730 萬美元，但2023 年調整後EBITDA 損失改善至190 萬美元，而2022 年調整後EBITDA 損失為290 萬美元。

This is due to continued strategic cost-cutting measures our team continues to identify opportunities to reduce expenses to right size our mortgage business going forward, as well as to increase revenues by recruiting additional loan officers.

這是由於我們團隊持續採取策略性成本削減措施，不斷尋找機會減少開支，以調整未來抵押貸款業務的規模，並透過招募更多信貸員來增加收入。

DIA, our insurance business generated revenues of $1.4 million for the quarter and a total of $6.3 million in revenues for the year.

DIA，我們的保險業務本季營收為 140 萬美元，全年總收入為 630 萬美元。

DIA had positive adjusted EBITDA of $0.2 million for the 2023 quarter and $1.6 million for the full 2023 year, compared to adjusted EBITDA loss of approximately $0.1 million for the 2022 fourth quarter and $0.5 million of adjusted EBITDA income for the full year '22.

DIA 2023 年季度調整後EBITDA 為20 萬美元，2023 年全年調整後EBITDA 為160 萬美元，而2022 年第四季調整後EBITDA 損失約10 萬美元，22 年全年調整後EBITDA 營收為50萬美元。

Verus Title had revenues of $0.7 million for the quarter and $3.1 million for the year.

Verus Title 本季營收為 70 萬美元，全年營收為 310 萬美元。

Verus Title's adjusted EBITDA for the 2023 quarter was a negative $0.2 million and a negative $0.6 million for the full year.

Verus Title 2023 年季度調整後 EBITDA 為負 20 萬美元，全年為負 60 萬美元。

We anticipate that our new Texas joint venture scheduled to commence business in early Q2 2024 and similar joint ventures with our top-producing real estate agents will add meaningful revenues and adjusted EBITDA for our Title business.

我們預計，我們新的德州合資企業計劃於2024 年第二季初開始營業，以及與我們頂尖的房地產經紀人建立的類似合資企業將為我們的產權業務增加可觀的收入和調整後的EBITDA。

Moving to our technology segment, revenues increased 10% to approximately $0.8 million compared to $0.7 million for last year's fourth quarter.

轉向我們的技術部門，營收成長了 10%，達到約 80 萬美元，而去年第四季的營收為 70 萬美元。

Adjusted EBITDA loss increased from a loss of $0.2 million in the fourth quarter of last year to a loss of $0.5 million in the current quarter, reflecting our increased investment in managing and enhancing our technology platform.

調整後 EBITDA 虧損從去年第四季的虧損 20 萬美元增加到本季的虧損 50 萬美元，反映出我們在管理和增強技術平台方面加大了投資。

Our LiveBy team has significantly increased its footprint across the country to reach over 245 MLSs and 420,000 agents at the end of the quarter.

我們的 LiveBy 團隊顯著擴大了在全國的覆蓋範圍，截至本季末已覆蓋超過 245 個 MLS 和 420,000 名代理商。

LiveBy powers more than 4 million community pages with over 125,000 neighborhood reports created.

LiveBy 為超過 400 萬個社群頁面提供支持，創建了超過 125,000 份社群報告。

We continue to be keenly focused on our balance sheet given the dynamic real estate market conditions.

鑑於不斷變化的房地產市場狀況，我們繼續密切關注我們的資產負債表。

We ended the quarter with a cash position of $7.4 million, which includes the $4.2 million in net proceeds from the offering we completed in December.

本季結束時，我們的現金部位為 740 萬美元，其中包括我們 12 月完成的發行的 420 萬美元淨收益。

We did not purchase any shares in the fourth quarter under the stock repurchase plan, and approximately $4 million remains under that authorization.

我們在第四季沒有根據股票回購計畫購買任何股票，該授權下仍有約 400 萬美元。

With that, I will turn the call back over to Marco for closing remarks.

至此，我將把電話轉回給 Marco 進行結束語。

Thank you, Joanne.

謝謝你，喬安妮。

We remain focused on executing and taking necessary steps to better position Fathom in the current environment in preparation for when the market recovers.

我們仍然專注於執行和採取必要措施，以便在當前環境下更好地定位 Fathom，為市場復甦做好準備。

I want to thank the entire Fathom team on its hard work as we navigate this market and continue to serve our clients.

我要感謝整個 Fathom 團隊在我們開拓這個市場並繼續為我們的客戶提供服務的過程中所做的辛勤工作。

With that, operator, let's open the call for questions.

那麼，接線員，讓我們開始提問。

(Operator Instructions) John Campbell, Stephens.

（操作員說明）John Campbell，Stephens。

Marco, I'm hoping you could provide a little bit of direction on gross margin for the year.

Marco，我希望你能為今年的毛利率提供一些指引。

I mean, there's some moving pieces with the agencies, it does sound like you're going to be in for a better year on ancillary services revenues.

我的意思是，這些機構有一些令人感動的事情，聽起來輔助服務收入確實會迎來更好的一年。

So I know that's going to have some degree of an impact, but maybe as a starting point, if you held revenue flat year-over-year, what kind of impact would you expect from gross margin just from the fee increases and then how you want to frame it up from there, just assuming any kind of revenue growth scenarios.

所以我知道這會產生一定程度的影響，但也許作為一個起點，如果你的收入同比持平，你預計費用增加會對毛利率產生什麼樣的影響，然後你會如何影響想從那裡開始構建它，假設任何一種收入成長情境。

Sure.

當然。

Yeah, absolutely.

是的，絕對是。

Great question, fees increase is going to give us about 1 to 1.5 points on gross margin, just that by itself over the year.

很好的問題，費用增加將使我們的毛利率提高約 1 到 1.5 個百分點，僅此而已。

Okay.

好的。

And that's, of course, on the realty side.

當然，這是在房地產方面。

Right.

正確的。

And then as we -- one of the things we are really excited about is the growth in file starts for mortgage and Title, especially the JV.

然後，我們真正感到興奮的事情之一是抵押貸款和產權文件開始的成長，尤其是合資企業。

So as we mentioned in the call, we think that mortgage and title is going to outpace the growth of brokerage and therefore drive significant margin increase in gross profit margin.

正如我們在電話會議中所提到的，我們認為抵押貸款和產權業務的成長將超過經紀業務的成長，從而推動毛利率的大幅成長。

So we could see gross profit margins when you look at the combined businesses, north of 11% and probably by the end of the year, could see as high as 12% to 13%, depending how well our mortgage business.

因此，當您查看合併後的業務時，我們可以看到毛利率在 11% 以上，可能到年底可能高達 12% 至 13%，具體取決於我們的抵押貸款業務的狀況。

And one of the things I want to make sure in our mortgage growth is not so much -- we're not really counting on a decrease in interest rates.

我想確保我們的抵押貸款成長不會太大——我們並不真正指望利率會下降。

The reason why our mortgage businesses is doing so well, it's because we're growing any more loan officers.

我們的房貸業務之所以表現得這麼好，是因為我們正在培養更多的信貸員。

Under the leadership of Sean Varin from our state, we've been able to almost double the number of LOs into our business and therefore, really growing the business.

在我們州 Sean Varin 的領導下，我們的業務中的 LO 數量幾乎增加了一倍，因此業務得到了真正的發展。

So if then the rates come down, second half, we can really see a significant increase in our mortgage business.

因此，如果下半年利率下降，我們確實可以看到我們的抵押貸款業務大幅成長。

So we're very excited about that.

所以我們對此感到非常興奮。

But in terms of margins, certainly 10% to 11%.

但就利潤率而言，肯定是10%到11%。

When you look at the combined businesses and then depending how the rates change later in the year, we could see as high as 12%, 13%.

當你查看合併後的業務，然後根據今年稍後的費率變化情況，我們可能會看到高達 12%、13%。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the agent additions, I mean from a sequential standpoint, that was the best net adds you guys have had since the second quarter of 2022.

然後，關於新增代理，我的意思是，從連續的角度來看，這是自 2022 年第二季以來最好的淨新增代理。

Obviously, that was a far better kind of macro backdrop.

顯然，這是一個更好的宏觀背景。

So I'm hoping you can maybe unpack the strength there.

所以我希望你能在那裡發揮力量。

And just maybe starting off, just roughly how much of that was inorganic?

也許一開始，其中大約有多少是無機的？

And then if you could talk to the underlying attrition rate and how that's looked versus prior periods?

然後您是否可以談談基本的流失率以及與前一個時期相比如何？

Yeah, absolutely.

是的，絕對是。

Great question.

很好的問題。

So yes, it is the best months on sequential basis for our 2023.

所以，是的，這是 2023 年連續最好的月份。

There are several key factors there.

其中有幾個關鍵因素。

So first of all, our onboarding starts have significantly increased.

首先，我們的入職起始人數顯著增加。

We talked about their onboarding starts in Q4 or basically 7% higher than Q3.

我們談到了他們在第四季的入職開始率，基本上比第三季高出 7%。

And so, we are definitely attracting more agents and we actually had the highest number of gross number in terms of adding to the company.

因此，我們肯定會吸引更多的代理商，而且就公司新增人數而言，我們實際上擁有最高的代理商總數。

Right.

正確的。

And then now having said that, turnover is higher than expected.

話雖如此，營業額高於預期。

We are losing more agents like everyone else, especially non-producing agents.

像其他人一樣，我們正在失去更多的代理商，尤其是非生產代理商。

And so that is part of the formula if you will.

如果你願意的話，這就是公式的一部分。

But definitely, we had the highest number of gross adds.

但毫無疑問，我們的總增加量是最高的。

And part of that is part of our variety of different marketing programs that we started very late, Q3 really in Q4 that will continue in Q1.

其中一部分是我們很晚才開始的各種不同行銷計劃的一部分，第三季度實際上是第四季度，並將在第一季度繼續。

So we feel good about our agent growth going forward.

因此，我們對代理商未來的成長感到滿意。

We are going to be more focused on higher producing agents to have a variety of programs focused on that the producer perks and some of them have yield very early, some really good results.

我們將更加關注更高的生產代理，以製定各種針對生產者福利的計劃，其中一些計劃很早就產生了收益，一些計劃確實取得了很好的成果。

So yes, we feel good about our agent growth.

所以，是的，我們對代理商的成長感到滿意。

And a lot of it has to do with that significant increase in visitors come to Fathom careers.

這在很大程度上與 Fathom 職業訪客的顯著增加有關。

We significantly increased that traffic coming in.

我們顯著增加了進來的流量。

And so all of that's going to contribute to a to a higher agent growth.

因此，所有這些都將有助於代理商的更高成長。

And that's why one of the goals for this year is to come back to our historical 25% to 30% agent growth.

這就是為什麼今年的目標之一是恢復我們歷史上 25% 至 30% 的代理商成長。

Okay.

好的。

Thank you.

謝謝。

Darren Aftahi, Roth MKM.

達倫·阿夫塔希，羅斯·MKM。

Hey, this is Dylon on for Darren.

嘿，這是達倫的迪倫。

Thanks for taking your questions.

感謝您提出問題。

I wanted to follow up first on the commentary you made about -- I think it was Q1 year-to-date onboarding being up 26%.

我想先跟進您所做的評論——我認為今年第一季迄今為止的入職人數增長了 26%。

Could you just first clarify that?

能先澄清一下嗎？

And then if that is the case what you have to do to execute on the bulk of that number, so they don't slip through the cracks?

那麼，如果是這種情況，您需要做什麼來執行該數字的大部分，這樣它們就不會被遺漏？

Yeah.

是的。

Actually, that was the onboarding growth in Q4, right?

實際上，這就是第四季的新用戶成長，對吧？

It was Q4 onboarding growth over that.

第四季的入職成長超過了這個數字。

Look, execution is this is one of the key things why we push our recruiting team.

看，執行力是我們推動招募團隊的關鍵因素之一。

We early on realized that our Fathom career page has significantly increased the traffic from 2,100 visitors to 6,600 visitors.

我們很早就意識到 Fathom 職業頁面的訪問量已從 2,100 名訪客顯著增加到 6,600 名訪客。

So therefore, we hired more recruiters to be able to follow up on that, right?

因此，我們聘請了更多的招募人員來跟進此事，對嗎？

So the execution really comes from just having a bigger team and having the ability to go execute on that and the recruiting team is under Samantha Giuggio, she does a phenomenal job of making sure that happens right.

因此，執行力實際上來自於擁有一個更大的團隊，並且有能力去執行它，而招募團隊在薩曼莎·朱吉奧（Samantha Giuggio）的領導下，她在確保一切順利發生方面做得非常出色。

And -- but to clarify that, that is the growth in Q4.

但需要澄清的是，這是第四季的成長。

Now that has continued in Q1.

現在，這種情況在第一季仍在繼續。

So we are seeing a significant growth in onboarding starts and traffic.

因此，我們看到新手入門和流量的顯著增長。

So I think that the pattern that we've seen in Q4 will continue through 2024.

因此，我認為我們在第四季度看到的模式將持續到 2024 年。

And this is why, again we want to go back to 25% to 30% agent growth as one of our key goals for 2024.

這就是為什麼我們再次希望將代理商成長恢復到 25% 至 30%，作為我們 2024 年的關鍵目標之一。

Got you.

明白你了。

And on the cost side, I guess with the $1 million cost savings, like how much of that did you realize in 4Q, so we can sort of get a better idea as to what Q1 might look like?

在成本方面，我想透過 100 萬美元的成本節省，例如您在第四季度實現了多少，這樣我們就可以更好地了解第一季會是什麼樣子？

Good question, almost very little in Q4.

好問題，第四季幾乎很少。

The formula we will see that in Q1.

我們將在 Q1 中看到該公式。

And so as you look from Q4 to Q1, I think 90% to 95% will be 5% to 10% when in Q4 in Q1 you see 100%.

因此，當你從第四季到第一季來看，我認為 90% 到 95% 將是 5% 到 10%，而在第一季的第四季你會看到 100%。

When comparing quarters you can almost compare the entire million as cost reduction.

在比較季度時，您幾乎可以將整百萬美元作為成本降低進行比較。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Tom White, D.A. Davidson.

湯姆懷特，D.A.戴維森。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe just a quick follow-up on the agent growth commentary.

也許只是對代理商成長評論的快速跟進。

Marco, I'm just curious, would you say that most of the attraction is a result of corporate lead initiatives or I'm curious whether some of the kind of the rank and file existing agents of years get them doing a bit more of a main driver.

馬可，我只是很好奇，你會說大部分吸引力是公司領導舉措的結果，還是我很好奇是否某些多年來的普通現有代理商讓他們做更多的事情主要司機。

And then I've got a couple of follow-ups.

然後我有一些後續行動。

Yeah, Tom, good to talk to you.

是的，湯姆，很高興與你交談。

So there are two key factors, right?

所以有兩個關鍵因素，對嗎？

One is our agent referring other agents that continues to be roughly 40% of our agent growth.

一是我們的代理推薦其他代理，這仍然占我們代理成長的 40% 左右。

And so that we continue to do that.

所以我們會繼續這樣做。

It's really a combination of both, right?

這確實是兩者的結合，對嗎？

Because what happens is, as we from sort of the home office as we drive visitors to come to Fathom careers, those agents registering their distributor to our additional directors across the country and our recruiters across the country.

因為所發生的情況是，當我們從家庭辦公室驅使訪客來到 Fathom 職業時，那些代理商將他們的經銷商註冊給我們在全國各地的其他董事和我們在全國各地的招聘人員。

So they go hand-in-hand right.

所以他們齊頭並進。

Also organically across the country, our directors and recruiters are talking to wagers and they drive those agents to the Fathom careers.

同樣在全國範圍內，我們的董事和招募人員正在談論賭注，他們推動這些經紀人走向深淵職業生涯。

So it's a fairly cohesive process and it's very collaborative between the field and sort of the home office continue to drive the traffic, right.

所以這是一個相當有凝聚力的過程，現場和家庭辦公室之間的協作非常緊密，繼續推動流量，對吧。

So I would say nothing really has changed other than -- I'll just spend a little bit more money in marketing and Fathom continue to be viewed as a good place to lend when you compare our commissions flat fee compared to other companies, right?

所以我想說，除了——我會在行銷上多花一點錢，當你將我們的佣金固定費用與其他公司進行比較時，Fathom 仍然被視為一個好的借貸場所，對吧？

And so it's really a collaborative effort between everybody working together to make sure that we can continue to grow and really get back to the 25%, 30% agent growth that we had historically.

因此，這實際上是每個人共同努力的結果，以確保我們能夠繼續成長，並真正恢復到我們歷史上 25%、30% 的代理成長水準。

Okay.

好的。

Great.

偉大的。

Appreciate that color.

欣賞那個顏色。

And then I guess just on the kind of your liquidity position, it sounds like you guys still comfortable after the offering in the fourth quarter, but the housing market still a little slowish to recover.

然後我想就你們的流動性狀況而言，聽起來你們在第四季度發行後仍然感到舒服，但房地產市場的復甦仍然有點緩慢。

And I guess there's a looming question mark around like commission lawsuits and stuff like that.

我猜想，佣金訴訟之類的問題正在迫在眉睫。

I'm just curious, like are you guys feeling like you're in a position where you can kind of go on offense a bit around the agent growth and kind of leaning into that?

我只是很好奇，你們是否感覺自己處於一個可以圍繞特工成長發起進攻並傾向於這一點的位置？

Are you still kind of maybe a bit more of a defensive posture?

你仍然採取更多的防禦姿態嗎？

Great question.

很好的問題。

No, we're definitely have -- and that's why we spent a lot of money marketing in Q4 and seeing a significant increase in traffic to Fathom careers.

不，我們肯定有——這就是為什麼我們在第四季度花費了大量資金進行行銷，並看到 Fathom 職業的流量顯著增加。

Right.

正確的。

From a liquidity standpoint, when you look at the cash burn in Q4 and then you take into effect increasing fees for Q1, combined with the cost reduction from buying to the results that we described in terms of file starts for mortgage and title, which should have a positive effect on EBITDA and revenue for both of those businesses.

從流動性的角度來看，當您查看第四季度的現金消耗情況，然後考慮第一季費用的增加，再加上購買成本的降低，達到我們在抵押貸款和產權文件開始時描述的結果時，這應該對這兩項業務的 EBITDA 和收入產生積極影響。

So when you combine all of that, we feel that cash burn in Q1 is going to improve significantly.

因此，當您將所有這些結合起來時，我們認為第一季的現金消耗將會顯著改善。

And our goal for Q2 is to be operational cash flow positive.

我們第二季的目標是實現營運現金流為正。

And so when you put those two things together, we feel very good about our position to continue -- to be aggressive and continue to invest more in marketing and recruiting agents.

因此，當你把這兩件事放在一起時，我們對我們繼續保持積極進取並繼續在行銷和招募代理商方面進行更多投資的立場感到非常滿意。

So we feel very good about our position.

所以我們對自己的處境感到非常滿意。

One of the things that we really feel great about is really the mortgage and title business just in terms of the turnaround, the significant increase because as you know, those business can be very profitable.

我們真正感到高興的事情之一是抵押貸款和產權業務的周轉，顯著增長，因為如你所知，這些業務可以非常有利可圖。

And so, this is one of the highlights of Q4 and then some of the updates we've given in Q1 is a significant increase in those businesses.

因此，這是第四季度的亮點之一，我們在第一季給出的一些更新是這些業務的顯著成長。

And so we feel very excited about the growth of those.

因此，我們對這些的成長感到非常興奮。

And then combine that with our brokerage business and insurance and technology is beginning to put together the recipe for a very successful 2024.

然後將其與我們的經紀業務、保險和技術相結合，開始為 2024 年的成功制定秘訣。

Okay, that's great.

好的，太好了。

And then just one last one, if I could.

如果可以的話，最後一張。

Your kind of targets around operating cash flow positive and adjusted EBITDA positive for the year?

您今年的經營現金流為正且調整後的 EBITDA 為正的目標是什麼？

I mean, are you assuming any significant improvement in the broader housing market or just kind of status quo?

我的意思是，您是否假設更廣泛的房地產市場有任何重大改善，或者只是維持現狀？

No, great question.

不，很好的問題。

We are not -- into our equation, we do not factor any significant improvement in the market, really is a combination of -- we think that the real estate market this year may go up a few percentage points in terms of growth.

我們並沒有——在我們的等式中，我們沒有考慮市場的任何重大改善，實際上是——我們認為今年房地產市場的成長可能會上升幾個百分點。

But in our internal growth model, we are modeling the business to stay flat.

但在我們的內部成長模型中，我們正在對業務進行建模以保持平穩。

And so, if the business improves fantastic, we'll pick up the upside from that, but we are looking at the improvement in EBITDA and cash flow from the combined efforts of cost reduction, increasing fees and a significant improvement in our mortgage and title businesses.

因此，如果業務大幅改善，我們將從中獲得好處，但我們正在考慮透過降低成本、增加費用以及抵押貸款和產權顯著改善的綜合努力來實現 EBITDA 和現金流的改善企業。

When you put all that together, we feel very good about operational cash flow positive for 2024.

當你把所有這些放在一起時，我們對 2024 年營運現金流為正感到非常滿意。

Great.

偉大的。

Thank you.

謝謝。

Raj Sharma, B. Riley.

夏爾馬 (Raj Sharma)，B. 萊利 (B. Riley)。

Yeah.

是的。

Thank you for taking my questions.

感謝您回答我的問題。

My questions are -- hi, Marco.

我的問題是──嗨，馬可。

So there is an agent growth.

因此存在代理增長。

Your acquisitions is going to come from acquisition of groups or individual.

您的收購將來自團體或個人的收購。

I'm just trying to reconcile the gap of the level of the 11% growth you're having right now year on year to '25 for the year.

我只是想將目前 11% 的年成長水準與今年 25% 的差距進行調和。

So how much of that will come from referrals?

那麼其中有多少是來自推薦呢？

And then we have another follow on question.

然後我們還有另一個後續問題。

Yeah, absolutely.

是的，絕對是。

So it's a combination of very factor.

所以這是多種因素的結合。

So we certainly tried to illustrate in our call that in the last four or five months, we've been approached by a lot of companies, small brokerages, large 10s, looking for opportunities to move, right?

因此，我們當然試圖在電話會議中說明，在過去的四、五個月裡，許多公司、小型經紀公司、大型 10 家公司與我們接洽，尋找搬遷的機會，對嗎？

And so, the number of engagements in terms of the conversation we had really has significantly increased, right.

因此，我們進行的對話的參與次數確實顯著增加了，對吧。

And so, we want to be very opportunistic.

因此，我們希望非常機會主義。

We think that we'll get back to 25%, 30% growth by primarily two factors.

我們認為，我們將恢復 25%、30% 的成長，主要有兩個因素。

One, continue to drive more people to Fathom careers through a variety of marketing programs, the producer approach as we introduce, offering bigger incentives for agents to refer other agents.

第一，透過各種行銷計劃，我們引入的生產者方法，繼續推動更多的人進入 Fathom 職業生涯，為代理商推薦其他代理商提供更大的激勵。

So basically, what we've been doing it, but sort of take it to the next level.

基本上，我們一直在做的事情，但有點將其提升到一個新的水平。

Second is to be opportunistic n some of these walk over.

其次是在其中一些走過時要投機取巧。

We'd like to walk over process because typically can happen in 30, 60 days.

我們想回顧整個過程，因為通常會在 30 到 60 天內發生。

We've done several of those last year.

去年我們已經做了一些這樣的事。

We'll do several of these this year, some cases into 100 to 200 agents.

今年我們將進行其中幾項工作，其中一些案例將涉及 100 到 200 名代理人。

And so, Raj, it'll be a combination of both.

所以，拉吉，這將是兩者的結合。

They will be basically taking what we did last year and take it to the next level.

他們基本上將繼承我們去年所做的事情並將其提升到一個新的水平。

And then with a combination of being strategic, especially going into markets that we don't have a strong presence.

然後結合策略，特別是進入我們沒有強大影響力的市場。

That's one of the things we really enjoy about workovers is that when we can't do a workover, someone in a company that has 100, 200 agents in a market that we just don't have a strong presence.

我們真正喜歡修井的事情之一是，當我們無法進行修井時，在一個擁有 100、200 名代理商的公司中，有人在我們的市場上沒有強大的影響力。

It's a great way to enter into the market.

這是進入市場的好方法。

And so, we have been on a variety of conversations going on, right now, but to answer your question, it will be a combination of taking what we've done in increasing this level of activity I and being opportunistic in some of these workovers and acquisitions.

因此，我們現在正在進行各種對話，但為了回答你的問題，這將結合我們在提高活動水平方面所做的工作以及在其中一些修井中機會主義和收購。

Got it.

知道了。

And then you are not -- I mean, I just heard you answering another question.

然後你不是——我的意思是，我剛剛聽到你回答另一個問題。

So you're not assuming a pickup in the transactions per agent for the rest of the year (multiple speakers) the new agents are going to be more productive or you're going to have all the productivity?

因此，您不會假設今年剩餘時間（多個發言者）每個代理商的交易量會增加，新代理商會變得更加高效，或者您將擁有所有的生產力？

So it's not so much I'm picking up and not so much that we're modeling that there will be more transactions in the market, right?

所以這不是我所了解的，也不是我們正在建模的，市場上將會有更多的交易，對嗎？

So let's think of from a macro standpoint, from a macro standpoint, we're going to make the assumption that the market is not going to increase significantly, as a macro.

因此，讓我們從宏觀角度考慮，從宏觀角度來看，我們將假設市場不會大幅成長。

We will increase number of transactions because, again, if we're going to -- one of the things we're doing is really are focusing on higher producing agents.

我們將增加交易數量，因為，如果我們打算的話，我們正在做的事情之一就是真正專注於產量更高的代理商。

We're also helping some of our agents increase the number of transactions.

我們也幫助我們的一些代理商增加交易數量。

We will probably see, and I want to maybe I need to clarify, we'll probably see an increase in productivity from our agents because of those two factors right, recruiting more high-producing agents as well as helping some of our agents.

我們可能會看到，而且我想也許我需要澄清一下，由於這兩個正確的因素，我們可能會看到我們的代理商的生產力有所提高，招募更多高產代理商以及幫助我們的一些代理商。

We have a variety of marketing programs coming on the next 60 to 120 days.

我們將在接下來的 60 到 120 天內推出各種行銷計劃。

That's going to help our agents.

這將對我們的代理商有所幫助。

Some of our agents depending on the market they are and if they take advantage.

我們的一些代理商取決於他們所處的市場以及他們是否利用優勢。

And so there will be it will be a combination of that.

所以將會是這兩者的結合。

But from a macro standpoint, I don't think, we are modeling not a lot -- almost no growth in the market.

但從宏觀角度來看，我認為我們沒有進行太多建模——市場幾乎沒有成長。

If interest rates come down the second half, and we can probably have a two hour conversation rather.

如果下半年利率下降，我們可能可以進行兩小時的對話。

We believe that's going to happen or not.

我們相信這會發生或不會發生。

Then we'll probably see an upside from a budgeting standpoint and a modeling standpoint, we are looking at a flat macro market.

然後，從預算的角度和建模的角度來看，我們可能會看到有利的一面，我們正在看到一個平坦的宏觀市場。

And so hopefully that clarifies the answer.

希望這能澄清答案。

So I understand that is going to come from a combination of fees, this improvement and I'm talking about the cash flow positive and the EBITDA.

所以我知道這將來自費用、這種改進的結合，我所說的是正現金流和 EBITDA。

It's going to come from improvement in fees and cost reductions in the mortgage and title business.

這將來自抵押貸款和產權業務費用的改善和成本的降低。

Can you quantify these three areas in terms of for example (technical difficulty) you are looking to do?

您能否根據您想要做的事情（技術難度）來量化這三個領域？

Well, the cost reduction is $1 million per quarter across the board.

嗯，每季全面降低成本 100 萬美元。

So that we already implemented that and that will continue to do that.

所以我們已經實施了這一點，並將繼續這樣做。

The mortgage business -- if the mortgage business continues, like I said, if you just think about the numbers, we grew file starts January February by almost 100%, right and so you take a look at the mortgage, the revenue that we did last year in mortgage, right?

抵押貸款業務——如果抵押貸款業務繼續下去，就像我說的，如果你只考慮數字，我們從1 月2 月開始增長了幾乎100%，對吧，所以你看看抵押貸款，我們所做的收入去年抵押貸款，對嗎？

And if we can continue to grow that business by roughly 100%, then it will have a significant effect, right.

如果我們能夠繼續將該業務成長約 100%，那麼它將產生顯著的效果，對吧。

So mortgage last year, I believe was about $8.4 million in total revenues -- I'm sorry this year's.

我相信去年抵押貸款的總收入約為 840 萬美元——我很抱歉今年的收入。

Last year, $7.2 million in total revenue.

去年總收入為 720 萬美元。

If we're able to increase that by 50%, 60%, 70%, a significant percentage that goes to the bottom line, right?

如果我們能夠將其提高 50%、60%、70%，那麼這個百分比就可以達到底線，對嗎？

And so that's part of it.

這就是其中的一部分。

Same thing with title, we are really carefully optimistic about the title in the joint venture.

與所有權一樣，我們對合資企業的所有權非常謹慎樂觀。

We don't if that goes well in the next few months, we certainly do other ones.

如果接下來幾個月進展順利，我們不會這樣做，我們當然會做其他事情。

So a significant percentage of this increase in EBITDA will come from mortgage and title because of the increase in business.

因此，由於業務的成長，EBITDA 成長的很大一部分將來自抵押貸款和產權。

Now again, we will come from the reductions in cost and then the $3.1 million increase in fees, right?

現在，我們將再次看到成本的降低，然後費用增加了 310 萬美元，對吧？

So if you look at the math, you had $3.1 million increasing fees, $4 million cost reduction and then several million dollars increase EBITDA from title and mortgage, when you put all that together, I think it will it'll show a very favorable year.

因此，如果你看一下數學，你會發現費用增加了310 萬美元，成本減少了400 萬美元，然後產權和抵押貸款的EBITDA 增加了數百萬美元，當你把所有這些放在一起時，我認為這將是一個非常有利的一年。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then just lastly, on the title mortgage gross margins, how are they tracking?

最後，在產權抵押貸款毛利率方面，他們的追蹤情況如何？

And I'm assuming you're going to you expect this increase in margins on title and mortgage too?

我假設您也會期望產權和抵押貸款的利潤率也會增加？

The growth margins?

成長幅度？

No question.

沒有問題。

I mean, those businesses are very profitable, right?

我的意思是，這些業務非常有利可圖，對吧？

Especially and again, titles is a very complex business because every state is different as you and I talked before, every state is different, some state are attorney states, some states are title states.

特別是，頭銜是一項非常複雜的事情，因為每個州都不同，正如你和我之前所說的那樣，每個州都是不同的，有些州是律師州，有些州是頭銜州。

These are different all of that.

這些都是不同的。

Right.

正確的。

But the gross margin on title -- the gross profit margin target could be 70% and the gross profit margin in mortgage could be 60%, 70% as well, right.

但是產權的毛利率——毛利率目標可能是70%，抵押貸款的毛利率可能是60%、70%，對吧。

And so, it's a very profitable business if they are up to operate effectively and efficiently they can be very profitable business.

因此，如果他們能夠有效且有效率地運營，那麼這是一項非常有利可圖的業務，他們可以成為非常有利可圖的業務。

And so, we're being very opportunistic, and we have a great team.

因此，我們非常機會主義，而且我們擁有一支優秀的團隊。

One of the things about Fathom, as you know, 2023 was a painful year for us, especially in our mortgage business.

關於 Fathom 的一件事，如您所知，2023 年對我們來說是痛苦的一年，尤其是在我們的抵押貸款業務方面。

Our mortgage business was a significant percentage of our loss.

我們的抵押貸款業務占我們損失的很大一部分。

I think our mortgage business and title business may turned out to be incredibly positive for us going forward.

我認為我們的抵押貸款業務和產權業務可能會對我們的未來產生難以置信的正面影響。

That's a believe that Josh and I've always had, right.

這是我和喬許一直以來的信念，對吧。

And so I think that this is going to begin to demonstrate itself in 2024 and beyond.

因此，我認為這將在 2024 年及以後開始顯現出來。

You know how much those two businesses can work hand-in-hand with a real estate company, and we look forward to continue to show in that.

您知道這兩家企業可以與房地產公司攜手合作多少，我們期待繼續在這方面展現。

Perfect.

完美的。

Thank you so much for answering the questions.

非常感謝您回答問題。

I'll take it offline.

我會把它離線。

Thank you.

謝謝。

Good luck.

祝你好運。

Thank you, Raj.

謝謝你，拉吉。

(Operator Instructions) This concludes our question-and-answer session.

（操作員說明）我們的問答環節到此結束。

I would like to turn the conference back over to Marco Fregenal for any closing remarks.

我想將會議轉回給 Marco Fregenal 發表閉幕詞。

Thank you, operator.

謝謝你，接線生。

Thank you all of you for joining our call and your interest in Fathom.

感謝大家加入我們的電話會議以及對 Fathom 的興趣。

For those of you our shareholders, thank you for your trust.

感謝各位股東對我們的信任。

We continue to work very hard and look forward to sharing future updates with you.

我們將繼續努力工作，並期待與您分享未來的更新。

And I want to thank the entire Fathom family for all their hard work and dedication.

我要感謝整個 Fathom 家族的辛勤工作和奉獻精神。

It really takes a great group of individuals to be really focused in executing, especially in difficult times.

確實需要一群人真正專注於執行，尤其是在困難時期。

And I'm very grateful for all their hard work and passion and commitment and it makes Fathom a great company.

我非常感謝他們的辛勤工作、熱情和奉獻，這使 Fathom 成為一家偉大的公司。

And with that, I thank everyone, and I hope everyone has a great rest of the week.

在此，我感謝大家，並希望大家本週休息愉快。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。