Fathom Holdings Inc (FTHM) 2024 Q2 法說會逐字稿

Thank you, Jamie, and welcome to the Fathom Holdings second-quarter 2024 conference call.

謝謝傑米，歡迎參加 Fathom Holdings 2024 年第二季電話會議。

I'm Matt Glover with Gateway Group, Fathom's Investor Relations firm.

我是 Fathom 投資者關係公司 Gateway Group 的 Matt Glover。

Before I turn the call over to management, I want to remind listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我將電話會議轉交給管理階層之前，我想提醒聽眾，今天的電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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, 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約束，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以及公司提交的其他文件中列出的條件與SEC 合作，其副本可在SEC 網站www.sec.gov 上取得。

As a result of those 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 the call, we'll be discussing adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G. 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.

另請注意，在電話會議期間，我們將討論調整後的 EBITDA，這是根據 SEC G 條例定義的非 GAAP 財務指標。現已發佈在Fathom 網站上。

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

現在，我將把電話轉給 Fathom 的總裁兼執行長 Marco Fregenal。

Marco?

馬可？

Thank you, Matt, and thank you, everyone, for joining us for our Q2 earnings call.

謝謝馬特，也謝謝大家參加我們第二季的財報電話會議。

Before we review our Q2 results and our exciting new developments, I want to express my heartfelt gratitude to the Fathom team.

在我們回顧第二季的業績和令人興奮的新進展之前，我想對 Fathom 團隊表示衷心的感謝。

Your unwavering commitment and exceptional efforts have been remarkable, particularly in these challenging market conditions.

你們堅定不移的承諾和卓越的努力令人矚目，特別是在當前充滿挑戰的市場條件下。

Each of you has been instrumental in driving us towards our 2024 objectives in building a solid foundation for even greater success in 2025.

你們每個人都在推動我們實現 2024 年目標的過程中發揮了重要作用，為 2025 年取得更大成功奠定了堅實的基礎。

Despite the hurdles, the real estate market presented this year, our team's resilience and adaptability have been outstanding.

儘管今年的房地產市場遇到了障礙，但我們團隊的韌性和適應能力仍然非常出色。

We haven't just weathered the storm, but as you saw from last week's announcement, continue to innovate and push forward.

我們不僅安然度過了這場風暴，而且正如您從上週的公告中看到的那樣，我們將繼續創新並繼續前進。

Their tireless dedication to execute while maintaining our high standards for service have been one of the cornerstones of our progress.

他們在保持高服務標準的同時孜孜不倦地致力於執行，這是我們進步的基石之一。

Today, we're just not sharing our quarterly results.

今天，我們只是不分享我們的季度業績。

We are also sharing the transformative evolution in Fathom's business model.

我們也分享了 Fathom 商業模式的變革演變。

We're embarking on a journey that we believe will redefine our industry position with the potential of creating unprecedented growth and success opportunities.

我們正在踏上一段旅程，我們相信這將重新定義我們的行業地位，並有可能創造前所未有的成長和成功機會。

Last week, Fathom Realty unveiled two new agent commission plans.

上週，Fathom Realty 公佈了兩項新的代理佣金計劃。

Fathom Max and Fathom Share.

Fathom Max 和 Fathom Share。

These two new plans feature an innovative and reimagined revenue share program.

這兩項新計劃以創新和重新設計的收入分享計劃為特色。

This program is designed to boost agent recruitment and further improve retention while accelerating sustainable growth and long-term profitability for the company.

該計劃旨在促進代理商招募並進一步提高保留率，同時加速公司的可持續成長和長期獲利能力。

Our industry has witnessed an impressive growth for a small handful of companies who are offering a revenue share model.

我們的行業見證了少數提供收入分成模式的公司取得了令人印象深刻的成長。

Each of these companies' models are all very similar in nature.

這些公司的模式本質上都非常相似。

As we listen closely to what agents are looking for, we took what we believe is the most innovative approach to this revenue share concept as we merit it to our industry-low commission plan.

當我們仔細聆聽代理商的需求時，我們採取了我們認為最具創新性的方法來實現這一收入分成概念，因為我們的行業低佣金計劃值得我們這樣做。

At Fathom, our mission has always been to provide agents with the greatest value.

在Fathom，我們的使命始終是為代理商提供最大的價值。

One way to do this is by empowering agents to earn and retain more of their hard-earned money.

實現這一目標的一種方法是授權代理商賺取並保留更多辛苦賺來的錢。

Our new revenue share plans are a natural extension of this commitment.

我們新的收入分成計劃是這項承諾的自然延伸。

Our new plans combine the best of both worlds.

我們的新計劃結合了兩全其美的優點。

The Fathom Max plan offers a highly competitive $465 flat fee with a $9,000 annual cap.

Fathom Max 計劃提供極具競爭力的 465 美元固定費用，每年上限為 9,000 美元。

This not only attracts agents with the affordability but also improves our gross profit margin potential compared to our legacy flat fee plan.

與我們傳統的固定費用計劃相比，這不僅吸引了具有負擔能力的代理商，而且還提高了我們的毛利率潛力。

For those seeking even greater earnings potential, our Fathom Share plans features an industry-low traditional commission split of only 12% with a $12,000 annual cap and a revenue share opportunity that offers twice the revenue share potential over the Max plan and higher first-level percentages than any of our peers.

對於那些尋求更大收入潛力的人來說，我們的Fathom Share 計劃具有業界最低的傳統佣金分配，僅為12%，年度上限為12,000 美元，並且提供收入分享機會，其收入分享潛力是Max 計劃的兩倍以及更高的一級百分比高於我們的任何同行。

In simpler terms, our agents have the potential to significantly increase their earnings on their own transactions while also building passive income to our highly competitive revenue model share.

簡而言之，我們的代理商有潛力大幅增加自己交易的收入，同時也為我們極具競爭力的收入模式份額建立被動收入。

What sets our two new models apart from the rest of the industry are their flexibility and inclusivity.

我們的兩種新模式與業界其他模式的不同之處在於它們的靈活性和包容性。

Starting last week, all of our agents can participate in our revenue share program.

從上週開始，我們所有的代理商都可以參與我們的收入分享計畫。

Regardless of their plan they choose, this program offers peer benefits based on a number of agents refer, allowing our agents to unlock additional revenue share as their network grows within Fathom.

無論他們選擇哪種計劃，該計劃都會根據眾多代理商推薦提供同儕福利，使我們的代理商能夠隨著他們的網路在 Fathom 內發展而解鎖額外的收入分成。

Our founder, Josh Harley envisioned transforming the industry through radical innovation and fostering a culture of caring for our agents.

我們的創辦人 Josh Harley 設想透過激進的創新來改變產業，並培育一種關懷代理商的文化。

We believe this new revenue share programs embodies his vision.

我們相信這個新的收入分成計劃體現了他的願景。

By offering our agents flexibility, choice and higher income potential, we believe we grow our business while also empowering our real estate professionals to thrive in their careers.

透過為我們的代理商提供靈活性、選擇和更高的收入潛力，我們相信我們能夠發展我們的業務，同時也使我們的房地產專業人士能夠在職業生涯中蓬勃發展。

This strategic move positions Fathom at the forefront of industry trends, setting the stage for sustainable growth and increased market share.

這項策略性舉措使 Fathom 處於行業趨勢的前沿，為永續成長和增加市場份額奠定了基礎。

We are not just adapting to the future of real estate, we are actively shaping it.

我們不僅在適應房地產的未來，而且還在積極塑造它。

As we do so, we create a win-win scenario where our agents' success directly contributes to Fathom's success and vice versa.

當我們這樣做時，我們創造了一個雙贏的場景，我們的代理的成功直接促進 Fathom 的成功，反之亦然。

We believe that this dual approach is the future of real estate.

我們相信這種雙重方式就是房地產的未來。

Our new agent commission plans directly addresses two of our key 2024 objectives, launching additional initiatives to further support our agents in growing their businesses and restating agent growth to at least 30% while prioritizing high-quality professionals.

我們新的代理商佣金計畫直接解決了我們2024 年的兩個關鍵目標，推出了額外的舉措來進一步支持我們的代理商發展業務，並重申代理商成長率至少達到30%，同時優先考慮高素質專業人士。

As you may recall, in March, we introduced four strategic goals for 2024.

大家可能還記得，今年3月份，我們提出了2024年的四個策略目標。

Beyond the two agent-focused objectives, we're also committed to enhance our balance sheet and achieving positive EBITDA and operational cash flow.

除了以代理商為中心的兩個目標之外，我們還致力於改善我們的資產負債表並實現正的 EBITDA 和營運現金流。

These new agent plans are not just about growth.

這些新的代理計劃不僅僅是為了成長。

They're about smart, sustainable growth that align with our financial objectives to strengthen Fathom's position in the market.

它們涉及明智、可持續的成長，與我們加強 Fathom 市場地位的財務目標一致。

We successfully enhanced our balance sheet in May through the sale of Dagley Insurance.

5 月份，我們透過出售 Dagley Insurance 成功改善了我們的資產負債表。

The sale added $7.8 million to our balance sheet at closing and would add another $7 million over the next 24 months.

此次出售在交易完成時使我們的資產負債表增加了 780 萬美元，並將在接下來的 24 個月內再增加 700 萬美元。

We ended Q2 with $10.4 million in cash, giving us the confidence in our financial position.

第二季結束時，我們擁有 1,040 萬美元現金，這讓我們對自己的財務狀況充滿信心。

In parallel with our strategic initiatives, I'm pleased to report that we continue to make significant strides towards our profitability goals.

在我們實施策略性舉措的同時，我很高興地報告，我們繼續在實現盈利目標方面取得重大進展。

This quarter, we generated $180,000 in adjusted EBITDA, a notable achievement driven by solid gross profit margins of 9.5%.

本季度，我們實現了 180,000 美元的調整後 EBITDA，這是由 9.5% 的穩健毛利率推動的顯著成就。

More importantly, our real estate, mortgage and title divisions all reached positive adjusted EBITDA this quarter.

更重要的是，我們的房地產、抵押貸款和產權部門本季均實現了正調整 EBITDA。

Total revenue for the quarter was $89.2 million, a decrease of 10.9% from $100.1 million in Q2 of 2023.

該季度總營收為 8,920 萬美元，比 2023 年第二季的 1.001 億美元下降 10.9%。

Adjusted EBITDA, a non-GAAP measure, for the quarter of second quarter 2024 totaled $189,000 compared to $500,000 in the second quarter of 2023.

2024 年第二季的調整後 EBITDA（非 GAAP 指標）總計 189,000 美元，而 2023 年第二季為 50 萬美元。

Fathom completed approximately 10,137 transactions for the quarter, a decrease of approximately 7.9% compared to second quarter 2023.

Fathom 本季完成約 10,137 筆交易，較 2023 年第二季減少約 7.9%。

Fathom Group real estate agent network grew 12% to approximately 12,224 agent licenses as of June 30, 2024, from approximately 10,930 on June 30, 2023.

截至 2024 年 6 月 30 日，Fathom Group 房地產經紀人網絡的經紀人執照數量從 2023 年 6 月 30 日的約 10,930 個增長了 12%，達到約 12,224 個。

We believe these results comply with our new commission plans and revenue sharing program, position us well to sustainable growth and increase profitability.

我們相信這些結果符合我們新的佣金計劃和收入分享計劃，使我們能夠實現可持續增長並提高盈利能力。

We are not just focused on top line growth, we are building a more robust, efficient and profitable operation that we believe can deliver long-term value to our shareholders, agents and clients.

我們不僅專注於營收成長，我們也致力於建立更穩健、更有效率和獲利的營運模式，我們相信這種營運模式能為我們的股東、代理商和客戶帶來長期價值。

As we move forward, we remain committed to prudent financial management while understanding the need and wisdom and continue to invest in areas that will drive our future success.

在我們前進的過程中，我們仍然致力於審慎的財務管理，同時了解需求和智慧，並繼續投資於將推動我們未來成功的領域。

Our team's ability to execute on multiple fronts growing our agent base, improving our profit margins and managing our cash flow speaks to the strength of our leadership team, our business model and the dedication of our entire organization.

我們的團隊在多個方面的執行能力，擴大我們的代理基礎，提高我們的利潤率和管理我們的現金流，這證明了我們領導團隊的實力、我們的業務模式和我們整個組織的奉獻精神。

Let me briefly comment on our ancillary businesses, and then Joanne will provide more financial detail.

讓我簡要評論我們的輔助業務，然後喬安妮將提供更多財務細節。

We have seen an impressive growth in our mortgage business, with revenues increasing by 82% or $1.7 million from $2 million in Q2 of last year to $3.7 million in Q2 of this year.

我們的抵押貸款業務取得了令人矚目的成長，營收成長了 82%，即 170 萬美元，從去年第二季的 200 萬美元增加到今年第二季的 370 萬美元。

This growth is a direct result of the strategic initiatives our team has implemented over the past quarter.

這種成長是我們團隊在過去一個季度實施的策略性舉措的直接結果。

Recognizing the growing demand of the Latino segment, we launched a dedicated division within Encompass Lending, working in close alignment with our Latino division at Fathom.

認識到拉丁裔群體不斷增長的需求，我們在 Encompass Lending 內設立了一個專門部門，與 Fathom 的拉丁裔部門密切合作。

The results of this collaboration have been exceptionally positive, reinforcing our commitment to serving diverse communities.

這次合作的成果非常積極，強化了我們服務多元化社區的承諾。

We have also continued to expand our Hometown Heroes program, building our commitment to support local veterans, first responders and teachers.

我們也繼續擴大我們的家鄉英雄計劃，致力於支持當地退伍軍人、急救人員和教師。

I'm particularly pleased to share the Q2 marked a significant milestone for Encompass Lending as it achieved positive EBITDA.

我特別高興地與大家分享，第二季標誌著 Encompass Lending 的一個重要里程碑，因為它實現了正 EBITDA。

This accomplishment not only validates our strategic direction, but also contributes to our overall growth of improving profitability across all our business segments.

這項成就不僅驗證了我們的策略方向，而且有助於我們提高所有業務部門獲利能力的整體成長。

These developments in our mortgage division exemplify our commitment to diversifying our revenue streams and enhancing our value proposition to both agents and clients.

我們抵押貸款部門的這些發展體現了我們致力於實現收入來源多元化並增強我們對代理商和客戶的價值主張。

As we continue to innovate and expand our offerings, we're confident in our ability to capture a larger share of the mortgage market and drive synergies across our integrated real estate services platform.

隨著我們不斷創新和擴展我們的產品，我們相信我們有能力佔領抵押貸款市場的更大份額，並推動我們的綜合房地產服務平台的協同效應。

I'm also pleased to report that we continued to make improvements to our Verus Title business in Q2.

我還很高興地報告，我們在第二季繼續改善 Verus 產權業務。

Revenues reached $1.1 million, which is an increase of 10% from Q2 of 2023.

營收達到 110 萬美元，較 2023 年第二季成長 10%。

But our second quarter results represent a 67% increase over the prior quarter, which is encouraging.

但我們第二季的業績比上一季成長了 67%，令人鼓舞。

More importantly, verus title generated $108,000 in adjusted EBITDA.

更重要的是，Verus title 產生了 108,000 美元的調整後 EBITDA。

This performance is a clear indication that our strategic growth initiatives are paying off, and we are successfully optimizing our ancillary business for profitability.

這一業績清楚地表明我們的策略成長舉措正在取得成效，並且我們正在成功優化我們的輔助業務以實現盈利。

We have also seen impressive increase in file start and Joanne will detail those in a few minutes.

我們還看到文件啟動數量顯著增加，喬安妮將在幾分鐘內詳細介紹這些情況。

Let me spend a few minutes to discuss the overall market trends.

讓我花幾分鐘討論整體市場趨勢。

The second quarter of 2024 has seen significant swings in the mortgage interest rate.

2024年第二季抵押貸款利率大幅波動。

However, more recently, we have seen mortgage rates decrease to about 6.5%.

然而，最近，我們看到抵押貸款利率下降至 6.5% 左右。

We believe this improvement in rates could translate to some buyers coming back to the market.

我們認為，利率的改善可能會導致一些買家重返市場。

We have also seen a small shift in the power from sellers to buyers.

我們也看到權力從賣方到買方的小幅轉移。

In recent months, over 20% of all listings have seen a price reduction and in some states like Texas, Florida and Colorado, days on market have increased by over 15%, while median home prices decreased by 3% to 5%.

近幾個月來，超過20% 的掛牌房屋價格出現了下降，在德克薩斯州、佛羅裡達州和科羅拉多州等一些州，待售天數增加了15% 以上，而房價中位數則下降了3% 至5%。

Ultimately, the combination of lower home prices and lower mortgage interest rates should have a positive effect in the number of homes sold due to lower mortgage payments.

最終，較低的房價和較低的抵押貸款利率的結合應該會對因抵押貸款付款減少而銷售的房屋數量產生積極影響。

We have also started seeing some early effects from the settlement of the Commission's lawsuit and the rules that were imposed.

我們也開始看到委員會訴訟的和解和所實施的規則產生的一些早期影響。

At Fathom, we are committed to helping our agents, and we have already begun to implement training classes and seminars to ensure that all our agents adhere to the new rules.

在Fathom，我們致力於幫助我們的代理商，並且我們已經開始舉辦培訓課程和研討會，以確保我們所有的代理商都遵守新規則。

Now, before I turn the call to Joanne, let me make one final point regarding our new plan.

現在，在我打電話給喬安妮之前，讓我就我們的新計劃提出最後一點。

Since announcing the new agent commission plans, the response has been exceptionally positive.

自從宣布新的代理佣金計劃以來，反應異常積極。

We have heard from agents as well as non-Fathom agents, teams and small brokers that have demonstrated interest in our new offering.

我們從代理商以及非 Fathom 代理商、團隊和小型經紀人那裡得知，他們對我們的新產品表現出了興趣。

We feel strongly that our new commission plans with revenue sharing will lead us regarding the path of agent growth back to 30% or even higher.

我們強烈認為，我們新的收入分成佣金計劃將引領我們的代理商成長回到 30% 甚至更高。

But we also believe it will take a few quarters for us to see the full benefit of our new plan as agents learn how to discuss the program and we work through the early conversations on more walkovers from all small brokerages and team.

但我們也相信，我們需要幾個季度的時間才能看到新計劃的全部好處，因為代理商會學習如何討論該計劃，並且我們會與所有小型經紀公司和團隊進行更多的早期對話。

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

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

Joanne?

喬安妮？

Thank you, Marco.

謝謝你，馬可。

I will start with a general overview of our results for the second quarter of 2024 and will then provide a more detailed review by segment.

我將首先對 2024 年第二季的業績進行總體概述，然後按細分市場進行更詳細的回顧。

Total revenue for the second quarter of 2024 decreased 11% to $89.2 million compared to $100.1 million in the second quarter of 2023.

2024 年第二季的總營收為 8,920 萬美元，較 2023 年第二季的 1.001 億美元下降 11%。

The decrease in total revenue was due to a 12% decrease in brokerage revenue, resulting primarily from fewer transactions and an increase in lease transactions compared to sale transactions.

總收入下降的原因是經紀收入下降了 12%，這主要是由於交易減少以及租賃交易與銷售交易相比有所增加。

Offsetting the decline in total revenue was an 11% increase in other service revenue, driven by improved performance from Fathom's mortgage and title businesses offset by the absence of the company's insurance business, which was sold on May 3, 2024.

其他服務收入成長了 11%，抵消了總收入的下降，這是由於 Fathom 抵押貸款和產權業務業績的改善，抵消了該公司保險業務的缺失（該業務於 2024 年 5 月 3 日出售）。

Overall, gross profit for the 2024, second quarter decreased approximately 8.6% to $8.5 million from $9.3 million for the 2023 second quarter.

總體而言，2024 年第二季的毛利從 2023 年第二季的 930 萬美元下降約 8.6% 至 850 萬美元。

This decrease was primarily attributable to the impact of selling the company's insurance business.

這一下降主要是由於出售公司保險業務的影響。

However, our overall gross profit percentage, excluding our insurance business improved to 9% in the second quarter of 2024 up from 8% in the second quarter of 2023, primarily as a result of higher contributions from our mortgage and title businesses.

然而，我們的整體毛利率（不包括保險業務）從 2023 年第二季的 8% 上升至 2024 年第二季的 9%，這主要是由於我們的抵押貸款和產權業務的貢獻增加。

Our brokerage business gross profit percentage remained relatively constant at 6% for the second quarter of 2024 compared to the second quarter of 2023.

與2023年第二季相比，2024年第二季我們的經紀業務毛利率相對穩定在6%。

Excluding our insurance business, gross profit percentage in our ancillary businesses dipped slightly to 53% in the second quarter of 2024 from 57% in the second quarter of 2023, primarily related to ramp-up costs associated with expansion of these businesses.

不包括保險業務，我們的輔助業務毛利率從2023年第二季的57%小幅下降至2024年第二季的53%，這主要與這些業務擴張相關的成本上升有關。

Technology and development expenses remained relatively constant at approximately $1.9 million for the second quarter of 2024 and 2023.

2024 年和 2023 年第二季的技術和開發費用保持相對穩定，約 190 萬美元。

These costs will continue and likely increase over time as we mindfully increase our spend to enhance our technology platform to drive revenue growth.

隨著我們有意識地增加支出以增強我們的技術平台以推動收入成長，這些成本將持續存在，並可能隨著時間的推移而增加。

General and administrative expense totaled $8.9 million for the second quarter of 2024 or 10% of revenue compared with $9.9 million or 9.9% of revenue for the second quarter of 2023.

2024 年第二季的一般及管理費用總計 890 萬美元，佔營收的 10%，而 2023 年第二季的一般及管理費用為 990 萬美元，佔營收的 9.9%。

This $1 million decrease was primarily due to the absence of costs associated with our insurance business in addition to other cost reductions such as business insurance.

這 100 萬美元的減少主要是由於除了商業保險等其他成本減少之外，還沒有與我們的保險業務相關的成本。

Marketing activities expense was $0.75 million for the second quarter of 2024 compared to $0.9 million in the second quarter of 2023.

2024 年第二季的行銷活動費用為 75 萬美元，而 2023 年第二季為 90 萬美元。

The 18% decrease in marketing expenses was primarily related to leveraging internal resources and optimizing advertising expenditure.

行銷費用下降18%主要與利用內部資源和優化廣告支出有關。

GAAP net loss for the second quarter of 2024 totaled $1.3 million or $0.07 per share, an improvement compared with a net loss of $4.3 million or $0.27 per share for the second quarter of '23.

2024 年第二季 GAAP 淨虧損總計 130 萬美元，即每股 0.07 美元，較 2023 年第二季 430 萬美元，即每股 0.27 美元的淨虧損有所改善。

The significant reduction in net loss was primarily due to the gain generated from the sale of the company's insurance business and improved net operating results, partially offset by an increase in nonoperating expenses.

淨虧損大幅減少主要是由於出售公司保險業務產生的收益以及淨經營業績的改善，部分被非經營費用的增加所抵消。

Adjusted EBITDA, a non-GAAP measure, for the second quarter of 2024 totaled a positive $0.2 million compared to $0.5 million in the second quarter of 2023.

2024 年第二季調整後 EBITDA（非 GAAP 指標）總計為正 20 萬美元，而 2023 年第二季為 50 萬美元。

The second quarter 2024 marked the company's first positive adjusted EBITDA quarter since the second quarter of 2023.

2024 年第二季是該公司自 2023 年第二季以來首個調整後 EBITDA 正值季。

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。

Revenue for the real estate division was approximately $83.1 million in the second quarter of 2024 compared to $100.1 million for the same period last year, which represents a 12% decline primarily attributable to an 8% decrease in transaction volume.

2024 年第二季度，房地產部門的營收約為 8,310 萬美元，而去年同期為 1.001 億美元，下降 12%，主要歸因於交易量下降 8%。

As Marco noted, we completed 10,137 real estate transactions during the three months ended June 30, 2024, compared to 11,010 transactions during the 3 months ended June 30, 2023.

正如 Marco 指出的那樣，我們在截至 2024 年 6 月 30 日的三個月內完成了 10,137 筆房地產交易，而截至 2023 年 6 月 30 日的三個月內完成了 11,010 筆房地產交易。

Our transaction volume decreased primarily due to the continuation of high mortgage interest rates in the second quarter '24.

我們的交易量下降主要是因為 24 年第二季抵押貸款利率持續高漲。

During the three months ended June 30, 2024, average revenue per transaction was $8,200, a 5% decrease compared to $8,593 during the three months ended June 30, 2023, primarily due to an increase in lease transactions compared to sale transactions and a slight decrease in commission percentage.

截至2024年6月30日止三個月，每筆交易平均收入為8,200美元，較截至2023年6月30日止三個月的8,593美元下降5%，主要是由於租賃交易較銷售交易有所增加，且略有下降佣金百分比。

Fathom is addressing these declines by continuing its strategic recruiting efforts, powered by its recently announced new revenue share models and its service commitment to its agents.

Fathom 正在透過繼續其策略性招聘工作來解決這些下降問題，這得益於其最近宣布的新收入分成模式及其對代理商的服務承諾。

Gross profit margin for our real estate division remained relatively constant at 6.1% in the second quarter of 2024 compared to the second quarter in 2023.

與 2023 年第二季相比，我們房地產部門的毛利率在 2024 年第二季保持相對穩定，為 6.1%。

Adjusted EBITDA income in the real estate division was approximately $1.5 million in the second quarter 2024, a decrease of approximately $1.1 million compared to adjusted EBITDA income of $2.6 million in the second quarter of 2023.

2024 年第二季房地產部門調整後 EBITDA 營收約 150 萬美元，比 2023 年第二季調整後 EBITDA 營收 260 萬美元減少約 110 萬美元。

This was due to the decrease in transaction revenue in the second quarter of 2024 and to the commencement of internal charges of approximately $350,000 from our technology vision to Fathom Realty for transaction management and CRM services provided.

這是由於 2024 年第二季交易收入減少，以及我們的技術願景開始向 Fathom Realty 收取約 35 萬美元的內部費用，用於提供交易管理和 CRM 服務。

We are pleased about the significant improvement made in our mortgage business.

我們對抵押貸款業務取得的顯著改善感到高興。

Mortgage revenue grew 85% to approximately $3.7 million in Q2 2024 compared to $2 million in Q2 2023.

2024 年第二季抵押貸款收入成長 85%，達到約 370 萬美元，而 2023 年第二季為 200 萬美元。

This revenue growth was primarily driven by our strategic increase in our loan officer base, which has almost doubled from the prior year.

這項收入成長主要是由我們的信貸員基礎策略性成長所推動的，這一數字比前一年幾乎翻了一番。

Q2 2024 file start loan volume was up 72% compared to Q2 2023.

與 2023 年第二季相比，2024 年第二季的起始貸款量增加了 72%。

Mortgage adjusted EBITDA for Q2 2024 was a positive $0.02 million compared to an adjusted EBITDA loss of $0.2 million in Q2 2023.

2024 年第二季抵押貸款調整後 EBITDA 為正 20 萬美元，而 2023 年第二季調整後 EBITDA 虧損為 20 萬美元。

DIA, our insurance business was sold in May 2024 for approximately $15 million in cash. with $7.8 million received at closing and $7 million recorded as other receivables due over the subsequent 24 months, significantly bolstering our balance sheet.

我們的保險業務 DIA 於 2024 年 5 月以約 1500 萬美元現金出售。交易結束時收到 780 萬美元，另外 700 萬美元記錄為隨後 24 個月到期的其他應收款，這大大增強了我們的資產負債表。

Verus Title had revenues of $1.1 million for the second quarter of 2024 compared to $1 million for the second quarter of 2023, an increase of 10%.

Verus Title 2024 年第二季的營收為 110 萬美元，而 2023 年第二季的營收為 100 萬美元，成長了 10%。

Verus Title's adjusted EBITDA for the second quarter of 2024 was $108,000 compared to a negative $25,000 for the second quarter of 2023.

Verus Title 2024 年第二季調整後 EBITDA 為 108,000 美元，而 2023 年第二季為負 25,000 美元。

We are pleased by the membership growth in our new Texas joint venture, which began in April 2024.

我們對 2024 年 4 月成立的德州新合資企業的會員數量增長感到高興。

Overall, Verus Title's open orders are currently approximately 60% higher than they were at the end of last quarter.

總體而言，Verus Title 的未平倉訂單目前比上季末增加了約 60%。

We are also happy to say that Salt Lake to the Utah-based LW Traveling Title is now Verus Title.

我們也很高興地宣布，鹽湖城至猶他州的 LW 旅行頭銜現已更名為 Verus 頭銜。

Traveling Title is a strategic addition to our geographic presence in Utah, Colorado and Virginia.

旅行產權是我們在猶他州、科羅拉多州和維吉尼亞州地理分佈的策略性補充。

Moving to our Technology segment, third-party revenues remained consistent in the second quarter of 2024 compared to the same period in 2023.

轉向我們的技術部門，2024 年第二季的第三方收入與 2023 年同期保持一致。

Adjusted EBITDA improved primarily attributable to approximately $350,000 in internal charges to Fathom Realty for transaction management and CRM services.

調整後 EBITDA 的改善主要歸因於 Fathom Realty 的交易管理和 CRM 服務的內部費用約為 35 萬美元。

We are continuously making enhancements to our technology platform to better serve our agents and drive revenues, with our new revenue share functionality being a prime example.

我們不斷增強我們的技術平台，以更好地為我們的代理商提供服務並增加收入，我們新的收入分享功能就是一個很好的例子。

Our LiveBy team has significantly increased its footprint across the country working with over 300 MLSs and touching 320,000 agents at the end of the second quarter.

截至第二季末，我們的 LiveBy 團隊已與 300 多家 MLS 合作，並接觸到 32 萬名代理商，從而顯著擴大了在全國的足跡。

LiveBy powers more than 5.9 million community pages with over 145,000 neighborhood reports created.

LiveBy 為超過 590 萬個社群頁面提供支持，創建了超過 145,000 份社群報告。

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

鑑於動態的房地產市場狀況，我們繼續密切關注我們的資產負債表。

We ended the quarter with an unrestricted cash position of approximately $10.4 million, which combined with the $7 million in cash to be received between now and early May 2025, significantly strengthens our balance sheet.

截至本季末，我們的不受限制現金部位約為 1,040 萬美元，加上從現在到 2025 年 5 月初將收到的 700 萬美元現金，顯著增強了我們的資產負債表。

Regarding our financial outlook, in light of the recent introduction of two new revenue share models and their yet-to-be-determined impact on future revenues and adjusted EBITDA, the company has elected to withhold guidance for the third quarter ending September 30, 2024.

關於我們的財務前景，鑑於最近引入了兩種新的收入分成模式及其對未來收入和調整後 EBITDA 的尚未確定的影響，該公司選擇保留截至 2024 年 9 月 30 日的第三季度的指導。

Management plans to reassess and potentially reinstate guidance expectations in the fourth quarter of 2024, allowing time to evaluate the performance of these new models.

管理層計劃在 2024 年第四季重新評估並可能恢復指導預期，以便有時間評估這些新模型的表現。

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 believe we're embarking on a journey that will redefine our industry position, with the potential of creating unprecedented growth and success opportunities.

我們相信，我們正在踏上一段重新定義產業地位的旅程，並有可能創造前所未有的成長和成功機會。

Our focus has been and will continue to be on providing the greatest value to our agents and team members.

我們的重點一直並將繼續是為我們的代理商和團隊成員提供最大的價值。

I want to thank all our team members for their hard work and commitment this past few months, especially the team members that worked tirelessly implementing our two new agent plants.

我要感謝我們所有團隊成員在過去幾個月的辛勤工作和奉獻，特別是那些不知疲倦地努力實施我們兩個新代理工廠的團隊成員。

Our future is bright, and we're looking forward to the challenges ahead.

我們的未來是光明的，我們期待未來的挑戰。

With that, we'll take your questions now.

現在，我們將回答您的問題。

(Operator Instructions) John Campbell, Stephens.

（操作員說明）John Campbell，Stephens。

Okay.

好的。

Let's just start on maybe the first half of the year performance.

讓我們從上半年的表現開始。

So it looks like revenue is down $18 million or so versus the first half of last year.

因此，與去年上半年相比，收入似乎減少了 1,800 萬美元左右。

Obviously, you got higher interest expense as well.

顯然，您的利息支出也更高。

You've been able to hold that cash burn rate to a pretty similar rate as last year.

您已經能夠將現金消耗率保持在與去年非常相似的水平。

But Marco, I know you weren't thinking on a housing recovery and there's clearly a lot of moving parts to consider here.

但是馬可，我知道您並沒有考慮住房復甦，而且顯然這裡有很多變化因素需要考慮。

You've got mortgage businesses doing really, really well.

抵押貸款業務做得非常非常好。

But as best as you can see just kind of looking out, what degree of a housing recovery, again, just kind of holding all else equal, do you think you might need to see to get back to positive free cash flow?

但盡你所見，在其他條件相同的情況下，房地產復甦的程度如何，你認為你可能需要看到恢復正的自由現金流嗎？

Well, actually, as I mentioned to you earlier, I think, a few months back, we are building our plan without having an impact of a recurve, right?

好吧，實際上，正如我之前向你提到的，我想，幾個月前，我們正在製定我們的計劃，而不會受到反曲弓的影響，對嗎？

We don't know when the recurve is going to be.

我們不知道什麼時候會出現反曲弓。

I do see some improvement.

我確實看到了一些改進。

When you start seeing an equilibrium coming back to buyers, right, from sellers, I think that's the beginning of perhaps an improvement in the housing market.

當你開始看到買家（對的，賣家）恢復平衡時，我認為這可能是房地產市場改善的開始。

I think one of the things I have to be cautious is that when buyers believe that interest rates are going to decrease they may withhold buying a house because they're waiting for the interest rates to come down, right?

我認為我必須謹慎的一件事是，當買家認為利率將會下降時，他們可能會停止購買房屋，因為他們正在等待利率下降，對嗎？

And so that's part of one of the things we have to be cautious when interest rates are going to decrease or people feel like they're going to decrease.

因此，當利率即將下降或人們感覺利率將會下降時，這是我們必須保持謹慎的事情之一。

But going back to your question, we believe that we'll get back to a positive cash flow and a significant adjusted EBITDA by really increasing the number of agents, right?

但回到你的問題，我們相信，透過真正增加代理商數量，我們將恢復正現金流和大幅調整後的 EBITDA，對吧？

I think that's our growth, and that's why we implemented these two new revenue share programs.

我認為這就是我們的成長，這就是我們實施這兩個新的收入分成計畫的原因。

And as you know, it's very unique because we're the only company, certainly national public company that actually has two different programs, right, a flat fee revenue share program and a traditional split revenue share program.

如您所知，它非常獨特，因為我們是唯一一家實際上有兩個不同計劃的公司，當然是全國性上市公司，對吧，固定費用收入分享計劃和傳統的分割收入分享計劃。

When the market comes back, we'll definitely see some upside.

當市場回歸時，我們肯定會看到一些上漲空間。

But we are really focused on building our agent network to continue to grow the number of agents.

但我們真正專注於建立我們的代理網絡，以繼續增加代理數量。

We are also focused on recruiting the right kind of agent.

我們也專注於招募合適的代理商。

I think, as I mentioned earlier, I think at the second half of last year, we took our eye off the ball in terms of the focus of the kinds of agents.

我認為，正如我之前提到的，去年下半年，我們在代理商類型的關注點上轉移了注意力。

And if you look at the decrease in transactions quarter-over-quarter, you see that we continue to improve and better that decrease.

如果您查看季度環比交易量的減少，您會發現我們不斷改進並更好地減少交易量。

And so we think that by Q3 and Q4, we will get back to positive numbers in terms of transaction growth.

因此，我們認為到第三季度和第四季度，我們將在交易成長方面恢復正數。

But that is really primarily being as a result of additional agents joining our company as opposed to counting on an improvement in the industry, in the real estate market.

但這實際上主要是由於更多代理商加入我們公司，而不是指望行業和房地產市場的改善。

I think that's going to come more next year.

我認為明年這種情況會更多。

And I think so for us, it's really focused on the agent growth.

我認為對我們來說，我們真正關注的是代理商的成長。

Okay.

好的。

That's helpful.

這很有幫助。

And then on Fathom Share, I mean, obviously, that's, as you mentioned, in a little bit more of a traditional splits model that you guys have always been the hallmark of the model has always been the flat fee model.

然後在 Fathom Share 上，我的意思是，顯然，正如您所提到的，在更傳統的分割模型中，您一直是該模型的標誌，一直是固定費用模型。

So I'm curious about maybe the conversations or I don't know if it was focus groups of surveys or whatever you guys did to arrive at that decision?

所以我很好奇也許是這些對話，或者我不知道這是焦點小組調查還是你們做了什麼來做這個決定？

Maybe take us through that process of how you assessed it and what you expect to accomplish?

也許可以帶我們回顧一下您如何評估它以及您期望實現什麼目標的過程？

Yes, well, it's a great question.

是的，這是一個很好的問題。

Look, we are a 100% commission company, and we think the future of the industry is the 100% commission.

你看，我們是一家100%佣金的公司，我們認為這個產業的未來就是100%的佣金。

Even as we implement these two new programs, we believe that a significant majority of the agents joining are going to be in the Fathom Max plan, not the Fathom Share.

即使我們實施這兩個新計劃，我們相信加入的絕大多數代理商將加入 Fathom Max 計劃，而不是 Fathom Share。

We think the Fathom Share probably be around 20% to 30% of our agents joining.

我們認為 Fathom 份額可能約為我們加入的代理商的 20% 到 30%。

What we found over the last six months or so, as we spoke with small brokerages, teens, high-producing agents is that a percentage of those individuals were very interested in some sort of revenue share program.

在過去六個月左右的時間裡，當我們與小型經紀公司、青少年、高產經紀人交談時，我們發現其中一部分人對某種收入分成計劃非常感興趣。

We also were limited in terms of acquiring or walkovers with small brokers that were an 85-15 or 80-20 split.

我們在收購或以 85-15 或 80-20 比例收購小型經紀商方面也受到限制。

And now we become a very attractive home for them.

現在我們成為了對他們來說非常有吸引力的家。

And so it was really a combination of just listening to some of our agents and listening to small brokerages and teams.

因此，這實際上是聽取我們的一些代理人的意見和聽取小型經紀公司和團隊的意見的結合。

So we're really interested in the revenue share program.

所以我們對收入分享計劃非常感興趣。

So we believe that we're creating a very innovative program that actually is based on a 100% commission model, but offers the ability of our agents to have a choice.

因此，我們相信我們正在創建一個非常創新的計劃，該計劃實際上基於 100% 佣金模式，但為我們的代理商提供了選擇的能力。

I think the other thing that makes our program very unique is that agents are able to, once a year, change from one to the other model.

我認為我們的計劃非常獨特的另一件事是代理商能夠每年一次從一種模式更改為另一種模式。

And so an agent that joins Fathom in one program and they think about leaving because another company offers a different program.

因此，在一名代理人加入 Fathom 的一個計劃後，他們考慮離開，因為另一家公司提供了不同的計劃。

Now we offer both programs within the same company.

現在我們在同一家公司內提供這兩個項目。

And that's one of the comments that we heard from a lot of agents is that having the flexibility.

我們從許多代理商那裡聽到的評論之一是具有靈活性。

So we implemented that as part of our program, and we believe that we have created something that's very unique and something look, since we announced this past Wednesday, we've had a significant response from non-Fathom agents, teams, small brokerages, actually some brokers up to 3,000 agents, that have demonstrated a significant interest in having conversations with us about perhaps joining us down the line.

因此，我們將其作為我們計劃的一部分實施，我們相信我們已經創造了一些非常獨特的東西，自從上週三我們宣布以來，我們得到了來自非 Fathom 代理商、團隊、小型經紀公司的強烈回應，實際上，一些經紀人擁有多達3,000 名代理人，他們表現出了濃厚的興趣，有興趣與我們對話，討論是否可能加入我們。

So we think that the response immediately after our announcement has been incredibly positive.

因此，我們認為，在我們宣布這一消息後，立即得到的反應非常積極。

And we think that this is going to manifest itself in getting the Fathom back to 30% agent growth, so I think that those are the main reasons why we decided to create this hybrid model.

我們認為這將使 Fathom 的代理程式成長恢復到 30%，因此我認為這些是我們決定創建這種混合模型的主要原因。

Raj Sharma, B. Riley.

夏爾馬 (Raj Sharma)，B. 萊利 (B. Riley)。

Again, I want to follow up the last caller.

再次，我想跟進最後一個來電者。

The motivation behind switching the plans?

改變計劃背後的動機是什麼？

And if you could lay out how there is an option now in the Max and the Share between flat and revenue share, how does that make your gross profits higher?

如果您能列出現在在「最大」和「份額」中固定和收入分成之間如何有一個選項，這如何使您的毛利更高？

Is that simply from attracting more agents or

這只是為了吸引更多的代理商還是

--.

--.

Raj, great question.

拉吉，好問題。

It's a combination of attracting more agents, higher-producing agents as well which certainly will help the number of transactions per agent.

這是吸引更多代理商和更高產出代理商的結合，這肯定有助於增加每個代理商的交易數量。

It's also a combination that we're estimating right now based on conversations, that 20% to 30% of our new agents who joined the company, the 12% program.

我們現在根據對話估計，這也是一個組合，即 20% 到 30% 的新代理商加入公司，即 12% 計劃。

So when you combine a percentage of agents joining the 12% program as well as a higher number of agents joining the company, we'll be able to increase our gross profit margins.

因此，當您將一定比例的代理商加入 12% 計劃以及更多數量的代理商加入公司時，我們將能夠提高毛利率。

Fathom is in a position where we are right at that inflection point, right?

Fathom 正處於這個拐點，對吧？

That a significant percentage of our gross profit dollars will also follow to the bottom line in EBITDA.

我們毛利的很大一部分也將隨之計入 EBITDA 底線。

And so by increasing the number of agents coming in, we'll also have a higher level of transactions for agents.

因此，透過增加代理的數量，我們也將為代理商提供更高水準的交易。

It's going to have a significant effect in our gross profit margin as well as our EBITDA going forward.

這將對我們的毛利率以及未來的 EBITDA 產生重大影響。

And given the response we've had since we announced this past Wednesday, I think within a few quarters, we'll be able to demonstrate that.

鑑於自上週三宣布以來我們得到的回應，我認為在幾個季度內，我們將能夠證明這一點。

And then what are the levels 1 through 5?

那麼1級到5級是什麼呢？

What were the cutoffs in transactions?

交易的截止時間是多少？

Well not so much, I mean, it's five levels in terms well, both programs is five levels, right?

好吧，沒那麼多，我的意思是，就五個級別而言，兩個程式都是五個級別，對吧？

Which means that we go five levels in terms of agents recruiting.

這意味著我們在代理商招募方面分為五個層級。

It's not so much in terms of transaction, right?

就交易而言，沒有那麼多，對吧？

And so in a sense is if I recruit you and you recruit somebody else and somebody else recruits the fourth.

從某種意義上說，如果我招募你，你招募其他人，然後其他人招募第四個人。

So, in our programs, we felt that five levels was the appropriate number in order to do that.

因此，在我們的計劃中，我們認為五個層級是實現這一目標的適當數字。

And if you look at the press release, you can see that the Fathom share plan offers a significant higher level of revenue share, right?

如果您查看新聞稿，您會發現 Fathom 份額計劃提供了顯著更高水平的收入份額，對嗎？

On the first level, it's 35% and then 25% compared to 10% on the Fathom Max point.

在第一級，它是 35%，然後是 25%，相比之下，Fathom Max 點上為 10%。

So what we agree, and we decided that after doing some research and speaking with teams and agents worried about going to other revenue share companies, we have had numerous conversations with agents that are members of other companies as well as teams and small brokerages.

所以我們同意，我們決定，在做了一些研究並與擔心去其他收入分享公司的團隊和代理商交談後，我們與其他公司以及團隊和小型經紀公司成員的代理商進行了多次對話。

We felt like five levels is the appropriate number for us.

我們覺得五級對我們來說是合適的數字。

And so that's what we decided to do.

這就是我們決定要做的事。

Got it.

知道了。

And then to the agent referral programs of capped for life, free for life, those are still valid or not valid?

再就是終身封頂、終身免費的代理推薦計劃，那些還有效還是無效？

It's a great question.

這是一個很好的問題。

Those are going to be valid until December of this year.

這些有效期至今年 12 月。

So any agent that reaches capped for life or free for life, there'll be grandfathered, and then they will be capped for life or free for life forever.

因此，任何達到終身封頂或終身免費的特工，都將受到祖父待遇，然後他們將被終身封頂或終身免費。

On January 1, those two programs go away.

1 月 1 日，這兩個項目將消失。

And therefore, the revenue share program becomes the new program.

因此，收入分享計劃成為新計劃。

We are giving agents another five months in order to be able to reach capped for life and free for life.

我們給特工們另外五個月的時間，以便能夠達到終身上限和終身免費。

We felt that was the appropriate thing to do.

我們認為這是正確的做法。

And so all our agents still have the opportunity to reach capped for life or free for life until December 31.

因此，在 12 月 31 日之前，我們所有的特工仍然有機會達到終身上限或終身免費。

After that, whatever position they are, if they already reached either one, they're grandfathered for life.

此後，無論他們處於什麼職位，只要他們已經達到了其中任何一個，他們就將終身享有祖父待遇。

If not, then every agent can continue to earn revenue share.

如果沒有，那麼每個代理商都可以繼續賺取收入分成。

As of last week, agents that are already earning revenue share for any agent that joined the company, regardless in which plan you're at.

截至上週，已經為加入公司的任何代理賺取收入分成的代理，無論您採用哪種計劃。

And so we feel that we're creating a significant enhancement in terms of how do we work with our agents to refer other agents.

因此，我們認為我們正在顯著增強我們與代理商合作推薦其他代理商的方式。

And I think some of our agents are going to take advantage of this and build some significant revenue stream for themselves and their families.

我認為我們的一些代理商將利用這一點，為自己和家人建立一些重要的收入來源。

Got it.

知道了。

And then my last question, Marco, so you just indicated that you're looking for agent growth of 30% in the next several quarters.

然後是我的最後一個問題，Marco，您剛才表示您希望代理商在未來幾季成長 30%。

What gives you the confidence that you can get 30% growth?

是什麼讓您有信心獲得 30% 的成長？

Is it acquisitions?

是收購嗎？

Is it walkovers or is something changing in the market or you need to market?

是放棄還是市場發生變化或您需要行銷？

Our goal has always been, as we mentioned in the last few quarters, Fathom had 30% growth for many years.

正如我們在過去幾個季度中提到的，我們的目標始終是，Fathom 多年來保持 30% 的成長。

And so our goal has been to get back to that 30% agent growth.

因此，我們的目標是恢復 30% 的代理成長。

What gives us confidence that we can get back to that, hopefully within two or three quarters is that the number of discussions that we've had, our pipeline in terms of agent growth.

讓我們有信心能夠在兩到三個季度內回到這一點的是我們所進行的討論的數量以及我們在代理商增長方面的管道。

Since we announced this, as I said on Wednesday, we've had discussions with numerous organizations and teams agents in other companies under revenue share program, all brokerages, medium-sized brokerages, regular agents.

正如我周三所說，自從我們宣布這一消息以來，我們已經與收入分享計劃下的其他公司的眾多組織和團隊代理商、所有經紀公司、中型經紀公司、常規代理商進行了討論。

And so we feel that given these conversations and the existing pipeline that within two to three quarters, we should be able to get back to 30% growth and perhaps more.

因此，我們認為，考慮到這些對話和現有的管道，我們應該能夠在兩到三個季度內恢復 30% 的成長，甚至更多。

But that's what gives us confidence to be able to make that announcement.

但這讓我們有信心能夠宣布這項消息。

Tom White, D.A. Davidson.

湯姆懷特，D.A.戴維森。

This is Wyatt on for Tom.

這是懷亞特為湯姆代言的。

I have one on industry changes related to the NAR settlement.

我有一篇關於與 NAR 和解相關的行業變化的文章。

Can you just talk about what Fathom is telling their agents in terms of how to navigate this as August 17 approaches?

您能談談 Fathom 告訴他們的經紀人如何在 8 月 17 日臨近之際應對這一情況嗎？

And does your best practices around things like buyer rep agreements differ in any meaningful ways than peers'?

您在買家代表協議等方面的最佳實踐是否與同行有任何有意義的不同？

Yes.

是的。

Look, I think that there are still a lot of moving parts to all of this, right?

聽著，我認為這一切仍然有很多變化的部分，對吧？

I go back and I think about when you may recall this, when the government changed from the HUD to the CD and implemented a total new form for closing transactions.

我回想一下，當政府從 HUD 改為 CD 並實施全新的交易結算形式時，您可能還記得這一點。

And it took approximately three to six months to just work out all the kinks out of this, right, out of the process.

大約花了三到六個月的時間才解決了這個過程中的所有問題。

I think the same thing is going to happen here.

我認為同樣的事情也會在這裡發生。

I think there's a lot of confusion.

我認為有很多混亂。

I think that MLSs are going to enforce this in a variety of different ways.

我認為 MLS 將以各種不同的方式強制執行這一點。

And so in a sense, is not only we have to build our own set of rules, but then we have to look at every MLS and every Board and see where they're going to enforce locally.

因此，從某種意義上說，我們不僅必須制定自己的一套規則，還必須查看每個美國職業足球大聯盟和每個董事會，看看他們將在當地執行哪些規則。

And we're already seeing different MLSs across the country in different Boards are looking at things differently.

我們已經看到全國各地不同的 MLS 的不同董事會正在以不同的方式看待事情。

Certainly, we're not going to be able to put the buyer side commission on the website and the MLSs.

當然，我們無法將買方佣金放在網站和 MLS 上。

That's a given, and Fathom's going to enforce that, and we're already working with our agents to do that.

這是既定的，Fathom 將強制執行這一點，我們已經在與我們的代理商合作來做到這一點。

We are in discussions about creating our own documents in terms of buyers' agreements, and we're already in the process of doing that, working with every state broker and every MLS and every Board because everyone is going to be somewhat different.

我們正在討論根據買方協議創建我們自己的文件，我們已經在這樣做的過程中，與每個州經紀人、每個 MLS 和每個董事會合作，因為每個人都會有所不同。

So I think it's still early to speak specifically about the totality of all the things we're going to do.

所以我認為現在具體談論我們要做的所有事情還為時過早。

We're already progressing this.

我們已經在這方面取得進展了。

We have been working on this.

我們一直在這方面努力。

Samantha Giuggio, who is our COO for Fathom Realty is working with our legal team and our state brokers and implementing this.

Fathom Realty 營運長 Samantha Giuggio 正在與我們的法律團隊和州經紀人合作並實施這項計劃。

And it's going to take a little while in order to work itself out.

這需要一段時間才能自行解決。

We certainly are adhering by the rules and our interpretation of the rules and we're working with our agents to do that, but it is going to take a little bit of time to kind of work itself out and to making sure that we can train our agents accordingly.

我們當然會遵守規則以及我們對規則的解釋，並且我們正在與我們的代理商合作來做到這一點，但這需要一點時間來解決並確保我們可以訓練我們的代理商相應地。

And every company is going to do things a little different.

每家公司都會採取一些不同的做法。

Some companies are creating their documents, some companies are just using the new state documents or Board documents.

有些公司正在創建他們的文件，有些公司只是使用新的國家文件或董事會文件。

We are working with our team to try to find the best approach to this.

我們正在與我們的團隊合作，試圖找到解決此問題的最佳方法。

We are already working on our own documents and we'll probably implement those rather quickly.

我們已經在製定自己的文件，並且可能很快就會實施這些文件。

But I think we still have some time to go before everyone fully comprehends the impact it's going to have in the industry.

但我認為，在每個人都充分理解它將對產業產生的影響之前，我們還有一段時間。

And so I caution everyone in terms of jumping to conclusions about how everything is going to change.

因此，我告誡大家不要對一切改變如何妄下結論。

I think there's a lot of moving parts still, and we're working through the process with our team.

我認為仍然有很多變化的部分，我們正在與我們的團隊一起完成這個過程。

That makes sense.

這是有道理的。

And then do you have any update around a possible settlement regarding the industry lawsuit?

那麼您對產業訴訟可能達成的和解有什麼最新消息嗎？

Sure.

當然。

As everyone can imagine, we still are in negotiations.

正如大家可以想像的那樣，我們仍在談判中。

And for that reason, I can't really disclose where we are in terms of that.

出於這個原因，我無法真正透露我們在這方面的進展。

But we look forward to announcing a settlement as quickly as possible.

但我們期待盡快宣布解決方案。

We think that we can reach that settlement with an amount that can we survive and price.

我們認為我們可以以我們能夠生存的金額和價格達成和解。

Especially given some of the recent settlements and the size of those companies.

特別是考慮到最近的一些和解以及這些公司的規模。

And I think when you look at our company and our size, you're able to kind of figure out what that number is.

我認為，當您了解我們的公司和規模時，您就能計算出這個數字是多少。

So we look forward to announcing this soon.

因此，我們期待盡快宣布這一消息。

But given that we are in still discussions, I rather just leave my comment at that.

但鑑於我們仍在討論中，我寧願就此發表評論。

Understood.

明白了。

That makes complete sense.

這是完全有道理的。

And then I just have one final follow-up regarding like the new revenue share models.

然後我只有一個關於新的收入分成模型的最後跟進。

I think I missed this, but can you just give some more color into the expected margin impacts over like the next several quarters for both gross margins and EBITDA margins?

我想我錯過了這一點，但是您能否對未來幾季的毛利率和 EBITDA 利潤率的預期利潤率影響提供更多資訊？

Sure.

當然。

I think it's going to take a little bit of time.

我認為這需要一點時間。

We already started onboarding agents and in new models.

我們已經開始招募代理商並採用新的模式。

I think it's going to take a little bit of time for this to work itself out, right?

我認為這需要一點時間才能解決，對嗎？

I think, certainly in Q3 and perhaps in Q4, I don't think we're going to be seeing significant changes because, again, when we onboard an agent, it may take us two weeks, if not a month for that agent to actually close the first transaction, right?

我認為，當然在第三季度，也許在第四季度，我認為我們不會看到重大變化，因為，同樣，當我們僱用代理商時，該代理商可能需要兩週甚至一個月的時間才能完成實際上關閉了第一筆交易，對嗎？

And so there was a delay from onboarding an agent to the agent closing their first transaction and then to have a positive effect.

因此，從代理入職到代理完成第一筆交易，再到產生正面影響，存在延遲。

In terms of gross profit margin EBITDA.

就毛利率 EBITDA 而言。

We do believe that over time, over the next year or so, we're going to see an increase in gross profit margins, not only because of the new models, but also because our continued improvement in the mortgage business and our title business.

我們確實相信，隨著時間的推移，在未來一年左右的時間裡，我們將看到毛利率的增加，這不僅是因為新模式，還因為我們在抵押貸款業務和產權業務方面的持續改善。

We do think within a couple of years, we'll probably see margins in the mid-teens.

我們確實認為幾年內，我們可能會看到十幾歲左右的利潤率。

We're going back specifically to your question about the next two quarters.

我們將專門回到您關於未來兩個季度的問題。

I would not anticipate a significant change in gross profit margins or EBITDA because I think it's a little too early for the new plan to have that kind of impact.

我預計毛利率或 EBITDA 不會發生重大變化，因為我認為新計劃產生這種影響還為時過早。

I think that impact will be experienced more starting Q1 of next year.

我認為從明年第一季開始，這種影響將會更加明顯。

That's where we believe that we'll have a higher impact in gross profit margins and EBITDA from the new plan.

我們相信新計劃將對毛利率和 EBITDA 產生更大的影響。

And ladies and gentlemen, with that, we will be concluding today's question-and-answer session.

女士們、先生們，我們今天的問答環節就到此結束。

I'd like to turn the call back over to Mr. Fregenal for closing remarks.

我想將電話轉回給弗雷格納爾先生做總結發言。

Mr.Fregenal, you may make closing remarks at this time.

Fregenal先生，您現在可以做總結發言。

Thank you.

謝謝。

I want to thank everyone for joining our call.

我要感謝大家加入我們的電話會議。

We appreciate everyone's support and trust.

我們感謝大家的支持與信任。

As always, I am available to meet with you on a one-on-one basis.

一如既往，我可以與您進行一對一的會面。

And I hope all of you have a great week.

我希望大家有個愉快的一周。

So thank you for joining us today.

感謝您今天加入我們。

Ladies and gentlemen, with that, we'll be concluding today's conference call and presentation.

女士們、先生們，我們今天的電話會議和演示就到此結束。

We do thank you for joining.

我們非常感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。