Fathom Holdings Inc (FTHM) 2024 Q4 法說會逐字稿

Greetings. Welcome to the Fathom Holdings Inc fourth-quarter 2024 conference call. (Operator Instructions)

問候。歡迎參加 Fathom Holdings Inc 2024 年第四季電話會議。（操作員指令）

Please note this conference is being recorded. I will now turn the conference over to your host, [Paul Kuntz]. You may begin.

請注意，本次會議正在錄音。現在我將會議移交給主持人，[保羅·昆茨]。你可以開始了。

Thank you and good afternoon. Welcome to Fathom Holdings' fourth-quarter and full-year 2024 conference call. Joining us today is the company's CEO, Marco Fregenal.

謝謝您，下午好。歡迎參加 Fathom Holdings 2024 年第四季和全年電話會議。今天與我們一起參加的是該公司的執行長 Marco Fregenal。

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. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those outlined in the risk factor section of the company's Form 10-K and other company filings made with the SEC, copies of which are available at the SEC's website at www.sec.gov.

在我將電話轉給管理階層之前，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》所定義的前瞻性陳述。此類前瞻性陳述受多種條件影響，其中許多條件超出了公司的控制範圍，包括公司 10-K 表格和公司向美國證券交易委員會提交的其他文件中風險因素部分所概述的條件，這些文件的副本可在美國證券交易委員會網站 www.sec.gov 上查閱。

As a result of those forward-looking statements, actual results could differ materially. Fathom undertakes no obligation to update any forward-looking statements after today's call, except as required by law.

由於這些前瞻性陳述，實際結果可能存在重大差異。除非法律要求，否則 Fathom 不承擔今天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 discuss adjusted EBITDA, a non-GAAP financial measure as defined by SEC Regulation G. The 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.

另外請注意，在本次電話會議中，我們將討論調整後的 EBITDA，這是美國證券交易委員會規則 G 定義的非 GAAP 財務指標。此非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳包含在今天的新聞稿中，該新聞稿現已發佈在 Fathom 的網站上。

With that, I will now turn the call over to Fathom's CEO, Marco Fregenal. Please proceed.

說完這些，我現在將電話轉給 Fathom 的執行長 Marco Fregenal。請繼續。

Thank you, Paul. Good afternoon, everyone, and welcome to Fathom Holdings' fourth-quarter 2024 conference call. Thank you for joining us today.

謝謝你，保羅。大家下午好，歡迎參加 Fathom Holdings 2024 年第四季電話會議。感謝您今天加入我們。

Before I go into the details of our performance, I want to acknowledge the remarkable commitment, adaptability, and resilience of our entire Fathom team, our agents, staff, and leadership team. This past year has challenged all of us with the high mortgage rates, victim-buyer behavior, regulatory changes, and of course, ongoing litigation. The broader market headwinds have certainly made it difficult for last year. However, I want to stress that we remain confident about our future. We believe 2025 will be a breakout year for Fathom, and that we have laid out a strong foundation to help us push through the market volatility.

在詳細介紹我們的表現之前，我想先感謝我們整個 Fathom 團隊、我們的代理商、員工和領導團隊的非凡承諾、適應性和韌性。過去的一年對我們所有人都充滿了挑戰：高抵押貸款利率、受害買家行為、監管變化，當然還有持續的訴訟。整體市場的逆風確實為去年帶來了困難。然而，我想強調的是，我們對我們的未來仍然充滿信心。我們相信 2025 年將是 Fathom 突破的一年，並且我們已經奠定了堅實的基礎來幫助我們度過市場波動。

Let me start by reviewing our fourth quarter results for 2024. Our total revenue grew approximately 24%, reaching $91.7 million, up from $74.1 million in Q4 of 2023. Gross profit increased by 25%, growing from $5.3 million in Q4 of 2023 to $6.7 million this quarter. Excluding Dagley Insurance, which we sold in May of 2024, gross profit rose 59%, from $4.2 million to $6.7 million. GAAP net loss for 2024 fourth quarter was $6.2 million or $0.29 per share, compared with a loss of $8.4 million or $0.50 per share for the 2023 fourth quarter.

首先，我回顧一下我們 2024 年第四季的業績。我們的總營收成長約 24%，達到 9,170 萬美元，高於 2023 年第四季的 7,410 萬美元。毛利成長了25%，從2023年第四季的530萬美元成長到本季的670萬美元。不包括我們於 2024 年 5 月出售的 Dagley Insurance，毛利成長 59%，從 420 萬美元增至 670 萬美元。2024 年第四季 GAAP 淨虧損為 620 萬美元或每股 0.29 美元，而 2023 年第四季虧損為 840 萬美元或每股 0.50 美元。

While we're pleased with the revenue gross profit growth, our EBITDA loss is not where we would like it to be. Adjusted EBITDA loss and non-GAAP measure came in at $2.9 million for the fourth quarter of 2024, matching the loss of $2.9 million from the same period in 2023. Rising mortgage rates in the last quarter of 2024, combined with an approximately $1.3 million one-time expenses, kept us from moving into positive EBITDA territory.

雖然我們對收入毛利成長感到滿意，但我們的 EBITDA 損失並未達到我們所希望的水平。2024 年第四季調整後的 EBITDA 虧損和非 GAAP 指標為 290 萬美元，與 2023 年同期的 290 萬美元虧損持平。2024 年最後一季的抵押貸款利率上升，加上約 130 萬美元的一次性支出，使我們無法進入正 EBITDA 領域。

Despite these challenges, we remain dedicated to achieving sustainable, positive adjusted EBITDA, potentially as early as the second quarter of 2025. Agent count increased by 21%, from approximately 11,795 to approximately 14,300 agent licenses at year end. And transactions rose by 22%, from 8,114 to 9,903, indicating our agent network still generating solid activity.

儘管面臨這些挑戰，我們仍致力於實現可持續的、正的調整後 EBITDA，最早可能在 2025 年第二季實現。代理商數量增加了 21%，從約 11,795 個代理商許可證增加到年底的約 14,300 個。交易量增加了 22%，從 8,114 筆增加到 9,903 筆，這表明我們的代理商網路仍然活躍。

Turning to the broader real estate market, we've noticed a slight decline in mortgage rates from their unexpected spike late last year. If rates stabilize or continue to drop, we think it will provide tailwind as we move into the spring buying season.

轉向更廣泛的房地產市場，我們注意到抵押貸款利率比去年年底意外飆升略有下降。如果利率穩定或繼續下降，我們認為這將為我們進入春季購買季節提供順風。

In some markets, transactions in the first two months of 2025 are running at about 3% below comparable period in 2024. While we anticipate rate change declines, we may help close the GAAP. Price reductions on listings have ticked up slightly, about 33% of listings in March have had a price drop, compared to 30% last year.

在某些市場，2025 年前兩個月的交易量比 2024 年同期低約 3%。雖然我們預計利率變化會下降，但我們可能會幫助關閉 GAAP。房源降價幅度略有增加，3 月約有 33% 的房源降價，而去年這一比例為 30%。

Actual home sale prices overall still see modest gains of 2% to 3% year over year. In some regions, however, prices are flat, which may help with affordability. Inventory has increased about 30% compared to a year ago, signaling a shift toward a more balanced or even buyer-friendly market in some areas.

實際房屋銷售價格整體仍較去年小幅上漲 2% 至 3%。不過，在某些地區，價格持平，這可能有助於提高人們的負擔能力。庫存比一年前增加了約 30％，這表明某些地區的市場正在轉向更平衡甚至對買家友好的方向。

According to NAR's Chief Economist, if rates fall lower, the industry could see transactions in the second half of the year outpace last year by as much as 9%. In this competitive market, Fathom stands out having one of the lowest direct costs per transaction at just $264 per transaction, while many of our peers average $1,200 to $1,800 per transaction. This advantage enables us to stay lean, offer agents compelling value propositions, and continue investing in technology, training, and support.

NAR 首席經濟學家表示，如果利率下降，今年下半年房地產交易量可能會比去年同期成長 9%。在這個競爭激烈的市場中，Fathom 脫穎而出，擁有最低的每筆交易直接成本之一，僅為 264 美元，而我們的許多同行平均每筆交易的直接成本為 1,200 至 1,800 美元。這項優勢使我們能夠保持精簡，為代理商提供引人注目的價值主張，並繼續在技術、培訓和支援方面進行投資。

Looking ahead to 2025, we see three primary avenues for reaching EBITDA profitability. First, increased revenue from acquisitions; in November 2024, we acquired My Home Group, which will bring us about $110 million in revenue in 2025. We're also exploring additional acquisitions and walkovers of smaller brokerages.

展望 2025 年，我們看到 EBITDA 獲利的主要途徑有三條。一是收購收入增加；2024年11月，我們收購了My Home Group，這將在2025年為我們帶來約1.1億美元的收入。我們也正在探索對其他小型經紀公司的收購和收購。

Second is through high-gross profit. Our mortgage title and other ancillary services have been growing faster than our real estate revenue, enhancing cross-selling opportunities and strengthening our bottom line.

二是透過高毛利。我們的抵押貸款和其他輔助服務的成長速度快於我們的房地產收入，從而增強了交叉銷售機會並提高了我們的獲利能力。

And third is expense management through anticipated cost reductions of about $2 million on an annualized basis. Now, let me now shift our focus on ancillary businesses, where we have been increasing our tax rate and driving higher year-over-year revenue and gross profit. Our mortgage division, Encompass Lending Group saw a revenue increase of 11.1% to $2 million compared to $1.8 million in Q4 of 2023.

第三是透過預計每年約 200 萬美元的成本削減來進行費用管理。現在，讓我將我們的重點轉移到輔助業務上，我們一直在提高稅率並推動同比收入和毛利的成長。我們的抵押貸款部門 Encompass Lending Group 的營收較 2023 年第四季的 180 萬美元成長 11.1%，達到 200 萬美元。

While late-year mortgage rates spiked, damping our initial expectations, we are confident in our roadmap for higher volume and better profitability going forward. In the fourth quarter, Encompass Lending reported EBITDA loss of $700,000 compared to an $800,000 loss in the same quarter last year.

儘管年底抵押貸款利率飆升，抑制了我們最初的預期，但我們對未來增加交易量和提高獲利能力的路線圖充滿信心。第四季，Encompass Lending 報告 EBITDA 虧損 70 萬美元，而去年同期虧損 80 萬美元。

Now for our Title division, Verus Title, revenue reached $1.3 million, up from $700,000 last year, an 80% increase. While adjusted EBITDA remains in a lost position in this business, we are seeing strong demand for our title services, especially as our agent network expands.

現在，我們的產權部門 Verus Title 的收入達到了 130 萬美元，高於去年的 70 萬美元，成長了 80%。儘管該業務的調整後 EBITDA 仍處於虧損狀態，但我們看到對我們的產權服務的需求強勁，特別是隨著我們的代理網絡的擴大。

In the fourth quarter, Verus Title reported EBITDA loss of $300,000, or about 15% of related revenue, compared to a $200,000 loss or almost 29% of related revenue in the same quarter last year.

第四季度，Verus Title 報告 EBITDA 虧損 30 萬美元，約佔相關收入的 15%，而去年同期虧損 20 萬美元，約佔相關收入的 29%。

Now, in the effort to improve agent growth and retention, we rolled out our new revenue share model in Q3 of 2024. To date, about 5% of our new agents have joined the shared program.

現在，為了努力提高代理商的成長和保留率，我們在 2024 年第三季推出了新的營收分成模式。到目前為止，我們大約有 5% 的新代理商加入了共享計畫。

In addition, we plan to soon launch a new program specifically designed to help agents close more business, with nearly 90% of all agents surveyed stating that they want more from their brokerage. We are confident this new program will have significant impact for agents looking to get more from their brokerages.

此外，我們計劃很快推出一項新計劃，專門用於幫助代理商完成更多業務，接受調查的近 90% 的代理商表示，他們希望從經紀業務中獲得更多收益。我們相信，這項新計畫將對那些希望從經紀公司獲得更多收益的經紀人產生重大影響。

As many as of you know, Rocket Mortgage recently announced that it is acquiring Redfin, demonstrating once again that consolidation remains a central theme in this industry. We expect to see more deals on the horizon.

大家可能都知道，Rocket Mortgage 最近宣布收購 Redfin，這再次表明整合仍然是該行業的中心主題。我們期望即將看到更多交易。

On our side, in November we acquired My Home Group, which was an important addition to the Fathom team. We do plan to continue to pursue strategic opportunities to help us grow and solidify our position in key markets.

在我們這邊，11 月我們收購了 My Home Group，這是 Fathom 團隊的重要補充。我們確實計劃繼續尋求策略機遇，以幫助我們發展並鞏固我們在關鍵市場的地位。

Before moving on, I want to address our CFO transition. We recently announced the departure of Joanne Zach, who made important contributions to our organization, and we certainly wish her all the best.

在繼續之前，我想先談談我們的財務長的過渡。我們最近宣布了喬安妮·扎克 (Joanne Zach) 的離職消息，她為我們的組織做出了重要貢獻，我們當然祝她一切順利。

As of now, I'll be serving as CFO for the next few months, while our finance team continues its high level of performance under guidance of Vice President Daniel Weinmann. We anticipate beginning a formal search process soon, and in the meantime, we do not expect any disruption or negative impact on our day-to-day financial operations or strategic initiatives.

從現在起，我將在未來幾個月擔任財務官，而我們的財務團隊將在副總裁 Daniel Weinmann 的指導下繼續保持高水準的績效。我們預計很快將開始正式的搜尋過程，同時，我們預計不會對我們的日常財務營運或策略計劃造成任何干擾或負面影響。

Now let's review our financial results. Again, fourth-quarter total revenue is $91.7 million, a 24% increase year over year compared to $74.1 million for last year's fourth quarter. The increase in revenue is primarily due to a 26% increase in brokerage revenue, as well as increasing revenues from ancillary businesses. For the 2024 year, total revenue decreased by approximately 3% to $335 million compared to $345 million in the prior year.

現在讓我們回顧一下我們的財務結果。第四季總營收為 9,170 萬美元，較去年第四季的 7,410 萬美元年增 24%。收入的成長主要得益於經紀收入成長26%，以及輔助業務收入的增加。2024 年，總收入與前一年的 3.45 億美元相比下降約 3% 至 3.35 億美元。

Overall revenue was lower in 2024 compared to 2023 due to lower transaction volumes attributed to high home prices, high mortgage rates, and May 2024 the worst year for home sales since 1995.

2024 年的整體收入低於 2023 年，原因是房價高、抵押貸款利率高以及 2024 年 5 月是 1995 年以來房屋銷售最糟糕的一年，導致交易量下降。

Our total gross profit percentage for the fourth quarter of 2024, excluding our sold insurance business increased to 7.2% compared to 5.4% for the 2023 fourth quarter. For the 2024 year, excluding our sold insurance business, gross profit percentage increased to 8% compared to 7% for 2023.

2024 年第四季度，不包括已售保險業務在內的總毛利百分比從 2023 年第四季的 5.4% 上升至 7.2%。2024 年，不包括我們出售的保險業務，毛利率將從 2023 年的 7% 增加到 8%。

Technology and development expenses were approximately $1.8 million for the fourth quarter of 2024 compared to $1.7 million for the fourth quarter of 2023. For the 2024 year, technology and development expenses increased to $6.6 million compared to $6.3 million for 2023. The approximate increase of $0.3 million increase was primarily due to our continued investment in technology platforms, including the build out of our new revenue share program.

2024 年第四季的技術和開發費用約為 180 萬美元，而 2023 年第四季為 170 萬美元。2024 年，技術和開發費用將從 2023 年的 630 萬美元增加到 660 萬美元。約 0.3 百萬美元的增加主要歸因於我們對技術平台的持續投資，包括建立新的收入分成計劃。

General and administrative expenses totaled $8.4 million for the 2024 fourth quarter compared to $10 million for the fourth quarter in 2023. For the full-year 2024, general and administrative expenses decreased to $33.5 million compared to $38.7 million for 2023. The decrease is primarily due to the absence of costs related to the sale of our insurance segment business, effective May 3, 2024 and cost-cutting initiatives.

2024 年第四季的一般和行政費用總計 840 萬美元，而 2023 年第四季的一般和行政費用總計 1000 萬美元。2024 年全年，一般及行政開支從 2023 年的 3,870 萬美元減少至 3,350 萬美元。下降的主要原因是缺乏與出售我們的保險部門業務（自 2024 年 5 月 3 日起生效）相關的成本以及削減成本的措施。

Marketing activities expenses totaled $1.9 million for the 2024 fourth quarter compared with $0.9 million for the fourth quarter of 2023. For the 2024 year, marketing expenses increased to $5.8 million compared to $3.3 million for 2023. The increase is primarily due to increasing marketing investments for our ancillary businesses.

2024 年第四季的行銷活動費用總計 190 萬美元，而 2023 年第四季的行銷活動費用總計 90 萬美元。2024 年的行銷費用將從 2023 年的 330 萬美元增加至 580 萬美元。成長的主要原因是增加了對輔助業務的行銷投入。

GAAP net loss for the fourth quarter of 2024 totaled $6.2 million or $0.29 per share compared with a loss of $8.3 million or $0.50 per share for the fourth quarter of 2023. The decrease in net loss is primarily due to our cost-savings efforts.

2024 年第四季的 GAAP 淨虧損總計 620 萬美元或每股 0.29 美元，而 2023 年第四季的虧損為 830 萬美元或每股 0.50 美元。淨虧損的減少主要歸功於我們的成本節約努力。

GAAP net loss for the full 2024 year was $21.6 million or a loss of $1.07 per share compared with a GAAP net loss of $24 million or a loss of $1.47 per share for the 2023 year. The decrease is primarily due to the absence of costs related to the sale of the insurance segment business, effective May 3, 2024 and cost-cutting initiatives.

2024 年全年 GAAP 淨虧損為 2,160 萬美元，即每股虧損 1.07 美元，而 2023 年 GAAP 淨虧損為 2,400 萬美元，即每股虧損 1.47 美元。下降的主要原因是缺乏與 2024 年 5 月 3 日起生效的保險部門業務出售相關的成本以及削減成本的措施。

Adjusted EBITDA loss and non-GAAP measure for Q4 2024 remain unchanged at $2.9 million compared to Q4 of 2023. For the full-year 2024, adjusted EBITDA loss was $5.7 million compared to adjusted EBITDA loss of $4.1 million for 2023, due to lower brokerage revenues, lower margins on mortgages and higher expenses.

2024 年第四季的調整後 EBITDA 虧損和非 GAAP 指標與 2023 年第四季相比保持不變，為 290 萬美元。2024 年全年調整後 EBITDA 虧損為 570 萬美元，而 2023 年調整後 EBITDA 虧損為 410 萬美元，原因是經紀收入下降、抵押貸款利潤率下降以及費用增加。

Now, I'll spend some time reviewing our business segment results in more detail. Brokerage, we closed approximately 9,903 real estate transactions during the fourth quarter, an increase of 22% compared to 8,114 transactions during the fourth quarter of 2023.

現在，我將花一些時間更詳細地回顧我們業務部門的表現。經紀業務，我們在第四季度完成了約 9,903 筆房地產交易，與 2023 年第四季的 8,114 筆交易相比成長了 22%。

For the full year, we closed approximately 37,000 real estate transactions, about a 2.2% decrease relative to the prior year. We ended the fourth quarter with approximately 14,300 agent licenses, an increase of 21% compared to 11,795 agents at the end of the prior year.

全年我們完成約 37,000 筆房地產交易，較前一年下降約 2.2%。截至第四季度，我們擁有約 14,300 個代理商執照，與上年末的 11,795 個代理商相比成長了 21%。

Revenue for the real estate division is approximately $87.7 million in the fourth quarter compared to $69.4 million for the same period last year, which represents a 26% increase, primarily attributed to the additional My Home Group.

第四季房地產部門營收約 8,770 萬美元，較去年同期的 6,940 萬美元成長 26%，主要得益於新增的 My Home Group。

For the full year, revenue decreased by 3% to $315 million, compared to $325 million in 2023. The decreases were due to a challenging real estate market, with high home prices and high mortgage rates. Gross profit margin for our real estate division improved to 5.3% from 4.2% for the fourth quarter of 2024 compared to the fourth quarter of 2023.

全年營收下降 3% 至 3.15 億美元，而 2023 年為 3.25 億美元。下降的原因是房地產市場面臨挑戰，房價高企，房貸利率高漲。與 2023 年第四季相比，我們房地產部門的毛利率從 2024 年第四季的 4.2% 提高至 5.3%。

For the full year, gross profit margin improved to 5.7%, relative to 5.2% the prior year. This increase in margin was largely due to our increase in our agent's annual fee from $600 to $700, and implement our new high-value property fee commenced on January 1 of 2024. Adjusted EBITDA loss in the real estate division was approximately $44,000 loss in Q4 of 2024 compared to adjusted EBITDA out of $200,000 in Q4 of 2023.

全年毛利率由上年度的5.2%上升至5.7%。利潤率的增加主要是因為我們將代理商的年費從 600 美元提高到 700 美元，並從 2024 年 1 月 1 日起實施新的高價值房產費。2024 年第四季房地產部門的調整後 EBITDA 虧損約為 44,000 美元，而 2023 年第四季的調整後 EBITDA 虧損為 20 萬美元。

For the full year, adjusted EBITDA income was $3.2 million in 2024 compared to $5.6 million for full-year 2023. This was largely due to decrease in transactions in the early part of 2024 to implement internal charges from technology division of Fathom Realty and for transaction management and CRM services provided.

就全年而言，2024 年調整後的 EBITDA 收入為 320 萬美元，而 2023 年全年為 560 萬美元。這主要是由於 2024 年初交易量的減少，以實施 Fathom Realty 技術部門的內部收費以及提供的交易管理和 CRM 服務。

Our mortgage business generated revenues of $2 million in Q4 of 2024 compared to $1.4 million in Q4 of 2023. Mortgage adjusted EBITDA for Q4 of 2024 was a loss of $7.7 million compared to an adjusted EBITDA loss of $0.8 million for the same period last year.

我們的抵押貸款業務在 2024 年第四季創造了 200 萬美元的收入，而 2023 年第四季為 140 萬美元。2024 年第四季抵押貸款調整後 EBITDA 虧損 770 萬美元，而去年同期調整後 EBITDA 虧損 80 萬美元。

For the 2024 year, revenue grew by 49.3%, to $10.9 million compared to $7.3 million in the period prior. Adjusted EBITDA loss for 2024 improved to $1.5 million compared to $1.9 million adjusted EBITDA loss in 2023 due to continued strategic cost-cutting measures.

2024 年，營收將成長 49.3%，達到 1,090 萬美元，而上一時期為 730 萬美元。由於持續採取策略成本削減措施，2024 年調整後 EBITDA 虧損從 2023 年的 190 萬美元改善至 150 萬美元。

Now let's turn to Verus Title. Verus Title had revenues of $1.3 million for fourth quarter of 2024 compared to $0.7 million for the fourth quarter of 2023, an increase of 86%. The increase in revenue was driven by organic growth and walkovers.

現在讓我們來看看 Verus Title。Verus Title 2024 年第四季的營收為 130 萬美元，而 2023 年第四季的營收為 70 萬美元，成長了 86%。收入的成長主要得益於有機成長和不戰而勝。

Verus Title adjusted EBITDA for the 2024 fourth quarter was a loss of $0.3 million compared to an adjusted EBITDA loss of $0.2 million for the fourth quarter of 2023. For the full-year 2024, revenue grew by 50% to $4.5 million compared to $3 million in the prior year. Adjusted EBITDA loss for the 2024 improved to $500,000 compared to $600,000 adjusted EBITDA loss in 2023.

Verus Title 2024 年第四季調整後 EBITDA 虧損 30 萬美元，而 2023 年第四季調整後 EBITDA 虧損 20 萬美元。2024 年全年營收較前一年的 300 萬美元成長 50%，達到 450 萬美元。2024 年調整後 EBITDA 虧損從 2023 年的 60 萬美元改善至 50 萬美元。

Moving to our technology segment, third-party revenues remain relative constant at $0.8 million in Q4 for 2024 and Q3 of 2023. Adjusted EBITDA for the fourth quarter of $0.2 million compared to an adjusted EBITDA loss of $0.5 million for the fourth quarter of 2023.

轉向我們的技術部門，第三方收入在 2024 年第四季和 2023 年第三季保持相對穩定，為 80 萬美元。第四季調整後 EBITDA 為 20 萬美元，而 2023 年第四季調整後 EBITDA 虧損為 50 萬美元。

For the full 2024 year, revenues stayed relatively flat at $3 million compared to 2023. We are increasingly building enhancements to our technology platform to better serve our agents and drive revenues.

2024 年全年營收與 2023 年相比保持相對平穩，為 300 萬美元。我們正在不斷增強我們的技術平台，以便更好地服務我們的代理商並增加收入。

We continue to clearly focus on our balance sheet, given the dynamic real estate market conditions. We ended the quarter with a cash position of $7.1 million, which includes $4.9 million net proceeds from a Senior Secret Convertible Promissory Note issued in November. We did not purchase any shares in the fourth quarter under the stock repurchase plan.

鑑於房地產市場的動態狀況，我們將繼續專注於我們的資產負債表。截至本季末，我們的現金狀況為 710 萬美元，其中包括 11 月份發行的高級秘密可轉換本票的 490 萬美元淨收益。我們在第四季沒有根據股票回購計畫購買任何股票。

On March 10, 2025, the company entered into a $3 million securities purchase agreement with certain investors, including two Board members, Scott Flanders and Stephen Murray. The offer is expected to close on March 14, 2025, subject to customary closing conditions.

2025 年 3 月 10 日，該公司與某些投資者簽訂了 300 萬美元的證券購買協議，其中包括兩名董事會成員 Scott Flanders 和 Stephen Murray。該要約預計將於 2025 年 3 月 14 日完成，但須遵守慣例成交條件。

Now, we know this past quarter was challenging, and while we were pleased by the increasing revenue and gross profits, we recognize that we have much work to do on the EBITDA front. However, we believe that we have a plan laid out that will help us achieve EBITDA by Q2 of this year.

現在，我們知道過去一個季度充滿挑戰，雖然我們對收入和毛利的增加感到高興，但我們認識到在 EBITDA 方面我們還有很多工作要做。然而，我們相信我們已經制定的計劃將幫助我們在今年第二季度實現 EBITDA。

Our strategy for goals, our low cost per transaction, our expanding suite of ancillary services, our upcoming agent-focused program, and our continued focus on profitability should position us well in this ever-evolving market.

我們的目標策略、我們每筆交易的低成本、我們不斷擴展的輔助服務套件、我們即將推出的以代理商為中心的計劃以及我們對盈利能力的持續關注，將使我們在這個不斷發展的市場中佔據有利地位。

With that, operator, we are ready to take questions.

接線員，現在我們可以回答問題了。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Darren Aftahi, Roth Capital.

羅斯資本 (Roth Capital) 的達倫·阿夫塔希 (Darren Aftahi)。

Hi, Marco. How are you? Thanks for taking my questions. I have just two, if I may. Can you talk a little bit about how Max and Share commission plans have affected agent recruitment retention since they launched, and then just any measurable improvement from agent satisfaction retention?

你好，馬可。你好嗎？感謝您回答我的問題。如果可以的話我只有兩個。您能否談談 Max 和 Share 佣金計劃自推出以來對代理商招募保留有何影響，以及代理商滿意度保留有何可衡量的改善？

Hey, there. Good to hear from you. Thank you for your questions. So, it's a -- we're about -- from Fathom's share really if you think about Fathom Max is, every new agent is joining Fathom Max, right, or in Fathom Share. What we see is about 5% of our new agents joining Fathom Share and 95% of our agents joining Fathom Max.

嘿。很高興收到你的來信。感謝您的提問。所以，這是 — 我們即將 — 從 Fathom 的份額來看，如果你考慮 Fathom Max，那麼每個新代理商都會加入 Fathom Max，對吧，或者在 Fathom Share 中。我們看到大約有 5% 的新代理商加入了 Fathom Share，而 95% 的新代理商加入了 Fathom Max。

So, it's a little early to tell the impact. So, Q4 didn't really have much impact in revenue from those because those agents are enjoying typically very few closed transactions in Q4. They will start closing transactions in Q1. So, we'll begin to see the impact of the agents joining Fathom Share in Q1 and, of course, even more in Q2 and Q3 as we go forward.

因此，現在談論影響還為時過早。因此，第四季度對這些代理商的收入實際上沒有太大影響，因為這些代理商在第四季度通常完成的交易很少。他們將在第一季開始完成交易。因此，我們將開始看到代理商在第一季加入 Fathom Share 的影響，當然，隨著我們繼續前進，在第二季和第三季的影響會更大。

In terms of retention, we are still seeing a little higher turnover, but 90% of our turnover is still on either zero production agents or agents that have very little production. So, not unlike most of other companies in the market, I think everyone is seeing turnover a little higher. But I think the higher turnover is specifically focused on either zero producing agents or low producing agents. And we continue to have about 90% of agents leaving Fathom doing zero and one transactions. So, that percentage hasn't changed, but definitely a higher number of low producing agents leaving the industry.

在保留方面，我們仍然看到更高的營業額，但 90％ 的營業額仍然來自零生產代理商或生產量很少的代理商。因此，與市場上大多數其他公司一樣，我認為每家公司的營業額都會略有上升。但我認為較高的營業額主要集中在零生產代理商或低生產代理商。我們仍有大約 90% 的代理商在離開 Fathom 時只進行了零筆或一筆交易。所以，這個百分比沒有變化，但離開該行業的低產量代理商的數量肯定有所增加。

I've got a couple of things. There's one more if I could. Can you just talk about any strategic initiatives and programs that are being implemented or will be implemented in 2025 that are going to help accelerate adoption on mortgage and title? And then are there any specific challenges outside of just broader market softness and interest rates that are going to be impacting adoption in that space? Thanks.

我有幾件事。如果可以的話，還剩一個。您能否談談正在實施或將於 2025 年實施的任何有助於加速抵押貸款和產權採用的策略舉措和計劃？那麼，除了更廣泛的市場疲軟和利率之外，還有哪些具體挑戰會影響該領域的採用？謝謝。

So, we have seen in our mortgage, ancillary business has really outperformed our real estate brokers growth, right? Both now mortgage, not so much in Q4, but certainly for the year they have. And title, I believe, again, in Q4 grew by 86%.

所以，我們看到我們的抵押貸款輔助業務的成長確實超過了我們的房地產經紀人的成長，對嗎？現在兩者都有抵押貸款，雖然第四季還不是很多，但今年以來肯定都有。我相信，第四季的銷量將再次成長 86%。

So, we believe that we're going to continue to have a higher growth rate in terms of mortgage and title in 2025. We're doing a lot of work. One of the programs that we are running is called the Ambassador Program. We're already seeing some great results from that.

因此，我們相信到 2025 年抵押貸款和產權的成長率將繼續保持較高。我們正在做很多工作。我們正在運行的項目之一是「大使計畫」。我們已經看到了一些很好的成果。

We have a pilot program that it will soon be announced that we believe also have an increase in the rate of adoption in terms of mortgage and title, more specifically in title than mortgage. So, we estimate that our growth rate next year in terms of mortgage growth and title growth is going to continue to outpace real estate brokers' growth.

我們有一個試點項目，很快就會宣布，我們相信，抵押貸款和產權方面的採用率也會增加，更具體地說，產權方面的採用率會比抵押貸款增加。因此，我們估計，明年抵押貸款成長和產權成長的成長率將繼續超過房地產經紀人的成長。

And so, and as you know, this is going to significantly positively affect gross profit. And that's one of the ways that we're going to -- that we expect to achieve a positive in Q2. So, those are the programs that we have implemented that are already running in 2024. And that's why we've seen that increase, especially for [Tosteiro]. And again, we're going to continue to see that increase in 2025 and beyond.

所以，如您所知，這將對毛利產生顯著的正面影響。這是我們期望在第二季度取得積極成果的方法之一。所以，這些是我們已經實施並於 2024 年運行的計劃。這就是為什麼我們看到這種增長，尤其是對於[托斯泰羅]。而且，我們將在 2025 年及以後繼續看到這種增長。

Thanks.

謝謝。

(Operator Instructions)

（操作員指令）

We have no further questions in queue. I'd like to turn the floor back to management for any closing remarks.

我們沒有其他問題了。我想將發言權交還給管理階層，請他們做最後發言。

Thank you all of you for joining our call today. We appreciate your time. We look forward to continue to update you as our progress to 2025. And as always, I'm available for individual meetings. So, I hope you guys have a great day and thank you for joining us.

感謝大家今天參加我們的電話會議。我們非常感謝您抽出時間。我們期待繼續向您通報我們 2025 年的進展。像往常一樣，我可以參加個人會議。所以，我希望你們度過愉快的一天並感謝你們的加入我們。

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。