Fathom Holdings Inc (FTHM) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Fathom Holdings' Inc. first-quarter 2025 conference call. (Operator Instructions)

大家好，歡迎參加 Fathom Holdings' Inc. 2025 年第一季電話會議。（操作員指示）

It is now my pleasure to turn the floor over to your host, Paul Kuntz. Sir, the floor is yours.

現在我很高興將發言權交給主持人保羅昆茨 (Paul Kuntz)。先生，請您發言。

Thank you, and good afternoon. Welcome to Fathom Holdings' first-quarter 2025 conference call. Joining us today is the company's CEO, Marco Fregenal; and VP of Finance, Daniel Weinmann.

謝謝，下午好。歡迎參加 Fathom Holdings 2025 年第一季電話會議。今天與我們一起出席的有公司執行長 Marco Fregenal 和財務副總裁 Daniel Weinmann。

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 Factors section of the company's Form 10-K and other company filings made with the SEC, copies of which are available on 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的製約，其中許多條件超出了公司的控制範圍，包括公司 10-K 表格中「風險因素」部分以及公司向美國證券交易委員會提交的其他文件中概述的條件，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. Please note that during the call, we will discuss adjusted EBITDA, 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.

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 不承擔在今天電話會議後更新任何前瞻性聲明的義務。請注意，在電話會議期間，我們將討論調整後的 EBITDA，這是美國證券交易委員會 G 條例定義的非 GAAP 財務指標。今天的新聞稿中包含了此非 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 的網站上。

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

現在，我將把電話轉給 Fathom 的執行長 Marco Fregenal。請繼續。

Thank you, Paul. Good afternoon, everyone, and thank you for joining us on today's call. I am pleased to welcome you to Fathom Holdings' first-quarter 2025 earnings conference.

謝謝你，保羅。大家下午好，感謝你們參加今天的電話會議。我很高興歡迎您參加 Fathom Holdings 2025 年第一季收益會議。

Before diving into the numbers, I'm going to begin by recognizing the continued dedication and perseverance of our entire Fathom team, our agents, employees, and leadership. The first quarter brought ongoing economic headwinds from elevated mortgage rates to shifting global economic uncertainty, all impacting by our behavior. But through it all, our team remained focused and our strategy remains clear. The results we are sharing today are a direct reflection of the discipline and execution.

在深入探討這些數字之前，我首先要表揚我們整個 Fathom 團隊、代理商、員工和領導階層的持續奉獻和毅力。第一季度，抵押貸款利率上升和全球經濟不確定性的變化等因素持續對經濟造成不利影響，所有這些都對我們的行為產生了影響。但在整個過程中，我們的團隊依然保持專注，我們的策略依然清晰。我們今天分享的結果直接反映了紀律和執行。

We enter 2025 with measure optimism, and I am proud to say we exceeded public expectations. Revenue growth was strong. Transaction volume increased, agent count continued to rise and will be analyst estimates by a meaningful margin. We also continue our cost-cutting initiatives, reducing expenses by approximately that $750,000 per quarter going forward. These efforts are helping us build what we believe will be a more efficient and scalable business.

我們滿懷樂觀地邁入2025年，我很自豪地說，我們超出了公眾的預期。收入成長強勁。交易量增加，代理商數量持續上升，並將與分析師的預期有顯著差距。我們也將繼續實施成本削減舉措，今後每季將減少約 75 萬美元的開支。這些努力正在幫助我們建立我們認為更有效率、更具可擴展性的業務。

We now expect to achieve adjusted EBITDA profitability in the second quarter, a significant milestone and a testament to the progress we made over the past year. Now let's take a look at our earnings for Q1.

我們現在預計第二季將實現調整後的 EBITDA 獲利，這是一個重要的里程碑，也是我們在過去一年中取得進步的證明。現在讓我們來看看第一季的收益。

Total revenue rose $32.1 million -- 32.1% to $93.1 million compared to $70.5 million in the same period last year. The performance exceeded analysts' expectations by roughly 12%, demonstrating our ability to grow despite broader economic and industry uncertainty. Brokerage revenue climbed nearly 36% to $88.9 million, up from $65.4 million last year. We entered the quarter with approximately 14,750 licensed agents, a 22.8% increase over Q1 of 2024. Transactions increased by 26%, which approximately 9,715 in closing this quarter.

總營收成長 3,210 萬美元，達到 9,310 萬美元，去年同期為 7,050 萬美元，增幅為 32.1%。該業績超出分析師預期約 12%，顯示儘管存在廣泛的經濟和產業不確定性，我們仍具有成長能力。經紀收入從去年的 6,540 萬美元成長近 36% 至 8,890 萬美元。本季度，我們擁有約 14,750 名持牌代理商，比 2024 年第一季成長 22.8%。交易量增加了 26%，本季成交量約為 9,715 筆。

Gross profit improved to $8.1 million, up 13% year over year. Excluding Dagley Insurance, which we divested in 2024, our gross profit growth was 34% from $6 million in Q1 of 2024, highlighting the strength of our core brokers engine.

毛利成長至 810 萬美元，年增 13%。不包括我們在 2024 年剝離的 Dagley Insurance，我們的毛利從 2024 年第一季的 600 萬美元增長了 34%，凸顯了我們核心經紀人引擎的實力。

Now let me shift to Elevate, our most significant strategic initiative to date. Elevate, powered by our proprietary intelliAgent platform is a high-margin growth program designed to enhance agent productivity, scale our platform, and drive long-term profitability. It is a concierge-level (inaudible) offering that provides comprehensive services, including robust marketing and lead generation, lead conversion, transaction coordination, expert coaching, recruiting support and much more. All of this is delivered by a dedicated team, so our agents can focus entirely on serving their clients.

現在讓我來談談 Elevate，這是我們迄今為止最重要的策略舉措。Elevate 由我們專有的 intelliAgent 平台提供支持，是一項高利潤成長計劃，旨在提高代理商的生產力、擴展我們的平台並推動長期獲利能力。它是一種禮賓級（聽不清楚）服務，提供全面的服務，包括強大的行銷和潛在客戶生成、潛在客戶轉換、交易協調、專家指導、招募支援等等。所有這些都由專門的團隊提供，因此我們的代理商可以完全專注於為客戶服務。

Agents who enroll contribute a 20% commission split along with the standard transaction fee. That's incredibly competitive when you consider that many agents already pay similar or higher split at traditional brokerages just to hang their license with limited support behind it. Our goal with Elevate is to bridge the gap that so many agents experience. While most want to reinvest in their own growth, many simply don't have the time, tools, or the know-how to do so. Elevate is designed to remove that friction by giving them the infrastructure, marketing resources and business coaching, they need to scale their businesses efficiently and affordably.

加入的代理商除了支付標準交易費外，還需繳納 20% 的佣金。考慮到許多代理商已經在傳統經紀公司支付了類似或更高的佣金，只是為了在有限的支持下掛牌營業，那麼這個行業的競爭就非常激烈了。我們採用 Elevate 的目標是彌補眾多代理商所遇到的差距。雖然大多數人都希望重新投資於自身的發展，但許多人根本沒有時間、工具或專業知識來做到這一點。Elevate 旨在透過向他們提供基礎設施、行銷資源和業務指導來消除這種摩擦，他們需要有效率且經濟地擴展業務。

Since our soft launch just four weeks ago, we have seen over 120 agents sign up for the program. While we require that an agent must have completed at least four transactions in the past 12 months to qualify for the program, the agents who have signed up so far have an average annual production of between 9 to 10 closings per year.

自從我們在四周前試運行以來，我們已經看到超過 120 名代理商註冊了該計劃。雖然我們要求代理商必須在過去 12 個月內完成至少四筆交易才有資格參與該計劃，但迄今為止已簽約的代理商每年平均成交量為 9 至 10 筆。

Participating agents are projected to generate a significant increase in gross profit per transaction and EBITDA per transaction. By the fourth quarter, we aim to be onboarding around 100 new agents per month into the program. We're also developing targeted extensions of their programs such as Elevate for teams and Elevate for partners to meet growing demand.

參與代理商預計每筆交易的毛利和每筆交易的 EBITDA 將大幅增加。到第四季度，我們的目標是每月吸收約 100 名新代理商加入該計劃。我們也正在開發其計劃的有針對性的擴展，例如針對團隊的 Elevate 和針對合作夥伴的 Elevate，以滿足日益增長的需求。

Additionally, we are in early-stage conversations with external organizations interested in licensing Elevate, further underscoring the industry-wide potential of this program. What makes all of this possible is intelliAgent. As the engine behind Elevate, it streamlines operations, minimizes overhead and enable us to deliver high touch, high-impact services at a price point that most traditional brokers simply cannot match.

此外，我們正在與有興趣獲得 Elevate 許可的外部組織進行早期對話，進一步強調了該計劃在整個行業中的潛力。讓這一切成為可能的是 intelliAgent。作為 Elevate 背後的引擎，它簡化了運營，最大限度地降低了開銷，並使我們能夠以大多數傳統經紀人無法比擬的價格提供高接觸、高影響力的服務。

Combined with our overall low-cost business model, we believe that gives a significant competitive edge and create a sustainable and scalable path for growth, both for Fathom and for our agents. Although the program is in infancy, we believe the Elevate may also have some positive impact in our ancillary businesses as we build a much closer relationship with agents participating in the program.

結合我們整體的低成本商業模式，我們相信這將為 Fathom 和我們的代理商帶來顯著的競爭優勢，並創造可持續、可擴展的成長道路。儘管該計劃尚處於起步階段，但我們相信，隨著我們與參與該計劃的代理商建立更密切的關係，Elevate 也可能對我們的輔助業務產生一些積極影響。

Now let's turn briefly to review market conditions. While mortgage rates remain elevated, they have begun to show signs of stabilizing as the housing market shift from a seller's market toward a more balanced or buyers market. One clear indicator of this shift is the increase in housing inventory across key markets. For example, in March, inventories rose by 16% in California, 20% in Utah, 28% in Colorado, and 18% in Georgia.

現在讓我們簡單回顧一下市場狀況。儘管抵押貸款利率仍然處於高位，但隨著房地產市場從賣方市場轉向更平衡的買方市場，抵押貸款利率已開始出現穩定的跡象。這種轉變的一個明顯指標是主要市場的房屋庫存增加。例如，3月份，加州庫存上漲了16%，猶他州上漲了20%，科羅拉多州上漲了28%，喬治亞州上漲了18%。

As inventories levels climb, we're seeing a rise in the number of listings with price reductions and extended days of the market. This has led to home prices flattening or experiencing modest year-over-year declines. For instance, average home prices have dropped year over year by 2.4% in Florida, 4% in Colorado, 8% in Kansas, and 5% in Illinois. While there are still many uncertainties, we believe Fathom is well positioned to benefit from even a modest improvement in market activity, driven by our lean cost structure and compelling value proposition to our agents.

隨著庫存水準的上升，我們看到上市數量增加，價格下降，上市時間也有所延長。這導致房價趨於平穩或同比小幅下降。例如，佛羅裡達州的平均房價年減了 2.4%，科羅拉多州下降了 4%，堪薩斯州下降了 8%，伊利諾伊州下降了 5%。儘管仍存在許多不確定性，但我們相信，在精益的成本結構和對代理商極具吸引力的價值主張的推動下，Fathom 完全有能力從市場活動的溫和改善中獲益。

Now let's review our ancillary businesses. Mortgage revenue increased 13% to $2.6 million for the first quarter of 2025, up from $2.3 million in the first quarter of 2024. We have seen an expected increase in [file] stars for the month of April, which typically indicates the early stage of the seasonal increase in the market. Title revenue increased 43% to $1 million for the first quarter of 2025, up from $700,000 for the first quarter of 2024. File starts for the month of April, thus far have increased by over 45% year over year.

現在讓我們回顧一下我們的輔助業務。2025 年第一季的抵押貸款收入從 2024 年第一季的 230 萬美元增長 13% 至 260 萬美元。我們看到 4 月份 [file] 星級預計會增加，這通常表明市場季節性增長的早期階段。2025 年第一季度，產權收入從 2024 年第一季的 70 萬美元成長 43%，達到 100 萬美元。截至目前，四月的開工數量比去年同期增加了 45% 以上。

Together, we believe these businesses are enhancing our margins, increase agent retention and contributing to a more diverse and durable revenue stream.

我們相信，這些業務將共同提高我們的利潤率、增加代理商的保留率，並帶來更多樣化和持久的收入來源。

With that, let me turn the call to Daniel Weinmann, our VP of Finance, to review our results in greater detail. Daniel?

因此，請允許我將電話轉給我們的財務副總裁 Daniel Weinmann，以更詳細地審查我們的結果。丹尼爾？

Thank you, Marco. I will discuss our consolidated financial results before reviewing our business segment results in more detail.

謝謝你，馬可。在更詳細地回顧我們的業務部門業績之前，我將討論我們的合併財務表現。

First-quarter total revenue was $93.1 million, a 32.1% increase year over year compared to $70.5 million for last year's first quarter. The increase in revenue was primarily due to a 36% increase in brokerage revenue as well as an increase in revenue from our ancillary businesses. Excluding the impact of the company's divested insurance business, total gross profit increased by 34% in the first quarter of 2025 compared to the same period in 2024. Gross profit margin remained consistent at 8.7% year over year on the same basis.

第一季總營收為 9,310 萬美元，較去年第一季的 7,050 萬美元年增 32.1%。收入的成長主要歸功於經紀收入的成長36%以及輔助業務收入的成長。不計入公司剝離保險業務的影響，2025年第一季總毛利較2024年同期成長34%。毛利率與去年同期相比保持穩定，為8.7%。

Technology and development expenses were approximately $1.9 million for the first quarter of 2025 compared with $1.6 million for the first quarter of 2024. The approximate $300,000 increase was primarily due to our continued investment in our technology platforms, including the build-out of our new direct-to-agent program at LiveBy and our Elevate program.

2025 年第一季的技術和開發費用約為 190 萬美元，而 2024 年第一季為 160 萬美元。約 30 萬美元的成長主要歸功於我們對技術平台的持續投資，包括在 LiveBy 和 Elevate 計劃中建立新的直接面向代理的計劃。

General and administrative expenses totaled $8.6 million for the first quarter of 2025 compared with $9 million for the first quarter of 2024. The decrease was primarily due to our cost-cutting initiatives. Marketing expenses totaled $1.4 million for the first quarter of 2025 compared with $1.2 million for the first quarter of 2024. The increase was primarily due to investments in our ancillary businesses.

2025 年第一季的一般及行政費用總計 860 萬美元，而 2024 年第一季為 900 萬美元。下降的主要原因是我們的削減成本措施。2025 年第一季的行銷費用總計 140 萬美元，而 2024 年第一季的行銷費用總計 120 萬美元。成長主要歸因於我們對輔助業務的投資。

GAAP net loss for the first quarter of 2025 totaled $5.6 million or $0.24 per share compared with a loss of $5.9 million or $0.31 per share for the first quarter of 2024. The decrease in net loss was primarily due to our cost saving efforts. Adjusted EBITDA loss, a non-GAAP measure for Q1 2025 remained unchanged at $1.5 million compared to Q1 2024. Now, I will spend some time reviewing our business segment results in more detail.

2025 年第一季的 GAAP 淨虧損總計 560 萬美元或每股 0.24 美元，而 2024 年第一季的淨虧損為 590 萬美元或每股 0.31 美元。淨虧損的減少主要歸功於我們節省成本的努力。2025 年第一季的非 GAAP 調整後 EBITDA 虧損與 2024 年第一季相比保持不變，為 150 萬美元。現在，我將花一些時間更詳細地回顧我們的業務部門表現。

We'll start with our brokerage business. We've closed approximately 9,715 real estate transactions during the first quarter, an increase of 26.1% compared to 7,703 transactions during the first quarter of 2024. The increase in real estate transactions is primarily attributed to the addition of My Home Group. We ended the first quarter with approximately 14,715 agent licenses, an increase of 22.8% compared to 11,986 agents at the end of the first quarter of 2024.

我們將從經紀業務開始。我們在第一季完成了約 9,715 筆房地產交易，與 2024 年第一季的 7,703 筆交易相比成長了 26.1%。房地產交易量的增加主要歸功於My Home Group的加入。截至第一季末，我們擁有約 14,715 個代理商執照，與 2024 年第一季末的 11,986 個代理商相比成長了 22.8%。

Revenue for the real estate division was approximately $88.9 million in the first quarter compared to $65.4 million for the same period last year, which represents an increase of 36% and primarily attributed to the addition of My Home Group. Gross profit margin for our Real Estate division improved to 7.1% from 6.5% in the first quarter of 2025 compared to the first quarter of 2024. This increase in margin was largely due to an increase in transactions from non-cap agents and the impact of our agents annual fee increase.

第一季房地產部門的營收約為 8,890 萬美元，而去年同期為 6,540 萬美元，成長 36%，主要歸功於 My Home Group 的加入。與 2024 年第一季相比，我們房地產部門的毛利率從 2025 年第一季的 6.5% 提高至 7.1%。利潤率的增加主要是由於非上限代理商交易量的增加以及代理商年費增加的影響。

Adjusted EBITDA gain in the real estate division was approximately $1.6 million in Q1 of 2025, an increase of $800,000 compared to adjusted EBITDA of $800,000 in Q1 of 2024. The improvement was primarily driven by increased revenue and the continued execution of cost-cutting initiatives.

2025 年第一季度，房地產部門的調整後 EBITDA 收益約為 160 萬美元，與 2024 年第一季的 80 萬美元調整後 EBITDA 相比增加了 80 萬美元。這項改善主要得益於收入增加和持續實施成本削減措施。

Moving on to our Mortgage business. Our mortgage business generated revenues of $2.6 million in Q1 2025 compared to $2.3 million in Q1 of 2024. Mortgage adjusted EBITDA for Q1 2025 was a loss of $400,000 compared to an adjusted EBITDA loss of $500,000 for the same period last year. Adjusted EBITDA loss improved by $100,000 due to continued strategic cost-cutting measures.

繼續討論我們的抵押貸款業務。我們的抵押貸款業務在 2025 年第一季創造了 260 萬美元的收入，而 2024 年第一季為 230 萬美元。2025 年第一季抵押貸款調整後 EBITDA 虧損 40 萬美元，而去年同期調整後 EBITDA 虧損 50 萬美元。由於持續採取策略性成本削減措施，調整後的 EBITDA 虧損改善了 10 萬美元。

Moving to our title business. Verus Title had revenues of $1 million for the first quarter of 2025 compared to $700,000 for the first quarter of 2024, an increase of 43%. The increase in revenue was driven by organic growth and walkovers. Verus Title's adjusted EBITDA for the 2024 first quarter was a loss of $400,000 compared to an adjusted EBITDA loss of $200,000 for Q1 2024.

轉向我們的產權業務。Verus Title 2025 年第一季的營收為 100 萬美元，而 2024 年第一季的營收為 70 萬美元，成長了 43%。收入的成長是由有機成長和不戰而勝所推動的。Verus Title 2024 年第一季的調整後 EBITDA 虧損 40 萬美元，而 2024 年第一季的調整後 EBITDA 虧損 20 萬美元。

Moving to our technology segment. Third-party revenues decreased to $600,000 in Q1 2025 compared to $800,000 in Q1 2024. Adjusted EBITDA income for the first quarter of 2025 was $50,000 compared to an adjusted EBITDA loss of $30,000 for the first quarter of 2024. Adjusted EBITDA income improved by $80,000 due to continued strategic cost-cutting measures.

轉向我們的技術領域。2025 年第一季第三方營收從 2024 年第一季的 80 萬美元下降至 60 萬美元。2025 年第一季調整後 EBITDA 營收為 5 萬美元，而 2024 年第一季調整後 EBITDA 虧損為 3 萬美元。由於持續的策略成本削減措施，調整後的 EBITDA 收入增加了 80,000 美元。

We continue to keenly focus on our balance sheet given the dynamic real estate market conditions. We ended the quarter with a cash position of $8 million, which includes the $2.7 million in net proceeds from the public offering in March. We did not purchase any shares in the first quarter under the stock repurchase plan.

鑑於房地產市場的動態狀況，我們繼續密切關注我們的資產負債表。本季末，我們的現金狀況為 800 萬美元，其中包括 3 月公開發行的 270 萬美元淨收益。我們第一季沒有根據股票回購計畫購買任何股票。

Marco, back to you for final remarks.

馬可，回到你的最後發言。

Thank you, Daniel. Before I close, I want to reiterate that we remain focused on three core drivers of long-term profitability. First, expanding revenue through strategic growth; second, enhancing gross margins through agent programs such as Elevate and ancillary services; and third, continued cost discipline across all areas of the business.

謝謝你，丹尼爾。最後，我想重申，我們仍然關注長期獲利的三個核心驅動力。首先，透過策略性成長擴大收入；其次，透過 Elevate 和輔助服務等代理計劃提高毛利率；第三，在所有業務領域繼續嚴格控製成本。

In summary, Q1 was a strong start of the year with outperformed analyst expectations, grew across every key metric, launch a high potential new program in Elevate and continue executing against our plan to reach adjusted EBITDA profitability by Q2. While we remain cautious about broader market volatility and global economic uncertainties, we are encouraged by the momentum we are seeing and confident in our ability to adapt and thrive regardless of what rest of the year brings.

總而言之，第一季是今年的一個強勁開端，表現超出了分析師的預期，所有關鍵指標均有所增長，在 Elevate 中啟動了一項具有高潛力的新計劃，並繼續按照我們的計劃執行，以在第二季度實現調整後的 EBITDA 盈利。雖然我們對更廣泛的市場波動和全球經濟不確定性保持謹慎，但我們對所看到的勢頭感到鼓舞，並有信心無論今年剩餘時間發生什麼，我們都有適應和發展的能力。

Thank you again for your continued support and belief in Fathom. And operator, we're now ready to take any questions.

再次感謝您對 Fathom 的持續支持與信任。接線員，我們現在可以回答任何問題。

(Operator Instructions) Darren Aftahi, ROTH Capital Partners.

（操作員指示） ROTH Capital Partners 的 Darren Aftahi。

Nice to see the growth there. Marco, two, if I may, I guess, can you just talk a little bit more in depth about how Elevate enhances the profitability on both gross profit and adjusted EBITDA per transaction with Elevate versus some of your traditional programs? And I know you kind of laid out the goal of 100 agents per month exiting the fourth quarter or into the fourth quarter.

很高興看到那裡的發展。馬可，第二，如果可以的話，我想，您能否更深入地談談 Elevate 與一些傳統計劃相比如何提高每筆交易的毛利潤和調整後 EBITDA 的盈利能力？我知道您制定了在第四季末或第四季內每月增加 100 名代理商的目標。

Just trying to understand kind of the cadence of the onboarding pipeline of agents that I know you've made a commentary that there could be a positive impact on ancillary business. I'm kind of curious to learn more about that.

只是想了解代理商入職流程的節奏，我知道您已經評論說這可能會對輔助業務產生積極影響。我有點好奇想了解更多關於這方面的事情。

Darren, thank you for your questions. Because we're charging 20% and because of the efficiencies of intelliAgent, we are going to see a higher gross profit margin per transaction. I think we can see gross profit margin grow by 3x to 4x compared to our traditional gross profit margin. And it's really because of the efficiency of our platform and what we can deliver.

達倫，謝謝你的提問。因為我們收取 20% 的費用，而且由於 intelliAgent 的效率，我們將看到每筆交易的毛利率更高。我認為我們可以看到毛利率與傳統毛利率相比增長 3 倍到 4 倍。這確實是因為我們平台的效率以及我們所能提供的功能。

Second, we launched this internally about four weeks ago. and it really was a soft launch. And pretty quickly, there are about 120 agents that signed up. We are already onboarding them into the program. And starting, I think, next week, we'll start marketing externally even though we already had some external agents joining the program. And I think we'll continue to ramp up with the ultimate goal of the end of the year onboarding about 100 agents.

其次，我們大約在四周前在內部推出了這項服務，這確實是一次軟啟動。很快，就有大約 120 名代理商簽約。我們已經將他們納入該計劃。我認為，從下週開始，我們將開始對外行銷，儘管我們已經有一些外部代理商加入該計劃。我認為我們將繼續努力，最終目標是在今年年底前吸收約 100 名代理商。

We want to be careful about the growth. It is a complex program. And so we want to make sure that we are firing all cylinders. But we think that by the end of the year, we can be at about 100 new agents a month and then, of course, into next year, growing that even further. And so given that the financial results of the program thus far, we feel incredibly positive about the impact it's going to have in gross profit and adjusted EBITDA.

我們要謹慎對待成長。這是一個複雜的程序。因此，我們要確保全力以赴。但我們認為，到今年年底，我們每月可以新增約 100 名代理商，當然，到明年，這個數字還會進一步成長。因此，鑑於該計劃迄今為止的財務結果，我們對其對毛利和調整後 EBITDA 的影響感到非常樂觀。

That's helpful. And just one more, if I may. Outside of My Home Group, have you guys held discussions with similar size agent teams to join Fathom? And has any of that accelerated post the launch of Elevate? I know you talked about some teams and partners in the pipeline.

這很有幫助。如果可以的話，我再說一句。除了 My Home Group 之外，你們是否與類似規模的代理商團隊討論過加入 Fathom 的問題？在 Elevate 推出後，這些方面是否有所加速？我知道您談到了一些正在籌備中的團隊和合作夥伴。

Yes. Actually, once we launch Elevate, we absolutely have a lot more conversations with different brokerages, not only brokers but technology partners, brokerages, and we're having a great deal of number of conversations in terms of Elevate.

是的。實際上，一旦我們推出 Elevate，我們肯定會與不同的經紀公司進行更多的對話，不僅是經紀人，還有技術合作夥伴、經紀公司，我們就 Elevate 進行了大量的對話。

So I do think going forward, we're going to see potentially perhaps into -- more into Q3, more walkovers. And then I think within the next six months, you'll see some announcements in terms of potential partnerships of companies that want to not only partner with Elevate but license Elevate.

因此我確實認為，展望未來，我們可能會看到更多進入第三季的輕鬆勝利。然後我認為在接下來的六個月內，你會看到一些關於潛在合作夥伴的公告，這些公司不僅希望與 Elevate 合作，還希望獲得 Elevate 的許可。

And so that has been a significant interest from a lot of different companies on what Elevate is. And we're looking forward to continue to expand the program not only into other companies, but into other types of agents. For example, teams is one in which we are going to create Elevate for teams, for example. So I think there's a lot of opportunity around Elevate, and I think we are in the very early stages. And I think that they're going to have some significant results in the next 12 to 18 months.

因此，許多不同的公司對 Elevate 表現出了濃厚的興趣。我們期待繼續將該計劃擴展到其他公司，也擴展到其他類型的代理商。例如，我們將為團隊建立 Elevate。所以我認為 Elevate 周圍有很多機會，而且我認為我們正處於非常早期的階段。我認為他們將在未來 12 到 18 個月內取得一些重大成果。

(Operator Instructions) There are no further questions in the queue.

（操作員指示）隊列中沒有其他問題。

Okay. Thank you, everyone, for joining us today. As always, I look forward to our next update. I hope everyone has a good evening. Thank you for joining us.

好的。感謝大家今天加入我們。像往常一樣，我期待我們的下一次更新。祝大家有個愉快的夜晚。感謝您加入我們。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動就到這裡了。現在您可以斷開連接，並享受美好的一天。感謝您的參與。