Q2 2024 Fathom Holdings Inc Earnings Call Transcript
Key Points
- Fathom Holdings Inc (FTHM) introduced two new agent commission plans, Fathom Max and Fathom Share, designed to boost agent recruitment and retention.
- The company achieved positive adjusted EBITDA of $180,000 for the quarter, marking a significant milestone.
- Fathom Holdings Inc (FTHM) reported impressive growth in its mortgage business, with revenues increasing by 82% year-over-year.
- The Verus Title business saw a 67% increase in revenue over the prior quarter, achieving positive adjusted EBITDA.
- The company successfully enhanced its balance sheet with the sale of Dagley Insurance, adding $7.8 million in cash at closing and an additional $7 million over the next 24 months.
- Total revenue for the quarter decreased by 10.9% compared to the same period last year.
- The company experienced a 7.9% decrease in transaction volume year-over-year.
- Gross profit for the quarter decreased by approximately 8.6% due to the impact of selling the company's insurance business.
- Fathom Holdings Inc (FTHM) reported a GAAP net loss of $1.3 million for the quarter, although this was an improvement from the previous year.
- The company withheld guidance for the third quarter of 2024 due to the uncertain impact of the new revenue share models.
Thank you, Jamie, and welcome to the Fathom Holdings second-quarter 2024 conference call. I'm Matt Glover with Gateway Group, Fathom's Investor Relations firm. 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 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.
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 also note that during the call, we'll be discussing adjusted EBITDA,
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