Fathom Holdings Reports Second Quarter 2024 Results
Fathom Holdings Inc. (FTHM) reported Q2 2024 results, showing a 12% growth in its real estate agent network to ~12,224 agent licenses. Despite an 8% decrease in transactions, the company achieved overall positive Adjusted EBITDA for the quarter. Total revenue decreased 11% to $89.2 million, with brokerage revenue down 12%. GAAP net loss improved to $1.3 million ($0.07 per share) from $4.3 million in Q2 2023. Fathom launched new revenue share models and sold its insurance business for $15 million. The company aims to return to 30% agent growth in coming quarters but has withheld Q3 2024 guidance due to the uncertain impact of new revenue share models.
Fathom Holdings Inc. (FTHM) ha riportato i risultati del secondo trimestre 2024, mostrando una crescita del 12% nella sua rete di agenti immobiliari, raggiungendo circa 12.224 licenze per agenti. Nonostante un calo dell'8% nelle transazioni, l'azienda ha registrato un risultato positivo di EBITDA rettificato per il trimestre. Il fatturato totale è diminuito dell'11%, attestandosi a 89,2 milioni di dollari, con il fatturato della brokerage in calo del 12%. La perdita netta secondo i principi contabili GAAP è migliorata a 1,3 milioni di dollari (0,07 dollari per azione) rispetto ai 4,3 milioni del secondo trimestre 2023. Fathom ha lanciato nuovi modelli di condivisione delle entrate e ha venduto la sua attività assicurativa per 15 milioni di dollari. L'azienda mira a tornare a una crescita del 30% degli agenti nei prossimi trimestri, ma ha trattenuto le previsioni per il terzo trimestre 2024 a causa dell'incerto impatto dei nuovi modelli di condivisione delle entrate.
Fathom Holdings Inc. (FTHM) reportó los resultados del segundo trimestre de 2024, mostrando un crecimiento del 12% en su red de agentes inmobiliarios, alcanzando aproximadamente 12,224 licencias de agentes. A pesar de una disminución del 8% en las transacciones, la empresa logró un EBITDA ajustado positivo en el trimestre. Los ingresos totales disminuyeron un 11%, a 89.2 millones de dólares, con ingresos de corretaje en descenso del 12%. La pérdida neta según los principios contables GAAP mejoró a 1.3 millones de dólares (0.07 dólares por acción) desde los 4.3 millones en el segundo trimestre de 2023. Fathom lanzó nuevos modelos de participación en los ingresos y vendió su negocio de seguros por 15 millones de dólares. La empresa tiene como objetivo volver a un crecimiento del 30% de agentes en los próximos trimestres, pero ha retenido la guía para el tercer trimestre de 2024 debido a la incertidumbre del impacto de los nuevos modelos de participación en los ingresos.
파썸 홀딩스 주식회사 (FTHM)는 2024년 2분기 결과를 발표하며, 부동산 중개인 네트워크가 12% 성장하여 약 12,224개의 중개인 면허에 도달했다고 전했습니다. 거래량이 8% 감소했음에도 불구하고, 회사는 분기 동안 긍정적인 조정 EBITDA를 달성했습니다. 총 수익은 11% 감소하여 8920만 달러에 달했으며, 중개업 수익은 12% 감소했습니다. GAAP 기준 순손실은 2023년 2분기 430만 달러에서 개선되어 130만 달러(주당 0.07달러)가 되었습니다. 파썸은 새로운 수익 공유 모델을 출시하였고, 1500만 달러에 보험 사업을 매각했습니다. 이 회사는 향후 분기 동안 30%의 중개인 성장을 목표로 하고 있으나 새로운 수익 공유 모델의 불확실한 영향으로 인해 2024년 3분기 가이던스를 보류했습니다.
Fathom Holdings Inc. (FTHM) a annoncé les résultats du deuxième trimestre 2024, affichant une croissance de 12 % de son réseau d'agents immobiliers, atteignant environ 12 224 licences d'agents. Malgré une diminution de 8 % des transactions, l'entreprise a réussi à réaliser un EBITDA ajusté positif pour le trimestre. Le chiffre d'affaires total a diminué de 11 %, s'élevant à 89,2 millions de dollars, avec des revenus de courtage en baisse de 12 %. La perte nette selon les principes comptables GAAP s'est améliorée à 1,3 million de dollars (0,07 dollar par action) contre 4,3 millions de dollars au deuxième trimestre 2023. Fathom a lancé de nouveaux modèles de partage des revenus et a vendu son activité d'assurance pour 15 millions de dollars. L'entreprise vise à revenir à une croissance de 30 % des agents dans les trimestres à venir, mais a retenu ses prévisions pour le troisième trimestre 2024 en raison de l'impact incertain des nouveaux modèles de partage des revenus.
Fathom Holdings Inc. (FTHM) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht und zeigt ein Wachstum von 12% in seinem Netzwerk von Immobilienmaklern, das etwa 12.224 Maklerlizenzen erreicht hat. Trotz eines Rückgangs der Transaktionen um 8% erzielte das Unternehmen ein insgesamt positives bereinigtes EBITDA für das Quartal. Der Gesamtumsatz sank um 11% auf 89,2 Millionen US-Dollar, während der Umsatz aus der Maklertätigkeit um 12% zurückging. Der GAAP-Nettoverlust verbesserte sich auf 1,3 Millionen US-Dollar (0,07 US-Dollar pro Aktie) im Vergleich zu 4,3 Millionen US-Dollar im zweiten Quartal 2023. Fathom startete neue Umsatzbeteiligungsmodelle und verkaufte sein Versicherungsunternehmen für 15 Millionen US-Dollar. Das Unternehmen strebt an, in den kommenden Quartalen ein Wachstum von 30% bei den Maklern zu erreichen, hat jedoch aufgrund des unsicheren Einflusses der neuen Umsatzbeteiligungsmodelle die Prognose für das dritte Quartal 2024 vorenthalten.
- 12% growth in real estate agent network to ~12,224 agent licenses
- Achieved overall positive Adjusted EBITDA of $0.2 million for Q2 2024
- GAAP net loss improved to $1.3 million from $4.3 million in Q2 2023
- Sold insurance business for $15 million, strengthening financial position
- Launched new revenue share models to enhance agent recruitment and retention
- Total revenue decreased 11% to $89.2 million in Q2 2024
- Real estate transactions decreased by 8% compared to Q2 2023
- Brokerage revenue down 12% due to fewer transactions
- Withheld Q3 2024 guidance due to uncertain impact of new revenue share models
Insights
Fathom Holdings' Q2 2024 results present a mixed picture. While the company achieved overall positive Adjusted EBITDA of
The company's strategic moves, including the sale of its insurance business for
Investors should monitor the effectiveness of Fathom's new revenue share plans in attracting and retaining agents, as well as the company's progress towards its goal of returning to
Fathom's Q2 results reflect the broader challenges in the real estate market. The
The introduction of flexible revenue share models (Fathom Max and Fathom Share) is a strategic move to differentiate in a competitive market. This could potentially accelerate agent recruitment and retention, important for growth in a challenging environment.
The slight improvement in overall gross profit percentage (excluding insurance) from
From a tech perspective, Fathom's positioning as a technology-driven platform integrating various real estate services is noteworthy. The
The launch of Verus Title Elite, a joint venture for title services, demonstrates Fathom's commitment to leveraging technology for vertical integration. This could potentially enhance the company's competitive edge and improve margins in the long run.
However, the technology segment's contribution to overall revenue remains relatively small. For Fathom to truly differentiate as a tech-enabled platform, we'd expect to see more significant growth and innovation in this area. The success of their technology initiatives in driving operational efficiencies and creating new revenue streams will be important for Fathom's long-term growth and profitability in the evolving real estate tech landscape.
– Fathom's Real Estate Agent Network Grew
"In the last few months, we have made significant progress toward achieving our goals for this year," said Fathom Holdings CEO Marco Fregenal. "First, we achieved overall positive Adjusted EBITDA for the quarter, and more importantly, our real estate, mortgage, and title brands achieved positive Adjusted EBITDA. Second, we recently launched what we believe to be the most innovative revenue share program in the industry. Our mission has always been to empower Fathom agents to earn and retain more of their hard-earned money. Our new revenue share plans are a natural extension of this commitment. By offering two revenue share options—either through a split or a flat fee model—we provide agents with the flexibility to choose the best fit for their businesses. These additional income streams ensure our agents have the tools and opportunities to thrive in any market condition. Looking ahead, our focus remains on growth initiatives and exploring additional opportunities to attract high-quality agents, teams, and brokerages. Supported by a compelling value proposition and a robust pipeline of opportunities, our goal is to return to
Second Quarter 2024 Financial Results
Fathom's real estate agent network grew
Fathom completed approximately 10,137 transactions for the second quarter of 2024, a decrease of approximately
Total revenue for the second quarter of 2024 decreased
Segment revenue for the 2024 second quarter, compared with the 2023 second quarter was as follows:
Three months ended | |||
($ in millions) | 2024 | 2023 | |
UNAUDITED | |||
Real Estate Brokerage | $ 83.1 | $ 94.7 | |
Mortgage | 3.7 | 2.0 | |
Technology | 1.1 | 0.8 | |
Corporate and other services (a) | 1.3 | 2.6 | |
Total revenue | $ 89.2 | $ 100.1 | |
(a) | Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and other services line. |
Our brokerage business gross profit percentage remained relatively constant at
GAAP net loss for the second quarter of 2024 totaled
Adjusted EBITDA*, a non-GAAP measure, for the second quarter of 2024 totaled
First Six Months of 2024 Financial Results
Real estate transactions declined approximately
Total revenue for the first six months of 2024 decreased
Segment revenue for the 2024 first six months, compared with the 2023 first six months was as follows:
Six months ended | |||
($ in millions) | 2024 | 2023 | |
UNAUDITED | |||
Real Estate Brokerage | $ 148.5 | $ 167.8 | |
Mortgage | 5.9 | 3.5 | |
Technology | 2.2 | 1.5 | |
Corporate and other services (a) | 3.1 | 4.8 | |
Total revenue | $ 159.7 | $ 177.6 | |
(a) | Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and other services line. |
Gross profit percentages for the first six months of 2024 compared to the same period in 2023 were similar to the quarter-to-date comparisons, excluding the Company's insurance business, which was sold in May 2024. Fathom's brokerage gross profit remained relatively constant at
GAAP net loss for the first six months of 2024 totaled
Adjusted EBITDA* loss, a non-GAAP measure, was
*Fathom provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.
Q2 2024 and Recent Highlights
- In August 2024, the Company introduced two innovative agent commission plans, Fathom Max and Fathom Share, complementing its existing plan and showcasing Fathom Realty's reimagined revenue share program. The strategic initiative is designed to enhance agent recruitment and retention, drive accelerated and sustainable growth, and boost long-term profitability for the Company, while reinforcing Fathom's commitment to providing flexible, attractive options for real estate professionals.
- In May 2024, the Company strengthened its financial position by selling its wholly owned subsidiary, Dagley Insurance Agency, for approximately
$15.0 million $7.8 million - In April 2024, Fathom Realty launched Verus Title Elite, a strategic joint venture partnering with top-producing agents and teams across
Texas . The initiative is expected to drive increased revenue and profitability for both Verus Title and Fathom Realty, further strengthening the Company's market position in the title services sector.
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. 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.
Conference Call
Fathom management will hold a conference call at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) today (August 12, 2024) to discuss these financial results.
International dial-in: 1-412-317-5742
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.
A live audio webcast of the conference call will be available in listen-only mode simultaneously and available via the investor relations section of the Company's website at www.FathomInc.com.
A telephone replay of the call will be available through August 19, 2024.
International replay dial-in: 1-412-317-0088
Replay ID: 6483169
About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Encompass Lending, intelliAgent, LiveBy, Real Results, Verus Title, and Cornerstone. For more information, visit www.FathomInc.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks associated with general economic conditions, including rising interest rates; its ability to generate positive operational cash flow; risks associated with the Company's ability to continue achieving significant growth; its ability to continue its growth trajectory while achieving profitability over time; risks related to ongoing and future litigation; and other risks as set forth in the Risk Factors section of the Company's most recent Form 10-K as filed with the SEC and supplemented from time to time in other Company filings made with the SEC. Copies of Fathom's Form 10-K and other SEC filings are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact:
Matt Glover
Gateway Group, Inc.
949-574-3860
FTHM@gateway-grp.com
FATHOM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED (in thousands, except share data) | |||||||
Three Months Ended June 30, | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue | |||||||
Gross commission income | $ 83,125 | $ 94,633 | $ 148,510 | $ 167,803 | |||
Other service revenue | 6,082 | 5,456 | 11,200 | 9,827 | |||
Total revenue | 89,207 | 100,089 | 159,710 | 177,630 | |||
Operating expenses | |||||||
Commission and other agent-related costs | 78,045 | 88,892 | 139,212 | 158,064 | |||
Operations and support | 2,676 | 1,904 | 4,785 | 3,518 | |||
Technology and development | 1,906 | 1,875 | 3,856 | 3,453 | |||
General and administrative | 8,904 | 9,908 | 18,506 | 19,219 | |||
Marketing | 759 | 927 | 1,359 | 1,644 | |||
Depreciation and amortization | 546 | 820 | 1,274 | 1,515 | |||
Total operating expenses | 92,836 | 104,326 | 168,992 | 187,413 | |||
Gain on sale of business | (2,958) | — | (2,958) | — | |||
Loss from operations | (671) | (4,237) | (6,324) | (9,783) | |||
Other expense (income), net | |||||||
Interest expense, net | 109 | 79 | 214 | 63 | |||
Other nonoperating expense | 520 | 4 | 672 | 163 | |||
Other expense, net | 629 | 83 | 886 | 226 | |||
Loss before income taxes | (1,300) | (4,320) | (7,210) | (10,009) | |||
Income tax expense (benefit) | (6) | 25 | 11 | 37 | |||
Net loss | $ (1,294) | $ (4,345) | $ (7,221) | $ (10,046) | |||
Net loss per share: | |||||||
Basic | $ (0.07) | $ (0.27) | $ (0.37) | $ (0.63) | |||
Diluted | $ (0.07) | $ (0.27) | $ (0.37) | $ (0.63) | |||
Weighted average common shares outstanding: | |||||||
Basic | 19,763,055 | 16,023,981 | 19,470,764 | 16,017,560 | |||
Diluted | 19,763,055 | 16,023,981 | 19,470,764 | 16,017,560 | |||
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||||||
FATHOM HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) | |||
June 30, | December 31, | ||
(UNAUDITED) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 10,439 | $ 7,399 | |
Restricted cash | 341 | 141 | |
Accounts receivable | 3,919 | 3,352 | |
Other receivable - current | 4,000 | — | |
Mortgage loans held for sale, at fair value | 10,371 | 8,602 | |
Prepaid and other current assets | 4,854 | 3,700 | |
Total current assets | 33,924 | 23,194 | |
Property and equipment, net | 2,015 | 2,340 | |
Lease right of use assets | 4,470 | 4,150 | |
Intangible assets, net | 17,419 | 23,909 | |
Goodwill | 19,344 | 25,607 | |
Other receivable - long-term | 3,000 | — | |
Other assets | 48 | 58 | |
Total assets | $ 80,220 | $ 79,258 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 4,866 | $ 3,396 | |
Accrued and other current liabilities | 2,639 | 2,681 | |
Warehouse lines of credit | 10,085 | 8,355 | |
Lease liability - current portion | 1,199 | 1,504 | |
Long-term debt - current portion | 3,497 | 416 | |
Total current liabilities | 22,286 | 16,352 | |
Lease liability, net of current portion | 4,363 | 3,824 | |
Long-term debt, net of current portion | 91 | 3,467 | |
Other long-term liabilities | 344 | 381 | |
Total liabilities | 27,084 | 24,024 | |
Commitments and contingencies (Note 17) | |||
Stockholders' equity: | |||
Common stock (no par value, shares authorized, 100,000,000; shares issued and outstanding, 21,007,879 and 20,671,515 as of June 30, 2024 and December 31, 2023, respectively) | - | - | |
Additional paid-in capital | 131,943 | 126,820 | |
Accumulated deficit | (78,807) | (71,586) | |
Total stockholders' equity | 53,136 | 55,234 | |
Total liabilities and stockholders' equity | $ 80,220 | $ 79,258 | |
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||
FATHOM HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||
Six Months Ended June 30, | |||
2024 | 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (7,221) | $ (10,046) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 2,799 | 2,867 | |
Gain on sale of business | (2,958) | — | |
Non-cash lease expense | 920 | 720 | |
Deferred financing cost amortization | — | 21 | |
Gain on sale of mortgages | (3,153) | (1,882) | |
Stock-based compensation | 5,151 | 6,005 | |
Deferred income taxes | (37) | 8 | |
Change in operating assets and liabilities: | |||
Accounts receivable | (658) | (1,252) | |
Prepaid and other current assets | (1,222) | 111 | |
Other assets | 10 | (6) | |
Accounts payable | 1,642 | 1,359 | |
Accrued and other current liabilities | 308 | 369 | |
Operating lease liabilities | (1,005) | (800) | |
Mortgage loans held for sale originations | (131,460) | (85,461) | |
Proceeds from sale and principal payments on mortgage loans held for sale | 132,843 | 83,250 | |
Net cash used in operating activities | (4,041) | (4,737) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (12) | (10) | |
Purchase of intangible assets | (1,193) | (899) | |
Proceeds from sale of business | 7,435 | — | |
Amounts paid for business and asset acquisitions, net of cash acquired | (130) | — | |
Net cash provided by (used in) investing activities | 6,100 | (909) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal payments on debt | (295) | (491) | |
Borrowings from warehouse lines of credit | 127,913 | 69,920 | |
Repayment on warehouse lines of credit | (126,184) | (66,008) | |
Deferred acquisition consideration payments | (225) | (284) | |
Proceeds from note payable, net | — | 3,300 | |
Payment of offering cost in connection with issuance of common stock in connection with public offering | (28) | — | |
Net cash provided by financing activities | 1,181 | 6,437 | |
Net increase in cash, cash equivalents, and restricted cash | 3,240 | 791 | |
Cash, cash equivalents, and restricted cash at beginning of period | 7,540 | 8,380 | |
Cash, cash equivalents, and restricted cash at end of period | $ 10,780 | $ 9,171 | |
Supplemental disclosure of cash and non-cash transactions: | |||
Cash paid for interest | $ 199 | $ 21 | |
Other receivables related to sale of business | $ 7,000 | $ — | |
Right of use assets obtained in exchange for new lease liabilities | $ 1,572 | $ 144 | |
Reconciliation of cash and restricted cash: | |||
Cash and cash equivalents | $ 10,439 | $ 9,099 | |
Restricted cash | 341 | 78 | |
Total cash, cash equivalents, and restricted cash shown in statement of cash flows | $ 10,780 | $ 9,177 | |
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) (In thousands) | |||||||
Three Months Ended | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss | $ (1,294) | $ (4,345) | $ (7,221) | $ (10,046) | |||
Gain on sale of business | (2,958) | - | (2,958) | - | |||
Stock based compensation | 2,499 | 3,185 | 5,151 | 6,005 | |||
Depreciation and amortization | 1,319 | 1,510 | 2,799 | 2,867 | |||
Other expense, net | 629 | 83 | 886 | 226 | |||
Income tax expense (benefit) | (6) | 25 | 11 | 37 | |||
Adjusted EBITDA | $ 189 | $ 458 | $ (1,332) | $ (911) | |||
Note about Non-GAAP Financial Measures
To supplement Fathom's consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses Adjusted EBITDA, a non-GAAP financial measure, to understand and evaluate our core operating performance. This non-GAAP financial measure, which may be different than similarly titled measures used by other companies, is presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Fathom defines the non-GAAP financial measure of Adjusted EBITDA as net income (loss), excluding other income and expense, income taxes, depreciation and amortization, share-based compensation expense, and transaction-related cost.
Fathom believes that Adjusted EBITDA provides useful information about the Company's financial performance, enhances the overall understanding of its past performance and future prospects, and allows for greater transparency with respect to a key metric used by Fathom's management for financial and operational decision-making. Fathom believes that Adjusted EBITDA helps identify underlying trends in its business that otherwise could be masked by the effect of the expenses that the Company excludes in Adjusted EBITDA. In particular, Fathom believes the exclusion of share-based compensation expense and transaction-related costs associated with the Company's acquisition activity, provides a useful supplemental measure in evaluating the performance of its operations and provides better transparency into its results of operations. Adjusted EBITDA also excludes other income and expense, net which primarily includes nonrecurring items, such as, minor legal settlement claims, severance costs, professional fees related to investigating potential financing opportunities, if applicable.
Fathom is presenting the non-GAAP measure of Adjusted EBITDA to assist investors in seeing its financial performance through the eyes of management, and because the Company believes this measure provides an additional tool for investors to use in comparing Fathom's core financial performance over multiple periods with other companies in its industry.
Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to net income (loss), the closest comparable GAAP measure. Some of these limitations are that:
- Adjusted EBITDA excludes share-based compensation expense related to restricted stock and restricted stock unit awards and stock options, which have been, and will continue to be for the foreseeable future, significant recurring expenses in Fathom's business and an important part of its compensation strategy;
- Adjusted EBITDA excludes transaction-related costs primarily consisting of professional fees and any other costs incurred directly related to acquisition activity, which is an ongoing part of Fathom's growth strategy and therefore likely to occur; and
- Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation and amortization of property and equipment and capitalized software, and acquisition related intangible asset costs, however, the assets being depreciated and amortized may have to be replaced in the future.
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SOURCE Fathom Holdings Inc.
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