Latest news with #Fathom
Business Wire
18-06-2025
- Business
- Business Wire
Scale LLP Deepens Startup and VC Bench Through Merger with Fathom Law
SAN FRANCISCO--(BUSINESS WIRE)-- Fathom Law, a San Francisco-based firm known for its emerging companies and venture capital (EC/VC) practice, has merged with Scale LLP, a modern national firm. The merger brings together two firms that share a philosophy of delivering business-minded, startup-savvy counsel with the speed and innovation today's venture-backed companies demand. Founded by Eric Ferraro in 2013, Fathom has served as outside general counsel for hundreds of technology startups and late-stage venture-backed companies, advising on lifecycle needs including venture finance and M&A transactions valued at more than $2 billion in the aggregate. Scale also has roots in Silicon Valley, with more than half of its attorneys bringing in-house experience to the firm's capabilities in the venture tech sector. The addition of six lawyers from Fathom expands Scale's footprint to 80 attorneys nationwide and bolsters a strong corporate and EC/VC practice. 'Fathom's track record with startups and VCs makes them a perfect fit for our firm, and for where our clients are going next,' said Scale Managing Partner David Reidy. 'Like us, the Fathom team believes that lawyers and their clients are looking for a modern alternative to the traditional law firm model, and they share our mission of building a top-tier national firm.' 'We built Scale to deliver elite legal services based on real-world experience,' added Scale Founding Partner Adam Forest. 'Eric and his colleagues strengthen our ability to do that while underscoring the innovation that runs through our firm.' The Fathom merger creates additional capacity for Scale to serve clients comprehensively as they grow, from early-stage startups navigating their first financing rounds to established companies preparing for M&A and capital markets exit opportunities. Clients gain access to expanded legal services, a deeper bench of trusted advisors, and continued access to the attorneys they trust, without any disruption to service, rates, or attorney relationships. 'This partnership gives our clients access to the Scale team's broad capabilities and national presence without sacrificing the focus and responsiveness they expect from Fathom,' said Ferraro. 'The merger aligns us with a firm that shares Fathom's DNA and exceptional lawyers who understand both the pace of startups and the sophisticated legal needs of scaling companies.' This merger advances Scale's vision of a modern law firm — where elite talent, efficiency, and business insight converge. About Scale LLP Scale LLP is a national law firm with a modern legal delivery model. With 80+ lawyers across the country, Scale serves high-growth companies and sophisticated clients through practices spanning corporate and securities, general counsel services, fintech and financial services, real estate and land use, litigation, and intellectual property. Learn more at
Business Insider
13-06-2025
- Business
- Business Insider
I quit Big Tech to start my own business. Here are 5 AI tools that save me up to 15 hours a week.
For over a decade, I worked in Big Tech. To be honest, I loved it. I built programs and launched cross-functional initiatives at places like Meta, LinkedIn, Pinterest, and Figma. I had incredible teammates, an amazing boss, and a total comp of $300,000 a year. I was learning from the best and growing fast. Then something inside me shifted, and I left. About a year and a half after quitting my job and starting my own business, I'm now a founder constantly improving my systems with the help of AI tools, allowing me to scale without burning out. Even as I thrived in my day job, I experimented on the side While still at Figma, I started posting content on LinkedIn, coaching job seekers who wanted to land fulfilling program manager roles, and building a community around career growth. That side hustle started to take off. I realized I didn't just want to help tech companies grow. I wanted to help people grow inside them. In early 2024, I left my full-time role at Figma to build my own business. I didn't make the choice out of burnout or bitterness, but because I saw a different path — one where I could design my own schedule, create work that felt meaningful, and scale impact in a way that aligned with my values. Today, I run a multiple six-figure business helping professionals land tech roles through a live cohort program, content creation, and brand partnerships. I've grown my audience to more than 300,000 across platforms without a full-time team. AI tools have become my go-to team behind the scenes. Here's how I've used them to get hours back, grow faster, and stay focused on what actually matters. 1. Fathom: My meeting assistant Time saved: ~3 hours/week As a coach and founder, I'm on Zoom constantly — whether it's sales calls, group coaching sessions, or networking 1:1s. I used to rewatch recordings or spend hours summarizing notes and writing follow-ups. Now, I use Fathom. It records my meetings, pulls out key moments, and auto-generates action items. I don't even have to leave Zoom — it connects with HubSpot and syncs the recording and summary to each contact. I save three to four hours a week, and clients and partners compliment how accurate it is. 2. Notion: My operating system Time saved: ~3 hours/week Before I went all in on entrepreneurship, my organization was all over the place. I used Google Docs for ideas, spreadsheets for planning, and Asana for task tracking. Now, everything runs through Notion. It's where I organize student feedback, build a real-time revenue dashboard, map out launches, and manage my calendar. I've even templatized my entire business inside it. I love the AI feature. It helps me summarize messy notes, write agendas, and surface the exact piece of information I need without digging through 10 tabs. 3. Fyxer: The reason I am inbox zero Time saved: ~5 hours/week Email used to drain me. I'd spend an hour writing five thoughtful follow-ups, only to fall behind again the next day. Now, Fyxer drafts 80% of my replies. It learns from how I write and handles things like student onboarding emails, brand partnership outreach, and thank-you notes. I just personalize and hit send. It's an invisible tool that makes a big difference. 4. ChatGPT (Custom GPT): Tailored résumé feedback at scale One of the most rewarding parts of my business is helping students rewrite their résumés. However, it's also one of the most time-consuming. I built a custom GPT that takes a student's current résumé and the job description they're targeting and rewrites it using Google's famous formula: "accomplished X by doing Y, resulting in Z." It highlights their impact, aligns with the role, and uses the results-driven language hiring managers look for, especially in strategic program management roles. It doesn't replace coaching, but it speeds up the process dramatically. Students still get a personalized experience, but I don't need to edit every single line myself. 5. Content creation prompts: My creative brain Time saved: ~4 hours/week People often ask how I consistently post across platforms. The truth is that I don't start from scratch. I use different ChatGPT prompts depending on the format. For LinkedIn, I might say: "Turn this student win into a three-part story with a clear takeaway." For newsletters, I'll ask: "Expand this idea into a personal essay that sounds like me." For video scripts, I go with: "Make this story punchy, with a hook and a clear CTA." Tone and pacing shift depending on the platform, and AI helps me map that out quickly. It's like having a creative assistant who understands my voice while recognizing copywriting best practices. I taught it my voice by providing custom instructions, feeding past posts, and refining outputs until it sounded like me. Instead of getting stuck on what to say, I get to focus on how I want people to feel. One day I looked up and saw that AI had quietly given me back 10 to 15 hours a week That's a full day and a half I could now spend on strategy, deep work, coaching, or rest. I wasn't always working, which is a new normal for me. I was building something that felt both sustainable and scalable. If you're in Big Tech doing meaningful work but starting to wonder if something else might feel more aligned, know that you don't have to burn out to build something great. All the experience you've gained so far won't go to waste. It will become the foundation for something that's aligned, intentional, and yours. You don't need a big team to scale. You need the right tools, a clear direction, and the willingness to show up, fail forward, and get 1% better each time. AI hasn't made me less human. It's made me more focused, present, and available for work I love.
Yahoo
01-06-2025
- Business
- Yahoo
‘Friendship' Rocks As Tim Robinson, Paul Rudd Bromance Expands
Audiences are really latching onto A24's Friendship, buoying it to no. 7 at the domestic box office on just 60 screens with a $1.4 million weekend ($23k per screen average) and a $2+ million cume. The film by Andrew DeYoung debuted on six screens last week with a top limited opening and can now boast a hugely successful expansion. The R-rated comedy stars comedian Tim Robinson as suburban dad Craig whose life is turned upside down by the arrival of a new neighbor (Paul Rudd). More from Deadline 'Friendship' Moves To Top Ten Markets, Star Tim Robinson's Hometown Detroit; 'Sister Midnight', 'The Old Woman With The Knife' - Specialty Preview 'Friendship' Skyrockets To Top Limited Opening Of 2025 For Tim Robinson, Paul Rudd Comedy - Specialty Box Office 'Friendship' Comedy Bromance With Tim Robinson, Paul Rudd Selling Tickets And Hats - Specialty Preview Certified Fresh RT (89% with critics, 83% audience score) and backed by excellent exit polls, the bromance is generating tremendous word-of-mouth. Expands to a limited nationwide release over Memorial Day weekend as it settles into a long theatrical run throughout the summer. Indie grosses can trickle in through early in the week, will update with any new numbers. Kani Releasing releases Yoko Yamanaka's Desert of Namibia exclusively at Metrograph in New York to sold-out screenings, with an estimated opening weekend box office of $4.5k. Expands to LA next week with an exclusive engagement at Laemmle Theatres, with director Q&As hosted by fellow filmmakers India Donaldson (Good One) and Winnie Cheung (Residency). She will screen her debut film Aniko at American Cinematheque May 22, hosted by Carson Lund (Eephus). Logline: mercurial 21-year-old Kana (Yuumi Kawai), a hair-removal technician at a salon in Tokyo, who bristles against the beauty expectations placed on women her age. Her erratic moods and default to self-destruct impacts all of her relationships as moments of levity erupt into violence and optimism simmers to despair. And s Saturday transmission of Strauss's Salome from Fathom grossed $622.5k in North America at about 800 cinema screens. Conducted by the Met's Jeanette Lerman-Neubauer Music Director, Yannick Nézet-Séguin, and starring soprano Elza van den Heever and baritone Peter Mattei, the title had the seventh highest per-screen average (with only one screening) of all filmed content screenings across North America and was ranked sixth in North America Saturday. Encore screenings in U.S on May 21. An estimated 31,500 people saw Salome live (with an additional $700k across more than 800 screens internationally). Fathom's presentation of Kiki's Delivery Service as part of its Studio Ghibli Fest grossed $1+ million on 1,062 screens giving the rerelease a no. 9 spot. Sideshow/Janus Films' release of Jia Zhangke's Caught By The Tides grossed an estimated $45.3k on 16 screens for a week 2 cume of $ Best of Deadline Sean 'Diddy' Combs Sex-Trafficking Trial Updates: Cassie Ventura's Testimony, $10M Hotel Settlement, Drugs, Violence, & The Feds 'Nine Perfect Strangers' Season 2 Release Schedule: When Do New Episodes Come Out? Everything We Know About Ari Aster's 'Eddington' So Far
Yahoo
14-05-2025
- Business
- Yahoo
Q1 2025 Fathom Holdings Inc Earnings Call
Marco Fregenal; President, Chief Executive Officer, Chief Financial Officer, Director; Fathom Holdings Inc Daniel Weinmann; Vice President of Finance; Fathom Holdings Inc Darren Aftahi; Managing Director, Senior Research Analyst; Roth Capital Partners LLC Operator Good day, everyone, and welcome to the Fathom Holdings' Inc. first-quarter 2025 conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, [Paul Kuntz]. Sir, the floor is yours. 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. 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 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. And with that, I will now turn the call over to Fathom's CEO, Marco Fregenal. Please proceed. Marco Fregenal 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. 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 in our strategy remains clear. The results we are sharing today are a direct reflection of the discipline and execution. 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. 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. 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 [closing] this quarter. 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. Now let me shift to Elevate our most significant strategic initiative to date. Elevate powered by our (inaudible) 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 a 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. 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. Since our soft launch just 4 weeks ago, we have seen over 120 agents sign up for the program. While we require that an agent must have completed at least 4 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. 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. 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. 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. 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. 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. 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 Stars for the month of April, thus far have increased by over 45% year-over-year. Together, we believe these businesses are enhancing our margins, increase agent retention and contributing to a more diverse and durable revenue stream. With that, let me turn the call to Daniel Weinmann, our VP of Finance, to review our results in greater detail. Daniel? Daniel Weinmann Thank you, Marco. I will discuss our consolidated financial results before reviewing our business segment results in more detail. 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. 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. 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. 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. We 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. 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. 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. 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. 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. 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. 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. Marco, back to you for final remarks. Marco Fregenal Thank you, Daniel. Before I close, I want to reiterate that we remain focused on 3 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. 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. Thank you again for your continued support and belief in Fathom. And operator, we're now ready to take any questions. Operator (Operator Instructions) Darren Aftahi, ROTH Capital Partners. Darren Aftahi Nice to see the growth there. Marco, I just -- 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. 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. Marco Fregenal Darren, thank you for your questions. So the -- 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. Second, we launched this internally about 4 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. 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. Darren Aftahi 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. Marco Fregenal 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. 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 6 months, you'll see some announcements in terms of potential partnerships of companies that want to not only partner with Elevate but license Elevate. 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 1 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. Operator (Operator Instructions) There are no further questions in the queue. Marco Fregenal 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. Operator Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
13-05-2025
- Business
- Washington Post
Fathom Holdings: Q1 Earnings Snapshot
CARY, N.C. — CARY, N.C. — Fathom Holdings Inc. (FTHM) on Tuesday reported a loss of $5.6 million in its first quarter. On a per-share basis, the Cary, North Carolina-based company said it had a loss of 24 cents. Losses, adjusted for stock option expense, came to 18 cents per share.
