Financial Performance - Total transactions for the last twelve months ended June 30, 2024, were 21,297, compared to 21,606 for the year ended December 31, 2023, reflecting a decrease of approximately 1.4%[87] - Gross transaction value reached $35.0 billion for the last twelve months ended June 30, 2024, up from $34.4 billion for the year ended December 31, 2023, indicating an increase of about 1.7%[87] - Average transaction value per transaction was $1,642.7 thousand for the last twelve months ended June 30, 2024, compared to $1,592.3 thousand for the year ended December 31, 2023, representing an increase of approximately 3.2%[87] - Revenues for the three months ended June 30, 2024, were $285,751, an increase of $9,839 from $275,912 in the same period in 2023[95] - Revenues for the six months ended June 30, 2024, were $485,990, a decline of $3,904 compared to $489,894 in the same period of 2023[102] Operating Loss and Expenses - Net loss attributed to Douglas Elliman Inc. was $(62,848) thousand for the last twelve months ended June 30, 2024, compared to $(42,552) thousand for the year ended December 31, 2023, reflecting an increase in loss of approximately 47.7%[87] - The operating loss for the real estate brokerage segment was $(50,751) thousand for the last twelve months ended June 30, 2024, compared to $(36,769) thousand for the year ended December 31, 2023, indicating a worsening of approximately 37.9%[90] - Operating loss increased to $45,137 for the six months ended June 30, 2024, compared to $32,105 for the same period in 2023, primarily due to a litigation settlement of $17,750[103] - General and administrative expenses decreased to $39,073 for the six months ended June 30, 2024, down from $49,806 in 2023, due to personnel reductions and lower incentive compensation[106] - Operating expenses in the real estate brokerage segment decreased by approximately $11,300 (7.9%) for the six months ended June 30, 2024, compared to the same period in 2023[92] Adjusted EBITDA - Adjusted EBITDA attributed to Douglas Elliman was $(36,373) thousand for the last twelve months ended June 30, 2024, compared to $(40,693) thousand for the year ended December 31, 2023, showing an improvement in EBITDA loss of about 10.5%[90] - Adjusted EBITDA for the real estate brokerage segment was $6,632 for the three months ended June 30, 2024, compared to $2,481 in the same period in 2023[95] Agent Commissions - Real estate agent commissions increased to $216,457 (75.8% of revenues) for the three months ended June 30, 2024, up from $204,802 (74.2% of revenues) in 2023[98] - Real estate agent commissions expense was $365,473 for the six months ended June 30, 2024, up from $360,904 in 2023, representing 75.2% of revenues compared to 73.7% in the prior year[106] Corporate Actions and Investments - The company continues to invest in PropTech opportunities through its New Valley Ventures subsidiary, indicating a strategic focus on market expansion and innovation[84] - The company issued $50,000 in senior secured convertible notes with a 7.0% interest rate, convertible at $1.50 per share, to be used for general corporate purposes[92] - The company issued $50,000 in Convertible Notes on July 2, 2024, with an interest rate of 7.0% per annum, potentially increasing to 8.0% if paid in kind[114] Settlement and Legal Matters - A settlement agreement was reached for $17,750 related to litigation, with $7,750 paid upfront and two contingent payments of $5,000 each due by December 31, 2027[92] - The company entered into a settlement agreement for $7,750 to resolve class action litigations, with additional contingent payments of $10,000 due by December 31, 2027[114] - The company recognized an expense of $17,750 related to the settlement for the six months ended June 30, 2024[114] Cash and Liquidity - Cash, cash equivalents, and restricted cash decreased by $26,613 to $102,904 as of June 30, 2024[109] - Cash used in operations was $25,973 for the six months ended June 30, 2024, compared to $23,140 in 2023, reflecting lower operating income[109] - As of June 30, 2024, the company had cash and cash equivalents of approximately $92,864, which is expected to meet liquidity needs over the next twelve months[114] - The company anticipates that cash flows from operations and financing will be sufficient to meet liquidity needs, despite potential acquisitions[114] Market Risks - The company is exposed to market risks from interest rate fluctuations and may face future risks from foreign currency exchange rates and equity prices[118] - The company faces various risks including economic conditions, litigation outcomes, and regulatory changes that could materially affect its financial position[122] Headcount and Operational Changes - The company reduced its headcount by approximately 100 employees in 2023 as part of ongoing expense reduction programs[92] Escrow and Contingent Liabilities - Escrow funds held by the company's subsidiary amounted to $34,314 as of June 30, 2024, down from $41,338 at the end of 2023[117] - The company remains contingently liable for the disposition of escrow deposits, which are not included in the balance sheets[117]

[Douglas Elliman Inc. Q2 2024 Financial Results](index=1&type=section&id=Douglas%20Elliman%20Inc.%20Q2%202024%20Financial%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Douglas Elliman reported improved Q2 2024 results with increased revenues, narrower operating loss, and positive Adjusted EBITDA, though H1 2024 losses widened due to a litigation settlement charge [Second Quarter 2024 Highlights](index=1&type=section&id=Second%20Quarter%202024%20Highlights) Q2 2024 saw year-over-year growth in consolidated revenues, significantly narrowing operating and net losses, and achieving positive Adjusted EBITDA Q2 2024 Consolidated Financial Performance | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Consolidated Revenues** | $285.8 million | $275.9 million | | **Consolidated Operating Loss** | $3.7 million | $8.3 million | | **Net Loss attributed to Douglas Elliman** | $1.7 million | $5.2 million | | **EPS (diluted)** | ($0.02) | ($0.06) | | **Adjusted EBITDA attributed to Douglas Elliman** | $2.4 million | ($2.6 million) | - The real estate brokerage segment's gross transaction value was approximately **$10.6 billion**, up from **$9.9 billion** in the prior year quarter[1](index=1&type=chunk) - The average price per transaction for the real estate brokerage segment was **$1.81 million** in Q2 2024[1](index=1&type=chunk) [First Half 2024 Highlights](index=1&type=section&id=First%20Half%202024%20Highlights) H1 2024 consolidated revenues were flat, but operating and net losses significantly increased due to a $17.75 million litigation settlement H1 2024 Consolidated Financial Performance | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Consolidated Revenues** | $486.0 million | $489.9 million | | **Consolidated Operating Loss** | $45.1 million | $32.1 million | | **Net Loss attributed to Douglas Elliman** | $43.1 million | $22.8 million | | **EPS (diluted)** | ($0.52) | ($0.28) | | **Adjusted EBITDA Loss attributed to Douglas Elliman** | $15.9 million | $20.2 million | - Results for the first half of 2024 include a **$17.75 million** litigation settlement charge. Of this amount, **$7.75 million** was paid in June 2024, with up to two additional **$5 million** contingent payments possible through December 2027[2](index=2&type=chunk) - The real estate brokerage segment's gross transaction value for the first half was approximately **$17.8 billion**, compared to **$17.2 billion** in the prior year period[2](index=2&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management attributes Q2 performance to strong luxury markets and stabilizing home purchasing, confident in long-term growth as interest rates improve - The CEO attributes the Q2 2024 performance to the strength of luxury markets and the gradual stabilization of home purchasing activity[3](index=3&type=chunk) - Management believes the company is well-positioned to drive long-term growth and stockholder value as the interest rate environment improves[3](index=3&type=chunk) [Financial Performance (GAAP)](index=2&type=section&id=Financial%20Performance%20(GAAP)) GAAP results show Q2 2024 improvement, but H1 2024 losses widened significantly due to a litigation settlement charge [Three months ended June 30, 2024](index=2&type=section&id=Three%20months%20ended%20June%2030%2C%202024) Q2 2024 revenues increased to $285.8 million, with operating loss significantly narrowed to $3.7 million and net loss to $1.7 million Q2 2024 GAAP Financial Metrics | GAAP Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Revenues** | $285.8 million | $275.9 million | | **Operating Loss** | $3.7 million | $8.3 million | | **Net Loss** | $1.7 million | $5.2 million | | **Net Loss per Share** | $0.02 | $0.06 | [Six months ended June 30, 2024](index=2&type=section&id=Six%20months%20ended%20June%2030%2C%202024) H1 2024 revenues were $486.0 million, with operating and net losses widening significantly due to a $17.75 million litigation settlement charge H1 2024 GAAP Financial Metrics | GAAP Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Revenues** | $486.0 million | $489.9 million | | **Operating Loss** | $45.1 million | $32.1 million | | **Net Loss** | $43.1 million | $22.8 million | | **Net Loss per Share** | $0.52 | $0.28 | - The results for the six months ended June 30, 2024, include a **$17.75 million** litigation settlement charge[4](index=4&type=chunk) [Financial Performance (Non-GAAP)](index=2&type=section&id=Financial%20Performance%20(Non-GAAP)) Non-GAAP results show improved operational efficiency, with Q2 2024 Adjusted EBITDA turning positive and H1 2024 loss narrowing [Three months ended June 30, 2024 (Non-GAAP)](index=2&type=section&id=Three%20months%20ended%20June%2030%2C%202024%20(Non-GAAP)) Q2 2024 Adjusted EBITDA was $2.4 million, a significant improvement from a prior-year loss, with brokerage segment Adjusted EBITDA more than doubling Q2 2024 Non-GAAP Financial Metrics | Non-GAAP Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Adjusted EBITDA (Consolidated)** | $2.4 million | ($2.6 million) | | **Adjusted EBITDA (Brokerage Segment)** | $6.6 million | $2.5 million | | **Adjusted Net Loss** | $1.1 million | $4.9 million | | **Adjusted Net Loss per Share** | $0.01 | $0.06 | [Six months ended June 30, 2024 (Non-GAAP)](index=3&type=section&id=Six%20months%20ended%20June%2030%2C%202024%20(Non-GAAP)) H1 2024 Adjusted EBITDA loss improved to $15.9 million, with the brokerage segment's loss also narrowing, though Adjusted Net Loss widened slightly H1 2024 Non-GAAP Financial Metrics | Non-GAAP Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Adjusted EBITDA Loss (Consolidated)** | $15.9 million | $20.2 million | | **Adjusted EBITDA Loss (Brokerage Segment)** | $7.6 million | $10.5 million | | **Adjusted Net Loss** | $24.8 million | $21.6 million | | **Adjusted Net Loss per Share** | $0.30 | $0.27 | [Operational Metrics & Balance Sheet](index=3&type=section&id=Operational%20Metrics%20%26%20Balance%20Sheet) The brokerage segment achieved year-over-year growth in gross transaction value for Q2 and H1 2024, maintaining a strong cash position Gross Transaction Value (GTV) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Gross Transaction Value (in billions)** | $10.6 | $9.9 | $17.8 | $17.2 | - The average price per transaction was **$1.81 million** for Q2 2024 and **$1.72 million** for the first six months of 2024[7](index=7&type=chunk) - The company maintained a strong balance sheet with cash and cash equivalents of **$92.9 million** at June 30, 2024[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Detailed financial tables present consolidated statements of operations, non-GAAP reconciliations, and key operational metrics including gross transaction value [Condensed Consolidated Statements of Operations (Table 1)](index=4&type=section&id=TABLE%201%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This table details revenues, expenses, and profitability, highlighting a $17.75 million litigation settlement expense in H1 2024, leading to a higher operating loss Condensed Consolidated Statements of Operations (in Thousands) | (In Thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $285,751 | $275,912 | $485,990 | $489,894 | | **Operating loss** | $(3,673) | $(8,297) | $(45,137) | $(32,105) | | **Litigation settlement** | $— | $— | $17,750 | $— | | **Net loss attributed to Douglas Elliman Inc.** | $(1,664) | $(5,219) | $(43,139) | $(22,843) | | **Net loss per diluted share** | $(0.02) | $(0.06) | $(0.52) | $(0.28) | [Reconciliation of Adjusted EBITDA (Table 2)](index=6&type=section&id=TABLE%202%20RECONCILIATION%20OF%20ADJUSTED%20EBITDA) This table reconciles net loss to Adjusted EBITDA, detailing adjustments and segment breakdown, highlighting the brokerage segment's return to positive Adjusted EBITDA in Q2 2024 Reconciliation of Adjusted EBITDA (in Thousands) | (In Thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss attributed to Douglas Elliman Inc.** | $(1,664) | $(5,219) | $(43,139) | $(22,843) | | **Adjusted EBITDA attributed to Douglas Elliman Inc.** | $2,359 | $(2,562) | $(15,887) | $(20,207) | | **Real estate brokerage segment Adjusted EBITDA** | $6,632 | $2,481 | $(7,566) | $(10,503) | | **Corporate and other segment Adjusted EBITDA** | $(4,273) | $(5,043) | $(8,321) | $(9,704) | [Reconciliation of Adjusted Net Loss (Table 3)](index=7&type=section&id=TABLE%203%20RECONCILIATION%20OF%20ADJUSTED%20NET%20LOSS) This table adjusts GAAP net loss for non-recurring items, primarily the $17.75 million litigation settlement, to derive Adjusted Net Loss for the period Reconciliation of Adjusted Net Loss (in Thousands) | (In Thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss attributed to Douglas Elliman Inc.** | $(1,664) | $(5,219) | $(43,139) | $(22,843) | | **Litigation settlement adjustment** | $— | $— | $17,750 | $— | | **Adjusted net loss attributed to Douglas Elliman Inc.** | $(1,066) | $(4,867) | $(24,791) | $(21,649) | | **Adjusted net loss per diluted share** | $(0.01) | $(0.06) | $(0.30) | $(0.27) | [Reconciliation of Revenues and Operational Data (Table 4)](index=8&type=section&id=TABLE%204%20RECONCILIATION%20OF%20REVENUES) This table presents revenue components and key operational metrics, showing increased Gross Transaction Value for Q2 and H1 2024 despite a slight decrease in total transactions Reconciliation of Revenues and Operational Data | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Gross transaction value (in billions)** | $10.6 | $9.9 | $17.8 | $17.2 | | **Total transactions** | 5,885 | 6,038 | 10,362 | 10,671 |

Douglas Elliman Inc. (DOUG) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.28, delivering a surprise of -1,300%. Over the last four quarters, the company has sur ...

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +66.7%. The consensus EPS estimate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DOUGLAS ELLIMAN INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation Commission File Number (I.R.S. Employer Identification No.) incorporation or orga ...

Douglas Elliman Inc. (NYSE:DOUG) Q1 2024 Earnings Conference Call May 10, 2024 8:00 AM ET Company Participants Howard Lorber - Chairman, President, Chief Executive Officer Bryant Kirkland - Senior Vice President and Chief Financial Officer Conference Call Participants Soham Bhonsle - BTIG Peter Abramowitz - Jefferies Operator Good day and welcome to Douglas Elliman’s First Quarter 2024 Earnings Conference Call. This call is being recorded and simultaneously webcast. An archived version of the webcast will b ...

FOR IMMEDIATE RELEASE Contact: Stephen Larkin, Douglas Elliman Inc. 917-902-2503 Columbia Clancy/Catherine Livingston, FGS Global, 212-687-8080 (U.S.) 44(0)2031788914 (Europe) J. Bryant Kirkland III, Douglas Elliman Inc. 305-579-8000 DOUGLAS ELLIMAN INC. REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS First Quarter 2024 Highlights: MIAMI, FL, May 9, 2024 - Douglas Elliman Inc. (NYSE:DOUG) today announced financial results for the three months ended March 31, 2024. • Consolidated revenues of $200.2 million comp ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ Form 10-K _____________________________________________ ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 _____________________________________________ DOUGLAS ELLIMAN INC. (Exact name of registrant as specified in its ...

PALM BEACH, Fla., March 1, 2024 /PRNewswire/ -- The renowned Palm Beach Ice Works (PBIW), an Olympic-style ice rink located in West Palm Beach, embarks on a new chapter. After 15 years of leadership, philanthropist Lori Alf has sold the Palm Beach Breakers youth hockey and ice-skating program to Larry Robbins and Longwood Hockey, while also leasing the Palm Beach Ice Works space. Under a comprehensive five-year lease agreement, Rob Laferriere, President of Longwood Hockey, assumes responsibility for oversee ...

Douglas Elliman Inc. (NYSE:DOUG) Q4 2023 Earnings Call Transcript March 1, 2024 8:00 AM ET Company Participants Howard Lorber - Chairman, President and Chief Executive Officer Bryant Kirkland - Chief Financial Officer Conference Call Participants Soham Bhonsle - BTIG Ahmed Mehri - Jefferies Operator Welcome to Douglas Elliman Fourth Quarter and Full Year 2023 Earnings Conference Call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor ...