Douglas Elliman (US:DOUG)2025-03-11 12:01Financial Performance - Fourth quarter 2024 revenues increased to $243.3 million, up 13.5% from $214.1 million in Q4 2023[3] - The net loss for Q4 2024 was $6.0 million, or $0.07 per diluted share, compared to a net loss of $14.8 million, or $0.18 per diluted share, in Q4 2023[3] - For the full year 2024, revenues reached $995.6 million, a 4.2% increase from $955.6 million in 2023[4] - The net loss for the year ended December 31, 2024, was $76.3 million, or $0.91 per diluted share, compared to $42.6 million, or $0.52 per diluted share, in 2023[5] - Adjusted EBITDA for Q4 2024 improved to a loss of $5.4 million, significantly better than a loss of $16.7 million in Q4 2023[6] - Adjusted net income attributed to Douglas Elliman Inc. for Q4 2024 was $2,376 thousand, a significant recovery from a loss of $13,717 thousand in Q4 2023[27] - The company reported an adjusted EBITDA of $(5,403) thousand for Q4 2024, an improvement from $(16,689) thousand in Q4 2023[27] Transaction Metrics - Gross transaction value for Q4 2024 was approximately $8.8 billion, up from $7.9 billion in Q4 2023, with an average price per transaction of $1.64 million[9] - For the full year 2024, gross transaction value was approximately $36.4 billion, compared to $34.4 billion in 2023, with an average price per transaction of $1.67 million[10] - Total transactions in Q4 2024 were 5,337, up from 5,022 in Q4 2023, indicating a growth of 6.3%[29] - Commissions and other brokerage income increased to $231,905 thousand in Q4 2024, up 14.7% from $202,289 thousand in Q4 2023[29] - Gross transaction value for Q4 2024 was $8.8 billion, compared to $7.9 billion in Q4 2023, reflecting an increase of 11.4%[29] Cash and Investments - The company reported cash and cash equivalents of $135.7 million and investment securities of $9.8 million, totaling $145.5 million as of December 31, 2024[11] - Cash receipts in January and February 2025 were up about 30% compared to the same period last year, indicating strong momentum[2] Legal and Expense Matters - Litigation, settlement, and related expenses for Q4 2024 amounted to $10,630 thousand, compared to $770 thousand in Q4 2023, indicating a significant increase due to ongoing legal matters[27] - Interest expense for Q4 2024 was $1,464 thousand, a substantial rise from $6 thousand in Q4 2023[25] - The company continues to focus on expense reductions and strategic investments in its Development Marketing division to drive long-term value[2] Fair Value Changes - The company experienced a change in the fair value of derivatives embedded within convertible debt, resulting in a loss of $5,188 thousand in Q4 2024, with a gain of $14,978 thousand for the year[27]