NYSE:DOUG Douglas Elliman Q1 2023 Earnings Report $1.60 -0.03 (-1.84%) Closing price 04/25/2025 03:59 PM EasternExtended Trading$1.64 +0.04 (+2.81%) As of 04/25/2025 07:32 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings History Douglas Elliman EPS ResultsActual EPS-$0.22Consensus EPS -$0.15Beat/MissMissed by -$0.07One Year Ago EPSN/ADouglas Elliman Revenue ResultsActual Revenue$213.98 millionExpected Revenue$203.22 millionBeat/MissBeat by +$10.76 millionYoY Revenue GrowthN/ADouglas Elliman Announcement DetailsQuarterQ1 2023Date5/11/2023TimeN/AConference Call DateWednesday, May 10, 2023Conference Call Time8:30AM ETUpcoming EarningsDouglas Elliman's Q1 2025 earnings is scheduled for Thursday, May 8, 2025, with a conference call scheduled on Friday, May 9, 2025 at 8:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Douglas Elliman Q1 2023 Earnings Call TranscriptProvided by QuartrMay 10, 2023 ShareLink copied to clipboard.There are 2 speakers on the call. Operator00:00:00Welcome to Douglas Elliman's First Quarter 2023 Earnings Conference Call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors. Elaman .com for 1 year. During this call, the terms adjusted EBITDA and adjusted net income will be used. Operator00:00:27These terms are non GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website. Before the call begins, I would like to read a Safe Harbor statement. The statements made during this conference call that are not historical facts are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings. Operator00:01:18Now, I would like to turn the call over to the Chairman, President and Chief Executive Officer of Douglas Elliman, Howard Lorber. Please go ahead. Speaker 100:01:28Good morning and thank you for joining us. With me today are Richard Lampen, our Chief Operating Officer Brian Kirkland, our Chief Financial Officer and Scott Durkin, President and CEO of Douglas Elliman Realty, our residential real estate brokerage business. On today's call, we will discuss Douglas Elliman's financial results for the 3 months ended March 31, 2023, and then our thoughts on the current operating environment as well as trends in residential real estate. All number presented this morning will be as of March 31, 2023, unless otherwise stated. We will then provide Closing comments and open the call for questions. Speaker 100:02:09First, let us discuss Douglas Elliman's financial results for the 3 months ended March 31, 2023. We are pleased with the unwavering dedication that Douglas Elliman agents have displayed this quarter even amidst the current challenges facing the U. S. Residential real estate market. As we have mentioned on previous calls, after reaching a generational peak In 2021, the residential real estate industry faced significant challenges in 2022 due to sharp increases in interest rates, ongoing market volatility and sustained listing inventory shortages in the luxury markets we serve. Speaker 100:02:52Although Douglas Elliman outperformed the industry in 2022 because of stable pricing in our luxury markets as well as the competitive advantage from our strong development marketing business. Our results in the second half of twenty twenty two and thus far in 2023 have been impacted by these industry wide headwinds. In the Q1, Douglas Elliman reported $214,000,000 in revenues compared to $308,900,000 in the 2022 period. Net loss attributed to Douglas Simon for the Q1 was $15,100,000 or $0.20 per diluted share. YUPANTU net income of $6,500,000 or $0.08 per diluted share in the 2022 period. Speaker 100:03:42Adjusted EBITDA attributed to Douglas Elliman was a loss of $14,400,000 in the quarter compared to income of $12,700,000 in the 2022 Period. For comparison purposes, our Real Estate Brokerage segment reported an operating loss of $14,100,000 in the Q1 of 2023 compared to income of $14,500,000 in the Q1 of 2022. Adjusted EBITDA attributed to Douglas Elliman's Real Estate Brokerage segment was a loss of $9,700,000 in the Q1 of 2023 compared to income of $17,700,000 in the Q1 of 2022. Adjusted net loss attributed to Douglas Simon was 14,300,000 or $0.19 per share in the Q1 compared to adjusted net income of $6,500,000 or $0.08 per share in the 2022 period. Now we will discuss our outlook on the operating environment for Douglas Elliman as well as trends in residential real estate. Speaker 100:04:42While we expect this Challenging operating environment to continue and to impact our results in the first half of twenty twenty three. We are encouraged by some improvements in trends we are seeing. Specifically, our Q1 2023 results were sequentially flat with the Q4 of 2022 in terms of revenue, number of transactions, gross transaction value and average selling price per home. 2nd, following 2 quarters of significant declines in listings, the Q1 of 2023 saw a 40% increase in listings from the Q4 of 2022. Given the conversion of listings to revenues, generally takes 3 to 9 months. Speaker 100:05:24This is an encouraging sign for the second half of twenty twenty three. Importantly, the luxury markets in which Douglas Elliman operates are usually the 1st markets to emerge from a down cycle as buyers are less mortgage reliant. We also expect listings to increase and a tight supply of inventory to gradually ease as consumers adjust to higher interest rates and sellers adjust price expectations. Douglas Elliman's strong financial position and cost reduction strategy make it well positioned to successfully navigate near term industry challenges. We maintained ample liquidity with cash and cash equivalents of approximately $124,000,000 and no debt as of March 31, 2023. Speaker 100:06:07Our strong balance sheet underscores Douglas Elliman's long history of profitability and provides us flexibility to adjust to various market conditions. This liquidity continues to provide us with a competitive advantage in growing our core brokerage business as well as scaling our overhead expenses when entering new markets. We have also made thoughtful efforts to adjust our cost structure to fit our business more appropriately. In the Q1, we reduced headcount by approximately 35 positions, Cut costly sponsorships, streamlined advertising and commenced a program to begin consolidating office space. We believe that these changes will result in a more nimble delta settlement without significantly impacting the aging experience. Speaker 100:06:50Based on these encouraging trends and our solid financial profile, we continue to be optimistic about Douglas Elliman and the significant growth opportunities We see in our luxury markets to capture market share by leveraging our key strengths, which include, 1st and most importantly, Our global network and our strong relationship with our 6,900 outstanding agents. These agents include some of the industry's most Celebrated teams and individuals, and we remain very proud of our 86% agent retention rate. We are also proud to operate our preeminent Douglas Elliman Developed Marketing business. For the 12 months ending March 31, 2023, we signed and brought to market $6,300,000,000 of gross transaction value to the pipeline of our development marketing business. This will provide long term value as these transactions close over the next several years. Speaker 100:07:44In summary, Douglas Elliman is weathering the current economic challenges, and we believe our differentiated platform and the existing strength of our business make us well positioned for long term growth and success. Our proven management team has a successful history of navigating many economic cycles and applying financial discipline that balances the importance of maintaining revenues and managing operating expenses to create long term stockholder value. Looking ahead, in addition to driving operational efficiencies, we are focused on strategic market expansion, Continued recruitment of outstanding talent and further adoption of innovative solutions to empower our agents. With that, we will be happy to answer questions. Operator? Operator00:08:32Thank you. We will now begin the question and answer As there are no questions at this time, We would like to thank you for joining us on Douglas Elliman's Q1 2023 earnings conference call.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallDouglas Elliman Q1 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Douglas Elliman Earnings HeadlinesSouthpole fashion founder lists Miami penthouse for $27.5M — $16.5M more than what he paid in 2021April 25 at 2:04 AM | msn.comDouglas Elliman Inc. (NYSE:DOUG) is definitely on the radar of institutional investors who own 49% of the companyApril 24 at 4:03 PM | finance.yahoo.comNew “Trump” currency proposed in DCAccording to one of the most connected men in Washington… A surprising new bill was just introduced in Washington. Its purpose: to put Donald Trump’s face on the $100 note. All to celebrate a new “golden age” for America. April 26, 2025 | Paradigm Press (Ad)Brooklyn Home Prices Hit a Record High (Again)April 24 at 6:52 AM | nytimes.comSeaside house ripe for an update sells for $26.67M near Bon Jovi's old house in Palm beachApril 21, 2025 | yahoo.comThe Marvelous Mrs. Maisel's NYC Apartment For Sale After Decades Off-Market - Take a Look Inside $1.75M HomeApril 21, 2025 | msn.comSee More Douglas Elliman Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Douglas Elliman? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Douglas Elliman and other key companies, straight to your email. Email Address About Douglas EllimanDouglas Elliman (NYSE:DOUG) owns Douglas Elliman Realty, LLC, operating as a residential brokerage company in the United States with operations in New York, Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia and Washington, D.C. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets.View Douglas Elliman ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Market Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of EarningsAmazon's Earnings Could Fuel a Rapid Breakout Tesla Earnings Miss, But Musk Refocuses and Bulls ReactQualcomm’s Range Narrows Ahead of Earnings as Bulls Step In Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Starbucks (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 2 speakers on the call. Operator00:00:00Welcome to Douglas Elliman's First Quarter 2023 Earnings Conference Call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors. Elaman .com for 1 year. During this call, the terms adjusted EBITDA and adjusted net income will be used. Operator00:00:27These terms are non GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website. Before the call begins, I would like to read a Safe Harbor statement. The statements made during this conference call that are not historical facts are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings. Operator00:01:18Now, I would like to turn the call over to the Chairman, President and Chief Executive Officer of Douglas Elliman, Howard Lorber. Please go ahead. Speaker 100:01:28Good morning and thank you for joining us. With me today are Richard Lampen, our Chief Operating Officer Brian Kirkland, our Chief Financial Officer and Scott Durkin, President and CEO of Douglas Elliman Realty, our residential real estate brokerage business. On today's call, we will discuss Douglas Elliman's financial results for the 3 months ended March 31, 2023, and then our thoughts on the current operating environment as well as trends in residential real estate. All number presented this morning will be as of March 31, 2023, unless otherwise stated. We will then provide Closing comments and open the call for questions. Speaker 100:02:09First, let us discuss Douglas Elliman's financial results for the 3 months ended March 31, 2023. We are pleased with the unwavering dedication that Douglas Elliman agents have displayed this quarter even amidst the current challenges facing the U. S. Residential real estate market. As we have mentioned on previous calls, after reaching a generational peak In 2021, the residential real estate industry faced significant challenges in 2022 due to sharp increases in interest rates, ongoing market volatility and sustained listing inventory shortages in the luxury markets we serve. Speaker 100:02:52Although Douglas Elliman outperformed the industry in 2022 because of stable pricing in our luxury markets as well as the competitive advantage from our strong development marketing business. Our results in the second half of twenty twenty two and thus far in 2023 have been impacted by these industry wide headwinds. In the Q1, Douglas Elliman reported $214,000,000 in revenues compared to $308,900,000 in the 2022 period. Net loss attributed to Douglas Simon for the Q1 was $15,100,000 or $0.20 per diluted share. YUPANTU net income of $6,500,000 or $0.08 per diluted share in the 2022 period. Speaker 100:03:42Adjusted EBITDA attributed to Douglas Elliman was a loss of $14,400,000 in the quarter compared to income of $12,700,000 in the 2022 Period. For comparison purposes, our Real Estate Brokerage segment reported an operating loss of $14,100,000 in the Q1 of 2023 compared to income of $14,500,000 in the Q1 of 2022. Adjusted EBITDA attributed to Douglas Elliman's Real Estate Brokerage segment was a loss of $9,700,000 in the Q1 of 2023 compared to income of $17,700,000 in the Q1 of 2022. Adjusted net loss attributed to Douglas Simon was 14,300,000 or $0.19 per share in the Q1 compared to adjusted net income of $6,500,000 or $0.08 per share in the 2022 period. Now we will discuss our outlook on the operating environment for Douglas Elliman as well as trends in residential real estate. Speaker 100:04:42While we expect this Challenging operating environment to continue and to impact our results in the first half of twenty twenty three. We are encouraged by some improvements in trends we are seeing. Specifically, our Q1 2023 results were sequentially flat with the Q4 of 2022 in terms of revenue, number of transactions, gross transaction value and average selling price per home. 2nd, following 2 quarters of significant declines in listings, the Q1 of 2023 saw a 40% increase in listings from the Q4 of 2022. Given the conversion of listings to revenues, generally takes 3 to 9 months. Speaker 100:05:24This is an encouraging sign for the second half of twenty twenty three. Importantly, the luxury markets in which Douglas Elliman operates are usually the 1st markets to emerge from a down cycle as buyers are less mortgage reliant. We also expect listings to increase and a tight supply of inventory to gradually ease as consumers adjust to higher interest rates and sellers adjust price expectations. Douglas Elliman's strong financial position and cost reduction strategy make it well positioned to successfully navigate near term industry challenges. We maintained ample liquidity with cash and cash equivalents of approximately $124,000,000 and no debt as of March 31, 2023. Speaker 100:06:07Our strong balance sheet underscores Douglas Elliman's long history of profitability and provides us flexibility to adjust to various market conditions. This liquidity continues to provide us with a competitive advantage in growing our core brokerage business as well as scaling our overhead expenses when entering new markets. We have also made thoughtful efforts to adjust our cost structure to fit our business more appropriately. In the Q1, we reduced headcount by approximately 35 positions, Cut costly sponsorships, streamlined advertising and commenced a program to begin consolidating office space. We believe that these changes will result in a more nimble delta settlement without significantly impacting the aging experience. Speaker 100:06:50Based on these encouraging trends and our solid financial profile, we continue to be optimistic about Douglas Elliman and the significant growth opportunities We see in our luxury markets to capture market share by leveraging our key strengths, which include, 1st and most importantly, Our global network and our strong relationship with our 6,900 outstanding agents. These agents include some of the industry's most Celebrated teams and individuals, and we remain very proud of our 86% agent retention rate. We are also proud to operate our preeminent Douglas Elliman Developed Marketing business. For the 12 months ending March 31, 2023, we signed and brought to market $6,300,000,000 of gross transaction value to the pipeline of our development marketing business. This will provide long term value as these transactions close over the next several years. Speaker 100:07:44In summary, Douglas Elliman is weathering the current economic challenges, and we believe our differentiated platform and the existing strength of our business make us well positioned for long term growth and success. Our proven management team has a successful history of navigating many economic cycles and applying financial discipline that balances the importance of maintaining revenues and managing operating expenses to create long term stockholder value. Looking ahead, in addition to driving operational efficiencies, we are focused on strategic market expansion, Continued recruitment of outstanding talent and further adoption of innovative solutions to empower our agents. With that, we will be happy to answer questions. Operator? Operator00:08:32Thank you. We will now begin the question and answer As there are no questions at this time, We would like to thank you for joining us on Douglas Elliman's Q1 2023 earnings conference call.Read morePowered by