Douglas Elliman Inc. Reports Second Quarter 2024 Financial Results
Douglas Elliman Inc. (NYSE:DOUG) reported its Q2 2024 financial results, showing improvements despite ongoing challenges. Consolidated revenues increased to $285.8 million, up from $275.9 million in Q2 2023. The real estate brokerage segment's gross transaction value rose to $10.6 billion, with an average price per transaction of $1.81 million. The company narrowed its net loss to $1.7 million ($0.02 per share), compared to $5.2 million ($0.06 per share) in the prior year quarter.
For the first half of 2024, Douglas Elliman faced challenges, including a $17.75 million litigation settlement charge. The company reported a net loss of $43.1 million ($0.52 per share) for the six-month period. Despite this, the company's Adjusted EBITDA showed improvement, with the real estate brokerage segment reporting $6.6 million for Q2 2024, up from $2.5 million in Q2 2023.
Douglas Elliman Inc. (NYSE:DOUG) ha riportato i risultati finanziari del Q2 2024, mostrando miglioramenti nonostante le sfide in corso. I ricavi consolidati sono aumentati a 285,8 milioni di dollari, rispetto ai 275,9 milioni di dollari nel Q2 2023. Il segmento di intermediazione immobiliare ha visto un valore lordo delle transazioni crescere a 10,6 miliardi di dollari, con un prezzo medio per transazione di 1,81 milioni di dollari. L'azienda ha ridotto la sua perdita netta a 1,7 milioni di dollari (0,02 dollari per azione), rispetto ai 5,2 milioni di dollari (0,06 dollari per azione) dello stesso trimestre dell'anno precedente.
Per il primo semestre del 2024, Douglas Elliman ha affrontato sfide, inclusa una spesa per un accordo di contenzioso di 17,75 milioni di dollari. L'azienda ha riportato una perdita netta di 43,1 milioni di dollari (0,52 dollari per azione) per il periodo di sei mesi. Nonostante ciò, l'EBITDA rettificato dell'azienda ha mostrato miglioramenti, con il segmento di intermediazione immobiliare che ha registrato 6,6 milioni di dollari per il Q2 2024, rispetto ai 2,5 milioni di dollari nel Q2 2023.
Douglas Elliman Inc. (NYSE:DOUG) publicó sus resultados financieros del Q2 2024, mostrando mejoras a pesar de los desafíos en curso. Los ingresos consolidados aumentaron a 285,8 millones de dólares, frente a los 275,9 millones de dólares en el Q2 2023. El valor bruto de las transacciones del segmento de corretaje inmobiliario creció a 10,6 mil millones de dólares, con un precio promedio por transacción de 1,81 millones de dólares. La compañía redujo su pérdida neta a 1,7 millones de dólares (0,02 dólares por acción), en comparación con los 5,2 millones de dólares (0,06 dólares por acción) en el trimestre del año anterior.
En la primera mitad de 2024, Douglas Elliman enfrentó desafíos, incluyendo un cargo por acuerdo de litigio de 17,75 millones de dólares. La compañía reportó una pérdida neta de 43,1 millones de dólares (0,52 dólares por acción) para el período de seis meses. A pesar de esto, el EBITDA ajustado de la compañía mostró mejoras, con el segmento de corretaje inmobiliario reportando 6,6 millones de dólares para el Q2 2024, frente a los 2,5 millones de dólares en el Q2 2023.
더글라스 엘리먼 Inc. (NYSE:DOUG)는 2024년 2분기 재무 결과를 발표했으며, 지속적인 어려움에도 불구하고 개선된 모습을 보였습니다. 통합 수익은 2억 8,580만 달러로 증가했으며, 2023년 2분기 2억 7,590만 달러에서 증가했습니다. 부동산 중개 부문의 총 거래 가치는 106억 달러로 증가했으며, 거래당 평균 가격은 181만 달러입니다. 회사는 순손실을 170만 달러 (주당 0.02달러)로 줄였으며, 전년 동기에는 520만 달러 (주당 0.06달러)였습니다.
2024년 상반기 동안 더글라스 엘리먼은 1,775만 달러의 소송 합의 비용을 포함한 도전에 직면했습니다. 회사는 6개월 동안 4,310만 달러 (주당 0.52달러)의 순손실을 보고했습니다. 그럼에도 불구하고 회사의 조정 EBITDA는 개선을 보여주었으며, 부동산 중개 부문은 2024년 2분기에 660만 달러를 보고했으며, 2023년 2분기에는 250만 달러였습니다.
Douglas Elliman Inc. (NYSE:DOUG) a annoncé ses résultats financiers pour le 2ème trimestre 2024, montrant des améliorations malgré des défis en cours. Les revenus consolidés ont augmenté à 285,8 millions de dollars, contre 275,9 millions de dollars au 2ème trimestre 2023. La valeur brute des transactions du segment de courtage immobilier a grimpé à 10,6 milliards de dollars, avec un prix moyen par transaction de 1,81 million de dollars. L'entreprise a réduit sa perte nette à 1,7 million de dollars (0,02 dollar par action), par rapport à 5,2 millions de dollars (0,06 dollar par action) au trimestre de l'année précédente.
Pour le premier semestre 2024, Douglas Elliman a été confronté à des défis, y compris une provision de 17,75 millions de dollars pour un règlement judiciaire. La société a déclaré une perte nette de 43,1 millions de dollars (0,52 dollar par action) pour la période de six mois. Malgré cela, le EBITDA ajusté de la société a montré une amélioration, avec le segment de courtage immobilier rapportant 6,6 millions de dollars pour le 2ème trimestre 2024, contre 2,5 millions de dollars au 2ème trimestre 2023.
Douglas Elliman Inc. (NYSE:DOUG) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben und dabei Verbesserungen trotz anhaltender Herausforderungen gezeigt. Die konsolidierten Einnahmen stiegen auf 285,8 Millionen Dollar, gegenüber 275,9 Millionen Dollar im 2. Quartal 2023. Der brutto Transaktionswert des Immobilienmaklersegments erhöhte sich auf 10,6 Milliarden Dollar, bei einem durchschnittlichen Preis pro Transaktion von 1,81 Millionen Dollar. Das Unternehmen verringerte seinen Nettoverlust auf 1,7 Millionen Dollar (0,02 Dollar pro Aktie), verglichen mit 5,2 Millionen Dollar (0,06 Dollar pro Aktie) im Vorjahresquartal.
Im ersten Halbjahr 2024 sah sich Douglas Elliman Herausforderungen gegenüber, einschließlich einer 18-Millionen-Dollar-Vergleichszahlung. Das Unternehmen meldete für den sechsmonatigen Zeitraum einen Nettoverlust von 43,1 Millionen Dollar (0,52 Dollar pro Aktie). Dennoch zeigte das bereinigte EBITDA des Unternehmens Verbesserungen, wobei das Immobilienmaklersegment im 2. Quartal 2024 6,6 Millionen Dollar erzielte, gegenüber 2,5 Millionen Dollar im 2. Quartal 2023.
- Consolidated revenues increased to $285.8 million in Q2 2024, up from $275.9 million in Q2 2023
- Real estate brokerage segment's gross transaction value rose to $10.6 billion in Q2 2024
- Average price per transaction in Q2 2024 was $1.81 million
- Net loss narrowed to $1.7 million in Q2 2024, compared to $5.2 million in Q2 2023
- Adjusted EBITDA for the real estate brokerage segment improved to $6.6 million in Q2 2024, up from $2.5 million in Q2 2023
- Reported a net loss of $43.1 million for the first half of 2024
- Incurred a $17.75 million litigation settlement charge in the first half of 2024
- Operating loss of $45.1 million for the first half of 2024, compared to $32.1 million in the same period of 2023
Insights
Douglas Elliman's Q2 2024 results show mixed signals. While revenues increased
The real estate brokerage segment's performance is noteworthy, with gross transaction value up
The improvement in Adjusted EBITDA, from a loss of
Douglas Elliman's Q2 results reflect a gradual stabilization in the luxury real estate market. The
The company's focus on luxury markets appears to be paying off, as these segments often show more stability during economic uncertainties. However, the overall operating loss, albeit reduced, indicates ongoing challenges in the broader real estate market.
The mention of improving interest rate environments is crucial. If this trend continues, it could stimulate more buying activity across all price points, potentially boosting Douglas Elliman's performance in future quarters. Investors should monitor interest rate trends closely as a key indicator for the company's prospects.
Douglas Elliman's financial position shows signs of improvement but remains challenging. The reduction in net loss and positive Adjusted EBITDA in Q2 are encouraging, indicating better cost management and operational efficiency.
However, the
The real estate brokerage segment's profitability is a bright spot, with operating income of
Second Quarter 2024 Highlights:
-
Consolidated revenues of
$285.8 million $275.9 million -
Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately
$10.6 billion $9.9 billion -
Douglas Elliman’s real estate brokerage segment reported an average price per transaction of
$1.81 million
-
Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately
-
Consolidated operating loss of
$3.7 million $2.9 million $8.3 million $1.0 million -
Net loss attributed to Douglas Elliman of
$1.7 million $0.02 $5.2 million $0.06 -
Adjusted EBITDA attributed to Douglas Elliman of
$2.4 million $2.6 million -
Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of
$6.6 million $2.5 million
First Half 2024 Highlights:
-
Consolidated revenues of
$486.0 million $489.9 million -
Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately
$17.8 billion $17.2 billion -
Douglas Elliman’s real estate brokerage segment reported an average price per transaction of
$1.72 million
-
Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately
-
Consolidated operating loss of
$45.1 million $32.3 million $32.1 million $18.4 million -
Consolidated operating loss and real estate brokerage segment operating loss include a
$17.75 million $7.75 million $5 million -
Net loss attributed to Douglas Elliman of
$43.1 million $0.52 $22.8 million $0.28 -
Adjusted EBITDA attributed to Douglas Elliman of a loss of
$15.9 million $20.2 million -
Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of a loss of
$7.6 million $10.5 million
“In the second quarter of 2024, Douglas Elliman delivered a year-over-year increase in quarterly revenues and gross transaction value, which reflects the strength of the luxury markets we operate in and the gradual stabilization of home purchasing activity,” said Howard M. Lorber, Chairman and Chief Executive Officer of Douglas Elliman. “As the interest rate environment continues to improve, Douglas Elliman is well-positioned to drive long-term growth and value for stockholders due to the distinct competitive advantages provided by our dedicated team of world-class agents and leading development marketing business.”
GAAP Financial Results
Three months ended June 30, 2024. Second quarter 2024 revenues were
Six months ended June 30, 2024. For the six months ended June 30, 2024, revenues were
Non-GAAP Financial Measures
Non-GAAP financial measures include adjustments for stock-based compensation, equity in losses from equity method investments, restructuring, and other, net (for purposes of Adjusted EBITDA). Reconciliations of non-GAAP financial measures to the comparable GAAP financial results for the three and six months ended June 30, 2024 and 2023 and LTM ended June 30, 2024 are included in Tables 2, 3 and 4.
Three months ended June 30, 2024 compared to the three months ended June 30, 2023
Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were
Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were
Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was
Six months ended June 30, 2024 compared to the six months ended June 30, 2023
Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were a loss of
Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were a loss of
Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was
Gross Transaction Value
For the three months ended June 30, 2024, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately
For the six months ended June 30, 2024, Douglas Elliman Realty, LLC achieved gross transaction value of approximately
Consolidated Balance Sheet
Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of
Conference Call to Discuss Second Quarter 2024 Results
As previously announced, the Company will host a conference call and webcast to discuss its second quarter 2024 results on Thursday, August 8, 2024 at 8:00 a.m. (ET).
Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Second-Quarter-2024-Conference-Call. Please join the webcast at least 10 minutes prior to the start time.
A replay of the webcast will be available shortly after the call ends on August 8, 2024 through August 22, 2024 at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Second-Quarter-2024-Conference-Call.
Non-GAAP Financial Measures
Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net Loss attributed to Douglas Elliman, and financial measures for the last twelve months (“LTM”) ended June 30, 2024 (referred to as the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance.
The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.
Management uses the Non-GAAP Financial Measures as measures to review and assess operating performance of the Company’s business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies. Attached hereto as Tables 2, 3 and 4 is information relating to the Company’s Non-GAAP Financial Measures for the three and six months ended June 30, 2024 and 2023 and the LTM ended June 30, 2024.
About Douglas Elliman Inc.
Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in
Investors and others should note that we may post information about Douglas Elliman on our website at investors.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, X, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at investors.elliman.com and on our social media accounts.
Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.
Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our Annual Report on Form 10-K for the year ended December 31, 2023 and, when filed, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. We undertake no responsibility to publicly update or revise any forward-looking statement, except as required by applicable law.
[Financial Tables Follow]
TABLE 1 DOUGLAS ELLIMAN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Commissions and other brokerage income |
$ |
272,313 |
|
|
$ |
262,489 |
|
|
$ |
460,578 |
|
|
$ |
464,525 |
|
Property management |
|
9,694 |
|
|
|
9,375 |
|
|
|
18,741 |
|
|
|
18,152 |
|
Other ancillary services |
|
3,744 |
|
|
|
4,048 |
|
|
|
6,671 |
|
|
|
7,217 |
|
Total revenues |
|
285,751 |
|
|
|
275,912 |
|
|
|
485,990 |
|
|
|
489,894 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses: |
|
|
|
|
|
|
|
||||||||
Real estate agent commissions |
|
216,457 |
|
|
|
204,802 |
|
|
|
365,473 |
|
|
|
360,904 |
|
Sales and marketing |
|
22,153 |
|
|
|
22,161 |
|
|
|
43,451 |
|
|
|
43,400 |
|
Operations and support |
|
17,999 |
|
|
|
17,324 |
|
|
|
36,798 |
|
|
|
36,217 |
|
General and administrative |
|
24,855 |
|
|
|
31,259 |
|
|
|
51,871 |
|
|
|
63,554 |
|
Technology |
|
5,433 |
|
|
|
6,163 |
|
|
|
11,276 |
|
|
|
12,175 |
|
Depreciation and amortization |
|
1,929 |
|
|
|
1,993 |
|
|
|
3,910 |
|
|
|
4,032 |
|
Litigation settlement |
|
— |
|
|
|
— |
|
|
|
17,750 |
|
|
|
— |
|
Restructuring |
|
598 |
|
|
|
507 |
|
|
|
598 |
|
|
|
1,717 |
|
Operating loss |
|
(3,673 |
) |
|
|
(8,297 |
) |
|
|
(45,137 |
) |
|
|
(32,105 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expenses): |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
1,048 |
|
|
|
1,370 |
|
|
|
2,424 |
|
|
|
2,475 |
|
Equity in losses from equity-method investments |
|
(2 |
) |
|
|
(80 |
) |
|
|
(13 |
) |
|
|
(153 |
) |
Investment and other gains |
|
1,020 |
|
|
|
536 |
|
|
|
629 |
|
|
|
82 |
|
Loss before provision for income taxes |
|
(1,607 |
) |
|
|
(6,471 |
) |
|
|
(42,097 |
) |
|
|
(29,701 |
) |
Income tax expense (benefit) |
|
173 |
|
|
|
(1,293 |
) |
|
|
1,368 |
|
|
|
(6,683 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(1,780 |
) |
|
|
(5,178 |
) |
|
|
(43,465 |
) |
|
|
(23,018 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss (income) attributed to non-controlling interest |
|
116 |
|
|
|
(41 |
) |
|
|
326 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributed to Douglas Elliman Inc. |
$ |
(1,664 |
) |
|
$ |
(5,219 |
) |
|
$ |
(43,139 |
) |
|
$ |
(22,843 |
) |
|
|
|
|
|
|
|
|
||||||||
Per basic common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss applicable to common shares attributed to Douglas Elliman Inc. |
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss applicable to common shares attributed to Douglas Elliman Inc. |
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.28 |
) |
TABLE 2 DOUGLAS ELLIMAN INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
|||||||||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
Net loss attributed to Douglas Elliman Inc. |
$ |
(62,848 |
) |
|
$ |
(42,552 |
) |
|
$ |
(1,664 |
) |
|
$ |
(5,219 |
) |
|
$ |
(43,139 |
) |
|
$ |
(22,843 |
) |
Interest income, net |
|
(5,762 |
) |
|
|
(5,813 |
) |
|
|
(1,048 |
) |
|
|
(1,370 |
) |
|
|
(2,424 |
) |
|
|
(2,475 |
) |
Income tax (benefit) expense |
|
(7,002 |
) |
|
|
(15,053 |
) |
|
|
173 |
|
|
|
(1,293 |
) |
|
|
1,368 |
|
|
|
(6,683 |
) |
Net loss attributed to non-controlling interest |
|
(765 |
) |
|
|
(614 |
) |
|
|
(116 |
) |
|
|
41 |
|
|
|
(326 |
) |
|
|
(175 |
) |
Depreciation and amortization |
|
7,904 |
|
|
|
8,026 |
|
|
|
1,929 |
|
|
|
1,993 |
|
|
|
3,910 |
|
|
|
4,032 |
|
EBITDA |
$ |
(68,473 |
) |
|
$ |
(56,006 |
) |
|
$ |
(726 |
) |
|
$ |
(5,848 |
) |
|
$ |
(40,611 |
) |
|
$ |
(28,144 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in losses from equity-method investments |
|
28 |
|
|
|
168 |
|
|
|
2 |
|
|
|
80 |
|
|
|
13 |
|
|
|
153 |
|
Stock-based compensation expense |
|
13,681 |
|
|
|
13,075 |
|
|
|
3,475 |
|
|
|
3,401 |
|
|
|
6,830 |
|
|
|
6,224 |
|
Litigation settlement |
|
17,750 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,750 |
|
|
|
— |
|
Restructuring |
|
1,258 |
|
|
|
2,377 |
|
|
|
598 |
|
|
|
507 |
|
|
|
598 |
|
|
|
1,717 |
|
Other, net |
|
(1,180 |
) |
|
|
(633 |
) |
|
|
(1,020 |
) |
|
|
(536 |
) |
|
|
(629 |
) |
|
|
(82 |
) |
Adjusted EBITDA |
|
(36,936 |
) |
|
|
(41,019 |
) |
|
|
2,329 |
|
|
|
(2,396 |
) |
|
|
(16,049 |
) |
|
|
(20,132 |
) |
Adjusted EBITDA attributed to non-controlling interest |
|
563 |
|
|
|
326 |
|
|
|
30 |
|
|
|
(166 |
) |
|
|
162 |
|
|
|
(75 |
) |
Adjusted EBITDA attributed to Douglas Elliman Inc. |
$ |
(36,373 |
) |
|
$ |
(40,693 |
) |
|
$ |
2,359 |
|
|
$ |
(2,562 |
) |
|
$ |
(15,887 |
) |
|
$ |
(20,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating (loss) income by Segment: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate brokerage |
$ |
(50,751 |
) |
|
$ |
(36,769 |
) |
|
$ |
2,947 |
|
|
$ |
(1,014 |
) |
|
$ |
(32,339 |
) |
|
$ |
(18,357 |
) |
Corporate and other |
|
(26,778 |
) |
|
|
(27,728 |
) |
|
|
(6,620 |
) |
|
|
(7,283 |
) |
|
|
(12,798 |
) |
|
|
(13,748 |
) |
Total |
$ |
(77,529 |
) |
|
$ |
(64,497 |
) |
|
$ |
(3,673 |
) |
|
$ |
(8,297 |
) |
|
$ |
(45,137 |
) |
|
$ |
(32,105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate brokerage segment |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating (loss) income |
$ |
(50,751 |
) |
|
$ |
(36,769 |
) |
|
$ |
2,947 |
|
|
$ |
(1,014 |
) |
|
$ |
(32,339 |
) |
|
$ |
(18,357 |
) |
Depreciation and amortization |
|
7,904 |
|
|
|
8,026 |
|
|
|
1,929 |
|
|
|
1,993 |
|
|
|
3,910 |
|
|
|
4,032 |
|
Stock-based compensation |
|
4,712 |
|
|
|
4,539 |
|
|
|
1,128 |
|
|
|
1,161 |
|
|
|
2,353 |
|
|
|
2,180 |
|
Litigation settlement |
|
17,750 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,750 |
|
|
|
— |
|
Restructuring |
|
1,258 |
|
|
|
2,377 |
|
|
|
598 |
|
|
|
507 |
|
|
|
598 |
|
|
|
1,717 |
|
Adjusted EBITDA |
|
(19,127 |
) |
|
|
(21,827 |
) |
|
|
6,602 |
|
|
|
2,647 |
|
|
|
(7,728 |
) |
|
|
(10,428 |
) |
Adjusted EBITDA attributed to non-controlling interest |
|
563 |
|
|
|
326 |
|
|
|
30 |
|
|
|
(166 |
) |
|
|
162 |
|
|
|
(75 |
) |
Adjusted EBITDA attributed to Douglas Elliman Inc. |
$ |
(18,564 |
) |
|
$ |
(21,501 |
) |
|
$ |
6,632 |
|
|
$ |
2,481 |
|
|
$ |
(7,566 |
) |
|
$ |
(10,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate and other segment |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating loss |
$ |
(26,778 |
) |
|
$ |
(27,728 |
) |
|
$ |
(6,620 |
) |
|
$ |
(7,283 |
) |
|
$ |
(12,798 |
) |
|
$ |
(13,748 |
) |
Stock-based compensation |
|
8,969 |
|
|
|
8,536 |
|
|
|
2,347 |
|
|
|
2,240 |
|
|
|
4,477 |
|
|
|
4,044 |
|
Adjusted EBITDA attributed to Douglas Elliman Inc. |
$ |
(17,809 |
) |
|
$ |
(19,192 |
) |
|
$ |
(4,273 |
) |
|
$ |
(5,043 |
) |
|
$ |
(8,321 |
) |
|
$ |
(9,704 |
) |
TABLE 3 DOUGLAS ELLIMAN INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED NET LOSS (Unaudited) (Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
||||||||||||
Net loss attributed to Douglas Elliman Inc. |
$ |
(1,664 |
) |
|
$ |
(5,219 |
) |
|
$ |
(43,139 |
) |
|
$ |
(22,843 |
) |
|
|
|
|
|
|
|
|
||||||||
Restructuring |
|
598 |
|
|
|
507 |
|
|
|
598 |
|
|
|
1,717 |
|
Litigation settlement |
|
— |
|
|
|
— |
|
|
|
17,750 |
|
|
|
— |
|
Total adjustments |
|
598 |
|
|
|
507 |
|
|
|
18,348 |
|
|
|
1,717 |
|
|
|
|
|
|
|
|
|
||||||||
Tax expense related to adjustments |
|
— |
|
|
|
(155 |
) |
|
|
— |
|
|
|
(523 |
) |
Adjusted net loss attributed to Douglas Elliman Inc. |
$ |
(1,066 |
) |
|
$ |
(4,867 |
) |
|
$ |
(24,791 |
) |
|
$ |
(21,649 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted net loss applicable to common shares attributed to Douglas Elliman Inc. |
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.27 |
) |
TABLE 4 DOUGLAS ELLIMAN INC. AND SUBSIDIARIES RECONCILIATION OF REVENUES (Unaudited) (Dollars in Thousands, Except for Gross Transaction Value) |
|||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commissions and other brokerage income |
$ |
902,122 |
|
$ |
906,069 |
|
$ |
272,313 |
|
$ |
262,489 |
|
$ |
460,578 |
|
$ |
464,525 |
Property management |
|
36,131 |
|
|
35,542 |
|
|
9,694 |
|
|
9,375 |
|
|
18,741 |
|
|
18,152 |
Other ancillary services |
|
13,421 |
|
|
13,967 |
|
|
3,744 |
|
|
4,048 |
|
|
6,671 |
|
|
7,217 |
Total revenues |
$ |
951,674 |
|
$ |
955,578 |
|
$ |
285,751 |
|
$ |
275,912 |
|
$ |
485,990 |
|
$ |
489,894 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross transaction value (in billions) |
$ |
35.0 |
|
$ |
34.4 |
|
$ |
10.6 |
|
$ |
9.9 |
|
$ |
17.8 |
|
$ |
17.2 |
Total transactions |
|
21,297 |
|
|
21,606 |
|
|
5,885 |
|
|
6,038 |
|
|
10,362 |
|
|
10,671 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807926053/en/
Stephen Larkin, Douglas Elliman Inc.
917-902-2503
Columbia Clancy/Catherine Livingston, FGS Global
212-687-8080
J. Bryant Kirkland III, Douglas Elliman Inc.
305-579-8000
Source: Douglas Elliman Inc.
FAQ
What was Douglas Elliman's (DOUG) revenue for Q2 2024?
How did Douglas Elliman's (DOUG) net loss change in Q2 2024 compared to Q2 2023?
What was the gross transaction value for Douglas Elliman's (DOUG) real estate brokerage segment in Q2 2024?
How much was the litigation settlement charge Douglas Elliman (DOUG) incurred in the first half of 2024?
