First Quarter 2023 Highlights:
- Consolidated revenues of $214.0 million compared to $308.9
million in the prior year quarter
- Douglas Elliman’s real estate brokerage segment achieved gross
transaction value of approximately $7.3 billion compared to
approximately $11.7 billion in the prior year quarter.
- Douglas Elliman’s real estate brokerage segment reported an
average price per transaction of $1.580 million.
- Consolidated operating loss of $20.6 million and real estate
brokerage segment operating loss of $14.1 million compared to
operating income of $7.9 million and $14.5 million, respectively,
in the prior year quarter
- Net loss attributed to Douglas Elliman of $15.1 million, or
$0.20 per diluted common share, compared to net income of $6.5
million, or $0.08 per diluted common share, in the prior year
quarter
- Adjusted EBITDA attributed to Douglas Elliman of a loss of
$14.4 million compared to income of $12.7 million in the prior year
quarter
- Adjusted EBITDA attributed to Douglas Elliman’s real estate
brokerage segment of a loss of $9.7 million compared to income of
$17.7 million in the prior year quarter
Douglas Elliman Inc. (NYSE:DOUG) today announced financial
results for the three months ended March 31, 2023.
“Douglas Elliman’s team of agents continued to endure a
challenging residential real estate market in the first quarter,
marked by limited listing inventory and financial market
volatility,” said Howard M. Lorber, Chairman and Chief Executive
Officer of Douglas Elliman. "We have begun to see signs of
improvement in the market. We believe this indicates market
conditions have solidified and we are optimistic Douglas Elliman's
key strengths will position us to take advantage of opportunities
as real estate markets stabilize. We remain confident that our
differentiated platform and approach will enable us to deliver
continued growth over the long term."
GAAP Financial Results
First quarter 2023 revenues were $214.0 million, compared to
revenues of $308.9 million for the first quarter of 2022. The
Company recorded an operating loss of $20.6 million for the first
quarter of 2023, compared to operating income of $7.9 million for
the first quarter of 2022. Net loss attributed to Douglas Elliman
for the first quarter of 2023 was $15.1 million, or $0.20 per
diluted common share, compared to net income of $6.5 million, or
$0.08 per diluted common share, for the first quarter of 2022.
Non-GAAP Financial Measures
Non-GAAP financial measures include adjustments for stock-based
compensation, equity in (losses) earnings from equity method
investments and other, net (for purposes of Adjusted EBITDA).
Reconciliations of non-GAAP financial measures to the comparable
GAAP financial results for the three months ended March 31, 2023
and 2022 and the last twelve months ended March 31, 2023 are
included in Tables 2, 3 and 4.
Three months ended March 31, 2023 compared to the three months
ended March 31, 2022
Adjusted EBITDA attributed to Douglas Elliman (as described in
Table 2 attached hereto) were a loss of $14.4 million for the first
quarter of 2023, compared to income of $12.7 million for the first
quarter of 2022.
Adjusted EBITDA attributed to Douglas Elliman’s real estate
brokerage segment (as described in Table 2 attached hereto) were a
loss of $9.7 million for the first quarter of 2023, compared to
income of $17.7 million for the first quarter of 2022.
Adjusted Net Loss attributed to Douglas Elliman (as described in
Table 3 attached hereto) was $14.3 million, or $0.19 per diluted
share, for the first quarter of 2023, compared to Adjusted Net
Income attributed to Douglas Elliman of $6.5 million, or $0.08 per
diluted share, for the first quarter of 2022.
Gross Transaction Value
For the first quarter of 2023, Douglas Elliman’s brokerage
segment achieved gross transaction value of approximately $7.3
billion, compared to approximately $11.7 billion for the first
quarter of 2022. For the last twelve months ended March 31, 2023
and the year ended December 31, 2022, Douglas Elliman’s brokerage
segment achieved gross transaction value of approximately $38.6
billion and $42.9 billion, respectively. For the last twelve months
ended March 31, 2023, Douglas Elliman’s brokerage segment reported
an average price per transaction of $1.608 million.
Consolidated Balance Sheet
Douglas Elliman maintained a strong balance sheet with cash and
cash equivalents of $123.7 million at March 31, 2023. This
significant liquidity places the Company in a position of strength
in the market.
Conference Call to Discuss First quarter 2023 Results
As previously announced, the Company will host a conference call
and webcast to discuss its first quarter 2023 results on Wednesday,
May 10, 2023 at 8:30 AM (ET). Participants should pre-register for
the call using the following link:
https://conferencingportals.com/event/XyPNvEjm. Registered
participants will receive an email with a calendar reminder,
dial-in number and conference ID that allows immediate access to
the call on Wednesday, May 10, 2023.
Participants who do not wish to pre-register may access the live
webcast at https://events.q4inc.com/attendee/320287461. Please join
the webcast at least 10 minutes prior to start time.
A replay of the call will be available shortly after the call
ends on May 10, 2023 through May 24, 2023 at
https://events.q4inc.com/attendee/320287461.
Non-GAAP Financial Measures
Adjusted EBITDA attributed to Douglas Elliman and Adjusted Net
Income attributed to Douglas Elliman (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 months ended March 31,
2023 and 2022 and the last twelve months ended March 31, 2023.
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 the United States with
operations in New York City, Long Island, Westchester, Connecticut,
New Jersey, the Hamptons, Massachusetts, Florida, California,
Texas, Colorado, Nevada, 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. Additional information
concerning Douglas Elliman is available on its website,
investors.elliman.com.
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, Twitter, 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 2022 Annual Report on Form 10-K and, when filed, in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
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 COMBINED CONSOLIDATED STATEMENTS OF
OPERATIONS (Dollars in Thousands,
Except Per Share Amounts)
Three Months Ended
March 31,
2023
2022
(Unaudited)
Revenues:
Commissions and other brokerage income
$
202,036
$
295,109
Property management
8,777
9,199
Other ancillary services
3,169
4,592
Total revenues
213,982
308,900
Expenses:
Real estate agent commissions
152,862
223,422
Sales and marketing
21,239
19,306
Operations and support
18,893
18,091
General and administrative
32,295
32,830
Technology
6,012
5,293
Depreciation and amortization
2,039
2,079
Restructuring
1,210
—
Operating (loss) income
(20,568
)
7,879
Other income (expenses):
Interest income
1,105
39
Equity in (losses) earnings from
equity-method investments
(73
)
532
Investment and other (loss) income
(454
)
752
(Loss) income before provision for income
taxes
(19,990
)
9,202
Income tax (benefit) expense
(4,638
)
2,917
Net (loss) income
(15,352
)
6,285
Net loss attributed to non-controlling
interest
216
225
Net (loss) income attributed to Douglas
Elliman Inc.
$
(15,136
)
$
6,510
Per basic common share:
Net (loss) income applicable to common
shares attributed to Douglas Elliman Inc.
$
(0.20
)
$
0.08
Per diluted common share:
Net (loss) income applicable to common
shares attributed to Douglas Elliman Inc.
$
(0.20
)
$
0.08
TABLE 2 DOUGLAS ELLIMAN INC. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA
(Unaudited) (Dollars in
Thousands)
LTM
Year Ended
Three Months Ended
March 31,
December 31,
March 31,
2023
2022
2023
2022
Net (loss) income attributed to Douglas
Elliman Inc.
$
(27,268
)
$
(5,622
)
$
(15,136
)
$
6,510
Interest income, net
(2,845
)
(1,779
)
(1,105
)
(39
)
Income tax (benefit) expense
(1,052
)
6,503
(4,638
)
2,917
Net loss attributed to non-controlling
interest
(768
)
(777
)
(216
)
(225
)
Depreciation and amortization
7,972
8,012
2,039
2,079
EBITDA
$
(23,961
)
$
6,337
$
(19,056
)
$
11,242
Equity in losses (earnings) from
equity-method investments (a)
1,168
563
73
(532
)
Stock-based compensation expense (b)
11,309
11,138
2,823
2,652
Restructuring charges
1,210
—
1,210
—
Other, net
(2,223
)
(3,429
)
454
(752
)
Adjusted EBITDA
(12,497
)
14,609
(14,496
)
12,610
Adjusted EBITDA attributed to
non-controlling interest
316
342
91
117
Adjusted EBITDA attributed to Douglas
Elliman Inc.
$
(12,181
)
$
14,951
$
(14,405
)
$
12,727
Operating (loss) income by
Segment:
Real estate brokerage
$
(6,651
)
$
21,993
$
(14,103
)
$
14,541
Corporate and other
(26,337
)
(26,534
)
(6,465
)
(6,662
)
Total
$
(32,988
)
$
(4,541
)
$
(20,568
)
$
7,879
Real estate
brokerage segment
Operating (loss) income
$
(6,651
)
$
21,993
$
(14,103
)
$
14,541
Depreciation and amortization
7,972
8,012
2,039
2,079
Stock-based compensation
4,289
4,195
1,019
925
Restructuring charges
1,210
—
1,210
—
Adjusted EBITDA
6,820
34,200
(9,835
)
17,545
Adjusted EBITDA attributed to
non-controlling interest
316
342
91
117
Adjusted EBITDA attributed to Douglas
Elliman Inc.
$
7,136
$
34,542
$
(9,744
)
$
17,662
Corporate and other
segment
Operating loss
$
(26,337
)
$
(26,534
)
$
(6,465
)
$
(6,662
)
Stock-based compensation
7,020
6,943
1,804
1,727
Adjusted EBITDA attributed to Douglas
Elliman Inc.
$
(19,317
)
$
(19,591
)
$
(4,661
)
$
(4,935
)
a.
Represents equity in earnings recognized from the Company’s
investment in certain real estate businesses that are accounted for
under the equity method and are not consolidated in the Company’s
financial results.
b.
Represents amortization of stock-based compensation. $4,289,
$1,019, $925, and $4,195 are attributable to the Real estate
brokerage segment for the last twelve months ended March 31, 2023,
the three months ended March 31, 2023, and 2022, and the year ended
December 31, 2022, respectively. $7,020, $1,804, $1,727, and $6,943
are attributable to the Corporate and other segment for the last
twelve months ended March 31, 2023, the three months ended March
31, 2023 and 2022, and the year ended December 31, 2022,
respectively.
TABLE 3 DOUGLAS ELLIMAN INC. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED NET (LOSS)
INCOME (Unaudited) (Dollars in
Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
2023
2022
Net (loss) income attributed to Douglas
Elliman Inc.
$
(15,136
)
$
6,510
Restructuring charges
1,210
—
Total adjustments
1,210
—
Tax expense related to adjustments
(369
)
—
Adjusted net (loss) income attributed to
Douglas Elliman Inc.
$
(14,295
)
$
6,510
Per diluted common share:
Adjusted net (loss) income applicable to
common shares attributed to Douglas Elliman Inc.
$
(0.19
)
$
0.08
TABLE 4 DOUGLAS ELLIMAN INC. AND
SUBSIDIARIES RECONCILIATION OF REVENUES
(Unaudited) (Dollars in
Thousands)
LTM
Year Ended
Three Months Ended
March 31,
December 31,
March 31,
2023
2022
2023
2022
Revenues:
Commissions and other brokerage income
$
1,006,812
$
1,099,885
$
202,036
$
295,109
Property management
35,600
36,022
8,777
9,199
Other ancillary services
15,847
17,270
3,169
4,592
Total revenues
$
1,058,259
$
1,153,177
$
213,982
$
308,900
Gross transaction value (in billions)
$
38.6
$
42.9
$
7.3
$
11.7
Total transactions
23,988
26,573
4,627
7,212
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006168/en/
Stephen Larkin, Douglas Elliman Inc. 917-902-2503 Benjamin
Spicehandler/Columbia Clancy, FGS Global, 212-687-8080 (U.S.)
44(0)2031788914 (Europe) J. Bryant Kirkland III, Douglas Elliman
Inc. 305-579-8000
Douglas Elliman (NYSE:DOUG)
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