Second Quarter 2023 Highlights:
- Consolidated revenues of $275.9 million compared to $364.4
million in the prior year quarter
- Douglas Elliman’s real estate brokerage segment achieved gross
transaction value of approximately $9.9 billion, compared to
approximately $13.6 billion in the prior year quarter.
- Douglas Elliman’s real estate brokerage segment reported an
average price per transaction of $1.64 million
- Consolidated operating loss of $8.3 million and real estate
brokerage segment operating loss of $1.0 million, compared to
operating income of $14.6 million and $21.6 million, respectively,
in the prior year quarter
- Net loss attributed to Douglas Elliman of $5.2 million, or
$0.06 per diluted common share, compared to net income of $10.2
million, or $0.12 per diluted common share, in the prior year
quarter
- Adjusted EBITDA attributed to Douglas Elliman were a loss of
$2.6 million, compared to income of $19.2 million in the prior year
quarter.
- Adjusted EBITDA attributed to Douglas Elliman’s real estate
brokerage segment of $2.5 million, compared to $24.4 million in the
prior year quarter
First Half 2023 Highlights:
- Consolidated revenues of $489.9 million, compared to $673.3
million in the prior year period
- Douglas Elliman’s real estate brokerage segment achieved gross
transaction value of approximately $17.2 billion, compared to
approximately $25.3 billion in the prior year period.
- Douglas Elliman’s real estate brokerage segment reported an
average price per transaction of $1.61 million.
- Consolidated operating loss of $32.1 million and real estate
brokerage segment operating loss of $18.4 million compared to
operating income of $22.5 million and $36.1 million, respectively,
in the prior year period
- Net loss attributed to Douglas Elliman of $22.8 million, or
$0.28 per diluted common share, compared to net income of $16.8
million, or $0.20 per diluted common share, in the prior year
period
- Adjusted EBITDA attributed to Douglas Elliman were a loss of
$20.2 million compared to income of $31.9 million in the prior
year
- Adjusted EBITDA attributed to Douglas Elliman’s real estate
brokerage segment were a loss of $10.5 million compared to income
of $42.1 million in the prior year period
Douglas Elliman Inc. (NYSE:DOUG) today announced financial
results for the three and six months ended June 30, 2023.
“Douglas Elliman’s team of world class agents showed impressive
resilience in spite of the continuing challenging backdrop of the
second quarter, which was marked by limited listing inventory and
significantly increased mortgage rates,” said Howard M. Lorber,
Chairman and Chief Executive Officer of Douglas Elliman. “Douglas
Elliman’s strong balance sheet, global network of leading agents
and luxury brand continue to 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 growth over the long term.”
GAAP Financial Results
Three months ended June 30, 2023. Second quarter 2023 revenues
were $275.9 million, compared to revenues of $364.4 million in the
second quarter of 2022. The Company recorded an operating loss of
$8.3 million in the second quarter of 2023, compared to operating
income of $14.6 million in the second quarter of 2022. Net loss
attributed to Douglas Elliman for the second quarter of 2023 was
$5.2 million, or $0.06 per diluted common share, compared to net
income of $10.2 million, or $0.12 per diluted common share, in the
second quarter of 2022.
Six months ended June 30, 2023. For the six months ended June
30, 2023, revenues were $489.9 million, compared to revenues of
$673.3 million for the six months ended June 30, 2022. The Company
recorded operating loss of $32.1 million for the six months ended
June 30, 2023, compared to operating income of $22.5 million for
the six months ended June 30, 2022. Net loss attributed to Douglas
Elliman for the six months ended June 30, 2023 was $22.8 million,
or $0.28 per diluted common share, compared to net income of $16.8
million, or $0.20 per diluted common share, for the six months
ended June 30, 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 and six months ended June 30,
2023 and 2022 and the last twelve months ended June 30, 2023 are
included in Tables 2, 3 and 4.
Three months ended June 30, 2023 compared to the three months
ended June 30, 2022
Adjusted EBITDA attributed to Douglas Elliman (as described in
Table 2 attached hereto) were a loss of $2.6 million for the second
quarter of 2023, compared to income of $19.2 million for the second
quarter of 2022.
Adjusted EBITDA attributed to Douglas Elliman’s real estate
brokerage segment (as described in Table 2 attached hereto) were
$2.5 million for the second quarter of 2023, compared to $24.4
million for the second quarter of 2022.
Adjusted Net Loss attributed to Douglas Elliman (as described in
Table 3 attached hereto) was $4.9 million, or $0.06 per diluted
share, for the second quarter of 2023, compared to Adjusted Net
Income attributed to Douglas Elliman of $9.7 million, or $0.11 per
diluted share, for the second quarter of 2022.
Six months ended June 30, 2023 compared to the six months ended
June 30, 2022
Adjusted EBITDA attributed to Douglas Elliman (as described in
Table 2 attached hereto) were a loss of $20.2 million for the six
months ended June 30, 2023, compared to income of $31.9 million for
the six months ended June 30, 2022.
Adjusted EBITDA attributed to Douglas Elliman’s real estate
brokerage segment (as described in Table 2 attached hereto) were a
loss of $10.5 million for the six months ended June 30, 2023,
compared to income of $42.1 million for the six months ended June
30, 2022.
Adjusted Net Loss attributed to Douglas Elliman (as described in
Table 3 attached hereto) was $21.6 million, or $0.27 per diluted
share, for the six months ended June 30, 2023, compared to Adjusted
Net Income attributed to Douglas Elliman of $16.2 million, or $0.19
per diluted share, for the six months ended June 30, 2022.
Gross Transaction Value
For the three months ended June 30, 2023, Douglas Elliman’s
subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction
value of approximately $9.9 billion, compared to approximately
$13.6 billion for the three months ended June 30, 2022. For the
three months ended June 30, 2023, Douglas Elliman’s real estate
brokerage segment reported an average price per transaction of
$1.64 million.
For the six months ended June 30, 2023, Douglas Elliman’s
subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction
value of approximately $17.2 billion compared to approximately
$25.3 billion for the six months ended June 30, 2022. For the six
months ended June 30, 2023, Douglas Elliman’s real estate brokerage
segment reported an average price per transaction of $1.614
million.
Consolidated Balance Sheet
Douglas Elliman maintained a strong balance sheet with cash and
cash equivalents of $130.4 million at June 30, 2023. This
significant liquidity places the Company in a position of strength
in the market.
Conference Call to Discuss Second Quarter 2023
Results
As previously announced, the Company will host a conference call
and webcast on Tuesday, August 8, 2023 at 8:30 AM (ET) to discuss
its second quarter 2023 results. Participants should pre-register
for the call using the following link:
https://conferencingportals.com/event/hCsPZgoR. Registered
participants will receive an email with a calendar reminder,
dial-in number and conference ID that allows immediate access to
the call. The call will be available via live webcast at
https://events.q4inc.com/attendee/126972503. Webcast participants
should join the webcast at least 10 minutes prior to start
time.
An archived replay of the call will be available shortly after
the call ends on August 8, 2023 through August 22, 2023 at
https://events.q4inc.com/attendee/696097083.
Non-GAAP Financial Measures
Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net
(Loss) Income attributed to Douglas Elliman, and financial measures
for the last twelve months (“LTM”) ended June 30, 2023 (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, 2023 and 2022 and the last twelve months ended June 30,
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 Annual Report on Form 10-K for the year ended December 31, 2022
and, when filed, our Quarterly Report on Form 10-Q for the quarter
ended June 30, 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
(Unaudited)
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenues:
Commissions and other brokerage income
$
262,489
$
348,831
$
464,525
$
643,940
Property management
9,375
10,046
18,152
19,245
Other ancillary services
4,048
5,482
7,217
10,074
Total revenues
275,912
364,359
489,894
673,259
Expenses:
Real estate agent commissions
204,802
267,182
360,904
490,604
Sales and marketing
22,161
22,136
43,400
41,442
Operations and support
17,324
19,563
36,217
37,654
General and administrative
31,259
32,875
63,554
65,705
Technology
6,163
5,989
12,175
11,282
Depreciation and amortization
1,993
1,986
4,032
4,065
Restructuring
507
—
1,717
—
Operating (loss) income
(8,297
)
14,628
(32,105
)
22,507
Other income (expenses):
Interest income
1,370
32
2,475
71
Equity in (losses) earnings from
equity-method investments
(80
)
(114
)
(153
)
418
Investment and other income
536
1,219
82
1,971
(Loss) income before provision for income
taxes
(6,471
)
15,765
(29,701
)
24,967
Income tax (benefit) expense
(1,293
)
5,546
(6,683
)
8,463
Net (loss) income
(5,178
)
10,219
(23,018
)
16,504
Net (income) loss attributed to
non-controlling interest
(41
)
27
175
252
Net (loss) income attributed to Douglas
Elliman Inc.
$
(5,219
)
$
10,246
$
(22,843
)
$
16,756
Per basic common share:
Net (loss) income applicable to common
shares attributed to Douglas Elliman Inc.
$
(0.06
)
$
0.12
$
(0.28
)
$
0.20
Per diluted common share:
Net (loss) income applicable to common
shares attributed to Douglas Elliman Inc.
$
(0.06
)
$
0.12
$
(0.28
)
$
0.20
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,
2023
2022
2023
2022
2023
2022
Net (loss) income attributed to Douglas
Elliman Inc.
$
(45,221
)
$
(5,622
)
$
(5,219
)
$
10,246
$
(22,843
)
$
16,756
Interest income, net
(4,183
)
(1,779
)
(1,370
)
(32
)
(2,475
)
(71
)
Income tax (benefit) expense
(8,643
)
6,503
(1,293
)
5,546
(6,683
)
8,463
Net (loss) income attributed to
non-controlling interest
(700
)
(777
)
41
(27
)
(175
)
(252
)
Depreciation and amortization
7,979
8,012
1,993
1,986
4,032
4,065
EBITDA
$
(50,768
)
$
6,337
$
(5,848
)
$
17,719
$
(28,144
)
$
28,961
Equity in losses (earnings) from
equity-method investments (a)
1,134
563
80
114
153
(418
)
Stock-based compensation expense (b)
12,051
11,138
3,401
2,659
6,224
5,311
Restructuring
1,717
—
507
—
1,717
—
Other, net
(1,540
)
(3,429
)
(536
)
(1,219
)
(82
)
(1,971
)
Adjusted EBITDA
(37,406
)
14,609
(2,396
)
19,273
(20,132
)
31,883
Adjusted EBITDA attributed to
non-controlling interest
221
342
(166
)
(71
)
(75
)
46
Adjusted EBITDA attributed to Douglas
Elliman Inc.
$
(37,185
)
$
14,951
$
(2,562
)
$
19,202
$
(20,207
)
$
31,929
Operating (loss) income by
Segment:
Real estate brokerage
$
(32,480
)
$
21,993
$
(1,014
)
$
21,575
$
(18,357
)
$
36,116
Corporate and other
(26,673
)
(26,534
)
(7,283
)
(6,947
)
(13,748
)
(13,609
)
Total
$
(59,153
)
$
(4,541
)
$
(8,297
)
$
14,628
$
(32,105
)
$
22,507
Real estate
brokerage segment
Operating (loss) income
$
(32,480
)
$
21,993
$
(1,014
)
$
21,575
$
(18,357
)
$
36,116
Depreciation and amortization
7,979
8,012
1,993
1,986
4,032
4,065
Stock-based compensation
4,516
4,195
1,161
934
2,180
1,859
Restructuring
1,717
—
507
—
1,717
—
Adjusted EBITDA
(18,268
)
34,200
2,647
24,495
(10,428
)
42,040
Adjusted EBITDA attributed to
non-controlling interest
221
342
(166
)
(71
)
(75
)
46
Adjusted EBITDA attributed to Douglas
Elliman Inc.
$
(18,047
)
$
34,542
$
2,481
$
24,424
$
(10,503
)
$
42,086
Corporate and other
segment
Operating loss
$
(26,673
)
$
(26,534
)
$
(7,283
)
$
(6,947
)
$
(13,748
)
$
(13,609
)
Stock-based compensation
7,535
6,943
2,240
1,725
4,044
3,452
Adjusted EBITDA attributed to Douglas
Elliman Inc.
$
(19,138
)
$
(19,591
)
$
(5,043
)
$
(5,222
)
$
(9,704
)
$
(10,157
)
________ 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. $4,516, $1,161, $934, $2,180, $1,859, and $4,195 are
attributable to the Real estate brokerage segment for the last
twelve months ended June 30, 2023, the three and six months ended
June 30, 2023, and 2022, and the year ended December 31, 2022,
respectively. $7,535, $2,240, $1,725, $4,044, $3,452, and $6,943
are attributable to the Corporate and other segment for the last
twelve months ended June 30, 2023, the three and six months ended
June 30, 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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Net (loss) income attributed to Douglas
Elliman Inc.
$
(5,219
)
$
10,246
$
(22,843
)
$
16,756
Restructuring
507
—
1,717
—
Income related to Tax Disaffiliation
indemnification
—
(553
)
—
(553
)
Total adjustments
507
(553
)
1,717
(553
)
Tax expense related to adjustments
(155
)
—
(523
)
—
Adjusted net (loss) income attributed to
Douglas Elliman Inc.
$
(4,867
)
$
9,693
$
(21,649
)
$
16,203
Per diluted common share:
Adjusted net (loss) income applicable to
common shares attributed to Douglas Elliman Inc.
$
(0.06
)
$
0.11
$
(0.27
)
$
0.19
TABLE 4
DOUGLAS ELLIMAN INC. AND
SUBSIDIARIES
RECONCILIATION OF
REVENUES
(Unaudited)
(Dollars
in Thousands)
LTM
Year Ended
Three Months Ended
Six Months Ended
June 30,
December 31,
June 30,
June 30,
2023
2022
2023
2022
2023
2022
Revenues:
Commissions and other brokerage income
$
920,470
$
1,099,885
$
262,489
$
348,831
$
464,525
$
643,940
Property management
34,929
36,022
9,375
10,046
18,152
19,245
Other ancillary services
14,413
17,270
4,048
5,482
7,217
10,074
Total revenues
$
969,812
$
1,153,177
$
275,912
$
364,359
$
489,894
$
673,259
Gross transaction value (in billions)
$
34.9
$
42.9
$
9.9
$
13.6
$
17.2
$
25.3
Total transactions
22,243
26,573
6,038
7,789
10,671
15,001
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807535588/en/
Stephen Larkin, Douglas Elliman Inc. 917-902-2503
Emily Claffey/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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